Thursday, April 30, 2020

President's Message - April 30, 2020

Good Morning WSGVR Family and Guest,

I am Mindy Yeh, your 2020 President. Wishing you a Happy Cinco De Mayo next Tuesday, May 5. Hope to see all of you soon, in the meant time first responders, you and your families are in my thoughts and prayers as we all strive to be positive for the future. Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a member of the West San Gabriel Valley REALTORS®. I would also like to thank our guest speaker today Honorable, U.S. Congresswoman, Judy Chu.

CRMLS and the Clear Cooperation Policy:
This policy will go into effective tomorrow May 1, 2020.
Three things I liked to share with you:

1.     What is the definition of a Clear Cooperation Policy?

The Clear Cooperation Policy is a NAR-mandated policy that governs the public marketing of listing and their entry into the multiple listing service.  Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants.

2.     What process is CRMLS proposing to adhere to this policy?

CRMLS is proposing that after the Seller signs the contract, the Listing Broker has two (2) business days from the listing contract date to enter the listing into the MLS under Registered, Coming Soon, or Active status. Within oen (1) business day of marketing the property, the Listing Broker must ensure that the listing in the Coming Soon or Active Status.  

3.     What property type does this apply to?

Residential, Vacant Residential lot, and Residential 1-4-unit properties.

The C.A.R. weekly updates as of April 28, 2020:

The Market & Industry: COVID-19 suppresses spring home buying season

While home sales actually rose on an unadjusted basis in all California regions from February to March, the pandemic has suppressed the start of the spring home buying season. March typically sees a larger uptick than was observed this year, causing existing home sales to fall on a seasonally adjusted basis by 11.5 percent. Thus far, the pandemic has had only a modest effect on home prices.

While statewide listings and pending sales are declining, the rates of decline have not been as steep as in weeks past. Southern California and the Central Valley even experienced their first increases in the number of new listings since C.A.R. began tracking daily data in early March, and the Bay Area has seen two consecutive weeks of increases.

National new housing starts tumbled by 23.3 percent in March, the biggest drop in nearly 40 years. In a survey from the National Association of Home Builders, 90 percent of respondents reported a slowdown in remodel inquiries and customers’ willingness to proceed with a remodel.

On Wedneday, 4/29/2020 - Federal Reverse Chairman, Jerome Powell’s held a Virtual News Conference briefing on the state of the economy:

Powell stated: “Fed is NOT in a hurry to withdraw measures or raise rates. Preserving flow of credit is essential to economy moving forward, to that end, Feds are purchasing bonds and treasuries to improve market conditions. Supporting businesses and households will prevent long-run damage.”

The Economy & Your Finances: Applications open for Pandemic Unemployment Assistance (PUA):

On Tuesday, April 28, 2020, The California Employment Development Division (EDD) began accepting applications for Pandemic Unemployment Assistance (PUA). Independent contractors will be able to file a claim for PUA at UI Online, where you will be able to self-certify your income from the 2019 calendar year. While there are broad categories of eligibility for agents whose work is adversely impacted by COVID-19, it will still be necessary to meet the criteria established by the State of California.

C.A.R. is hosting several webinars this week on the PUA application process, one will be held at 11:00 AM – 12:00 PM (PST) today, Apr 30, 2020.

(You can review the latest information available on C.A.R.'s COVID website on the PUA and REALTOR® Relief at:

WSGVR Election:
WSGVR’s 2020 Candidate Packet has been emailed to our members a week ago. Nominations are now being accepted for Director positions. The Nominating Committee is seeking real estate professionals that are dedicated and willing to make a difference in their community and want to give back to the West San Gabriel Valley REALTORS®. There are up to six (6) Director positions available.  Please return your completed candidate form by emailing to angelica@wsgvar.com and albert@wsgvar.comno later than Thursday, May 21, 2020 by 5PM. Due to COVID19, Election will be held on July 30, 2020 instead July 2, 2020.

I hope you continue practicing the social distancing, Stay Home, Stay Strong and stay connected.

Thank you to The WSGVR MLS/Technology  Breakfast  Committee and Staff for their commitment and hard work. Please join us next Thursday, May 7, at 9am. Our guest speaker will be Gov Hutchinson, C.A.R. Vice President & Assistant General Counsel on Legal Updates. Additional information will be sent out by end of this week.

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