June 2013 - Worcester Regional Association of REALTORS

Connections
Worcester Regional Association of REALTORS
June 2013
Inside this Issue:
President’s Message
1
June Calendar of Events
2
Membership News
3-6
REALTOR® Build Day
7
President’s Message
THE MARKET IS BACK! I’m hearing this over and over. Many
of you are experiencing a really hot market with multiple offers
and driving sales prices over list price. I heard a story last
week of a house inside the 128 loop that had over 40 offers
and sold almost $50,000 over list! On the other hand, I’ve
spoken to some REALTORS®, who are saying ‘What Recovery?’
One of the first things we learn in Real Estate is Location, Location, Location! and that the market can be very different
region to region and town to town. As a REALTOR® it is our
responsibility to know our local market.
2013 Awards Celebration 8
CREST
9
Prof. Development
10
Government Affairs
11
Community Action
12
Golf Tournament
13
Housing Stats
14
Legal Corner
15-16
®
So how are we doing in the WRAR area? Let’s look at the numbers: As of April, Sales of
all Properties are +10%, SF +5.6% and CC +31%. Median Sales Price of all Properties
+16.2%, SF +15.4% to $248,900 and CC +12.9% to $198,000. Even more impressive is
the UAG Properties - 1022 SF and 189 CC. WOW!!
•Provide members with the
resources that enable them to
serve the public in an ethical
and professional manner
In May I had the privilege of attending the NAR Mid-Year Meeting in Washington DC - I
highly recommend it. You see first-hand how incredible the NAR Staff is at knowing the issues that affect homeownership and explaining them to us (in English). They sent us on a
Mission to visit our Representatives and deliver this message: HOMEOWNERSHIP IS NOT
A LOOPHOLE! I get goose bumps telling you about this. With lanyards around our necks
and talking points in our hands, we set off to the Senate and House buildings. We met with
representatives (or their aides) and delivered our talking points brochures and messages:
LEAVE FHA ALONE- we need safe, affordable mortgages to help many qualified buyers.
KEEP THE GSEs - that’s Fannie and Freddie, we need an efficient secondary market to
keep 30 year mortgages and low down payments. PRESERVE HOMEOWNER TAX POLICIES
- They help make homeownership affordable and factor into the purchase decision. Keep
Property Tax Deduction, MID (Mortgage Interest Deduction) and Capital Gains Exclusion on
Primary Residence.
•Take an active role regarding
issues affecting sellers, buyers,
tenants and landlords.
Get involved locally- JUNE 5 is REALTOR® DAY ON THE HILL. REALTORS® from all over the
Commonwealth will be going to the Massachusetts State House to meet with our local representatives. PLEASE JOIN US - You’ll be amazed at the experience.
WRAR Mission Statement
The purpose of the Worcester
Regional Association of
REALTORS® is to:
In closing, you’re all doing a Great Job! Is there anything the Board can do for you? Stay in
touch - we’d love to hear from you.
Rochelle Jonswold
2013 President WRAR
Worcester Regional Association of REALTORS®1www.wrar.org
WRAR MONTH-AT-A-GLANCE
June 2013
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1
2
9
3
10
4
9 am Gov’t Affairs
Committee Mtg.
5
8-4 MLS PIN
Training
5 pm WRAR Awards
Celebration @ The
Hanover Theatre
9:30 REALTOR®
Day on the Hill
11
7:30-5 GRI-MAR
12
7:30-5 GRI-MAR
6
2-4 pm Thirsty
Thursday: MassHousing
7
9-12 “Beautify the
Board” Day
8
13
14 FLAG DAY
15
9 am Finance
Committee Mtg.
10:30 am BOD
9:30 Membership
Committee Mtg.
16 FATHERS’ DAY
17
8-4 MLS PIN
Training
18
19
9-11 RPR
20
9:00 am WRAR Golf
Outing @ Green Hill
21
SUMMER SOLSTICE
22
8am-8pm CEU
classes
23
24
25
26
27
28
29
30
Save
the Date!
Friday, September 20, 2013:
Thursday, December 12, 2013
Legislative Breakfast @ Holy Cross
Installation of Officers & Directors Luncheon
Worcester Regional Association of REALTORS®2www.wrar.org
MEMBERSHIP NEWS
Welcome to Our Newest Members
New Members - May Orientation
Welcome
Mary Adams......................................RE/MAX Professional Associates................................Shrewsbury
Bashar Aloch.................................... RE/MAX Professional Associates................................Shrewsbury
Peter Anderson................................. Keller Williams Realty-Gr.Worcester...........................Worcester
Norman Bergeron.............................Keller Williams Realty-Gr.Worcester...........................Worcester
Shreena Bindra................................ Community Realty........................................................ Worcester
Jeffrey Brooks...................................Keller Williams Realty -Gr. Worcester.........................Worcester
Beth Bruso........................................ Exit Realty Partners..................................................... Shrewsbury
Melynda Christian............................ RE/MAX Professional Associates................................Charlton
Shayne Dahlgren.............................. Exit Realty Partners..................................................... Worcester
Christine Finn.................................. Keller Williams Realty-Gr.Worcester...........................Worcester
Sara Fish........................................... Keller Williams Realty -Gr. Worcester.........................Worcester
Bella Fox........................................... Coldwell Banker Residential Brokerage..................... Worcester
Judith Frey........................................ Susan A. Flynn & Associates....................................... Westboro
Jeffrey Goodwin................................ Buyer’s Brokers Only, LLC...........................................Haverhill
Michael Gough................................. Exit Beacon Pointe Realty........................................... Northboro
Cynthia Grapov.................................Coldwell Banker Residential Brokerage..................... Worcester
Julius Hernandez.............................. Exit Realty Partners..................................................... Shrewsbury
Vanessa Hoenig................................ Hope Real Estate Group, Inc....................................... Webster
Zhuoran Li.........................................Coldwell Banker Res. Brok. Park................................Worcester
Shane Ludden..................................Keller Williams Realty-Gr.Worcester...........................Worcester
Tara Mason....................................... Mendon Area Real Estate...........................................Mendon
Kimberly Nobrega............................Quinsigamond Realty.................................................. Worcester
Paul O’Rourke...................................Keller Williams Realty-Gr. Worcester..........................Worcester
Ray Paolucci..................................... Post Road Realty..........................................................W.Brookfield
Keith Pentz....................................... RE/MAX Advantage1................................................... Worcester
Kristin Peterson................................ Quaboag Valley Real Estate........................................ Brookfield
Pamela Pollan.................................RE/MAX Professional Associates................................Shrewsbury
Maury Ramirez.................................Exit Realty Partners..................................................... Worcester
Michael Rivers.................................. Keller Williams Realty -Gr. Worc..................................Worcester
Joan Rudman...................................ERA Key Realty Services..............................................Milford
Richard Salls................................... Century 21 Irvine & Virginia Walsh............................. Worcester
Brian Sanginario............................... ERA Key Realty Services..............................................Worcester
Jennifer Shenk................................. C21 DeNault Realty.....................................................Leominster
Nathan Stewart................................ Coldwell Banker Residential Brokerage..................... Sturbridge
Matthew Stewart.............................. Coldwell Banker Residential Brokerage..................... Sturbridge
Andrzej Szarama..............................Keller Williams Realty - Gr. Worcester........................Worcester
New Applicants
Amber Ellis.................................Coldwell Banker Residential Brokerage....................Worcester
Michelle Lamontagne...............Quaboag Valley Real Estate.......................................Brookfield
Jennifer Roux.............................Exit Realty Partners....................................................Worcester
Judith Wesley.............................Exit Realty Partners....................................................Worcester
Gwen Zilioli................................Real Living Barbera & Assoc......................................Worcester
Reinstated Members
John Page..................................Prudential Parent Associates.....................................Worcester
Transfer Members
Donna Caswell...........................ERA Key Realty Services.............................................Whitinsville
Worcester Regional Association of REALTORS®3www.wrar.org
MEMBERSHIP NEWS
New Affiliate Business
Partners
Bank of America
6 Bedford Farms, Suite 1
Bedford, NH 03110
•Thomas Garner
Milestones
Births
Congratulations to Dave Samara of
Prospect Mortgage, his wife
Jennifer and son Joseph, as they
welcomed twins Catherine Sophia
and Cameron Michael to their family on May 22nd.
Fidelity Bank
9 Leominster Connector
Leominster, MA 01453
•Yamilett Sickles
Residential Mortgage Services
87 Elm Street
Hopkinton, MA 01748
•Christine Johnson
•R. Chad Rankin
•George Simone
•Elizabeth Vega Witttman
On the Move
ERA Key Services has
relocated their Oxford
office to 304 Washington
Street in Auburn.
RE/MAX Acclaim has moved their office to 351 Main
Street in Oxford.
We wish both companies continued success!
Rogowski Verrette Insurance Agency
324 Grove Street
Worcester, MA 01605
•Iwona Verrette
Sympathies
Schaefer Mortgage Corp
Our deepest sympathies are extended to Brad Roberts
on the death of his dad, Les Roberts, and to Charlie
Smith on the passing of his wife, Pauline.
Warren Home Inspection
Eugene “Gene” Novak, Sr., 90, passed away Saturday,
May 4, 2013. Gene was a founder of Gold Star Development, Inc. and served as president up until his death.
He was also a longstanding REALTOR® and member of
the Worcester Regional Association of REALTORS®.
179 Shrewsbury Street
Worcester, MA 01604
•Greg Gentile
•Mathew Piwowarski
171 Main Street, B101
Ashland, MA 01721
•Christine Warren
•Rory Warren
***************************************
Please send notice of birth, death or any milestones
that you would like published to
Jacki D’Innocenzo at jdinnocenzo@wrar.org.
Worcester Regional Association of REALTORS®4www.wrar.org
MEMBERSHIP NEWS
WRAR Scholarship Winners
We are proud to announce the recipients of our 2013 Scholarship Awards. Taylor Duffy will enter her senior year at
Fitchburg State University in the fall, majoring in Graphic Design and minoring in Professional Writing. Taylor is the
daughter of Michael Duffy, REALTOR® at Keller Williams North in Leominster.
Marc Tetreault will graduate from Blackstone Valley Technical High School in June and enter St. Anselm College in the
fall majoring in Political Science. Marc is the grandson of Maureen Benoit, REALTOR® at ERA Key Realty Services in
Whitinsville.
WRAR Scholarships are available each year to children or grandchildren of Association members and staff; and are
awarded on the basis of scholastic achievement, leadership ability, community involvement, and essay. Candidates
must be a high school senior or full-time college student and maintain a 3.5 or higher GPA.
Congratulations to Taylor and Marc and their families!
Taylor Duffy receives her Scholarship from
Lisa Bradley, 2013 Scholarship Committee
Angela Mann, 2013 Scholarship Committee
Member, presents Marc Tetreault his 2013 Award
“Education is learning what you didn’t even know you didn’t know.”
~Daniel J. Boorstin
Worcester Regional Association of REALTORS®5www.wrar.org
MEMBERSHIP NEWS
The REALTORS® Midyear
Meetings & Trade Expo
The REALTORS® Midyear Meetings & Trade Expo
took place in Washington DC from May 13-18, 2013.
WRAR and NAR members took an active role to
advance the real estate industry, public policy, and
their association.
If you missed this year’s meeting, save the date
for the 2014 Midyear Legislative Meetings & Trade
Expo, taking place May 12-17 in Washington, DC.
Pictured from left to right, front row, Judy Patterson,
To download meeting handouts, view photos, watch Nancy Shaw Morley, Colleen Pappas, Rochelle
videos and more, visit http://www.realtor.org/midJonswold, Erika Hall, Sarah Gustafson, Diane
year.nsf?opendatabase&cid=my13012.
DeCiccio and Dawne Woods. Back row, left to right
are Brad Roberts and David Stead.
Pictured from left to right Dawne Woods, WCR member, Erika Hall, Senator Elizabeth Warren,
Nancy Shaw Morley and WCR member.
Worcester Regional Association of REALTORS®6www.wrar.org
REALTOR® BUILD DAY - HABITAT FOR HUMANITY
As Sponsors for Habitat for Humanity MetroWest/Greater Worcester, our members participate each year in a local build. In
the fall of 2012 Habitat broke ground at 133 Plantation Street in Worcester on a 4,700 square foot corner lot donated by Wells
Fargo. On May 30, our REALTORS® spent the day siding the exterior and laying the front walkway. Interior work
included blown in insulation, calking, framing and and interior ventilation work.
Thank you to the following members who participated: Jean Kelly and Jennifer Smith of Byron Realty Corporation; Sarah
Gustafson of Coldwell Banker Sturbridge; Dania Flores, Jennifer Solin, Luz Gonzalez and Shreena Bindra of Community
Realty; Karen Richardson of ERA Key Realty Services; Michelle Miller of Keller Williams Greater Worcester; Rochelle Jonswold of
Keller Williams North; Diane DeCiccio of Open Door Realty; Judy Patterson of RE/MAX Acclaim; David Stead of RE/MAX Advantage; Sue-Anne Bock and Mary Stolarczyk of RE/MAX Vision, Bryan Larson and Kelly Lizotte of Security First Mortgage; and
Colleen Pappas and Maura O’Connor of WRAR.
Lunch courtesy of Mary Stolarczyk’s mom, Mrs. V.
Maura O’Connor
Kelly Lizotte and Michelle Miller
Sarah Gustafson
Sue-Anne Bock
Habitat Project Mgr with Dave Stead and Dania Flores
Worcester Regional Association of REALTORS®7www.wrar.org
2013 AWARDS CELEBRATION
Each year the Worcester Regional
Association of REALTORS®
recognizes its members for their
professional achievements
including involvement with our
Association and contribution
to our communities. Join us in
celebrating those achievements.
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RECEIVE
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SHIP FUN
SCHOLAR
Join your fellow
REALTORS® as we
celebrate the winners
of the following awards:
*REALTOR® of the Year
*Natalie Quinlan Distinguished
Service Award
*REALTORS® Choice
$25 before 5/21/2013
*Affiliate of the Year
$30 after 5/21/2013
*Rookie of the Year
$35
WRAR 2013 Awards
Cocktail Celebration
Tuesday, June 4, 2013
The Hanover Theatre
for the Performing Arts
5:00-6:00 Cocktail Hour
6:00 Awards & Program
Member Early Bird:
Member Rate Rate:
Non-member Price:
To register, return this form via fax to 508-832-6620 or via email to jdinnocenzo@wrar.org.
You may also call the WRAR offices at 508-832-6600.
Contact Name:______________________________________________ Company:__________________________________
Billing Address:_______________________________________________ City/State/Zip_______________________________
Phone:___________________________________________ Email:_______________________________________________
Amount Due__________
____Check
____American Express
____Discover
____MasterCard
____Visa
Card No______________________________________________________________ Expiration________________________
Signature_____________________________________________________________________________________________
Worcester Regional Association of REALTORS®8www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING
Upcoming CEU Courses for June
All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street,
Auburn, MA 01501.. We also hold periodic classes at the Fidelity Bank Building, 478 Mechanic Street in
Leominster. WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $30 for
each 2-hour CEU. You may register for classes online at www.CrestRealEstateSchool.com or by calling the WRAR
office at 508-832-6600.
Auburn, Saturday, June 22, 2013
Time
Instructor
Course Code
Course Title
8:00 - 10:00
Jeff Chute
RE18RC07
Property Assessments, Valuation & Taxation
10:00 - 12:00
Jeff Chute
RE57R07
Brokerage Relationships
12:00 - 2:00
Jeff Chute
RE42R05
Property Management
2:00 - 4:00
Jo Ann Szymczak
RE28RC07
Foreclosures
4:00 - 6:00
Jo Ann Szymczak
RE16RC01
Zoning & Building Codes
6:00 - 8:00
Jo Ann Szymczak
RE20R01
Lead Paint-Residential Sales & Rentals
Seller Agency Class Technology Training - FREE for Members
Wednesday, June 19, 2013
9:00 - 11:00 am
CREST School,
492 Washington Street, Auburn
FREE to WRAR Members
$30 for all others
Receive 2 CEU’s
Get help with your listing presentations using the latest tools,
including RPR, Don’t miss this
class!
If you would like one-on-one training on any Microsoft office product,
give us a call to arrange a private training session. It can include
any and all Suite products from Outlook to Word to Excel. Call Jacki
at 508-832-6600 to arrange a convenient time. Bring with you
those documents and files that are causing you to
lose precious time and get them taken care of!
Do you need help with your iPad, iPhone and
all of the accompanying apps? If you’re
interested, call Lynne to get put on the
class-request list. We’ll have some small
classes to answer individual questions
and get you running smooth in no time flat!
Worcester Regional Association of REALTORS®9www.wrar.org
PROFESSIONAL DEVELOPMENT
WRAR Presents:
THIRSTY THURSDAY
THIRST FOR KNOWLEDGE!
KNOWLEDGE
June’s Topic:
Get Schooled in
MassHousing
Thursday, June 6, 2013, 2:00 - 4:00 pm
WRAR, 492 Washington Street, Auburn
FREE to WRAR members; $30 for all others
MassHousing Loans not only offer housing for the masses, but are also a great alternative to FHA and
conventional financing with a low down payment and less restrictions for low- to moderate-income
buyers.
3 ways to register:
Online at www.wrar.org
Call the WRAR office at 508-832-6600
Fill out the form below
Presenter:
Heather Putnam-Graham
MassHousing
Our Sponsor:
Lisa Thomann
Fidelity Bank
9 Leominster Connector
Leominster MA 01453
(978) 874-0011
Sign me up ! Return this form via fax to 508-832-6620 or email to jdinnocenzo@wrar.org. You may also enroll online at www.wrar.org
Name _____________________________________________________________________________________________________________
Billing Address______________________________________________________________________________________________________
City/State/Zip_______________________________________________________________________________________________________
Phone________________________________________________ email________________________________________________________
Credit Card #____________________________________________________________ Expiration___________________________________
Worcester Regional Association of REALTORS®
10www.wrar.org
COMMITTEE ON GOVERNMENT & LEGISLATIVE AFFAIRS
REALTOR® Day on Beacon Hill
Major Investment Night
June 5, 9:30am at the State House
Major Investment Night was held at the
Mount Pleasant Country Club on Thursday,
May 9, and over $14,000 was raised for
RPAC. Thank you to all participants and
donors:
Join hundreds of fellow REALTORS® and make your voice heard on current legislative
issues affecting home ownership and your business.
Featured speaker is Martha Coakley, Massachusetts Attorney General. This is followed
by the opportunity to visit your legislators and impress upon them their dedication to
private property rights.
Crystal R - $2,500
• Crystal Tropeano
WRAR Bus departs TJ Maxx parking lot
in Auburn at 7:30 am
and returns at 3:30 pm
FREE to WRAR Members
Sterling R President’s Circle - $1,000-$2,000
• Michael Durkin
Join us and make your
VOICE HEARD!
Seats are Limited - Sign up TODAY!
Sterling R - $1,000
• Andrew Abu
• Anthony Economou
• Jane Fine
• Tracey Fiorelli
• Deb Flot
• Lorraine Herbert
• Lee Joseph
• Kris Koliss
• Kathy Spangler
I want to be heard! Sign me up on the bus to BEACON HILL!
Name___________________________________________________________________________
Company________________________________________________________________________
email___________________________________________________________________________
Telephone______________________________________________________________________
Additional Donations
• Patricia Anderson
• Marianne Belanger
• Lauren Demerjian
• Elaine Evans
• Janice Mitchell
• Dan Robertson
• Dave Stead
Have you made your Fair Share Contribution
for 2013? Log in to the www.wrar.org website
.
REALTOR® Day on Beacon Hill
The Annual REALTOR® Day on Beacon Hill on June 5, 9:30 am at the Massachusetts State House in Boston is an annual event providing Realtors®
with a terrific opportunity to meet with state legislators and relay your views
on the issues affecting your business.
Featured Speaker: Martha Coakley
MAR welcomes Martha Coakley, Massachusetts Attorney General to
REALTOR®Day on Beacon Hill. Re-elected to her second term as Attorney
General in 2010, Coakley has advocated for consumers and taxpayers, and
fighting for equality for all while in office. Under her leadership, her office
recovered more than
$440 million for Massachusetts homeowners and taxpayers and helped
keep more than 15,000 people in their homes.
MAR works diligently on your behalf to eliminate efforts to over-regulate the
real estate industry. Below are a few of the key issues on this year’s agenda
that can be discussed with legislators at Day on Beacon Hill.
Mortgage Debt Relief
An Act Regulating Secondary Metals Dealing
Continuing Education Requirements
Worcester Regional Association of REALTORS®
11www.wrar.org
COMMUNITY ACTION COMMITTEE
The COMMUNITY ACTION COMMITTEE
of the Worcester Regional Association of REALTORS®
requests your assistance with our
pet food drive
to benefit
local animal shelters
Baypath Animal Shelter
Second Chance Animal Shelter
Sterling Animal Shelter
Sweet Pea Animal Shelter
Worcester Animal Shelter
Please tell your friends, neighbors and co-workers Help us spread the word! ANIMAL SHELTERS ARE A SAFE
HAVEN FOR LOST AND HOMELESS CATS AND DOGS IN OUR
COMMUNITY. THE WORK OF THESE ORGANIZATONS IS NEVER
DONE. THERE ARE ENDLESS NUMBERS OF LOSt, HOMELESS,
ABANDONED AND INJURED ANIMALS THAT NEED THE SERVICES
OF SHELTERS. THEY CAN’T DO IT WITHOUT OUR HELP.
Please drop off canned or dry cat/dog food at any
of the following locations in addition to the wrar
headquarters in auburn:
Coldwell Banker, Shrewsbury & Worcester
ERA Key Realty Svcs., Worcester
Janice Mitchell Real Estate, Holden
Open door Real Estate, Sterling
Re/MAX Vision, Worcester
Ross Mortgage Company, Westboro
Worcester Regional Association of REALTORS®
12www.wrar.org
WRAR ANNUAL GOLF TOURNAMENT
WRAR 15th Annual Golf Tournament
Thursday, June 20, 2013
Green Hill Golf Club
Worcester, MA
Early Bird Rate (May 20 cut-off):
Single: $125.00 * Foursome: $500.00
Regular Rates:
Single: $137.50 * Foursome: $550.00
Registration: 9:00 am
Shotgun:
10:00 am
Luncheon:
2:30 pm
Registration includes 18 holes,
cart, continental breakfast,
luncheon.
Each registered foursome receives
certificate for a free future round
INSTANT WINE CELLAR
RAFFLE!
WRAR INSTANT
WINE CELLAR
RAFFLE!
WRAR INSTANT
WINE CELLAR
RAFFLE!
A portion of proceeds will
be donated to Worcester
area homeless shelters.
WRAR INSTANT
WINE CELLAR
RAFFLE!
WRAR INSTANT
WINE CELLAR
RAFFLE!
For more info or to register, contact Jacki D’Innocenzo at 508-832-6600 or via email at jdinnocenzo@wrar.org.
You may also send this form to WRAR, 492 Washington Street, Auburn, MA 01501 * FAX 508-832-6620
No. of Players_______
Team Captain:___________________________________________________________
Player 1_______________________________________ Player 2__________________________________________
Player 3_______________________________________ Player 4__________________________________________
Contact Name____________________________________________________________________________________
Billing Address___________________________________ City/State/Zip_____________________________________
Phone__________________________________________ email____________________________________________
Amount Due $______
_____Check
_____American Express
_____Discover
_____Master Card
_____Visa
Card No.____________________________________________________ Expiration___________________________
Signature_______________________________________________________________________________________
Worcester Regional Association of REALTORS®
13www.wrar.org
LOCAL MARKET UPDATE
Local Market Update – April 2013
A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®
Worcester Regional
Association of REALTORS®
+ 10.0%
+ 16.2%
- 28.8%
Year-Over-Year
Change in
Closed Sales
All Properties
Year-Over-Year
Change in
Median Sales Price
All Properties
Year-Over-Year
Change in
Inventory of Homes
All Properties
April
Single-Family Properties
Closed Sales
Median Sales Price*
Inventory of Homes for Sale
Months Supply of Inventory
Days on Market Until Sale
Percent of Original List Price Received*
New Listings
Year to Date
2012
2013
+/–
2012
2013
+/–
354
$215,750
3,422
9.9
131
91.4%
931
374
$248,900
2,485
6.1
114
92.9%
1,042
+ 5.6%
+ 15.4%
- 27.4%
- 38.3%
- 12.9%
+ 1.7%
+ 11.9%
1,206
$210,000
--131
90.1%
2,996
1,293
$225,000
+ 7.2%
+ 7.1%
--- 1.9%
+ 1.8%
- 7.7%
April
Condominium Properties
2012
Closed Sales
Median Sales Price*
Inventory of Homes for Sale
Months Supply of Inventory
Days on Market Until Sale
Percent of Original
g
List Price Received*
New Listings
74
$175,450
861
11.1
138
94.5%
196
2013
97
$198,000
564
5.9
94
95.3%
189
--128
91.7%
2,765
Year to Date
+/–
2012
+ 31.1%
+ 12.9%
- 34.5%
- 46.7%
- 31.3%
+ 0.9%
- 3.6%
256
$147,500
--149
90.7%
705
2013
337
$181,000
--121
93.9%
655
+/–
+ 31.6%
+ 22.7%
--- 18.8%
+ 3.6%
- 7.1%
* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
Change in Median Sales Price from Prior Year (6-Month Average)**
Single-Family Properties
Condominium Properties
All MLS
Worcester Regional Association of REALTORS®
All MLS
Worcester Regional Association of REALTORS®
b
a
+ 40%
+ 15%
+ 30%
+ 10%
+ 20%
+ 5%
+ 10%
0%
0%
- 5%
- 10%
- 10%
- 20%
- 15%
- 20%
1-2008
- 30%
1-2009
1-2010
1-2011
1-2012
1-2013
- 40%
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during
that period
period. | All data from the Berkshire County Multiple Listing Service
Service, Cape Cod & Islands Association of REALTORS®
REALTORS®, Inc
Inc. and MLS Property Information Network
Network, Inc
Inc. | Provided by MAR
MAR. Powered by 10K Research and Marketing
Marketing.
Worcester Regional Association of REALTORS®
14www.wrar.org
LEGAL CORNER
MAR Legal Hotline
Michael McDonagh, MAR General Counsel,
and Ashley Stolba, MAR Staff Attorney
Use Caution When Making Warranties and
Representations about a Property
The Massachusetts Supreme Judicial Court (“SJC”) recently
affirmed a 2011 Appeals Court decision ruling in favor of a
buyer who had alleged that a listing broker misrepresented
the zoning of the property he purchased. The case, DeWolfe
v. Hingham Centre Real Estate, Ltd., reaffirms the principle
that agents must exercise caution when making verbal or
written representations about a property. Most importantly,
the Court declined to impose a duty on real estate agents
to verify the zoning classification and did not impose strict
liability simply because the broker had made a misrepresentation about the zoning classification. Instead, it applied the
long-standing principle that a broker must use “reasonable
care” when providing information about a property in order
to avoid liability if the information is found to be inaccurate.
Key Facts
The buyer sought to purchase a property to relocate his
business, a hair salon. Information provided by the listing
broker (who stated that the information was obtained from
the seller) indicated that the property was zoned as “Business B” and that “hairdresser” was a permitted use in that
zone. The property was in what seemed to be a residential
area. After the sale, the buyer was unable to secure proper
permits from the town necessary to open his business and
was informed that the property was, in fact, was residentially zoned. He also learned that “Business B” was not a
zoning designation in the town. The Court ruled that the broker did make verbal and written representations about the
zoning classification upon which the buyer relied to his detriment. Those representations turned out to be inaccurate.
The SJC ruling is not the end of the case. It vacated the
summary judgment entered by the superior court judge in
favor of the broker, and ordered that the case be sent back
to the superior court for further proceedings. To avoid liability, the broker will need to prove that it had used reasonable
care when passing along zoning information from the seller.
Caution Issued to Brokers
In finding against the broker, the Court decision serves as
a caution for brokers and salespersons to use “reasonable
care” when providing zoning information about a property in
order to avoid liability. The standard of reasonable care applies to all claims for a negligent misrepresentation in Massachusetts (as well as to claims for violation of Chapter 93A
Worcester Regional Association of REALTORS®
based on a negligent
misrepresentation), not
just to zoning claims.
Provided that the broker
has relied on information from a “reputable
source,” and has no reason to believe that the
representation is inaccurate, the broker will generally be found to have acted reasonably. Consequently, as a messenger, the broker will not
be liable for an “innocent” misrepresentation. In DeWolfe,
the SJC stated that what constitutes “reasonable care” depends upon the circumstances presented and an evaluation of all factors. The fact that the property was located
within a visibly apparent residential area, and that the zoning designation did not actually exist, led the Court to rule
that a reasonable jury could have found that the broker had
not acted “reasonably” in relying on the seller’s assertions.
Steps to take to reduce your risk
As a real estate licensee, whenever you provide information to a buyer or seller on issues where there could be
some level of uncertainty, it is always a good idea to identify the source of the information and to encourage the
buyer to perform his/her own due diligence and confirmation. Alert buyers to any discrepancy or inconsistency with
any information you have. Brokers should also suggest
that the parties consult with municipal departments or
speak with their attorneys in order to resolve any question.
Court Considers Whether Verbal Extension to a
Listing Contract is Enforceable
A Massachusetts district court recently held that extension of
a listing agreement is enforceable, even if made verbally. In
the case of Estate of Kupperstein v. Baum, the listing agreement contained a clause stating that if a buyer defaulted on
the purchase contract and forfeited the earnest money held
in escrow by the Broker, then the “Broker shall be entitled to
retain up one-half (1/2) of the Seller’s retained damages,
up to an amount not exceeding the full brokerage fee due,
in payment of services, advertising, and other expenses.”
Key Facts
After the expiration of the listing contract, the parties extended the contract verbally for another six months. During that
time, the Broker secured an offer for the property, and held a
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LEGAL CORNER
deposit of $16,500 in the Broker’s escrow account. The buyer then defaulted on the purchase agreement and forfeited
half of the deposit; the broker retrained the other half. The
seller, which was an Estate, argued that it, rather than the
broker, was entitled to the other half of the deposit and filed
an action in small claims court. The court ruled in favor of
the Estate, and the Broker appealed. On appeal, the District
Court reversed the lower court and ruled on three issues:
Court Ruling
First, the court considered whether verbal extensions of
the listing agreement were enforceable. It ruled that the
evidence showed that the listing agreement had been
extended by the Estate. For example, the Estate never
took back the keys from the Broker or provided any notice of cancellation. Additionally, one of the trustees had
signed a disclosure form acknowledging that the Broker was the Estate’s representative in the transaction.
Next, the court considered the conversion claims brought
against the Broker. Massachusetts has a two-year stat-
ute of limitations for tort claims. Since this lawsuit was
filed more than two years after the Estate demanded
that the Broker return the portion of the earnest money,
the court affirmed the dismissal of these allegations.
Finally, the court examined the breach of contract allegations brought by the Estate. Because the court ruled that
the verbal extension was enforceable, the language entitling the Broker to retain half of the forfeited earnest money
was enforceable as well. In addition, the court also ruled
that the Estate had violated the covenant of good faith
implied in every contract by using the services of the Broker to find a buyer, but then later claiming that the Broker
actually did not represent them because the listing agreement had not been extended in writing. Based on those
findings, the court dismissed the lawsuit and ruled that the
Broker could retain the remaining forfeited earnest money.
It is important to note that this case was heard
before a Massachusetts district court, rather than
an appellate panel or the Supreme Judicial Court
and is not binding as precedent on other cases.
2013 Directors
& Staff Members
President, Rochelle Jonswold
Pres. Elect, Dave Stead
Vice President, Brad Roberts
Secretary, Kris Koliss
Treasurer, Mary Gale
Past President, Diane DeCiccio
Jayne DiLiberto, Director
Tony Economou, Director
Sarah Gustafson, Director
Erica Hall, Director
Lorraine Herbert, Director
Judy Patterson, Director
Judy Reynolds, Director
Mary Stolarczyk, Director
Leslie Storrs, Director
Kathleen Cooper, Alternate
Tracy Fiorelli, Alternate
Gina Lewis, Alternate
Executive VP,
Colleen Pappas
Membership Manager,
Lisa Sprague
Programs & Events Coordinator,
Jacki D’Innocenzo
Staff Accountant,
Maura O’Connor
Administrative Assistant,
Lynne Walls
Our newest REALTORS® at our May 2013 New Member Orientation Congratulations!
WRAR office hours are 9:00 am—5:00 pm. For assistance with the MLS Lockbox system, please make an appointment with Lynne Walls at 508-832-6600.
Please LIKE our facebook page at https://www.facebook.
com/WorcesterRegionalAssociationofREALTORS.
By doing so you will not only get up-to-the-minute information on everything going on at WRAR, but you will help us to
increase our visibility while growing your own business network.
Worcester Regional Association of REALTORS®
16www.wrar.org