CAAR Blog

This week all the elected and paid leaders of the REALTOR® organization will be headed to Washington DC for organizational meetings and visits with Congress.  The agenda for the NAR Mid-Year Meeting features two items that I have written about in the past – the announced  Upgrade to REALTOR.com’s standard services and the project formerly known as “the gateway.”  Here are a couple of quick updates:

REALTOR.com Upgrade
Last week, REALTOR.com released a beta site (http://beta.realtor.com) and the following statement:

The new “Beta” REALTOR.com^® website will continue to be enhanced over the next several months.  Early this summer, the new site will replace the current site and will include many new free benefits for your members. 
One important FREE benefit on the new REALTOR.com^® site is the ability to display up to 4 photos on all basic listings.  Since we already receive multiple photos in the data that you currently provide to REALTOR.com^®, there is no action required on your part to provide this new and exciting benefit for your members.  Property photos will continue to be updated as long as the listing remains on the market and is on REALTOR.com^®. 
 

The Gateway…Real Estate Channel…or Library/Archive
The project that is so big and far reaching that NAR is having trouble finding a name to fit will be a major topic of discussion in DC.  For those who have not heard of this, the project originally used the working title “Gateway” and was basically a mash-up all property data in the country.  Then, just a little over a month ago, the name was changed to the “Real Estate Channel” and now it is being referred to as a library or archive of data.  More importantly, NAR has issued a white paper on the..ah…whatchamacallit program that clearly outlines the intent.  A few key points for those who do not wish to click thru to read the white paper: 1) it is NOT an MLS and there will be no offer of compensation or cooperation in the system; 2) there will be no public access to the data – members only; 3) NAR sees “this entity as broker controlled and MLS and Association-advised.”

I’ll be posting any updates to these issues while in DC if anything new comes about.

I have had trouble explaining what is meant by the new buzz word “transparency” and why it is critical in the new Web 2.0 environment.  Here is a link to an excellent article on what it means and how to achieve it.

Why Do We Link in the Web 2.0 World?

Now that Subprime loans are gone, FHA is taking over.  VAR and NAR partnered recently to published an informative podcast on the topic.

Don’t believe everything you read on the new push to dredge the South Fork Reservoir instead of carrying forward with the community water supply plan approved last year. The coverage in the local media has been the results of a lot of spin by a few people who want to choke off our water supply to stop growth.

I went to a meeting tonight where a dredging consultant said it will take 8 million gallons of water a day to facilitate the dredging operation. You see, to dredge the reservoir, you have to use water to pipe the sludge away. We do not have 8 million extra gallons for dredging and we do not have anywhere to put the smelly sludge. Also, I saw pictures of the dredging equipment. Basically, you are looking at a small, noisy factory set up on the shore of our beautiful reservoir.

This attempt to stall the water plan will fail, but rest assured there will be many more attempts to delay this much needed project. If you need evidence of that, just think of the numerous and costly delays to building the Meadowcreek Parkway (or any other road). The Parkway and the water plan are not just to handle the growth of the future; we need these projects to maintain the quality of life for those of us who live here. We have not built a significant road or new water infrastructure in 40 years. How long can we allow these delay tactics to keep us from moving forward?

What’s the real purpose of CAAR’s MLS system and how is it all changing?  I wrote a recent post for another blog called How Do You Spell MLS that I thought CAAR members might enjoy.

Later this month, REALTOR.com will be announcing that many of the Premium Services for agents (services that Premium Subscribers pay for) will soon be available to all REALTORS®.  Services like multiple pictures, for instance, will be available on all listings.  This will provide sellers with better exposure of their property.

This change is actually a major philosophical shift for the largest, most popular real estate site on the web.  Essentially, they will be turning premium services into the new standard services and then developing new premium services.  If successful, the pace of innovation at REALTOR.com should pick up and the site may be morphed from a member nuisance, to a member service.  It is too soon to tell if this change will help REALTOR.com keep up with newer sites like Zillow and Trulia, but this is a positive start to a much needed change.

(If you are not a country music fan, you may have a serious character flaw, but that is the subject of another post on another Blog.  For now, here is a video that will help you “get” the title of this post.)

On April 12^th, I posted some “news” from NAR regarding the unanimous approval by RESO (Real Estate Standards Organization) of the draft data standards for listing display.

On Friday, April 11^th, NAR announced that the Real Estate Standards Organization (RESO) had unanimously approved a “draft standardized data format for distributing real estate listing information.”  
A few of you wanted more information, so I contacted NAR’s Technology Center and got the full scoop.

First, the draft is NOT available on-line, at least in a format that non-techies can read.  Here is a link to some really technical stuff for those of you who know what an “enum” is all about (I do not have a clue).

Second, I found out that these standards are a subset of the RETS data.  The RETS Syndication Standards (the official name) includes less than 2 dozen fields (I’ve heard 14) from RETS.  That sounds like a lot of field at first, but once you count up the obvious ones (e.g., agent name, contact, beds, baths, etc.) that is not very many.  Not that I’m second guessing the wizards who came up with this stuff.

Finally, the near riff I reported in the original post was reasonably accurate.  The big aggregators were tired of the slowness and bureaucracy of the process, but after they threatened to create their own standards, the process moved very quickly.  Essentially, they are beta testing now and will make the final decision in August.

So, what does this mean to REALTORS®?  Here’s what Chris McKeever from NAR said in an e-mail:

With the RESO and NAR backing of this Syndication Specification, this could very easily be adopted into MLS systems to allow them to be the clearinghouse for data transfer between all points.  In other words, your single point of listing data entry into the MLS could then also dynamically be sent to every site that you choose, very similiar to how REALTOR.com is fed now.  This, coupled with the growing number of consumer facing MLS search portals(link) could throw a complete paradigm shift into how listings are marketed on the web.
 

On May 1^st, CAAR and a couple dozen partners and sponsors will kick off a program named Affordable Again.  This program is so big and exciting that the Daily Progress sniffed out the story a couple weeks before the official launch.  Here is the official press release, but if you want the quick scoop, this post will give the who, what, where, when why, and how.

Who?
CAAR has teamed up with the Blue Ridge Home Builders, The Chamber of Commerce, NBC29, the Charlottesville Radio Group, and the Piedmont Housing Alliance to put together this multi-faceted program.  In addition, Crutchfield, Ryan Homes, UVA Community Credit Union, and many other sponsors have put up cash and prizes to bring some real zing to the promotion.

What?
The Affordable Again program has four major initiatives aimed at generating interest and excitement in potential first time home buyers.  The four components of the program include 1) agent education on the down-payment assistance and other financing programs for first time buyers; 2) first time home owner workshops by the Piedmont Housing Alliance (PHA) to prepare buyers to seize the enormous opportunities in this market; 3) two weekends of Affordable Again Open Houses featuring many of the 1200 homes on the market under $250,000; 4) Savings Certificate program to offer discounts to home owners and buyers.

Grand Prize – To add excitement to the entire program, a $6700 grand prize package has been assembled.  The package includes a home theater, $1000 in cash, two $500 gift cards, estate planning services, and free removal of a truckload of junk. In addition, the three finalists who don’t win the Grand Prize will each get a $500 gift card.

Where?
This is a regional promotion.  CAAR is hosting the agent training at the REALTOR® Resource Center and the Piedmont Housing Alliance will host the public workshops at the Omni Hotel.  The Affordable Again Open Houses will be held from Waynesboro to Louisa, and the Saving Certificates will be available in the Real Estate Weekly and at the workshops and open houses.  Registration for the grand prize will be available at the open houses and the public workshops.  Finally, the four finalists for the Grand Prize will be invited to the B.B. King Benefit Concert for the CAAR Workforce Housing Fund for the selection of the big winner.

When?

• The agent education – Affordable Housing Advisor – has already started and will continue well into the future.
• The PHA workshops will be held Thursday, May 29, Saturday, May 31, Thursday, June 5, and Saturday, June 7.
• Affordable Again Open Houses will be held over two weekends, May 31 – June 1 and June 7 – 8.
• The Saving Certificate discounts will be available May 1 thru July 6.
• The four finalists for the Grand Prize will be drawn on July 7^th,  and the winner will be selected live on stage at the August 6^th B.B. King concert.

Why?
The intent of this program is to draw attention to the incredible opportunity for first time buyers in today’s real estate market.  Despite the negative news in the national media, our local market is in good shape, particularly for first time buyers who do not have a home to sell.  There are hundreds of homes on the market that, thanks to the recent drop in prices, are Affordable Again.

How?
This program would not be possible without the many partners and sponsors.  Two dozen companies/organizations and hundreds of real estate agents will be involved during May and June.  There will be a major media campaign conducted with our media partners, NBC29, The Charlottesville Radio Group and the Real Estate Weekly.  There will also be a special Affordable Again web site with updates and a list of the open houses. 

The Affordable Again Campaign should be a great benefit to many in the community, especially the 3600 home sellers that will be helped if the program gets the real estate market moving and the first time buyers who will start developing wealth through home ownership.  There is no fundamental reason why the local real estate market is underperforming right now and since prices have fallen, many homes are Affordable Again!  It is a great time to be a first time home buyer.

April 25, 2008

FOR IMMEDIATE RELEASE
Contact:         Mary Elizabeth Allen, Director of Communications                        434-817-2396 or maryelizabeth@caar.com

AFFORDABLE AGAIN PROGRAM KICKS OFF MAY 1^st, 2008

Joint Educational Program from Housing Advisors, Builders, Local Businesses & REALTORS^® Seeks to Educate Public on Opportunities in Marketplace

CHARLOTTESVILLE, VA – The Charlottesville Area Association of REALTORS^® (CAAR) has joined with the Blue Ridge Home Builders Association, the Chamber of Commerce, NBC29, the Charlottesville Radio Group, and Piedmont Housing Alliance (PHA) to launch a new educational program to the public called Affordable Again. The goal of this program is to educate first-time homebuyers, their REALTORS^®, and others about what opportunities exist in the current market that may help potential buyers achieve the dream of home ownership.

CAAR President Judy Savage, of RE/Max Assured Properties, explains the initiative as having simple motivation. “There are a lot of programs available out there for first-time buyers, including down payment assistance, financing options, and more. If we can get the word out, those buyers can jump-start the real estate market and get things moving.”

The Affordable Again program has several major initiatives aimed at generating interest and excitement in potential first time home buyers. CAAR will focus on agent education by providing classes to REALTORS^® on down-payment assistance and other financing programs for first time buyers. There are 80 agents currently enrolled in the Affordable Housing Advisor training program.

Piedmont Housing Alliance will work to educate the public, hosting first-time homeowner workshops aimed at preparing consumers for the process of purchasing a home. Those workshops will precede two weekends of Affordable Again Open Houses featuring homes on the market under $250,000.

Area businesses are supporting the program by offering Savings Certificates to those interested in the Affordable Again program. These businesses have agreed to offer a 20% or higher discount on a product or service to all Savings Certificate holders. Certificates will be available at the Affordable Again Workshops and Open Houses and in copies of the CAAR Real Estate Weekly. A complete list of discount providers and their offers is available on the Affordable Again website, www.affordableagain.com.

Businesses have also supported this program by donating products and services to generate interest and excitement. Anyone attending an Affordable Again Workshop or Open House will be eligible to enter for a chance to win a Grand Prize Package worth $6,700. Elements of the prize package were generously donated by Crutchfield, Ryan Homes, Tucker Griffin Barnes PC, UVA Community Credit Union, 1-800-Got-Junk?, and Court Square Title.

Workshops

Affordable Again Workshops will be held at the Charlottesville Omni and will be run by the Piedmont Housing Alliance. These workshops are free and open to the public and are scheduled for the following dates:

• Thursday, May 29^th, 6:00 pm – 7:30 pm
• Saturday, May 31^st, 10:00 am – 12:00 noon
• Thursday, June 5^th, 6:00 pm – 7:30 pm
• Saturday, June 7^th, 10:00 am – 12:00 noon

Open Houses

Affordable Again Open Houses will be held over the course of two weekends to give potential buyers ample opportunities to find the home that fits their needs and budget. These Open Houses are free and open to the public and are scheduled for the following dates:

• Saturday, May 31^st
• Sunday June 1^st
• Saturday, June 7^th
• Sunday, June 8^th

More information will be available on specific Open Houses and locations as the above dates approach.

The various groups supporting the Affordable Again endeavor believe this is an idea whose time is right. “Current market conditions lend themselves to opportunities that haven’t existed in more than five years,” remarks Savage. “Prices are down, sellers are more willing to negotiate, interest rates are low, and there’s no pressure to decide quickly or pay a premium price because you got in a bidding war.”

For more information on the Affordable Again program, please visit the program website at www.affordableagain.com or email info@affordableagain.com.