RSCK Real Estate Forecast Presentations

We had a great crowd at the RSCK Real Estate Forecast on October 23, 2018! This Forecast featured an update on how the South Central Kansas region has thrived and changed in the past year and what is to come. 

Keynote Speakers:

Lawrence Yun, Ph.D. National Association of Realtors® Chief Economist and Senior Vice President of Research

Dr. Stan Longhofer, Wichita State University Center for Real Estate Professor and Director of the Stephen L. Clark Chair of Real Estate and Finance.

Presentations are available for viewing here:

Lawrence Yun Presentation

Dr. Stan Longhofer Presentation

RSCK Real Estate Forecast

Join us for the RSCK® Real Estate Forecast Breakfast featuring an update on how the South Central Kansas region has thrived and changed in the past year and what is to come. 

Keynote Speakers:

Lawrence Yun, Ph.D. National Association of Realtors® Chief Economist and Senior Vice President of Research

Dr. Stan Longhofer, Wichita State University Center for Real Estate Professor and Director of the Stephen L. Clark Chair of Real Estate and Finance.

  

Dr. Yun will discuss recent developments in the national and local housing market and how those developments will impact the South Central Kansas region’s economy. Dr. Yun will provide insight into both the national and regional real estate market and the direction of home prices in the next 12 to 24 months. In addition, Dr. Yun will review past housing cycles, our current economic backdrop, and forecast the economy and housing market.

  

Dr. Stan Longhofer will provide an overview of the local economy and real estate forecast based on information gathered through annual roundtable discussions with real estate professionals throughout the state.  He will introduce the 2019 Kansas Housing Markets Forecast developed by the WSU Center for Real Estate and provide insight into the direction of our economy and local real estate market in the coming year. 

Breakfast will be served at 8:00 a.m.

Cost:

RSCK & KAR Members: $10

Non-Members: $40

 REGISTER HERE!

Opportunities to get Involved

Apply for the RSCK Board of Directors

Accepting Candidate Applications for the Board of Directors until June 30 at 5:00 p.m.

Learn more and apply here!

Apply to Volunteer on a Committee

 2019 Volunteer submissions are due July 31st at 5:00 p.m.

Learn more and apply here!

Apply for the SCK MLS Board of Directors

Deadline to submit the Candidacy Application is 5 pm on Sunday, July 15, 2018.

Learn more and apply here!

RSCK Summer General Membership Event

To RSVP: Call 316-263-3167, Email alyssa@sckrealtors.com, or click here.

The Kansas Business Climate

Economic Development Guide

Kansas emerges as the business hero in the Midwest with strong climate, workforce and quality of life.

Read more at SiteSelection.com

Kansas Commercial Information Exchange Update

In an effort to combat the outrageous Loopnet cost increases – The Realtors of South Central Kansas, South Central Kansas MLS, and a task force of commercial real estate agents have recently created our very own Kansas Commercial Information Exchange service through the Catylist platform.

This service is now up and running successfully – we currently have roughly 14 companies, 65 Users, and 340 active commercial  listings and more being added every day. You can check out the public website at the following link: www.kscommercialre.com

We are trying to get the word out to all commercial agents in the area that would benefit from joining this service – please share this information as you see fit.  You do not have to be a REALTOR or SCK MLS member to join, though there are price breaks if you are.

If you would like more information including the application and fee structure, or if you have any questions about your specific office/agents and what membership would look like for you, please email Mandy@sckrealtors.com.

Kansas Commercial Information Exchange Update

South Central Kansas MLS and the REALTORS® of South Central Kansas are moving forward with a Commercial Information Exchange (CIE). This new service will be branded-

The CIE service will be offered through the Catylist platform. We are currently working through the implementation process with Catylist. We are on schedule to begin accepting CIE membership applications the week of April 9th. Please contact Mandy Robertson at mandy@sckrealtors.com if you are interested in receiving a CIE application packet.  

We will also be providing webinar demonstrations for those commercial companies interested in seeing the Catylist product. We currently have 30-minute webinars scheduled for Thursday, April 5th at 2:00 pm and Friday, April 6th at 10:00am. If you are interested in signing up for a Catylist demonstration webinar please email Mandy at mandy@sckrealtors.com with the date you would like to attend.  

We anticipate the CIE website to be available to CIE members by mid-April. At that time, you will have the opportunity to enter your listings and become more familiar with the Catylist platform. During the next few weeks Catylist will also be providing webinars to input listings as well as on-site training.

Please share this information with anyone that may be interested in the CIE service. Membership in the CIE is open to all Participants (principal, partner, corporate officer or branch office manager acting on behalf of the principal) and any nonprincipal brokers, sales associates, and licensed and certified appraisers affiliated with Participants. Please see the attached Frequently Asked Questions for additional information.

This CIE platform will be a great service for our commercial members and will likely lead to new services and opportunities in the future. We remain committed to excellence, innovation and serving our 2,000+ members who represent every specialty of real estate.

We are anxious to launch the CIE platform and will keep you informed of details as they are released.

Sincerely,

Sheila Rumsey

Chief Executive Officer

REALTORS® of South Central Kansas

South Central Kansas MLS, Inc.

Friends Helping Friends 2018

Join the RSCK Community Involvement Committee for their annual neighborhood clean-up! This project includes yard cleanup such as picking up trash, trimming trees & bushes, as well as repairing & painting fences. Items needed to be brought with volunteer if available include: gardening tools, works gloves, clippers, chainsaws, & weed eaters.

When: Saturday, April 28, 2018
Registration & Breakfast at 8:30 a.m.
Event 9 a.m.-12 p.m.
Where: City property West of 1717 S Madison, Wichita, KS
Who: Open to the public. All ages are welcome.

To register, contact us at alyssa@sckrealtors.com or 316-263-3167
*Signed waiver of liability will be required to participate

Introducing Kansas CIE

Exciting News for Commercial Real Estate!

Members, Non-Members, CCIM Members, Commercial REALTORS®, you will want to read this!

South Central Kansas MLS and the REALTORS® of South Central Kansas have been evaluating the addition of a Commercial Information Exchange (CIE) which would be administered by South Central Kansas MLS. We are excited to announce that this additional service was approved by the RSCK General Membership and the SCK MLS Participant Members on Friday, March 9, 2018. 

This new service will give us the opportunity to provide a local database and marketing option for commercial members. South Central Kansas MLS is in the process of negotiating a contract with Catylist. This will lead to an opportunity to have a broader commercial presence throughout the region and state. CIE members will have the ability to be served by our local organization rather than subscribing to a national service with minimal control of data and rising fees. This CIE service will be available to both REALTOR® members and non-REALTOR® licensees.  

Catylist offers a platform that enables members to share data and take advantage of the resulting efficiencies. Unlike other services, the members will retain ownership of their data while benefiting from a large network of partnering services around the country. Catylist has been in existence for 17 years and is committed to amazing customer service. Catylist currently works with over 45 Associations across the US and Canada. Catylist has the ability to showcase your listings on your company website. Catylist will also have the ability to feed information to NAR’s Commercial REALTORS® Property Resource (RPR).  REALTORS® Property Resource® (RPR®) delivers on-the-go access to an all-encompassing real estate platform, available exclusively to REALTORS®, and offered by NAR at no additional cost.

This CIE platform will be a great service for our commercial members, and will likely lead to new services and opportunities in the future for commercial members. We remain committed to excellence, innovation and serving our 2,000+ members who represent every specialty of real estate.

The new Commercial Information Exchange is on target to be implemented in April 2018. We will keep you informed of details as they are released.

Sincerely,

Sheila Rumsey

Chief Executive Officer

REALTORS® of South Central Kansas

South Central Kansas MLS, Inc.

Homesnap App

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Keep an eye out for an email from Homesnap tomorrow with instructions on how to download the app and start using Homesnap Pro. Here are the steps you'll need to take:

John McKenzie Recognized Nationally for Protecting, Investing in Real Estate Industry

The National Association of Realtors® has announced that John McKenzie, a Realtor® from Wichita, KS, has become a Golden R investor in the Realtors® Political Action Committee. RPAC is a national bipartisan grassroots-based political advocacy organization that works to protect the real estate industry and the dream of homeownership for Wichita residents and across the country.

 John McKenzie has supported RPAC for many years and has been a member of the National Association of Realtors^® since 1972.  He holds GRI, PAST CRB, and ABR certifications.  He graduated from Long Island University (1970) where he earned his Bachelor of Science Degree, in Business Management.  He currently lives in Wichita with his family. He previously served on the following NAR Committees: MLS, Risk Management, Legislative, RPAC Participation, RESPA, Working Group Task Force, Business Issues Committee, and served as a past NAR director.

When asked why John supports RPAC and why other RSCK REALTORS should invest in RPAC, he explains, "(I) learned a long time ago that we all have an obligation to be politically active.  Legislation that affects home ownership and our profession is best heard when our members make financial and personal time contributions.   I have witnessed through the power of being heard the halting of numerous, punitive pieces of legislation that would have been catastrophic to our industry.  It saddens me that more of our members don’t participate in making themselves  heard.  If Real Estate is your Profession then Politics is your business.  Get involved.  I challenge all our members to invest in their profession and give a minimum of $100 towards RPAC  in 2018."  

Since 1969, RPAC has promoted the election of pro-real estate candidates across the United States. The purpose of RPAC is to elect officials who understand and support the interests of real estate professionals and their home buying, selling and investing clients. RPAC uses its resources to seek to elect candidates that understand and support real estate, and to develop public policies that allow consumers to own homes and build their communities through commercial investment. John McKenzie’s investment will be applied to supporting homeownership, commercial real estate transactions, and the very future of the real estate industry.

Current Realtor^® priorities include working to preserve the Mortgage Interest Deduction and preventing the use of guarantee fees charged on Fannie Mae and Freddie Mac-backed loans to fund non-housing programs, which serves as a tax on consumers and prevents more qualified borrowers from becoming actual homeowners.

The National Association of Realtors^®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Tax Reform Final Vote

The Tax Reform bill has passed and is awaiting the President’s signature. NAR has produced a comprehensive document that summarizes the changes affecting real estate. This document is available on www.NAR.realtor/taxreform

Safe Sender

Reminder that all dues and invoices from our office will be sent from support@sckrealtors.com.  Please add support@sckrealtors.com to your SAFE SENDERS list to continue receiving billing from us in a timely manner. 

If you are unsure how to add Safe Senders, please contact your computer administrator for instructions.

It is Not Too Late to Influence Congress on Tax Reform

Now that both the House and Senate have passed The Tax Cut and Jobs Act, a Conference Committee will now reconcile the differences between the House and Senate approved bills.

REALTORS® have an opportunity to encourage Congress to maintain the current law for the mortgage interest deduction and capital gains exclusion. 

Click here to take action.

Flood Insurance Extended Three Months

President Donald Trump signed a three-month extension of the National Flood Insurance Program, ensuring insurance won’t lapse on Sept. 30. The program’s next expiration date is Dec. 8. NAR’s Call for Action concluded Sept. 8. NAR will continue legislative advocacy efforts for the 21st Century Flood Reform Act, which provides for long-term reauthorization and makes needed reforms.

Fannie Raises DTI, Tackles Student Debt

Fannie Mae is increasing its maximum debt-to-income ratio to 50 percent from 45 percent and last month eased underwriting for borrowers carrying heavy student loan debt. The changes will help more households obtain financing to buy a home and are explained in an NAR video with Fannie Mae Vice President Jonathan Lawless.         

Credit Issues Still Impede Homeownership

Tight credit and tight inventory are among the reasons the national homeownership rate remains down despite the growing economy. NAR convened experts at a homeownership summit last week at the University of California at Berkeley to identify causes and explore solutions. Read coverage

Regulations, Retention and Recruitment Pressing Issues for Appraisal Industry

WASHINGTON (May 17, 2017) – Any perceived shortage of appraisers may be location specific and dependent on whom you ask, but there is universal agreement that more needs to be done to keep appraisers in the profession and attract new talent. That’s according to panelists yesterday at a property valuation forum at the 2017 REALTORS® Legislative Meetings & Trade Expo.

The conversation with property valuation experts comes at a time of numerous challenges within the industry. NAR’s Appraiser Trends Study released earlier this year underlined many of the ongoing issues in the profession, including regulatory burdens, insufficient compensation, and dissatisfaction in the work leading to what some say is a shortage of appraisers.            

Providing their insights on these issues and ways Realtors® can communicate more effectively with appraisers were David S. Bunton, president and CEO of The Appraisal Foundation; James Park, executive director at the Appraisal Subcommittee; and Jim Amorin, 2017 president at the Appraisal Institute. Susan Martins-Phipps, a Realtor® and certified residential appraiser, moderated the session.

Much of the discussion during the session focused on balancing the need for appropriate regulation without overly burdening the industry. Sharing their own experiences, Bunton and Amorin discussed how the multiple federal, state and international standards can conflict with each other at times and cause confusion, frustration and an inability to appropriately serve the needs of clients.

Citing NAR’s appraisal survey, Amorin said that excessive regulation is the number one reason appraisers are leaving the industry, along with decreased fees and increased expenses. While regulation serves its purpose, Amorin stressed the need for ‘appropriate updating’ given that technology and consumer preferences have changed over the past decade.  

“Appraisers are being crushed in the current regulatory environment and there are fewer people entering the profession,” said Amorin. “There are changes that can be put into place that make the process easier for everyone and not put added costs on the consumer.”

According to Park, public trust in the appraisal profession is important, and while there are certainly challenges in the industry, few of those challenges have to do with federal regulation. He also said outside of a few areas, he believes there is not a shortage of appraisal professionals. Citing the lower mortgage volume compared to the early 2000’s, Park said the number of active appraisers is proportionate to the current level of work in most of the country.

Amorin added that although the number of appraisers have declined around 23 percent since 2007, any actual shortages are primarily in some rural areas, and what some see as a shortage in quantity is actually just a dearth of appraisers willing to work for the low fees that have failed to keep up with inflation. However, Amorin did sound the alarm on what could be an inadequate number of appraisers in the future.

“The number of new entrants into the business is abysmally low, and a looming shortage is something we should be concerned about,” said Amorin. “The typical appraiser is in their mid-50s. We’ve got to find a way to make the profession more attractive and lucrative so that technology doesn’t completely take over the valuation process.”

Bunton agreed with Amorin and indicated he’s hopeful an improving housing market will bring more individuals, including millennials, to the industry. “If you’re a millennial, what’s not to like? You get to use technology, the hours are flexible and there’s always work,” he said.

The end of the session focused on bettering the appraisal process for the greater benefit of the real estate industry. While appraisers must maintain their independence, Amorin stressed the important role real estate agents can play in helping serve their clients and improve the work of appraisers. He said to applause from the crowd that it’s certainly fine for agents to talk to appraisers as long as they aren’t putting undo pressure on them.

“Regarding the relationship between appraisers and Realtors®, my message to Realtors® is to help them help you,” said Amorin.

To improve the overall appraisal experience, Bunton concluded that real estate agents should be more involved with The Appraisal Foundation and its boards to stay abreast of the issues. “Nearly half of Realtors® are on our boards, and we would certainly like to see that number even higher,” he said. “Less friction and more commonality on how to make the system more cohesive for everyone will ensure a better process.”

NAR submitted a letter late last year to the Appraiser Qualifications Board in response to their efforts to improve recruitment and retention of new appraisers. Knowing the integral part appraisers are to real estate transactions, NAR supports AQB’s revisions to some of the education and experience requirements to bring new appraisers to the industry.

For more information on NAR’s valuation activities and advocacy efforts, visit www.nar.realtor/appraisal.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Tax Reform Could Deliver a Tax Hike for Homeowners: New Research

WASHINGTON (May 18, 2017) – While tax reform proposals swirling around Washington, D.C., promise lower tax bills for American families, new estimates indicate that many middle-income homeowners may actually see a tax increase if those proposals go through.

The study, “Impact of Tax Reform Options on Owner-Occupied Housing,”(link is external) illustrates the effects of a tax plan that echoes certain elements of the “Better Way for Tax Reform(link is external)” or “Blueprint” proposal released last year, as well as the White House tax reform outline released in April, to which the National Association of Realtors® responded. 

While most individuals would see a tax decrease under such a proposal, the study estimates that many middle-class homeowners could in fact see a net average tax increase. Homeowners with adjusted gross incomes between $50,000 and $200,000 would see their taxes rise by an average of $815. The study also estimates that combined tax savings from claiming the mortgage interest deduction and real estate property tax deductions would drop 82 percent between the 2018 and 2027 period.

“Tax reform and lower rates are worthy goals, but only if we can achieve them in a fiscally responsible way,” said NAR president William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties. “Balancing tax reform on the backs of homeowners isn’t an option.”

The study, which was commissioned by NAR and prepared by PwC (PricewaterhouseCoopers), estimates that this tax increase would result from the interaction of several provisions in the reforms under consideration. For many homeowners that currently benefit from the mortgage interest deduction, the elimination of other itemized deductions and personal exemptions would cause their taxes to rise, even if they elected to take the increased standard deduction. For others, the elimination of the state and local tax deduction alone would result in higher federal income taxes.

 In addition to increasing taxes on many middle-income homeowners, the report finds that such a proposal could cause home values to fall by an average of more than 10 percent in the near term. In areas with higher property taxes or state income taxes, the drop could be even greater. Although the study doesn’t directly analyze the “Better Way for Tax Reform” plan or the recent White House outline, it examines a proposal with many similar elements.

Those elements include lowering and consolidating marginal tax rates to only three rates, setting a top income tax rate of 33 percent, doubling the standard deduction, eliminating all itemized deductions (other than charitable contributions and mortgage interest) and personal exemptions, eliminating the alternative minimum tax, and capping the tax rate on pass-through business income at 25 percent.

PwC estimated that roughly 35 million households will claim the mortgage interest deduction in 2018, three quarters of which have incomes between $50,000 and $200,000. According to NAR, roughly 70 percent of those eligible for the MID claim it in a given tax year.

“A tax reform proposal that hikes taxes for homeowners is a raw deal, and consumers know it,” said Brown. “Leaders in Washington who are driving tax reform have shown every indication that they have the best of intentions, and we’re hopeful they’ll consider our study as this process plays out in the months ahead.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Obstacles Hinder Aspiring Home Buyers

Affordability pressures, student debt and possible confusion about down payment requirements have kept many aspiring homeowners from reaching the market, according to NAR's Aspiring Home Buyers Profile, which analyzes data from the association's Housing Opportunities and Market Experience (HOME) survey. "Nearly all non-homeowners said they want to own a home in the future, but it's evident that higher rents and home prices—up 41 percent in the past five years—along with limited entry-level supply and repaying student debt have combined to make buying a challenging goal," says NAR Chief Economist Lawrence Yun. News release.