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Home : Publications : Event Coverage

C.A.R. President speaks at Combined Marketing Meeting

Thursday, April 6, 2006

California continues to have a “very healthy real estate market.” Vince Malta, the 2006 President of the California Association of Realtors® (C.A.R.), gave SAMCAR members the good news this week. Malta was the guest speaker at SAMCAR’s Combined Marketing Meeting held Tuesday, April 4, 2006, at the Elks Lodge in San Mateo.

“The third and fourth quarter will have the best sales on record, despite the rains and rising interest rates,” Malta shared C.A.R.’s forecast. “We predict that March through June will have a good buying season.”

Malta told SAMCAR members that Hurricane Katrina put buyers on the sidelines as they waited to see what would happen to the economy, “but buyers have come back in January and February and the March/April figures reflect it.”

He indicated California’s median home price is currently pegged at $535,000 dollars – more than double of the U.S. median home price. The national median existing-home price is $212,000. He said the percentage of households in California able to afford a median-priced home is 14 percent.

Malta attributed the healthy market to more people trading-up and greater opportunities for homebuyers, as well as sellers.

“Though interest rates are rising, they are nowhere near the 16 to 17 percent interest rates in the past. There are now many tools and products for buyers to utilize in this high market,” Malta said.

The C.A.R. president then informed SAMCAR members of C.A.R.-sponsored bills that are currently pending in the state Legislature. They include AB 2429, which deals with "Real Estate Salesperson Licensure" and will require all salesperson applicants after Dec. 31, 2009, to complete all three of the pre-license courses prior to receiving a license; and AB 1963, which deals with "Real Estate Brokers License," and seeks to make two years of "general real estate experience" a requirement for those seeking a broker license.

Malta said C.A.R. is also seeking better continuing education courses and working with the Department of Real Estate to have realtors and brokers place their license numbers on all business cards and purchase contract agreements. He said the requirement will most likely be official by January 1, 2007, but encouraged all realtors and brokers to comply with the proposal as soon as possible. 

Malta likewise noted, C.A.R. does not believe the move to limit mortgage interest deductability “is going anywhere” in the Legislature, but C.A.R. plans to get a commitment from legislators that the proposal will not be considered.

The biggest challenge for 2006, Malta said, is that of “dealing with public perception.” Malta said C.A.R. is launching a Customer Satisfaction pilot program which will give realtors and brokers feedback. He also questioned the credibility of Internet companies that are attempting to compete with realtors and brokers.

“Who’s regulating these companies?” he asked, and stated many companies are merely revealing home valuations, some of which are not even accurate.

He then stressed, “These models cannot replace what we do. There is a lot of information out there and we all have access to it. It’s how we utilize the data that matters to the customer. That’s what tells the consumer what value we provide with the transactions. We need to focus on that, so hopefully, people realize the value of what you do up front. We need to express these values to our customers.”

In addition, Malta talked about the proposal to remove social security numbers of sellers in documents that go to homebuyers so as to prevent identity theft, the need to issue a 1099 form to buyers and brokers, and the need for everyone to be pro-active in the business and also get involved in the elections this year. The C.A.R. president applauded all the work undertaken by SAMCAR and all the MLS in the Bay Area and their efforts to work as a single MLS.

At the conclusion of his talk, SAMCAR Executive Office Janet Case presented Malta with a SAMCAR Certificate of Membership.

SAMCAR Executive Officer Janet Case presented C.A.R. President Vince Malta a SAMCAR Certificate of Membership during the April 4, 2006 Combined Marketing Meeting held at the Elks Lodge in San Mateo. Malta was the guest speaker at the meeting. - Image 1 of 1

The San Mateo County Association of REALTORS® (SAMCAR) is a professional trade organization representing over 3,800 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula. SAMCAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in San Mateo County.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

For further information, please contact Julie Ziemelis, Director of Public Affairs, e-mail , or phone (650) 696-8214.

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