Austin Realtor Online Edition - Austin Board of REALTORS®

April 2009

Consumer Campaign Addresses Market Perceptions

Despite the gloomy outlook for the nation’s real estate market, Central Texas properties remain a valuable investment. To ensure local buyers and sellers understand the unique position of Austin-area real estate, ABoR has launched a new public awareness campaign with the message “Central Texas real estate is different.”

Consumers will receive this message through radio, television, print and billboard ads. New content added to our consumer Web site, Austinhomesearch.com, provides buyers and sellers with more tools for understanding the long-term wealth that can be created by owning Central Texas property. Expanded resources on the Public Awareness page of Abor.com offer REALTORS® many avenues for educating their clients on the value of Central Texas homeownership. To view these materials, along with the 2009 campaign advertisements, click here.

Chairman’s Corner

More than 50 Austin REALTORS® participated in the 2009 Legislative Hill Visits at the Texas Capitol on March 31. This session’s record attendance underscored the importance of fighting against public policy that would increase the cost of homeownership at the worst possible time for our industry.

The most important issue we discussed at this year’s Hill Visit was a possible transfer tax on real estate transactions, which is essentially a sales tax on real estate. Several bills proposing such a tax in various forms, including Senate Bill 950, Senate Bill 934 and House Bill 3163, have been filed thus far in the 81st session of the Texas Legislature.

The National Association of REALTORS® (NAR) commissioned a study to analyze the effects of a transfer tax on real estate. The report assumed a tax rate of 0.5 percent and a $125,000 purchase price. Based on these assumptions, the cost of buying a home would increase by about $600 and home sales would decline by almost three percent. Additionally, the Real Estate Center at Texas A&M University concluded that the creation of a transfer tax on real estate could cost the state $955 million in lost economic activity and eliminate 11,575 jobs. Clearly, a real estate transfer tax would hinder both homeownership opportunities and economic development in Texas.

Another key issue discussed with lawmakers was property appraisal reform. Currently, each of the 254 counties in Texas defines its own practices for appraising property for taxation without any statewide oversight or enforcement authority. We believe such inconsistencies create a system that is unfair for Texas homeowners and advocate for more transparency and accountability in the appraisal process.

I encourage you to support ABoR’s Government Affairs Department as they fight to protect the rights of your industry.

Jay Gohil
2009 Chairman of the Board

ABoR Backs Strayhorn in Mayoral Race

Carole Keeton Strayhorn has received ABoR’s endorsement in the 2009 Austin mayoral race, to be held on Saturday, May 9. Strayhorn’s proven support of the real estate industry and private property rights make her an ideal candidate to lead Austin. For more information on Strayhorn, visit her Web site, CaroleforAustin.com.

Registration Underway for TREPAC Golf Tourney

Don’t miss your chance to participate in the 2009 TREPAC Golf Tourney on Friday, May 1. Registration for this event, which will be held at the Falconhead Golf Club, is only $99 per person and includes 18 holes of golf, cart rental, lunch and dinner.

The event begins at 10 a.m. with registration and practice, followed by a shotgun start to the tournament at 12:30 p.m. Awards will be distributed at 5:30 p.m. Non-golfers are welcome to attend the dinner and awards ceremony for just $15. For more information and to register, contact Emily Chenevert at 512/454-7636, ext. 1501.

Opportunities Arise for Industry Involvement

Take an active role in shaping your Association by applying for a leadership position with ABoR or the Texas Association of REALTORS® (TAR). Leadership applications will be available online at Abor.com from May 1 through June 30.

ABoR will accept applications for the following positions: five directors, one chairman-elect and one secretary/treasurer. TAR leadership opportunities include five association directors and two regional vice presidents. Watch for more information on the leadership nominations in the May issue of Austin REALTOR® and on Abor.com.

Common Forms See Important Updates

Be prepared for changes to the Seller’s Disclosure and Exclusive Right to Sell Agreement forms. In response to mandates from the National Association of REALTORS® (NAR) and ABoR’s Risk Reduction Panel, new information has been added to each of these forms. Revised forms are available on Abor.com or through the Texas Association of REALTORS® (TAR) Zip Form library.

The updated Seller’s Disclosure form contains new checkboxes, as well as verbiage to address the City of Austin’s new energy audit requirement and the installation of smoke detectors for the hearing impaired. Also, a newly created form titled “Addendum Updating Seller’s Disclosure Notice” replaces the need for the “Seller’s Disclosure Notice of Changes to Property Condition” box from the Seller’s Disclosure notice.

Additionally, the Exclusive Right to Sell Agreement now features a sentence concerning IDX options in Item 7E. The sentence reads: “I understand and acknowledge that, if I have selected option (b) above, consumers who conduct searches for listings on the Internet will not see information about the Property in response to their search. (Seller’s initials required).”

If you have questions about the changes to either of these forms, contact the MLS Support Team at 512/454-7636.

ABoR’s Learning Communities Keep You Connected

ABoR is pleased to introduce the newest member of our communications family – online Learning Communities. This interactive resource lets you share your industry knowledge with other ABoR members and is an excellent way for ABoR committee members to stay in touch.

All ABoR members can easily access the Learning Communities through the “My Account” section of Abor.com or by clicking on the “Learning Communities” link in the Quick Links section of the Abor.com homepage. For details on using the Learning Communities, please see the April issue of Austin REALTOR®. Log on to the Learning Communities by May 1 and you will be registered for a chance to win a $75 gift certificate to the Roaring Fork Steakhouse.

Save the Date! Industry Celebration Scheduled for December 11

ABoR’s 2010 Installation and Award Celebration will take place on Friday, December 11, 2009 from 6 p.m. to midnight. Please note that this year’s Installation Gala will be held on the second rather than the first Friday of December. Mark your calendars for this illustrious event, where we will welcome the incoming Board of Directors and honor our Association’s finest with the esteemed Industry Awards. Look for additional information on this event in future issues of Austin REALTOR® and on Abor.com.

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