The Weekly Membership Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. Pending Home Sales Edge Lower
2. LAST WEEK to Apply for 2011 TAR Committees
3. NEW! Risk Reduction Resources!
4. Accepting Over-Priced Listings
5. Tennessee REALTORS “Catch the Wave”
6. GRI and Other Courses
7. Rates Fall BELOW 4.5%!

To ask a TAR Legal and Ethics Hot Line question, CLICK HERE.

For other questions about this newsletter, please use the “CONTACT” form HERE.

Follow TAR on Twitter!

…And see TAR’s page on Facebook!


1. Pending Home Sales Edge Lower

Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, NAR says. The Pending Home Sales Index, a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. NAR Chief Economist Lawrence Yun said lower home sales are expected in the short term, but added that sales could pick up later this year if the job market improves.

[SOURCE: NAR]


2. LAST WEEK to Apply for 2011 TAR Committees

This Friday, August 13, is the DEADLINE for applications to serve on a TAR Committee in 2011!

With the industry facing unprecedented changes in the years ahead, NOW may be the best time for you to get involved and contribute your ideas and energy. Help shape a better future for your state association and your fellow-members!

The Tennessee Association of REALTORS welcomes committee requests from any and all TAR members! To apply, simply login to the Member side of the TAR website and go to:
http://tnrealtors.com/members/officerforms.php

Don’t put off until tomorrow what you can do today!


3. NEW! Risk Reduction Resources!

A new website has been set up by the Tennessee Real Estate Educational Foundation (TREEF) as a risk reduction resource center for TAR members! This new, FREE website gives you immediate access to both information and downloadable resources on a variety of risk reduction topics! We will add to this website as new resources become available, and as you request them!

Among other things, this site features three items in the “Agency” category that are often requested BUT have been hard to find on our website:

  • (FREE) Guide to Tennessee’s Agency Law
  • Consumer Guide to Tennessee’s Agency Law (for Sellers)
  • Consumer Guide to Tennessee’s Agency Law (for Buyers)

To access our new Risk Reduction Resource Center, go to:
http://riskreduction.wikispaces.com/

There is also a link to this new resource center in the main menu of the TAR website at: http://tnrealtors.com


4. Accepting Over-Priced Listings

Popular real estate coach and speaker Dirk Zeller has a new article on Realty Times – “Accepting Over-Priced Listings” – worth reading. Nobody wants an over-priced listing but, as he points out, taking one every now and then “is inevitable.”

Nevertheless, he explains three criteria that he recommends be met BEFORE you take one! The advice is useful and timely, given the reluctance of some sellers to accept what the market has done to resale prices!

To read Mr. Zeller’s advice, CLICK HERE.

[SOURCE: Realty Times]


5. Tennessee REALTORS “Catch the Wave”

A story appearing in the Memphis Commercial Appeal this past week (“Realtors embrace high-tech tools, social media to make sales happen”) chronicles how some of our members are using high-tech tools to remake or enhance their businesses:

*** BEGIN QUOTE ***
One real estate agent goes paperless as often as possible, having clients sign digital contracts with a stylus.

Another essentially carries his office in his smart phone, finding answers there to every conceivable question clients ask.

Another stays connected to her clients on Facebook and Twitter.

Still another regularly e-mails 1,500 past clients the latest sales data for houses in their neighborhoods.
*** END QUOTE ***

To read the full article, CLICK HERE.

[SOURCE: Memphis Commercial Appeal]


6. GRI and Other Courses

Aug. 11-12: Leadership TAR Retreat – Industry Issues, Challenges, and Vision – Montgomery Bell State Park. For more information or to register, CLICK HERE.

Aug. 12: 2009-2010 Core Course (4 hrs. CE) – Columbia. For more information or to register, go to: http://www.southernmiddletennessee.com/education/education.htm

Aug. 16-17: GRI 3, Financing the Successful Transaction (16 hrs. CE) – Knoxville. For more information or to register, CLICK HERE.

Aug. 18-19: GRI 5, Systems for Success (16 hrs. CE) – Murfreesboro. For more information or to register, CLICK HERE.

Aug. 18: Homeownership Options for Tennessee’s Workforce (6 hrs. CE) – Clarksville. For more information or to register go to: http://armscar.realtracs.com/memberaccess/

CLICK HERE for the complete 2010 schedule of Classroom and E-Class GRI Courses!

Watch each week’s TAR DIGEST for schedule changes and additions!


7. Rates Fall BELOW 4.5%!

Freddie Mac reports that long-term mortgage rates moved south again this past week. Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent the previous week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent the prior week and 4.63 percent a year ago. Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

[SOURCES: Wall Street Journal; Information, Inc.]


TAR’s Home Page: http://tnrealtors.com

Members receive the TAR DIGEST automatically, through their email address in NRDS. Non-members (such as Office Managers) may subscribe at: http://www.tardigest.com

Back issues of the DIGEST may be viewed and searched at: http://www.tardigest.com