SERVING PROFESSIONALS IN THE HAMPTONS AND NORTH FORK CHAPTERS June 2014

MLSLI May Market Update

The Multiple Listing Service of Long Island, Inc. (MLSLI) recently

released May 2014 market reports for Long Island, which includes

Nassau, Suffolk, and Queens Counties. The reported closed me-

dian home price for Long Island in May 2014 was $360,000, rep-

resenting a 2.9% increase over last year. Nassau County reported

a $410,000 closed median home price in May, representing a

5.7% increase over $387,750 reported by MLSLI last May. Suffolk

County reported a closed median price of $304,000 representing

a decrease of 3.5% over last year while Queens reported a closed

median home price of $370,000, up slightly from $368,000 re-

ported last year.

“The May market, which sees median pricing edging upward still

points to lagging vitality. Median pricing of new business (pending

contracts) is tracking lower as the inventory absorption rate has

slowed reflecting a lesser number of units going into contract.

Whether the market will regain its 2013 strength remains to be

seen.” said Joseph E. Mottola, CEO MLSLI.

May 2014 Market Update reports for Nassau, Suffolk, and QueensCounties are available under the MLS Activity Reports section ofStratus. The Market Update reports are also available at LIRealtor.com under the Research and Data section.

LIRealtor.com

This Month’sNews

News/Updates

Government Affairs

Public Relations Events

Education

As a Board member

you have the opportu-

nity to take advantage

of discount programs

and valuable services

offered to you.

SAVE THE DATE!Hamton Bays Walk/Run • September 13, 2014

The Long Island Board of REALTORS® Inc. proudly sponsors

the Hampton Bays Lions Club 4th Annual Over the Bridge 10K

Run and 5K Run/Walk on Saturday, September 13, 2014 at

9:00am (race start) beginning at Hampton Bays Middle School.

The cost is $25 pre-registered, $30 race day. For more details

visit www.islandrunning.net.

SERVING PROFESSIONALS IN THE HAMPTONS AND NORTH FORK CHAPTERS June 2014

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On Tuesday, June 10, 2014 LIBOR members journeyed to Albany

to lobby imperative legislative issues that matter to our industry.

Among these issues are fairness in cooperative housing, stopping

onerous tax increases including real estate transfer taxes and mort-

gage recording taxes and fighting for changes to the scaffold law.

This annual trip provides the opportunity for hundreds of REALTORS® from around New York

State to visit their elected officials and present their positions on key issues which advocate and

protect the American dream of home ownership.

Realtors® Journey to Albany for Lobby Day

NAR Government Affairs has closely monitored the implementation of rules by the Consumer Financial

Protection Bureau (CFPB). As part of the implementation of the Qualified Mortgage (QM) regulations, CFPB

included in the 3% cap on fees and points, amounts paid to affiliate title companies and insurance escrows

when there is an affiliate involved in the transaction. Unaffiliated charges are not included in the cap.

Although a recent proposal from the CFPB was designed to address some of NAR’s concerns on

3% issues with a “limited cure provision” for loans that exceed the 3% cap on fees and points, NAR

continued to push Congress to clarify and fix the 3% cap through a legislative remedy that levels

the playing field for affiliates.

The House of Representatives approved, on a voice vote, H.R. 3211, the Mortgage Choice Act. This

NAR-backed bi-partisan legislation) is narrowly focused to provide equal treatment for affiliated title

fees compared to unaffiliated title fees and clarify the treatment of insurance and taxes held in escrow.

The bill will move to the United States Senate for consideration later this summer. Legislative

prospects at this point are not clear but it is hoped the House action will encourage the Senate to

move quickly on the Mortgage Choice Act.

House Passes Bi-partisan NAR-backed 3% Cap Fix

Many consumers are overestimating the down payment they need in order to purchase a home,

according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.

Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a

loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates

in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order

to qualify for financing.

But in reality, home buyers often can qualify for a conforming, conventional mortgage with a down payment

of as little as 5 percent — and sometimes even 3 percent — Boyle writes. Between 2009 and 2013, Fred-

die Mac’s purchases of mortgages with down payments of less than 10 percent more than quadrupled.

“Letting more consumers know how down payments are determined could bring more qualified bor-

rowers off the sidelines,” Boyle writes. “Depending on their credit history and other factors, many bor-

rowers can expect to make a down payment of about 5 percent or 10 percent.” However, Boyle notes

that any borrower who puts down less than 20 percent will be required to buy mortgage insurance.

You Don’t Need That Much of a Down Payment Source: NAR

SERVING PROFESSIONALS IN THE HAMPTONS AND NORTH FORK CHAPTERS June 2014

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FLOOD INSURANCE 101:What You Must Know and the Impact on Your Business!

June 26, 20149:00 Registration Opens • 9:30 am – 12:30 Noon Class

230 Elm Street • Southampton, NY 11968$30.00 LIBOR Members • $50.00 Non-Members

Approved for

3 NYS CE Credits

FLOOD INSURANCE 101:What You Must Know and the Impact on Your Business!Uncertainty surrounding drastic increases in flood insurance pre-

miums for coverage under the National Flood Insurance Pro-

gram is negatively impacting transactions and the real estate

recovery. This 3 hour course will review the new mapping and

zone sites, what research you will need to do prior to listing,

what Realtors must know and disclose and sample forms to as-

sist. We will also go “live” on mapping sites to demo looking up

properties and how to read the new zone maps. Also, find out

what the Realtor industry is doing to ensure that flood insurance

does not sink sales in the future and how you can take action.

FLOOD INSURANCE 101: What You Must Know and the Impact on Your Business!

June 26, 2014 with Frank DellAccio, CBR, CRB, GRI

Long Island Board of REALTORS®, Inc.in cooperation with LIBOR Hampton and North Fork Chapters

To REGISTER for this Course, CLICK HERE to Log into the IMS and REGISTER!

Instructor:Frank DellAccio

CBR, CRB, GRIMember, NAR NFIP National Flood Political Action Group

SERVING PROFESSIONALS IN THE HAMPTONS AND NORTH FORK CHAPTERS June 2014

CE ETHICS & FAIRDATE CLASS INSTRUCTOR TIME CREDITS HOUSING

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JUN 20 75 Hr. Sales Qualifying Day 4 Linda Bonarelli 9:00 — 4:30JUN 23 75 Hr. Sales Qualifying Day 5 Linda Bonarelli 9:00 — 5:30JUN 24 75 Hr. Sales Qualifying Day 6 Linda Bonarelli 9:00 — 5:30JUN 25 75 Hr. Sales Qualifying Day 7 Linda Bonarelli 9:00 — 4:30JUN 26 75 Hr. Sales Qualifying Day 8 Linda Bonarelli 9:00 — 6:30JUN 27 75 Hr. Sales Qualifying Day 9 Nick Gigante 9:00 — 5:30JUN 30 75 Hr. Sales Qualifying Day 10 Nick Gigante 9:00 — 6:30

JUN 20 Handling and Closing the Short Sale Transaction Linda D'Amico 9:00 — 5:30 7.5 EJUN 21 New Agent Orientation Joe Caggiano 9:00 — 5:00 6 EJUN 23 New Agent 3- Day Up and Running Day 1 Kathy Engel 9:00 — 1:00 JUN 24 New Agent 3- Day Up and Running Day 2 Kathy Engel 9:00 — 1:00 JUN 25 Be My, Be My Buyer Don Scanlon 9:00 — 5:30 7.5 EF

JUN 25 New Agent 3- Day Up and Running Day 3 Kathy Engel 9:00 — 1:00 JUN 26 Flood Insurance 101: What You Must Know and the

Impact On Your Business Frank DellʼAccio 9:30 — 12:30 3

WEST BABYLON

SOUTHAMPTON

RIVERHEAD

Visit www.lirealtor.com/education for a full schedule of class offerings.

TECHNOLOGY & SATURDAY CLASSES

GET READY FOR ALL NEW MLS STRATUS (HANDS ON)West Babylon July 2, 22. August 7, 27, September 8, SATURDAY 20, 23 9:00 — 5:30Riverhead July 7, August 21, September 10 9:00 — 5:30

STRATUS LITE & EASY (HANDS ON)West Babylon September 4 9:00 — 5:30Riverhead July 23 9:00 — 5:30

GET THE MOST FROM STRATUS MAPS & CMA (HANDS ON)West Babylon July 15, August 14, September 11 9:00 — 5:30Riverhead Sept 23 9:00 — 5:30

BEST & LATEST FEATURES – Find, Listingbook & Instanet (HANDS ON)West Babylon SATURDAY August 23, 9:00 — 5:30

ARE YOU SMARTER THAN A HOME BUYER? (HANDS ON) West Babylon August 19 9:00 — 5:30Riverhead July 31 9:00 — 5:30

WHY SHOULD I LIST MY HOUSE WITH YOU? (HANDS ON)West Babylon July 1 9:00 — 5:30Riverhead August 6 9:00 — 5:30

KEEP YOUR SELLERS REAL AND YOUR LISTINGS HOT (HANDS ON)West Babylon July 24, September 24 9:00 — 5:30

FINDERS KEEPERS: Search Nationwide for Listings, Property Community Info (HANDS ON)West Babylon July 28 9:00 — 5:30Riverhead September 19 9:00 — 5:30

TAKE YOUR DESK ON THE ROAD: Work Mobile 24/7 (HANDS ON)West Babylon Aug 21 9:00 — 5:30Riverhead Aug 26 9:00 — 5:30

LOCATION DATE TIME