July 2008; Vol. 35, No. 6
Greater Fort Worth Home Sales to Vary in Narrow Range, Then Rise in Second Half
Association of REALTORS®
2650 Parkview Drive By: Walter Molony, National Association of REALTORS®
Fort Worth, Texas 76102 Modest near-term movement is expected 16.4 percent below a year ago. The index
817-336-5165; Fax: 817-870-2863
www.gfwar.org in existing-home sales, in the Midwest fell 6 percent to
with a recovery in sales 78.6 and is 13.8 percent below
2008 Ofﬁcers seen during the second May 2007. In the South, the
President half of the year, according index dropped 7.1 percent in May
Helen Collins-Epps, GRI, LTG
email@example.com to the latest forecast by the to 84.5 and is 22.1 percent below
Vice President / President-Elect
National Association of a year ago.
Kenneth Jones REALTORS®. Yun said location has never
firstname.lastname@example.org The Pending Home mattered more than in the current
Secretary / Treasurer Sales Index,* a forward- market. “Some markets have
Mel Harris, ABR, E-Pro, Eco-Broker
Info@ElementsRealty.com looking indicator based on contracts signed seen a doubling in home sales from a
Immediate Past President
in May, fell 4.7 percent to 84.7 from an year ago, while others are seeing contract
Dan Odom, CPM, CRB, GRI, SRES upwardly revised reading of 88.9 in April, signings cut in half. Price conditions vary
email@example.com and remains 14 percent below May 2007 tremendously, even within a locality,
GFWAR Staff when it stood at 98.5. depending upon a neighborhood’s
Chief Executive Ofﬁcer Lawrence Yun, NAR chief economist, exposure to subprime loans.”
Sherry Matina, RCE, CRB, GRI said some pullback after a sharp increase Double-digit pending sales gains
in the previous month was expected. “The in May from a year ago were noted in
Dottie Pletch overall decline in contract signings suggests Colorado Springs, Colo.; Sacramento,
firstname.lastname@example.org we are not out of the woods by any means. Calif.; and Spartanburg, S.C.
Controller The housing stimulus bill that is still being NAR President Richard F. Gaylord,
Mary Chilton considered in the Senate is critical to assure a a broker with RE/MAX Real Estate
healthy recovery in the housing market, jobs Specialists in Long Beach, Calif., said the
Director of Billing &
MLS Compliance and the economy,” he said. current market offers immediate beneﬁts
Theresa Diaz The PHSI in the West slipped 1.3 percent and long-term value for many buyers.
to 97.5 in May but is 2 percent higher than “Home buyers are getting a great deal
Director of Governmental Affairs May 2007. In the Northeast, the index right now,” he said. “Although inﬂationary
email@example.com declined 2.9 percent to 77.0 in May and is Continued on page 7
Director of Member Services
Lee Ann Dempsey
firstname.lastname@example.org Mineral Interests Addendum in the Works
Director of New Member Mineral rights have become a provide the parties a way to carry out their
Meghan Sheehan more common discussion in real estate wishes. The proposed addendum is located
email@example.com transactions in Texas. The Texas Real Estate at www.trec.state.tx.us/pdf/forms/drafts/
Director of Communications Commission’s Broker-Lawyer Committee is drft-mineralrights.pdf.
firstname.lastname@example.org considering proposing a contract addendum The Broker-Lawyer Committee will
to deal with mineral interests. meet on Aug. 4, 2008 to discuss comments
Director of Customer Service /
Store Manager If adopted by the commission, a seller received. The committee is scheduled
Dawn Marie Brown will be able to use the addendum to reserve on Aug. 18 to propose the addendum for
all or a portion of the oil, gas, and other adoption by the commission. At that time,
Director of IT Support
Richard Lamar minerals owned by the seller. While it would the commission will have to post the form
email@example.com still be advisable for parties to consult an for 30 days before ﬁnally adopting it for
Administrative Assistant attorney in transactions where mineral use by licensees. Final adoption of the
Nina Pham interests are an issue, the addendum will form could take place in October.
Code of Ethics & Standards of Practice Reminder
TREC Form Revisions
REALTORS® shall avoid exaggeration, misrepresentation, or The Texas Real Estate Commission has adopted
concealment of pertinent facts relating to the property or the
transaction. REALTORS® shall not, however, be obligated to
revisions to 10 forms. The revisions include minor
discover latent defects in the property, to advise on matters outside clariﬁcations and corrections to the following:
the scope of their real estate license, or to disclose facts which are
conﬁdential under the scope of agency or non-agency relationships 9-7: Unimproved Property Contract
as deﬁned by state law. 20-8: One To Four Family Residential Contract (Resale)
23-8: New Home Contract (Incomplete Construction)
Standard of Practice 2-1
REALTORS® shall only be obligated to discover and disclose
24-8: New Home Contract (Completed Construction)
adverse factors reasonably apparent to someone with expertise in 25-6: Farm And Ranch Contract
those areas required by their real estate licensing authority. Article 2 30-7: Residential Condominium Contract (Resale)
does not impose upon the REALTOR® the obligation of expertise in 32-2: Condominium Resale Certiﬁcate
other professional or technical disciplines. (Section 82.157, Texas Property Code)
36-5: Addendum For Property Subject To Membership In
Standard of Practice 2-2
(Renumbered as Standard of Practice 1-12 1/98) A Property Owners’ Association (Not For Use With
Standard of Practice 2-3 37-3: Subdivision Information, Including Resale Certiﬁcate
(Renumbered as Standard of Practice 1-13 1/98) For Property Subject To Membership In A Property
Standard of Practice 2-4 Owners’ Association
REALTORS® shall not be parties to the naming of a false 38-2: Notice Of Buyer’s Termination Of Contract
consideration in any document, unless it be the naming of an
obviously nominal consideration. TREC will post the revised forms on its Web site
at www.trec.state.tx.us. The forms also will be sent to
Standard of Practice 2-5
ZipForm and other forms vendors to update their forms
Factors deﬁned as “non-material” by law or regulation or which
are expressly referenced in law or regulation as not being subject to libraries. The revised forms become mandatory
disclosure are considered not “pertinent” for purposes of Article 2. Sept. 1, 2008.
Truths & Myths of Reverse Mortgages
Find out how REALTORS® and their clients can beneﬁt from reverse
mortgages by learning what a reverse mortgage is, who qualiﬁes, what
the costs are, and when / how a reverse mortgage is repaid.
Don’t miss this class
Wed., July 23 • 2 p.m. to 5 p.m.
worth three hours of MCE GFWAR Auditorium (2650 Parkview Dr. in Fort Worth)
credit, taught by Dick
Worth three hours of MCE credit!
Smith with 1st Advantage
Mortgage in Arlington.
Course #: 03-00-099-6377; Provider #: 0390
Cost: $30 per person
Visit the Members Only portion of www.gfwar.org and click on
“Event Registration.” If online registration isn’t your style, contact
Meghan Sheehan with GFWAR at 817-336-5165, ext. 102,
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 2
GFWAR News & Reminders Upcoming Starbucks Sessions
• The City Council approved the transportation impact July Starbucks Session: Rainwater Harvesting
fee ordinance on May 13. The ordinance became effective
on July 1 and the applicable impact fee will be collected July 21 • 4 p.m. to 5 p.m. • GFWAR Auditorium
at time of building permit. Please note credit cards will Cost: free to all attendees
not be accepted for Transportation Impact Fees. To better Don’t miss Dotty Woodson, Ed. D., Extension Program
assist the integration of the transportation impact fee Specialist of Water Resources with Texas AgriLife
into the development process, additional documentation Extension of the Texas A&M University System Dallas
has been developed to assist the community in becoming Research and Extension Center as she discusses the “how
more knowledgeable about the ordinance. The City of to” of rainwater harvesting. Starbucks Coffee will be
Fort Worth encourages all interested parties to review provided, and City Kitchen Catering will be providing food
the transportation impact fee ordinance, which is at the event.
available at www.fortworthgov.org/impactfees.
Session Advertiser: City Kitchen Catering
• Recently a member of the Ellis Hill Association of
REALTORS® was listing property in Bosque County and
was abducted, assaulted and sustained injury. This August Starbucks Session: How are Mineral
member is currently safe and doing well. One of the Rights Affecting Real Estate Transactions
offenders has yet to be found and more information August 18 • 4 p.m. to 5 p.m. • GFWAR Auditorium
regarding a reward for their arrest may be forthcoming. Cost: free to all attendees
Please be very careful when showing or listing property.
Local law enforcement ofﬁcers are a valuable resource Is it worth retaining mineral rights? Find out as David
and are glad to assist ofﬁces with awareness and Shurtz and Greg Higgins, attorneys with Fidelity National
preventative measures. Title, speak about the legal aspect of how gas leases are
• For those who are in the process of listing a property effecting real estate transactions. They’ll also be talking
located in a historic district or historic overlay about land value increases and how property taxes are
designation, Realist tax information may not ﬂag this affected and the positives / negatives that mineral rights are
property and its historical signiﬁcance. Check the Tarrant bringing to real estate transactions. Starbucks Coffee will
Appraisal District database for this information in order be provided to all attendees.
to pass along pertinent helpful facts to prospective buyers. Session Advertiser: Marsha Bennett Insurance Agency
• Learn new ideas to boost your business, network with
professionals from all over Texas, gain a few hours of Sept. Starbucks Session: Southwest Parkway
MCE and check out products and services from dozens
of vendors at the 2008 Texas REALTORS® Convention Sept. 15 • 4 p.m. to 5 p.m. • GFWAR Auditorium
and Trade Expo held Sept. 9-11 in San Antonio. Visit Cost: free to all attendees
www.TexasRealtors.com to register online and for more Find out what’s really going on with Southwest Parkway
information about securing a hotel room and attending the – Highway 121 as Jeffrey Neal, Principal Transportation
various events and educational sessions. Planner with the North Central Texas Council of
• Once a quarter, the Neighborhood Revitalization Governments, speaks about the progress of Southwest
Committee of GFWAR honors a property owner / Parkway’s Master Plan. Starbucks Coffee will be provided
investor who has enhanced the Fort Worth community to all attendees.
through property revitalization. To submit an application,
contact Rebekah LaMontagne with GFWAR at Session Advertiser: Marsha Bennett Insurance Agency
817-336-5165, ext. 112, or firstname.lastname@example.org.
Emergency Water Restoration
Registered Professional Engineer Cleaning All Floors - Fabric - Rugs - Awnings MASTER CLEANER
Professional Real Estate Inspector RESTORER
P.O. Box 1625
TREC #8720 Insured Metro 817-268-6531 Bonded Hurst, TX 76053-1625
e-mail: email@example.com www.UnitedCarpetClean.com JohnL@UnitedCarpetClean.com
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 3
Business After Hours
Join GFWAR in the heart of the Cultural District. Ave
Ferguson’s Bath & Kitchen Gallery
Thursday, July 24 • 5 p.m. to 7 p.m. • Located at 3433 W. 7th St.
Wine, dine and shop at this free happy hour event featuring gourmet hors d’oeuvres, wine, beer and door prizes.
This event is free to all attendees and reservations are not required.
Joseph R. Kimball II
Attorney at Law
Lively & Associates, LLP
Oleander Place Townhomes
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 4
Many thanks to the following advertisers for advertising at the
GFWAR Birthday Bash on June 11!
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 5
Many thanks to the following advertisers for advertising at the
GFWAR Birthday Bash on June 11!
GRI: Real Estate Marketing
The North Texas Designation Cooperative (GFWAR, (Attendees must attend all four days of the class to receive
Greater Metro West, MetroTex, GLAR, GAR and LCAR) credit.) The class will be held from 8:30 a.m. to 5:30 p.m.
will be presenting GRI 2 (Course #: 0555; Provider #: each day. The cost is $250 if registered by Sept. 11 and
0001) in the GFWAR Auditorium Sept. 22-25. $275 thereafter.
The course will cover seller services, buyer services, To register, visit the Members Only portion of
communications technology and real estate technology. The www.gfwar.org and click on “Event Registration.” If online
class, instructed by Betty Dickens and Peggy Santmyer, registration isn’t your style, contact Meghan Sheehan with
offers 30 hours of SAE credit or nine hours of MCE credit. GFWAR at 817-336-5165, ext. 102, or firstname.lastname@example.org.
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 6
Continued from page 1
MCE: TREC Ethics & Legal Credit
expectations appear to be under control for the time being,
sharper consumer price gains could lead to notably higher In need of obtaining your
mortgage interest rates in 2009.” TREC ethics and legal credit?
Based on current indicators, the 30-year ﬁxed-rate
mortgage is forecast to rise gradually to 6.5 percent by Don’t miss these opportunities:
the end of this year, and then hold at that level for most of
July 18 – 9 a.m. to Noon (Ethics) #: 03-03-129-6497
2009. NAR’s housing affordability index is improving this
1 p.m. to 4 p.m. (Legal Update) #: 03-03-129-6496
year and is likely to rise 15 percentage points to 127.0 for
all of 2008. Aug. 20 – 9 a.m. to Noon (Ethics) #: 03-03-129-6497
Existing-home sales are expected to grow from an 1 p.m. to 4 p.m. (Legal Update) #: 03-03-129-6496
annual pace of 5.01 million in the second quarter to 5.75
These courses, taught by James H. Engstrom, will be held
million in the fourth quarter. For all of 2008,
in the GFWAR Auditorium. The cost is $30 per course or
existing-home sales should total 5.31 million, and then
$60 for both the TREC ethics and legal course.
increase 5.0 percent next year to 5.58 million.
“The speed at which home prices has declined in a few To register, contact Meghan Sheehan with GFWAR at
select markets is unprecedented, but the large price declines 817-336-5165, ext. 102, or email@example.com.
in those areas have enticed bargain hunters back into the
market,” Yun said. “Interestingly, there have been reports of
multiple bidding after the large price cuts, so it is possible
that most of the price declines have already occurred in
The aggregate median existing-home price is projected
to fall 6.2 percent this year to $205,300, and then rise by
4.3 percent in 2009 to $214,100.
New-home sales are likely to fall 32.3 percent to
$525,000 in 2008 and decline another 3.4 percent next year
to $507,000. “In light of high inventory conditions, rising
commodity prices and construction costs will curtail new
home construction deep into 2009,” Yun said. Housing
starts, including multifamily units, will probably fall 28.7
percent to $966,000 this year, and then drop another 9
percent in 2009 to $879,000.
The median new-home price is expected to decline 3.2
percent to $239,300 this year, and then rise 5.3 percent in
2009 to $251,900.
Growth in the U.S. gross domestic product (GDP) is
seen at 1.6 percent in 2008 and 1.4 percent next year. The
unemployment rate should average 5.4 percent this year
and 5.8 percent in 2009.
Inﬂation, as measured by the Consumer Price Index,
is forecast at 3.7 percent this year and 2.4 percent in 2009.
Inﬂation-adjusted disposable personal income is projected
to grow 1.5 percent in both 2008 and 2009.
Used by 1,500 ofﬁces & 40,000
Jim Thomas agents in 160 MLS’s!
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 7
2008 REALTORS® Conference & Expo
Learn the keys to make your business come alive at
the 2008 REALTORS® Conference & Expo in Orlando, FL
No Breakfast Meeting in July Nov. 7-10. It’s the ideal setting to network with thousands
The Society of Commercial REALTORS® will not be of REALTORS® all over the country, exchange creative
meeting in the month of July. ideas, learn about trends, develop referrals and business
August SCR Breakfast contacts, and discover new ways to rev up productivity.
Get the scoop on transportation impact fees as SCR hosts Don’t miss over 200 programs that offer insight into
Danny Scarth, Fort Worth City Councilman for District 4 today’s economic realities and ﬁnancing issues.
on Wednesday, August 27 from 7:30 a.m. to 9 a.m. at GFWAR’s very own, Charles McMillan, will be
Colonial Country Club (located at 3735 Country Club installed as the 2009 President of the National Association
Circle in Fort Worth). The breakfast, sponsored by AUI of REALTORS® at the conference. In addition, Lionel
Contractors, is $5 for SCR REALTORS®, $10 for SCR Richie will be giving a celebrity concert, and seven
Afﬁliate / Friend members and $15 for non-members. time Tour de France winner and cancer survivor Lance
To Register: Visit the Members Only portion of Armstrong will be speaking at the general session. The
www.gfwar.org or www.scr-fw.org (for SCR members) and conference also includes a REALTORS® Night Out at
click on “Event Registration.” If online registration isn’t Universal Studios, and an inspirational service by Lee
your style, contact Rebekah LaMontagne with SCR at Woodruff, who will be speaking about her family’s
817-336-5165, ext. 112, or firstname.lastname@example.org. experience when her husband, ABC’s newly appointed
co-anchor Bob Woodruff, was hit by a roadside bomb while
Members Only Site Log-in covering the war in Iraq.
SCR members may log-in to the Members Only portion of The 2008 REALTORS® Expo will include more than
the SCR Web site by visiting www.scr-fw.org and clicking 700 exhibitors that are available to attendees with the latest,
on “Members Only.” SCR REALTORS® may access the on-trend real estate products and services necessary for
site by entering their real estate license number for the business growth. Don’t miss it!
log-in and gfwar03 for the password, unless the password To register, visit www.REALTOR.org/Conference or call
previously has been changed by the member. 1-800-974-3084
Did You Know?
The preferred mailing address ﬁeld on the membership
proﬁle is the address that GFWAR uses to send all
correspondence to a member except for membership
billing, which is mailed to ofﬁce addresses. In addition, all
TAR and NAR publications are sent to this address, and it
is the address included on membership mailing lists.
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 8
Get the scoop on A Guide to Historic Preservation, Practices, Policies, and Incentives
Friday, August 15 • 8:30 a.m. to 4:30 p.m.
• Tax credits, tax incentives &
insurance for historic GFWAR Auditorium (2650 Parkview Drive in Fort Worth)
• Researching and identifying
Worth 7 hours of MCE credit
historic properties Course Outline:
• Proper rehabilitation
• Who’s Who in Historic Preservation - Daniel Carey
techniques and materials
• How to avoid a lawsuit when • What “Designation” Means / Types of “Designations” - Mary Saltarelli
• National Register of Historic Places - Daniel Carey
listing historic properties • State Designations / Recorded Texas Historic Landmark - Mary Saltarelli
• Local Designations - Larry Abrigg
Cost: $150 per person • Researching the History of Your Old House - Mary Saltarelli
Coffee Break - Provided by Fidelity National Title (1604 8th Ave.)
(Course #: 07-00-129-6677; Provider #: 0553)
Architecture Styles & Eras
Presented by Historic Fort Worth, • Styles, Dates - Susan Kline
Inc. in cooperation with the National • Terms - Susan Kline
Trust for Historic Preservation and • Visual Aids to Identiﬁcation - Susan Kline
the Neighborhood Revitalization Lunch - Provided by Fidelity National Title (1604 8th Ave.)
Committee of GFWAR
Economics of Historic Preservation
To Register: • Local Incentives - Larry Abrigg
• Federal Tax Credits - Steve Kline
Contact Mary Saltarelli with • Insuring a Historic House - Brian Phoebus
Historic Fort Worth at
817-336-2344, ext. 111, or Restoring the Older House
Mary_Saltarelli@historicfortworth.org • Acceptable Materials & Sources to Obtain Them - Paul Koeppe
Refreshment Break - Provided by Fidelity National Title (1604 8th Ave.)
Living in a Historic Neighborhood
• Working with a Neighborhood Association - Regina Blair,
Stop Six Sunrise Addition
• Process of Obtaining a Certiﬁcate of Appropriateness - Larry Abrigg /
www.gfwar.org Greater Fort Worth REALTOR® July 2008 Page 9
Dates to Remember GFWAR thanks these afﬁliates for their support!
Home Warranty Companies
Tues., July 15 9:30 a.m. New Member Orientation
• Allied Home Warranty, 866-791-1200
Fri., July 18 9 a.m. MCE: Ethics Update
• American Home Shield / Texas Home Warranty, 800-800-8880
Fri., July 18 1 p.m. MCE: Legal Update
• Fidelity National Home Warranty, 800-308-1424, ext. 3616
Mon., July 21 4 p.m. Starbucks Session
• First American Home Buyers Protection, 800-698-0422
Wed., July 23 9 a.m. MCE: Contract Disclosure
• Home Warranty of America, 817-689-8902
Wed., July 23 2 p.m. MCE: Reverse Mortgages
• LandAmerica / Best Home Warranty, 800-443-5999, ext. 4422
Thurs., July 24 5 p.m. Business After Hours
• One Guard Home Warranties, 888-896-0014
Fri., Aug. 8 11:30 a.m. WCR Luncheon
• Southwest Warranty Corp., 972-238-8415
Fri., Aug. 15 8:30 a.m. MCE: Historic Preservation
Mon., Aug. 18 4 p.m. Starbucks Session Mortgage Companies
Wed., Aug. 20 9 a.m. MCE: Ethics Update • Bank of America Mortgage, 817-377-5921
Wed., Aug. 20 1 p.m. MCE: Legal Update • Colonial National Mortgage - Overton Ridge, 817-294-0440
Wed., Aug. 27 7:30 a.m. SCR Breakfast • Colonial National Mortgage - W. Freeway, 817-878-3071
Thurs., Aug. 28 6 p.m. GFWAR Casino Night • Cornerstone Mortgage Company, 817-735-4105
• EECU, 817-882-0184
MLS Classes • Fairway Independent Mortgage Corp., 817-459-2907
• Global Lending Solutions, 817-882-8367
Tues., July 29 1 p.m. Wyldfyre Class • Intrust Mortgage, Inc., 817-377-4301
3 p.m. RapMLS Class • Judith O. Smith Mortgage Group, 817-294-7887
Thurs., Aug. 7 1 p.m. NTREIS Listings 1 Class • Old Capital Lending, 817-488-0440
3 p.m. NTREIS Listings 2 Class • Peninsula Mortgage Group, 650-994-4059
Thurs., Aug. 21 1 p.m. Wyldfyre Class • Premier National Mortgage, 817-237-7007
3 p.m. RapMLS Class • Riverbend Mortgage, 817-346-8200
• W.R. Starkey Mortgage, LLC, 817-927-2014
GFWAR member Sharron Beck with C.W. Rogers Real Estate
Join the Group!
Investments, Ltd. passed away on July 6. A Mass of Christian
The MLS Networking Group meets every Tuesday at GFWAR
Burial was held July 10 at St. Andrew Catholic Church.
from 9:30 a.m. to 10:30 a.m.
Memorials may be made to St. Andrew Catholic Church or
Bridgeway Hospice of Fort Worth. • Promote your listings
• Get ideas to meet the needs of your difﬁcult buyers
Damon Tremain Boozer • Network & make deals
Damon Boozer, son-in-law of Helen Collins Epps, passed away No reservations required, and it is not necessary to have a
after injuries he received in a motorcycle accident Sunday, June property on tour to attend.
15. His funeral was held on June 26 at Berea Baptist Church.
Greater Fort Worth Association of REALTORS®
2650 Parkview Drive
Fort Worth, TX 76102
REALTOR® and REALTORS® are registered collectively membership marks that
identify and may be used only by real estate professionals who are members of
the National Association of REALTORS® and subscribe to its strict Code of Ethics.
The Greater Fort Worth Association of REALTORS® is pledged to the letter and
spirit of U.S. policy for the achievement of equal housing opportunity. REALTOR®
is published monthly by the Greater Fort Worth Association of REALTORS®,
2650 Parkview Drive, Fort Worth, TX 76102; 817/336-5165. The Greater Fort
Worth Association of REALTORS® utilizes its best efforts to provide its
members with updates on some current legislation affecting REALTORS®.
However, this is not a guaranty of notiﬁcation of all state and federal legislation
that might have some impact on any speciﬁc member’s business.
Postmaster: Send address change to Greater Fort Worth REALTOR®
2650 Parkview, Fort Worth, TX 76102.