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Real Estate License Fees To Increase | News, Sports, Jobs

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Real estate agents and real estate agents are likely to face increased license fees.

Earlier this week, the state assembly passed A.5363 by 113-35 votes, with Reps Andrew Goodell, R-Jamestown, and Joe Giglio, R-Gowanda, voting against the measure. The state Senate passed an accompanying bill in February, S.2133, by 45-17 votes, with Senator George Borrello, R-Gowanda, voting against. Real estate agent fees increase by $ 30 while real estate agent fees increase by $ 10. The increased money will be used for fair apartment tests across the state.

“It reminds me of the motto of our state -“Wood wool“- which, as you all know, always means upwards.” said Goodell. “It seems that this is the motto we have when it comes to fees and expenses, and I’m a little different than when that motto was first chosen when we talked about economic opportunity and moving up . It may be a small amount, but it is another fee and increase that we are putting on this troubled industry and for that reason I will be protesting against it and recommending the same to my colleagues. “

MP Kimberly Jean-Pierre, D-Lindenhurst and sponsor of the assembly’s draft law, said paired tests are a tool to detect and eliminate discrimination in housing. She said mechanisms such as coded language, guidance, unequal service provision and higher financial demands on minorities would be used to maintain housing segregation. The introduction of a surcharge on broker and agent license fees would provide funding for nationwide efforts to ensure fair home testing, including, but not limited to, the couples testing practice.

Jean-Pierre also quoted a 2019 story in Newsday entitled “Long Island Divided” who blamed the housing discrimination on explicit and implicit bias in the real estate industry. The newspaper series reported that some Long Island real estate agents directed customers to specific neighborhoods based on their perceived race or ethnicity. In response, the Nassau district appointed a special commissioner for housing, promised increased enforcement of open living laws, strengthened the Nassau district human rights commission and established an advisory board for fair housing.

Suffolk County hired an outside agency to test for discrimination in housing, strengthened the county’s Human Rights Commission, and began raising awareness of fair housing laws.

“Two years ago, Newsday published worrying results from a three-year investigation that uncovered widespread segregation and unequal treatment of potential minority and minority homebuyers in Long Island.” said Jean-Pierre. “This research confirmed what many of us already know to be true – that there are certain bad actors in real estate agencies who discriminate against people of color and draw certain people into certain communities based on their skin color – a practice that has no place in our society. … When we look at how our communities and school districts are separated, it is one of the reasons that districts in low-income communities cannot get the resources they fairly deserve because we had brokers like this one, the people of life held in a community because of their skin color and financial history. This will allow us to allocate a certain fund – and not raise taxes – but it will allocate a certain fund through the attorney general to run fairer tests in our great state of New York so that people of color can live where they want and don’t have to worry that there will be bad actors. If there are any, they will be punished. “

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Home Appraisal Discrimination Puts a Dent in Black Wealth | Black Voices | Chicago News

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Research shows that black homeowners run the risk of losing the value of their homes because of discrimination in Chicago appraisals.

A 2015 study found that homes in predominantly white neighborhoods were rated more than three times higher than black and Latino neighborhoods, even after taking into account amenities and household income.

Across the country, black homeowners report that their homes are not rated higher until owners have removed all evidence of being black – family photos, for example.

Now there is growing pressure to pass state laws to protect black homeowners from valuation discrimination. US MP Bobby Rush (IL-1st) supports a bill to set up a task force to solve this problem, the Real Estate Valuation Fairness and Improvement Act (HB2533). Rep Rush also sent a letter to the Government Accountability Office requesting a study on racial bias in home evaluations this year.

Rush says he himself was a victim of valuation bias earlier this year when a white appraiser submitted a valuation of his Bronzeville home that was more than $ 250,000 less than Rush expected.

Lutalo McGee chairs the Discrimination Task Force at Illinois Realtors. He says the task force’s first goal is to make more realtors and homeowners aware of the problem.

“As realtors, we really just need to be familiar with the review process, how to work with reviewers, how we advise our clients on cases where we feel reviews have been unfair, and … prices when they come up,” said McGee . “We are here to educate and empower our customers. Both buyers and sellers. “

And the organization hopes HB2533 continues the work of eliminating inequalities in property valuation and increasing the number of black appraisers.

“Our second mission… is to ensure that our brokers and our members understand how the valuation process should work and are able to manage this process successfully. And ultimately, we hope to influence changes to the regulatory framework and guidelines that govern assessments and how assessments are conducted to ensure that things are unbiased and fair for all parties. “

Junia Howell, visiting professor of sociology at the University of Illinois Chicago, says the big differences arose over more than a century and are part of the legacy of decades of housing policy discrimination.

Howell’s work examines the legacy of redlining in national and local trends.

“What we colloquially refer to as redlining – or the process of literally going through government, going through neighborhoods and rating them and giving higher scores to the whites and the wealthier – is still because of the way we use sales comparisons We have approaches today based on these historical sales as well as various levels of bias built into the systemic element and the decisions of individual appraisers, ”Howell said.

Howell says the practice is nothing new and the effects linger.

“These effects are racial inequality, health effects, environmental effects. They’re ubiquitous because the way we value property affects how taxes and schools work, and affects all of these different components, ”Howell said. “And I would like to emphasize that although all individual prejudices are definitely part of the story and we urgently need more diversity in this area, we also have to be ready to think seriously about how the larger structure in the system is built … because this” Even deeper problems are somehow eliminated with this racial inequality and this perpetuation of inequality that we have continued for almost the last century. “

Real estate appraisal trainee Marcus Knight is relatively new to the industry – he only started work eight months ago. As a black man, he is a rarity in his job – according to the Appraisal Institute, less than 2% of reviewers nationwide are black. The former non-profit director says he was motivated to become a valuer when he realized the power real estate valuation can wield in underserved communities. Knight calls the evaluation process a mixture of art and science.

From Knight’s point of view, the reviewer’s race is less critical than a deep understanding of the neighborhoods he is reviewing.

“You need local market experts, and the most important thing is that you don’t have a lot of black and brown appraisers,” Knight said. “So, you know, if you could bring in more blacks and browns who know these areas … [comparables] for object properties that lead to … a fairer evaluation of the properties. “

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Jim Valentine: Real Estate’s confused sea

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Jim Valentine on real estate

Saturday, October 16, 2021

Real estate markets are very similar to an ocean in that they are made up of an infinite number of variables that create many different “moods”. We had a very strong “current” real estate market for most of the year. This situation is easy to spot and many have participated in it to keep it going. While there is still strong “flow” in the market, other factors are starting to stir it up a little.
On the ocean there is a situation known as the “confused sea”, which is defined as a severely disturbed water surface without a single, well-defined direction of wave motion. In such situations the waves go in all directions and create confusion. There are times in the real estate industry when we have such tangled maritime circumstances and it seems like we are about to step into such a time. What could be causing such confusion in such a strong market, one might ask?
The change in the population is interesting. We are seeing an increase in listings in several market segments. One can only wonder why they waited, but it is very likely that these new sellers will see the market weaken and want to intervene before it’s too late. The market may no longer be what it was, but it is still very strong. Buyers may be able to find a home now, but there are other factors that are causing the swirling waves.
Interest rates are rising, which affects the purchasing power of buyers who are restricted in their borrowing. They are still very, very low, but if they increase it can affect the market. There was a time when the interest rates were 18% and 9 points (1 percent of the loan) and we agents said if they ever get back to 12% we could make a living. Buying money from 2.5% to 3.5% is more psychological than financial, but it can have an impact. Other factors at play may cause it to climb a little higher, but it’s still much lower than the dynamic market from 2005 when we had 5 and 6% money.
Inflation has worked its way back into our vocabulary and can cause most of the disruption. The cost of living has skyrocketed ie gasoline, fuel oil / gas, groceries, electronics, cars, appliances, etc. The real impact on daily life is only just beginning to be recognized by the masses, with many public statements reflecting the possibility of this being long term and get worse. Higher cost of living affects creditworthiness.
It is still a good time to buy so that you can own your home and not have to be subject to rent increases or vacate the property because the owner wants to take advantage of this still great market. You can secure a very good interest rate and have stability in your payment. Sellers are more cooperative and therefore allow more conventional approaches to your purchase than the frenzy we had earlier this year which caused many to compromise their emotional and financial comfort to shop in a competitive marketplace. There is still competition, but not as insane. Northern Nevada’s economy remains strong, which is a good thing.
Confused seas have a greater impact on smaller ships. As a tenant, you will feel the confusion in the real estate market more than as an owner. Don’t overwhelm yourself, invest wisely and enjoy the American Dream while everything else is fine. We know from our 40+ years of property sales in Northern Nevada that the market will be cyclical. It always does. Slat the hatches, secure the loose items, and drive off. It makes the ultimate smooth sailing that you are about to experience that much sweeter. Get a plan to sell or buy your home with your realtor and work your plan out.
If you are clear about your wants and needs, you can achieve them in this market. Your clarity will help clear the confusion around you. Work your plan and enjoy the results. Those are the good old days!
When it comes to selecting professionals to assist you with your real estate needs … experience is priceless! Jim Valentine, RE / MAX Realty Partner, 775-781-3704. dpwtigers@hotmail.com

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Kiawah’s record real estate transactions surge 36% for the year, averaging $1.3M per sale | Real Estate

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You are viewing The Post and Courier’s weekly real estate newsletter. Get the latest transactions and the latest news from the fields of development, construction, home ownership and business in your inbox every Saturday.

Kiawah reports record sales of $ 746 million in home sales for the first three quarters

Home sales continue to be strong across the Charleston area, and the upscale vacation island of Kiawah is no different.

Home sales totaled $ 746 million on 562 properties in the first nine months of 2021, which Kiawah Island Real Estate says is the best ever accomplishment for the closed coastal community on the Atlantic.

The numbers averaging nearly $ 1.33 million per sale reflect transactions handled by the agency that makes up the bulk of Kiawah’s sales, as well as sales handled by other companies.

From January to September 2020, total island sales were $ 506 million on 413 properties, a 36 percent increase in sales and a 47 percent increase in dollar volume.

Of all island sales, Kiawah Island Real Estate managed 372 properties for $ 545 million, compared with 258 for $ 345 million in the same period last year. That’s a 44 percent increase in transactions and a 58 percent increase in dollar volume.

The record-low inventory of the island continues with 84 active offers or 1.7 percent of all properties.



House sold

Home sales in Charleston declined for the second time this year in September, compared to the spending spree last year. Warren L. Wise / staff

Home sales are down for the second time this year; Prices do not

Home sales in the Charleston area are still healthy, but they’re not selling at the record rates they were a year ago, and prices continue to rise.

Get the most of real estate news from the Post and Courier, handpicked and delivered to your inbox every Saturday.

Longtime family run inn in Folly Beach sold for $ 3.35 million

According to the numbers

231: Number of units in a new apartment complex planned on the site of a former milk factory on the Charleston Peninsula.

2: Number of times in 4 years Palmetto Brewing Co., believed to be the oldest in Charleston and South Carolina, has changed hands.

8,920: Square footage of a new Dollar Tree discounter planned in Goose Creek.

The historic Middleburg Plantation, built in the 1690s, sells for nearly $ 4.5 million in Berkeley County

This week in real estate

+ Out with the old one: The owner of a long-vacant Bi-Lo supermarket in a shopping mall in Mount Pleasant plans to demolish the building and rebuild two floors of office space above the retail area.

+ Change of hands: A golf course in the Summerville area is now in new ownership after being sold for $ 2.8 million.

+ First phase opens: The first part of a sprawling retail center on the north side of the still developing Nexton is now open.

5 new restaurants in the Charleston area



South

Southbound is a new restaurant coming to 72 Cannon St. in downtown Charleston as part of Free Reign Restaurants, which includes Community Table and Kiki & Rye restaurants in Mount Pleasant. Warren L. Wise / staff

Southbound, a new Charleston-based dining room owned by Free Reign Restaurants, plans to open at 72 Cannon St. on the peninsula in February, while four more new dining outings are on the way in the area.

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Reach Warren L. Wise at 843-819-9269. Follow him on Twitter @warrenlancewise.

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