April 2019

A MONTHLY NEWSLETTER FOR THE SAN ANTONIO AREA REALTORS®

KEEPING POSTEDAre you looking for a way to share your knowledge, energy and passion for the local real estate community? Then consider applying for SABOR’s Board of Directors!

As one of the largest associations in the country, members of SABOR’s Board of Directors are recognized on a local and national level for their dedication to the advancement of the real estate industry and the careers of SABOR’s over 11,000 local REALTOR® members.

The Role of a Board MemberYou may be wondering, what is the job description of a Director?

The Board of Directors consists of 18 REALTOR® members, serving staggered three-year terms. They may serve up to two consecutive three-year terms.

As the largest trade association in South Texas, and in the top 20 REALTOR® associations in the country, it is a significant commitment to lead this organization.

SABOR Directors are a fiduciary of the association. That means they have a special legal responsibility in connection with the administration, investment, and care of SABOR and its assets. This requires Directors to make careful, good-faith decisions in the best interest of SABOR and its members. Their decisions must be made independently and free of any undue influence from any person or organization, including any other association, MLS or brokerage. They are charged with acting on behalf of the members by determining appropriate actions that best serve the whole membership, while the staff executes the daily management of the Board-directed policies.

Members of the Board of Directors have duties and responsibilities of governing our association, and the association counts on Directors to participate in deliberating issues that impact our members’ daily business lives.The Board of Directors has the authority to:

• Approve expenditures of the Association• Set dues

Apply to Join SABOR’s Board of Directors

Legal & EthicsWhy do I Need Title Insurance? Texas recognizes two types of title policies: the owner’s policy and the loan policy. The owner’s policy protects a buyer’s interest in the property and from certain risks mentioned in the title policy. In sales involving a lender, the

loan policy protects the lender’s interest in repayment.Title insurance insures a buyer of real estate against financial loss caused

by defects in title. Consequently, upon a buyer’s purchase of title insurance, the title company, not the buyer of real estate, bears the risks associated with potential defects in title. As such, mortgage lenders have the discretion to require a buyer to obtain a title insurance policy as a condition to issuing a loan. Only in the rare circumstance that a buyer is paying out-of-pocket, without a lender involved, may they choose to forego purchasing a title insurance policy.

Although the Texas Department of Insurance does not expressly require a buyer of real estate to purchase title insurance, when a buyer does obtain title insurance, The Real Estate Settlement Procedures Act (RESPA) imposes

guidelines for certain transactions. 12 U.S.C. §2608 of RESPA limits a seller’s authority to determine a buyer’s title insurer if the buyer’s purchase involves the assistance of a federally related mortgage loan. With this type of loan, it is a violation of RESPA if a seller of property, as a condition to the sale, requires a buyer to purchase title insurance with a particular title company. The only exception to a seller conditioning a sale on a buyer using a particular title company is when a seller is paying 100% of all title insurance and related title costs.

A “federally related mortgage loan” includes a loan which is secured by a first or subordinate lien on 1-4 family residential real property, and either involves a lender that is insured by any agency of the Federal Government, or a lender which is regulated by the federal government, or involves a creditor as defined in section 103(f) of the Consumer Credit Protection Act. For a complete definition of federally related mortgage loans, see 12 U.S.C. §2602(1).

As an agent, it is important to know whether your client is in danger of violating the law and when their protected rights are in danger of being violated.

Q&A

• Set public policy positions as they pertain to the real estate industry• Establish governing policies of the Association• Approve member programs, products, and services

Board of Directors meetings are typically held once a month.

How to ApplyTo apply, simply complete and submit the online application, and if you meet the eligibility requirements, you will be contacted for an interview with the Local Nominating Committee.

The application is available on member.sabor.com and opens April 1. Applications close on April 30.

If you need assistance, please contact patricia@sabor.com.

Use this checklist to prepare for your application.

San Antonio – Total home sales picked up in February, with a nine percent year-over-year increase totaling 2,200 sales, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. The average price of a home sold jumped up six percent to $259,758 while the median increased five percent to $223,900. Months of inventory remained low with 3.5 months available, and February ended with 2,392 sales still pending.

In February, 40 percent of the homes sold were priced under $199,000 while another 55 percent were those priced between $200,000 and $499,000. The remaining five percent of homes sold were priced over $500,000.

“While we have seen a shift toward more homes sold in the over $200,000 range, we still have a significant portion of our market priced under $200,000 meaning buyers at different price points are finding homes to fit their needs and budget,” said Grant Lopez, SABOR’s 2019 Chairman of the Board. “We are fortunate to be in an area that offers all the amenities of a big city but with housing available at a broad range of prices. There is something for everyone here.”

Prices in Bexar County also continue to remain more affordable than those in other major Texas markets, with the county reporting a median sold price of $214,990 in February. For comparison, the median price of a home sold in Harris County it was $220,000, the median in Dallas County was $235,000 and in Travis County it was $344,000.

In Bexar County, home sales increased 7.9 percent year-over-year for a total of 1,607, which is 266 more than last month. Months of inventory remained low at 3.1 months available and the price per square foot increased 4.6 percent to $115.

Overall, Texas home sales went up three percent in February for a total of 21,180 homes sold. The average price for a home sold in Texas rose 1.3 percent to $275,694 and the median increased 2.2 percent to $230,000.

“We expect home sales and prices to maintain their stable pace as we continue to see a steady stream of people entering the housing market to take advantage of the affordability here,” said Gilbert S. Gonzalez, SABOR’s President and CEO. “For anyone who has been on the fence about buying and selling, this is a great time to get started.”

February Area Home Sales Report Solid Climb

San Antonio Area February 2019$223,900

Median Price

$259,758

Average Price

$

2,200

Total Sales

SOLD

A COMPLETE LIST OF COMMITTEE MEETINGS, EDUCATION COURSES AND OTHER BOARD EVENTS CAN BE FOUND ONLINE AT MEMBER.SABOR.COM

UPCOMING BOARD EVENTSApril 2019

WELCOME NEW AFFILIATE MEMBERS

Facebook.com/SABoardofREALTORS

Linkedin.com/companies/san-antonio-board-of-realtors

@ SABoardREALTORS

YouTube.com/SABoardofREALTORS

Pinterest.com/SABoardREALTORS

@SABoardREALTORS

Carlos Boillat - Square Foot Photography Ray Briggs - Twist Tours

Raymond DeBarros - US Mortgage of TexasRick Garibay - Pillar to Post - Lamar Wheeler

Ronnie Hines - Liberty Mutual InsuranceTyler Idrogo - Square Foot Photography

Adrian R. Martinez - Shoot2SellRyan Sims - Your Time Home Inspections

Anthony Smith - Live Oak Pest Control

Know Your City:EPIcenter

Paint Party at SAMMinistries5 9

Easter Egg Huntat SAMMinistries

UnconsciousBias Symposium

1816

2619 SABOR closesat noon

SABOR closesat noon

Road Shows:Hondo & Floresville17

SABOR’s Renaming and Rebranding Process

Bella Vista HomesBuilder GuideGehan HomesGuild Mortgage

Horizon ViewJefferson BankNARPM - San AntonioOneGuard Home Warranty

Perry HomesSpace on the FlySWBC Mortgage

Legacy Mutual MortgageVIA Metropolitan Transit

Old Republic Title

Thank You to Our SABOR Advertisers

BronzeSilver

Gold

Richard Alcorta

Sara Briseño Gerrish

Katie Griffin Ross

Tracie Hasslocher

Jan Hicinbothom

Diane Lauer

Patsy Oakley

Renae Pretty

Susan Rodriguez

Mindi Stange

Marquis Williams

Kim Young

ChairmanGrant Lopez

Chair-ElectKim Bragman

Secretary/TreasurerTrudy Pape

Members-At-LargeCortney Gill | Cher Miculka

Immediate Past ChairLorena Peña

BOARD OF DIRECTORS

We are excited to rename and rebrand the association, a process that is almost complete. Read on to learn more about why we are going through this process, and what steps have been taken.

Why a new name and brand?Under the direction of the Board of Directors, SABOR has been pursuing a new name and brand for the association to more accurately represent our membership and aid us in advancing the REALTOR® brand and value of homeownership well beyond the borders of San Antonio. We realize our name, so tied to San Antonio, no longer accurately represents our membership which spans across nine counties in South Texas.

Where are we at in the process?We will soon move into Step Five, the rollout and unveiling of the new name and brand. This step will be one of the most lengthy in the process.

Throughout this extensive process SABOR has completed four out of five steps. Step One began with research. SABOR sent out a survey to members to gain their feedback and a cross-section of members, representing a variation of age, gender, time in the business, size of company, role in company, and specialty, were interviewed to gain insights on their thoughts on SABOR’s current value and where they feel the association should be in the future.

Step Two was a strategy and ideation session with members. This group further discussed current business challenges and opportunities and evaluated the brand’s current mission/vision/values to ensure it supports the direction the brand is headed.

Step Three was brand development. This phase included the development of naming and logo options, and developing the brand narrative which is our story, and articulates the vision of our brand.

Step Four was follow-up research to ensure the final brand selection fits the direction the members have articulated during the initial research phase.

During each step of the process SABOR member involvement has been crucial, from the member survey to the focus groups. It is our goal that the new name and brand will effectively represent our membership and allow the association to continue to bring value to our members.

When will the new name and brand be unveiled?The new brand will be unveiled later this year. An exact date is still to be determined.

Questions?If you have any questions or comments please email rebrand@sabor.com.

Platinum