Illinois Association of Realtors

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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

July 10, 2012

Industry News and Trends

Rents Surge to 2007 Rate Levels, Vacancies Drop
Remind your clients why buying now makes sense as apartment rents climb higher. According to the research firm Reis Inc., renting is becoming more expensive as rates have risen to their highest levels since 2007 while vacancies hit a 10-year low, Reuters reports

Why the 5-Year Flood Insurance Reauthorization Matters to You and Your Clients
President Obama signed into law a long-term reauthorization of the National Flood Insurance Program (NFIP), a win for REALTORS® and homeowners. The reauthorization eliminates the uncertainty of available flood insurance and maintains comprehensive coverage for current homeowners. Learn more from NAR.

Is Multifamily Housing the Next Bubble? 
Multifamily construction is booming but Zillow's chief economist recently cautioned that as renters think about buying, the supply of rental housing could outpace demand. HousingWire has the details.

Push Continues for Internet Sales Tax
A move to level the playing field between online and bricks and mortar retailers is gaining momentum on Capitol Hill according to the Washington Post.  The "Marketplace Fairness Act," sponsored by Sen. Dick Durbin, D-Illinois, will give states the ability to require the collection of the retail sales and use taxes and provides for the software needed by retailers to collect.  This is for the collection of a sales tax that is already owed by the consumer, however many are likely unaware that they are required to account for this tax on their Illinois income tax return.  According to the Washington Post article this bill is expected to come before the House Judiciary Committee on July 24.     


Legal Issues

July 19 Webinar: Mid-Year IAR Legal Update
Join IAR Chief Legal Counsel Steve Bochenek and Legal Hotline Attorney Betsy Urbance at 9:30 a.m. on July 19 as they present a mid-year update addressing recent cases, new legislation, and other items of interest including recent Illinois Supreme Court Committee hearings and what is NOT true about a new tax under the federal health care act. If you have a question that you would like addressed during the webinar, please submit it in advance to webinar@iar.org.


Sales and Marketing

Four Home Features Today's Homebuyers Want
One thing on today's wish list: more modest floor plans. The average size of a newly built home has been declining since 2007 and builders estimate that by 2015, the average size will be 2,152 square feet, according to an infographic featured on NAR's Styled, Staged and Sold blog.

What's New in Short Sales? 
Are you seeing any new trends or issues in short sales? Let us know for a story we're working on in Illinois REALTOR® magazine, iarnews@iar.org or 217-529-2600, ext. 4807.

NAR Partners with Xceligent to Assist Commercial REALTORS®
Services offered by Xceligent—a top commercial real estate information services provider and newest REALTOR Benefits® partner—will include a Broker Loaded Platform, Research Platforms, and a Public Search Service. More details will be coming soon. Watch this video from NAR to learn more.


Market Stats and Research

Fannie Mae: Americans More Optimistic About Housing
Despite being cautious about the overall economy, Americans are feeling more confident about the housing market, according to Fannie Mae's June National Housing Survey


Events 

July 25
Chicagoland GRI Course II takes place this August! If you have completed Course I of the GRI program, check into our special Course II offering this summer at MORe headquarters in Downers Grove & Arlington Heights. Visit www.illinoisrealtor.org/GRI for the schedule (pdf) and registration form (pdf). Register by July 25 and save!

July 27
Want to be a sponsor or exhibitor at the IAR Fall Conference & Expo Oct. 3-4? Save $75 on your booth space by July 27. Download a booth/sponsor contract

Sept. 5
It's time to register for the IAR Fall Conference, best deal by Sept. 5! Tips to help you build your business, REALTOR® Networking, 6 hours of CE, Legal Issues and a 2-day business expo! St. Charles is the place to be Oct. 2-4 if you are an Illinois REALTOR®! Register today!


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