Greetings everybody We'' re gon na give everyone an opportunity ahead in and get seated and we'' re gon na get our conference started So as a couple of Individuals been available in and find their seats, I wish to personally thank you all for joining us today at our yearly membership conference I'' m very delighted for today'' s tasks. We have a lot of points intended We'' ll likewise Hopefully when the tradeshow opens up a little later We'' ll have opportunities for you people to make links and locate advantages to aid build your organizations We'' re gon na go ahead and get begun This meeting is a great means for ABoR members to engage with industry leaders such as this year'' s keynote speaker principal economic experts for the National Organization of Realtors Lawrence Yun Before we begin our program, though I'' d like to bring up Kara McGregor with self-reliance title and obviously without enrollers like her and our various other affiliates We would certainly not have the ability to place this program together.So thanks allow ' s welcome Kara What does it imply to acquire a home a business a piece of dust in Texas It implies joining a vibrant neighborhood and devoting to the future we can construct with each other independence title stands ideal next to you on your item of Texas dust We have aided numerous countless individuals find their way home open businesses and purchase their future At Self-reliance Title we recognize obtaining it best ways a lot more than crunching the numbers and closing the deal it indicates getting to out and signing in it implies functioning hard and commemorating the small things Getting it right methods respecting individuals and making respect Freedom title is organic in Texas and devoted to supporting the communities we offer All jobs are staffed in your area and our network of partnerships is broad and deep as Texas proclaim your self-reliance and welcome home I Love that business I ' m Kara McGregor with self-reliance title I have the opportunity and honor of leading our organization advancement initiative there I ' m Karen McGregor with freedom title I have the benefit and honor of leading'our business development effort there I know most of you are gotten in touch with our escrow and sales groups And we function hard daily to be a positive component of your company Among the leading points on our priority to-do list was to come to be an associate participant of ABoR One of the leading things on our priority order of business was to end up being an associate member of a bore It ' s a considerable connection for us with these years The various other point I ' m supposed to do today is present our audio speaker Today we ' re signed up with by NAR ' s chief financial expert and elderly vice president of study dr.Lawrence Yun Dr. Yun creates NAR'' s forecasts and takes part in lots of financial and
forecasting panels among them the blue-chip Council and the dr. Yoon creates an ARS projections and gets involved in numerous economic and projecting panels among them the leading Council and the Harvard University including NAR ' s existing home and sales data consisting of na ARS existing home and sales stats Dr. Yun shows up regularly on economic information electrical outlets and is a frequent speaker at realty meetings throughout the USA dr. Yoon appears on a regular basis on financial information electrical outlets and is a frequent audio speaker at realty meetings throughout the United States He ' s affirmed before Congress he ' s a regular guest on c-span ' s Yun will offer a financial update'at the nationwide level and address local worries that affect you and your clients Please join me in welcoming dr. Lawrence Yun Please join me in welcoming dr. Lawrence Yoon Thanks for the introduction and also freedom title for the sponsorship President brandy Guthrie from Austin Board of Realtors for likewise preparing to ensure that I can be right here President brandy Guthrie from Austin Board of Realtors for our single preparing so that I can be right here Intriguing times in property Has been just one of the strong realty markets in the nation Has been one of the strong realty market in the country And now one is running into a minimum of at the local degree some affordability difficulties and likewise And much of the california-based companies -specifically high technology business And most of the california-based firms assist particularly high modern technology firms Where exist enlightened workforces along with a very company friendly environment and several have selected Austin or of area Really company pleasant environment and numerous have picked Austin as a selection of place however still are very low degrees, which is now resulting in affordability obstacles and after that Infrastructure where you have enough system to remain to preserve this super-fast Framework where you have ineb system to remain to preserve this super-fast New info is the tax reform.New information is the tax obligation reform? before your Table, there is a little point about immediate require action An email showing that there will be some tax reform one element which we are really concern concerning Email showing that there will certainly be some tax reform one element which we are extremely concern concerning Tax reform should take place due to the fact that we are tired of investing so much time We desire streamline system, so it is a very honorable goal that we wish to pursue We want simplify system, so it is a really worthy all objective that we want to seek However we wear ' t want to have an unintended unintentionally, you know accidentally you know YouTube raising taxes on house owners And our company believe that as this presently proposed that it might perhaps raise the tax obligations on property owners So we desire to at the very least let the chosen officials members of Congress well mindful of our problems now Kevin Brady is the Leader of the Representing among the legislative district and state of Texas and one of the thing he stated is appearance Representing this set of the congressional area and state of Texas and one of the thing he stated is appearance Let ' s obtain the discussion going if you have any kind of concern, and he is speaking with all the groups.If one has any worries Allow me recognize and he will certainly try to modify and to see exactly how things might work. Once more Let me understand and he will attempt to customize and to see how things could function so once more We believe that tax obligation reform need to take place simplify it, yet anything that influences home buying or Elevates tax obligations on home proprietors we would certainly be very worried about that I will certainly go right into more certain about the tax obligation reform, and why it might be harming Homeowners or home purchasing but prior to that I want to simply go over the wide Market problems due to the fact that the market problem is clearly suggesting things are good But currently we put on ' t desire some plan issues to interfere with that change I will certainly go into the nationwide and then go into the regional info since several of the fads that influences the national level can ' t even claim that whatever occurs at country in Austin thinks a little much better than country there So you can watch it in that referral point so this is the total home sales task So you can construct it in that reference factor so this is the total home sales activity from year 2000 and as you are Expressing some concern.Are we re entering a 2nd Sharing some CERN. Are we re entering a 2nd Real estate market bubble since definitely it appears that if a home is detailed There is a several buyers all set to attack Not nearly enough inventory the days on the market is extremely short, so it has some feel for Very active housing market problem, yet one can see from this graph that we are nowhere near 2005 easy subprime lending days so despite the fact that home sales are recouping it is not the very easy subprime borrowing days of 2005 suggesting a much more much healthier recuperation It is essentially different. individuals that are obtaining home loans today, they are a much strong credit score It is essentially various individuals that are getting home mortgages today, or they are a much strong debt Actually one would say if it ' s overly odd especially people with changing revenues individuals little service owners Realtors home building contractors that are based upon Payment incomes It makes it much more amazingly tough to obtain home mortgages, so it is not back to 2005 So any concern that people may express that are we getting in a 2nd housing market bubble I would simply disregard it due to the fact that fundamentally the information reveals that we are no place near Now zooming in to extra current years of the home sales What you see is that for the most years from 2008 the nadir the home sales have actually been rising.Home sales have actually been increasing mostly. Austin doing a lot better than the national in regards to the percentage development Home sales have been rising mainly Austin doing better than the national in terms of the percent growth However there were 2 incidents where home sales decrease one was in 2009-2010 one remained in 2009 2010 What happened there? if you bear in mind back in It was the problem where foreclosures were climbing people are not acquiring homes and as component of that, NAR committee Reviewed it and stated just how can we obtain people that have steady tasks Back right into the marketplace? since home acquiring is such a significant Back into the marketplace due to the fact that home buying is such
a major expense You don ' t wish to buy a depreciating property if you recognize you have the financial capability But if you think home costs will drop much more you will certainly hold back to make sure that holding back will actually Make the market worse than what it can be so we lobby for homebuyer tax obligation $8,000 property buyer tax credit.Buy a home and get this $8,000 so that$8,000 to make sure that ' s Exactly as it planned it quit the bleeding in housing. prices no more decreased as individuals began to come right into the marketplace Exactly as it intended it stopped the bleeding in real estate costs. No more declined as individuals began to find right into the marketplace However it was not going to be a permanent buyer tax credit history it was Stimulated temporary and once that tax credit scores finished There was a modest decline in home sales, but currently the task development is bringing buyers right into the marketplace However there was a modest decline in home sales After that we saw the home sales of them begin to climb with task production till 2014 minor decrease in 2014 so what happened in 2014 It was
simply the off-the-cuff comment by Ben Bernanke the chair of the Federal Get to an inquiry from a press reporter and I forget the precise phrasing of the concern But to make it extremely simple the inquiry was are you ever before going to quit publishing money? Due to the fact that a component of the stimulus procedure was additionally going after an easy financial policy And what do they do with the printed cash they bought government bonds they purchased mortgage-backed safeties in order to keep the rate of interest low mortgage prices reduced Bonds they acquired mortgage-backed protections in order to keep the rate of interest reduced mortgage rates reduced Postured to Ben Bernanke was when are you mosting likely to stop publishing cash or something like that and Ben Bernanke simply replied: Positioned to Ben Bernanke was when are you mosting likely to quit publishing cash or something like that and Ben Bernanke simply responded? Yeah, surely.We can not print money for forever or something and as quickly as he made that statement Just over night home mortgage rate adjustment from 3.5%to 4.5% Genuine estate practitioner that has actually been in the company for many numerous years you state 4.5 percent home mortgage rate those are Genuine estate professional that has actually been in the service for numerous years you state four point 5 percent home mortgage price those are eye-catching home mortgage prices Yet for consumers who have actually been accustomed to three point 5 or significant purchasers who are attempting to sign contract at 3.5%suddenly climb to four point five percent mortgage rate They are keeping back So we saw a slight decrease in home sales due to the unexpected boost in home loan rate back in 2014 Currently afterwards remark and after several months home loan price did go back down again Brought surprise to lots of customers. currently Brought shock to several consumers now Jobs are still being developed. There ' s no economic crisis visible, but what ' s going to happen in 2017? Well.We are well right into 2017 and It was possible to make a reasonable forecast of small decrease in home sales in 2017 this year. why? 2017 this year why President Trump, and I assume even Donald Trump will admit that on the political election night He didn ' t think that he would win however that so whether you know to the discouragement of several or to the elation of He didn ' t assume that he would win however that so whether you understand to the discouragement of many or to the elation of? You know this we remain in a highly polarized nation But it was a shock political election results on that particular election night if you keep in mind Securities market futures were tanking regarding 500 points Home loan rates Essentially overnight, however from that election results now.Why would certainly the mortgage price adjustment from a surprise Essentially over night, yet from that election results now. Why would certainly the home mortgage price adjustment from'a surprise? political election results at'the presidential degree Well some individuals may view it also with Head of state Trump coming in he is plainly pro-business Definition that economy will enhance job development will be Far more durable incomes will grab that implies we put on ' t need low rate of interest plan any longer You require reduced interest rate policy when the economy is soft and weak if the economic climate will be more powerful We don ' t need a low rates of interest environment anymore So some individuals may have thought by doing this regarding why the rates of interest boost integrated with rise in facilities investing combined would increase in infrastructure investing Armed forces upgrade and building the wall a lot of government investing so big tax obligation cut incorporated would certainly increase federal government spending Means higher budget deficit higher deficit spending means that if you have to borrow increasingly more money After that you need to pay higher rates of interest Similar to in your individual organization if you have to obtain a growing number of the bank ' s was they I have to bill you a little higher You are borrowing little exceedingly so the rates of interest raise So was it the instance of better economic overview, or is it the instance of budget plan deficiency perhaps aggravating? Well, we wear ' t understand the actual factor since global financial market is Global.They are German shared funds selling and buying. there are Wall surface Street companies purchasing and offering You have mom-and-pop financiers dealing. Chinese federal government acquiring and marketing. so it ' s all this confluence of reason However that assemblage of reasons that mortgage rates of interest should be little higher after the governmental election and rates of interest were greater So return to 2013 Regarding Ben Bernanke printing of the cash when he will quit printing money interest rate increase from three point five to 4 factor five Presidential election boosted from 3 point five to 4 factor two not 4 point five or four factor two yet nonetheless It is a quantifiable increase So one anticipate may be home sales would certainly lessen from abrupt boost in rate of interest price very similar condition So this is the home mortgage price at that? Very first circle is Ben Bernanke comment about not publishing cash for life the second circle is head of state Trump ' s shock election results that took place So below is what happened home sales in December post-election. Greater contrasted to December of year prior to This goes to the nationwide degree Austin is always doing much better than the national Home sales in January greater contrasted to the year prior to February greater compared to the year before every single month of this year today Home sales have been greater compared to the one year prior to so despite the fact that rates of interest were greater customers are claiming I don ' t treatment. I remain in the market. I ' m gon na buy that home Let ' s consider the newly built home. Essentially the similar story more brand-new home sales Except only the most recent number of months where we are seeing some decreases in new home sales so unlike ben bernanke rates of interest stunned This president Trump ' s rates of interest surprise show up not to have any type of effect on home buying, home acquiring is in fact higher Taking place why could this be the situation well NAR takes study of? randomly chosen customers across the nation and Asks different questions consisting of a basic one: is it a great time to acquire? just a sentiment regarding getting a home that vertical line is the political election duration So you can see how numerous individuals claimed it is great time to purchase prior to election and now after political election numbers are greater The second quarter there was a dip and 3rd quarter suddenly came back up higher so from consumers factor of view They are claiming it is better time to purchase post-election contrasted to pre-election Now we need to acknowledge you simply activate tv in the night cable news network It is a very polarized country.We know that however usually Customers as associated to home acquiring they ' re stating it is much better time to acquire a home currently than before the political election Stock exchange. securities market futures on the political election'evening was down Yet the following day when the stock exchange opened it actually closed greater and After that it increased up up up and continued to check brand-new highs as even of today So supply market is saying the American economic climate possibility looks better currently than before the political election Animal spirit of customers the pet spirit is an economist term and not an organic term So it ' s a term that john maynard keynes had made use of in his publication to state that Psychology can really have a large impact on the economic situation So what does that suggest? if people feel good They will certainly go out and spend cash, and if they go out spend cash Then firms will certainly have to hire even more individuals and if they employ more individuals then the new workers will certainly have salaries And they go out and spend cash most use a favorable multiplier same point reversing if people put on ' t have self-confidence they stop investing cash Firms have lay-off orders, and it gets worse the circumstance downwards spiral in reverse So there is a business in New York who ' s been tracking consumer self-confidence for about 70, 80 years Consistently.And simply asking concern. Just how do you feel about the economy? How are your finances and those sort of concerns,
and you can see post-election consumer confidence is much higher, so Again, we'are in a very split polarized country, however usually customers are really feeling better regarding the economic leads animal spirit of business asking questions to local business proprietors now small company proprietors all favor lower tax prices Points that Head of state Trump had actually been claiming so small company proprietors were just thrilled on the political election outcome I believe on typical so the much greater optimism on the business condition, so Passion rates are greater after the political election, however unlike back in 2013 when when Ben Bernanke calls'rate of interest to increase The head of state Trump ' s influence on the rate of interest appear not to have any kind of effect negative influence on sales home sales are climbing climbing climbing Problem since individuals typically are really feeling far better yet something that is holding back the housing market development possibility I Mean first we are glad that housing market is recouping But it might be also more powerful and one restraint is that the builders are not constructing sufficient homes That straight blue line that you see is a 50 year standard on single-family real estate beginnings in the country The red line is the actual building So we are enhancing in terms of actual building and construction But as you can see we are still well under historic typical And this is the factor why you have stock shortage.You are stating well I have a
customers as opposed to trying to constantly outbid various other customers if we had extra inventory individuals can make the choice Without rushing that choice you understand feel comfy regarding that Problem you can have much more inventory Now I recognize that the majority of your customers. Do not get recently built homes, but brand-new construction helps total stock. just how? the builders construct it Property owner trade approximately that freshly built structure They currently launch that existing home onto the marketplace so he creates the domino effect Yet the building contractors have been not constructing And why are they not constructing four factors 4 principal reasons one is lot scarcity the neighborhood officials I put on ' t understand all the details concerning Austin However is the Austin federal government authorities holding back on some of the zoning authorizations housing authorization issuance rather holding back'some of the Demand to have more housing starts the various other one is labor lack Building and construction employee lack currently. It is commonly known in the sector Yet something people do not intend to proactively talk about, which is at building sites there are several undocumented illegal aliens operating at building and construction websites Now with the unsupported claims of Donald Trump regarding the illegal aliens in addition to constructing the wall is this restricting the construction employee availability now I will ask one more entirely separate inquiry Why come we wear ' t have domestic construction workers since building employees pay good middle revenue jobs Why can we not get more domestic workers right into the occupation have we altered? America has transformed to ensure that every secondary school grad somehow have to go to four-year university as opposed to more trade institution in the construction electrician lumber framing bricklaying Because we are brief on the construction workers, and they pay great respectable middle-income Salaries if we think about it our Grandparents great-grandparents all operated in physical labor It was really demanding and they desired their youngsters to live a far better life Yet however they were in really physically demanding work now today ' s building job by the means It ' s not like the old days building work.You recognize you have all this equipment You recognize you can pick up slowly a lot of equipment to help you out However still one needs to ask yourself. Why numerous Americans are not entering into building due to the fact that Also though the work itself it is Much more literally requiring than workplace work, however it pays good middle-income Salaries when you ask your grandparents regarding just how did you like your task back? You recognize those fiscally? They claimed well It was hard, yet they had certain pride because work And what was that pride? very simply there are income producers that can assist the family members Now we have a circumstance where we have a substantial variety of working age population not also in the workforce I Don ' t recognize if the opioid epidemic is holding back some workforce engagement or otherwise But we need to question. Why don ' t we have extra domestic workers going into building market where the profession skills?
Again Let me know and he will certainly try to change and to see just how points can function so once more We believe that tax obligation reform should take place streamline it, however anything that influences home purchasing or Elevates tax obligations on home proprietors we would certainly be extremely worried concerning that I will certainly go right into even more certain concerning the tax obligation reform, and why it might be harming Home owners or home acquiring however before that I desire to just go over the broad Market problems since the market condition is plainly suggesting points are great However now we don ' t desire some plan issues to disrupt that change I will certainly go right into the nationwide and after that go right into the regional info because several of the trends that affects the national degree can ' t even say that whatever takes place at nation in Austin assumes a little better than nation there So you can view it in that recommendation factor so this is the total home sales activity So you can build it in that referral factor so this is the total home sales task from year 2000 and as you are Sharing some concern.Are we re entering a 2nd Revealing some CERN. There ' s no economic crisis in sight, but what ' s going to take place in 2017? 2017 this year why Head of state Trump, and I think also Donald Trump will confess that on the election evening He didn ' t think that he would certainly win but that so whether you know to the discouragement of many or to the elation of He didn ' t believe that he would certainly win however that so whether you know to the discouragement of numerous or to the elation of? I ' m gon na purchase that home Let ' s look at the recently built home. America has changed so that every high college graduate somehow have to go to four-year university instead than more profession college in the building and construction electrical expert lumber framing bricklaying Since we are brief on the construction employees, and they pay good decent middle-income Salaries if we believe regarding it our Grandparents great-grandparents all functioned in physical labor It was really requiring and they desired their kids to live a better life Yet however they were in extremely literally requiring job now today ' s construction work by the means It ' s not like the old days construction work.You understand you have all this equipment You know you can pick up slowly a lot of machinery to assist you out But still one has to wonder.I such as flexibility Currently if it is that America ' s taste and choice has changed and home possession break decline reflects people and changes ' s preference We have to respect that we have to value consumer sovereignty So we took that survey of consumers including Millennials regarding home ownership, and right here ' s what they state Do you take into consideration having a home part of your American desire? You see this Homeownership price and their aspiration, and it ' s a mismatch NER has a brand-new Chief executive officer His name is Bob Goldberg And he has numerous excellent ideas to boost member profitability to engage more draw up national politics And we ' re very good in lobbying but we desire to boost the intensity level specifically with mortgage interest reduction on the table and such however one of the Outdoors of the office task he likes to do is go to Bruce Springsteen concert I think he attended something like 30 real-time performance of Bruce Springsteen I Have participated in absolutely no I ' m not a guy always music person.I ' m a bibliophile. They ' re paying taxes We can really have a budget excess Second President Shrub came in close to 2 %President Obama one and a fifty percent First quarter head of state First quarter of President Trump really unsatisfactory much less than 1% 2nd quarter after information alteration is in fact over 3%It ' s over 3%3rd quarter which is yet to be launched would be much listed below 3%because of the typhoon influence and neuquén can not condemn You you know it ' s outside force on hurricane, however the 4th quarter in 2018 well Let ' s see whether Head of state Trump can deliver his promise to expand GDP by 3%.
I such as versatility Now if it is that America ' s preference and preference has altered and home ownership break decline reflects people and adjustments ' s preference We have to value that we have to appreciate customer sovereignty So we took that study of consumers consisting of Millennials regarding home ownership, and here ' s what they state Do you consider possessing a home component of your American dream? You see this Homeownership price and their aspiration, and it ' s a mismatch NER has a new Chief executive officer His name is Bob Goldberg And he has several fantastic concepts to boost participant profitability to involve even more pull up national politics And we ' re extremely good in lobbying however we desire to raise the intensity degree especially with mortgage passion reduction on the table and such but one of the Outside of the office task he suches as to do is participate in Bruce Springsteen show I believe he went to something like 30 live show of Bruce Springsteen I Have went to zero I ' m not a man necessarily songs person.I ' m a bookworm. Consumer choice and if you go to the base, it states something regarding you recognize well I ' m not gon na the organization and reducing my everyday needs I ' m not buying as much clothes as prior to all this however number one thing that is being affected is on the leading Acquisition of a home since of a student that that you are not going to buy a home, so trainee that is a major overhang as to why the millenials are not getting back right into the market, so Allow me promptly currently transform to the economic climate, and then I desire to discuss the tax reform.Just in a bit more information So economic situation presently or allow me put it what numerous people like to see it in a kind of governmental term And I put on ' t even recognize if this is reasonable since often the first year president is the tradition of the past head of state But this is what it looks like Head of state Ronald Reagan and lots of individuals have good nostalgia concerning the Reagan years GDP was expanding at 3.5 % Head of state Shrub first Shrub Close to 2%after that President Clinton came in it was close to complete percent and additionally under Head of state, Clinton We had actual budget surplus if GDP growth extremely extremely quick lots of people with task. They ' re paying taxes We can really have a budget plan surplus Second Head of state Shrub came in close to 2 %President Obama one and a half First quarter president Very first quarter of Head of state Trump very disappointing much less than 1% second quarter after data revision is in fact above 3%It ' s above 3%Third quarter which is yet to be launched would be much below 3%because of the hurricane influence and neuquén can not blame You you recognize it ' s outside pressure on cyclone, but the fourth quarter in 2018 well Let ' s see whether Head of state Trump can supply his assurance to expand GDP by 3%. You know they and something I talked with other economists And we are beginning to speak regarding or the opioid addiction just how adverse that is not only directly and for the household But how that ' s holding back some economic capacity since they ' re not even in the labor force yet work openings are a record-high Problem and the companies are not laying off people people dropping for unemployment insurance declares So this guarantees that we wear ' t have Economic economic downturn over the horizon so task gains will continue and when the job gains proceed Austin advantage usually even better than the rest of the nation so extremely excellent condition But the Federal Book will certainly be raising passion rates They have currently begun to do so it has actually not yet affected the home mortgage rates, yet as they continue to enhance the short-term prices Certainly the home loan rate will certainly be impacted so the projection is for somewhat higher home loan rate in 2018-2019 Specific figure I will certainly go into so the forecast no economic recession first year of President Trump 1.7.Nationwide for new home sales I have a simple rise because whatever home contractors construct they can sell it that'' s very extremely easy the existing home sales nationwide in 2017 I just put less due to the storm influence, yet people that are not influenced by storm you'' ll be higher I assume Austin simultaneously 2017 figure is surface It will be rather higher compared to 2016 Simply due to the fact that the initial fifty percent was much a lot better a 2nd half is beginning to show a little soft indications But I think your all at once Austin will get on leading but entering into next year bottled-up real estate need Plus job creation.I think there will be boost in home sales, so he'' s an excellent chance in terms of Expense company prospects Rates positive, there'' s no bubble It ' s all about real estate lack how to soothe it and actually we want prices not to expand so quick Since it'' s testing the price we want even more home building more supply The price growth and the home loan price will tick up But just modestly nothing startling now finally my last slide is about President Trump'' s plan pertaining to the actual estate First we had a phone call to activity on flood insurance earlier part of the year Thanks extremely a lot for people that responded once again It'' s an e-mail to state if you concur with this click this switch and a letter under your trademark go to your participant of Congress And lots of people responded and therefore they prolonged the flooding insurance coverage schedule to December then we will most likely have another phone call to activity in December since in situation you don'' t know a Location that is designated as a disaster area, and there'' s a 10 %of the region you recognize numerous locations of Houston and Louisiana If you wear'' t have flood insurance you can not obtain a home mortgage if you can not obtain a home loan you can not get your home Currently some people in non Disaster area said well, that'' s not my concern Yet believe me real estate agents are really helpful in various other locations so Realtors assist Californians in regards to the elevating the lending limitation on FHA so more individuals can get it so we state to The golden state even though you may not have flooding plus Respond so all that assists so we believe that what is excellent for property You recognize we make it known the second one is dodd-frank president Trump has clearly indicated that he does not such as Dodd-frank so some modifications to dodd-frank I think at the community bank degree will be really favorable much more construction funding for home building contractors So you will be favorable Fannie and Freddie accessibility? That would certainly be 2018 issue Fannie and Freddie our company believe that it is an extremely essential to ensure that home mortgages are Readily available and you are questioning when you get the clients mortgage from Bank of America or someplace else you know What why is that home loan came from, all right? they can market it to Fannie and Freddie if they can not sell it to Fannie and Freddie they may be reluctant concerning Originating those home loans, so our company believe Fannie and Freddie is very vital They did slip up in the past and all those poor managers are all fired They are trying to develop a hedge fund make big earnings price taxpayers huge package of cash However those taxpayer bailout cash has been all pay back now Fannie and Freddie is returning the initial mission helpful the homeownership and not regarding the bush fund manager So that would certainly be a critical important point in 2018 Let me most likely to the really lower EPA and the land information There'' s constantly a compromise every person enjoys tidy water clean air But at what cause I speak with several people in the West to claim I have a large acre of land I have a fish pond I wish to create, yet EPA stated no sorry you can not create since it impacts the water However I assume you recognize there'' s always trade-off in between water air versus development And I assume President Trump is clearly on the side of the advancement Compared to the atmosphere you know that'' s the compromise that people make currently message simplification so below it is so On your table is the immediate ask for action, so what is that around so the finest means I can discuss is the complying with? The tax reform is the complying with? streamline we want that broaden the tax obligation and simplify base reduced the tax prices we want that however while doing so what they'' re doing is they ' re raising the Criterion deduction for the household to twenty 4 thousand from existing twelve thousand and you state well What does that mean isn'' t that excellent for consumers? Well by raising the common deduction it means that even more Families put on'' t have to utilize mortgage interest deduction.They say well.
I'' m component of the typical reduction So home loan passion deduction relevance goes away Who is the biggest victor? The renter'' s why I wear ' t have home loan rate of interest reduction they wear ' t have real estate tax reduction They just obtain bigger basic reduction instantly so occupants plainly triumphes in the tax obligation reform Some home owners may triumph depending on your special conditions, but the house owners with That have added? Relative lots of kids they lose their individual exemption so you have extra child coming right into the household You put on'' t get any type of gain from that since all their personal exceptions disappear due to higher standard reduction and our analysis of all the tax records reveals that typically House owners will possibly end up paying concerning $500 even more intact and we'' ve been sharing this message to the Trump administration your home of Rep Paul Ryan in the Us senate everyone we desired to do and actually President Trump was estimated recently as claiming I don'' t like some element of my tax obligation strategy it reveals that middle courses will have to pay higher tax obligations I wear'' t want undone any of that ensure that that center course do not pay greater tax obligations So he is showing he'' s open to any type of adjustments, yet we intend to make it understood that by increasing the conventional deduction It plainly benefits the renters, and it reduces the duty of the mortgage rate of interest reduction Now one does not need to increase the typical reduction one can maintain it as is and lower the tax prices Because it expands the tax obligation base simplify it after that the duty of the home mortgage passion deduction Will be there where he starts to inform individuals to state what do I ran, or do I buy and there'' s a well? There ' s a home loan rate of interest reduction You know that for some individuals not everybody for some individuals that is just one of the determining aspect are acquiring instead than leasing so we have that issue and in situation you get in the email today or tomorrow regarding this contact us to a Phone call to action That'' s what ' s it about to say that we like the tax obligation reform? however please mortgage interest deduction We wear'' t wish to lessen that duty so if you agree with us you press the switch you don'' t concur with us You don ' t need to push the button and it'' s not my decision in coming out with this And they are established a committee you recognize there ' s all this committee Real estate agents functioning among themselves They seek our referral what our reviews are so we provide that Similar to brandy at the Austin Board level You know she obtains the determine has various committee operating at the regional problems and numerous points so it'' s at the national level, to make sure that ' s the something that I believe That can hold the real estate recuperation capacity so economics is good job development bottled-up demand solid Restriction on housing supply home builders, with any luck can ramp up manufacturing we desire mom and pop back in the right into the game However we don'' t want plan modification to have unplanned consequence And I assume the existing tax obligation reform asset stand has some unexpected unfavorable effects for property owners and Wish to bring this to focus for the policymakers? Thank you significantly for listening and all the very best to you.Thank you Before I wish to do something I wish to take a picture since it'' s such a huge crowd And I desire to give thanks to the Austin Board to arrange such a large crowd due to the fact that what we wish to do is we actually share on the our social media regarding the exactly how Real estate agents gather in a Crowd is also large so I can not obtain everybody so I'' m mosting likely to simply take to you My son understands the parabrahma, I am just as well old for that Thanks significantly Hey there representatives from throughout the nation Whether you operate in a small community or the huge city you manage a lots of? Information on the homes you listing and show is that bamboo flooring? Exactly how are the colleges is there a guy cave and the list goes on? Regardless of exactly how excellent the layout are charming the neighborhood.It ' s simple to neglect the best fact concerning property Residences wear ' t sell themselves property agents do It ' s due to the fact that you are masters of the art of people individuals whose desires you give birth to we enjoy you for that maintain doing exactly what you ' re doing currently and Do it more than ever previously because now you can leave the information to real sweet You understand that stuff that eliminates precious hours from your day genuine sweets got that covered It ' s an all-in-one tool created to aid you catch close and communicate Bril wonderful let ' s you obtain back to things you enjoy connecting with new clients building individual connections and marketing homes and Keep in mind maintain doing you Thank You dr.Lawrence noontime for that terrific presentation And Thanks a blur for having me here. I ' m Kathleen wastin.
I am with realtor.com I in addition to the teammate Dame Dave Phillips share the benefit of being your designated industry connection feel bitter ative so I ' m here this early morning like I ' ve been in years past to share a little of an upgrade with you'about the most up to date and Greatest news going what ' s taking place at realtor.com? First off traffic is up You ' re over a year. We ' ve seen a rise and we ' re as much as about 60 million distinct users each and every'month Your profile web traffic if you recall back in 2015 Austin was our beta market for relaunching the realtor.com profiles Those that profile website traffic we obtain numerous users every week that are going to those profiles Seeing your profiles In enhancement we proceed to purchase our Spokesperson Elizabeth Financial institutions this year ' s project the notyou project Is one of my favorites and I assume has truly assisted us to increase that awareness with a customer that'? This is an area to look and come for residential properties, and we additionally proceed to utilize the vast electronic media sources of our moms and dad company News Corp Real wonderful which you ' ve just seen the video on is our most current and biggest so in addition to being realtor.com the building search portal step the business that I benefit is a software application company that offers software application to brokers and agents to aid them manage their service and We ' ve had various different Software items that we ' ve acquired over the years innovation start-ups etc Yet they were all sort of'fragmented And you had to log in here and do this and after that you needed to log into top manufacturer to do this And then you had to log in over here your purchase administration platform to do this Actual suite is what is bringing that all to with each other, and it will be straight through? Your realtor.com dashboard where you declare and handle your profile that you will have the ability to gain access to every one of these tools This was simply announced the brand name launch was simply revealed concerning exactly a month earlier at our outcomes top in Las Las vega, and back then there was a call-out to a Lot of beta users, so we ' ve obtained beta users currently making use of these items all over the country so look ahead to that coming soon and I am mosting likely to hand it off currently to someone that has become this year and a pal your president Brandy Guthrie, I ' m delighted to welcome your 2017 Austin Board of Realtors Head of state to the phase and brandy will share an evaluation of The Abe or yearly report and share even more details of the successes your association has accomplished on your behalf All right well,'thanks all again for being right here and invite to the annual conference at the Austin Board of Realtors Held below is our largest celebration of the year.We ' ve conveyed this meeting to make certain that each of our members understands What a board is doing to support you in your business and to make sure that Austin stays an excellent place to function and live Prior to I go ahead I wish to recognize a couple of individuals In the target market and so if'you are presently working as an na our director for the National Organization of Realtors or a TA our director or our VP Will you please stand and be identified together with the TA our two pack trustees? And if you are serving on the Structure Board for the Austin Board of Realtors, will you please be and stand recognized And after that additionally in the audience today is your board of supervisors for 2017 will certainly you all please stand and be acknowledged I See one standing out behind the curtain back there Please find us when we ' re out at the trade show today that way we have a chance to see with you We ' re below for you, so absolutely do not hesitate to reach out to us as you see us today and moving ahead as well So practically a year ago I accepted the promise and responsibility to support all 12,000 members throughout our annual Installment event I pledge to place members first and all that I perform in Leading your Board of Supervisors and while it ' s been a full of ups and downs our board has worked extremely hard to fulfill that promise We identify the work.We have to do in order to build your trust and more deeply engage our subscription However we additionally acknowledge the tremendous success. We ' ve had in 2017 With many neighborhood and nationwide'award highlights prompt programming brand-new item launches and continued the daily Support that you anticipate.
We ' ve had a very solid year I Want to highlight several of the advantages and successes. You ' ve received this year With you and I additionally desire to'acknowledge. There ' s a great deal of job that still stays a supervisor ' s work consists of acting as the link in between the Association and You which link has been tested, but we will fix up by reinforcing our core worths of stability depend on selflessness advocacy efficiency and leadership We ' re making wonderful strides guaranteeing your stay connected with your management And our aren ' t evaluated in the large decisions facing our neighborhood market Therefore what you ' re gon na see on the slide is just a little bit of a few of the Openness and the important things that we have been providing for the board of directors you guys are all mindful that our meetings are open And you ' re constantly welcome to talk and come at any one of those and encourage you to do that also'And after that now you ' ll have the ability to locate all of the recording of the decisions along'with the mins, and so I urge you people to look into a board comm due to the fact that we ' ve done a whole lot of job there and With simply a few weeks left we do have our annual board call That ' s and I urge each of you to be component of that procedure and to sign up for 2018 committee today It is on the internet also at a board comm and this is where you truly help form the future of the Association yet join me in having a look at the past as we'evaluated the 2017 yearly report and these were out by the door when you individuals first strolled in This year', we ' ve developed connections for Central, Texas Realtors via the MLS Especially, we ' ve made numerous MLS enhancements consisting of the execution of a substantial upgrade to the customer website and its New mapping feature the new customer portal is mobile and the UX has been modernized to fulfill current design criteria We additionally released purchase workdesk was a brand-new product suite.That ' s incorporated within the matrix system to give you extra option Totally carried out an MLS reference web server allowing over 221 modern technology vendors to and brokers throughout The United States and Canada to have one Accessibility to our data source which is one year old online information this referral web server principle gathered a Bor substantial National visibility and recognition and included as being chosen as'an impending finalist for the innovators honor We likewise carried out field changes for the everyday operations when making use of the MLS to aid improve lease property class including 32 fields 20 customized fields and 14 deleted fields Improved the reach of your listings after getting to agreement to implement a publisher contract with Zillow group utilizing information policy guidelines and boosted even enhance contract standards also and after that we carried out a new product evaluation device called wager me which I ' m Directly really honored of it enables a greater openness in our vendor option procedure and enhances the possibility for members to evaluate the items and to Figure out whether or not they will serve for our participants We also achieved the Platinum certification with actual estate standards organization, which is referred to as reso? Implying your MLS system adds to an organized market in a cutting-edge technology and obviously simply last month Austin sparkle is the national host for the Council of MLS ' s where we were able to bring everyone around from the country as A national leader in the market a bore equips you everyday by attaching you to the latest technology to enhance your organization We ' re devoted at being at the leading edge of MLS Technology to continuously boost this important organization resource for you, and these are just a few of things that we ' ve done this year We ' re leveraging our biggest possession as a means of driving worth for our participants and earnings for our Organization as an example much more than half of the occasions organized at the Canyon Sight Event Center the new building were participant occasions where they obtained a 25%participant price cut assisting to build their organizations We ' ve likewise supported various not-for-profit organizations neighborhood government authorities at the structure to help strengthen the community and our campaigning for and the construct those connections However our building is a lot greater than just a building.It ' s a device We can utilize to help reinforce your services and seal a boars setting as a leader in the Austin area Our inmost community interaction is located in the a boar structure The a boar structure has accomplished objectives in all three locations of their focus and their goal by assisting the targets of the current Harvey floods throughout our state constructing a residence in 10 with Environment for Humankind and giving out college scholarships to deserving Central Texas pupils the a kid Foundation has been an impactful Partner and were just recently in fact called a public partner of the Year by the nationwide Red Cross We ' re additionally developing connections for our members to one an additional for unparalleled training and expert advancement a Kid launched its first ever broker test prep training course which is a 2 day extensive program that guarantees you ' re mosting likely to prepare to take on the test to get your broker ' s permit and For the second year in the row we finished more GRI designates than any various other Organization throughout the state We ' ve held seven online forums community halls in 2017 and topics range from securing listing residential or commercial property photos code next and obstacles with expertise within the sector all the forums are streamlined and likewise excuse me live streamed and consisting of both the city center at various places and they abour headquarters In collaboration with our brand-new Variety Committee a bore has developed a detailed'team of all real estate agent partner Organizations that sustain membership diversity and has involved the management of these groups to a port to approach Diversity obstacles we encounter and this includes females ' s council an associate the Austin young real estate specialists simply to sort of name a few additionally we were able to include a new team this year, which is the experts association of actual estate professionals? var var EP Bar representative as an Abe or critical partner and obviously we remain your go-to resource for the continuing education and learning by offering over 1,500 hours of CE e with a 25 %increase in the variety of totally free courses that we ' ve provided this year in early 2017 a birthed was awarded the 2016 cutting-edge program of the year from the Texas Organization of Realtors and Additionally received an award for a class that was'called agent and consumer advocacy We recognize that of the ideal methods we can support you is to make Were notified about the ideal methods to function with one an additional and we ' ve made terrific strides This year to attain that objective in such a way that fits with your everyday realities We ' re particularly happy with the connections.We ' ve built this year with the general public and within the neighborhood Our work in the world of public law has been significant this year You ' re a kid leadership and team has taken part in over a hundred and seventy-five conferences with city leaders To ensure our voice is heard and that our industry is protected along with among those being a cornerstone problem that ' s encountering the City of Austin is code next and we ' ve been involved with a variety of extra policy problems out throughout the year a Proposition to decrease the bar initially as an example a proposition to reduce bench for developing historical zoning against the wishes of homeowner suggested changes to the International property maintenance code and a recommended required disclosure in Austin homes that are within a certain range of qualified outdoor songs places on the state'level a board took control of 75 Real estate professionals to the TA our State Hillside check outs where we had the ability to join over 2,000 of our coworkers from all across the state of Texas to discuss the Industry and the products that was very important to us This year ' s biggest concern is Coastline NEX which is the overhaul of the land advancement code?'We ' ve leveraged financial contributions of our regional pack ta R And na our problems mobilization fund to assist completely involve in shaping Austin ' s future The development and growth group a policy group of the legislative administration team has had lots of meetings to aid educate our members About what ' s taking area? The goal of these activities has been to grow a nucleus of Realtors Who are especially informed and geared up to lead?
The renter'' s why I don ' t have home mortgage passion deduction they wear ' t have building tax obligation reduction They simply obtain bigger standard reduction instantly so renters clearly wins out in the tax obligation reform Some house owners may win out depending on your special conditions, yet the homeowners with Who have extra? There ' s a mortgage rate of interest reduction You understand that for some people not every person for some people that is one of the establishing variable are getting instead than renting out so we have that issue and in instance you obtain in the e-mail today or tomorrow concerning this telephone call to a Call to activity That'' s what ' s it regarding to claim that we like the tax reform? No matter just how perfect the flooring strategy are enchanting the neighborhood.It ' s very easy to fail to remember the best fact concerning real estate Houses don ' t offer themselves genuine estate agents do It ' s since you are masters of the art of people the people whose dreams you bring to life we enjoy you for that maintain doing precisely what you ' re doing currently and Do it even more than ever previously because now you can leave the information to real wonderful You understand that things that takes away valuable hours from your day genuine sugary foods obtained that covered It ' s an all-in-one tool created to help you record interact and close Bril sweet let ' s you obtain back to the points you like connecting with new clients developing personal relationships and selling homes and Remember maintain doing you Thank You dr.Lawrence noontime for that great presentation And Thank you a blur for having me below. And if you are offering on the Structure Board for the Austin Board of Realtors, will you please stand and be acknowledged And then likewise in the audience today is your board of directors for 2017 will certainly you all please stand and be recognized I See one popping behind the curtain back there Please find us when we ' re out at the profession program today that way we have a possibility to go to with you We ' re right here for you, so absolutely really feel complimentary to reach out to us as you see us today and moving forward as well So almost a year ago I accepted the promise and task to sustain all 12,000 participants throughout our yearly Setup occasion I pledge to put members initially and all that I do in Leading your Board of Supervisors and while it ' s been a filled up with downs and ups our board has actually worked very hard to fulfill that pledge We acknowledge the work.We have to do in order to construct your trust fund and more deeply engage our subscription But we also recognize the tremendous success. We ' ve leveraged monetary payments of our local pack ta R And na our concerns mobilization fund to help completely involve in shaping Austin ' s future The growth and development team a plan group of the legal administration group has had lots of meetings to help inform our participants Concerning what ' s taking location?discussions among coworkers and homeowners about the relevance of code nets and what the impacts are Please join me in enjoying a brief video connected to code next Congratulations.You simply helped the Joneses
get their dream home What a slog it feels like every home in this town has a complete fledged bidding battle Yet you lastly found a terrific area and boy are they happy What you weren ' t expecting is a return contact a few months? You remember how they intended to place an apartment above the garage for mrs. Jones ' s moms and dads to go to ends up the city denied their authorization you didn ' t recognize their whole lot wasn ' t zoned for secondary systems To make'issues worse the brand-new next-door neighbor Chad runs a nights and weekend breaks tape-recording studio out of his garage And the Joneses vow they haven ' t rested considering that they relocated Somehow a city examiner. Simply told them that under the present zoning Chad ' s garage Studio is fine despite the fact that the garage apartment or condo Isn ' t permitted how does that make any kind of sense if? Just Austin ' s land development code wasn ' t such a nightmare you may have assisted the Joneses discover these troubles beforehand What ' s a lot more it ' s not simply you observing the lack of well priced listings Austin ' s novices are nabbing them all up right away Driving prices means up a readily available supply method down Our existing code doesn ' t have the right tools to manage this type of development So real estate professionals are working harder than'ever before for an item of the reducing pie Transparent zoning guidelines would have offered mrs. Jones the negative information concerning her garage apartment or condo prior to they ever before also made the purchase By adding even more transparency to the code not only do you avoid that let down call from the Joneses? Yet you ' d obtain the recommendation so you can aid the Smiths locate their desire home to an Austin in fact has sufficient cost effective houses to make it take place go into code next the city ' s effort to modify the entire code for the very first time in three decades the Austin Board of Realtors is battling to make certain that this new code is done right that indicates not just Openness yet a code that is helpful of bountiful housing in all parts of town for all kinds of individuals producing even more housing adaptability with choices like duplexes Triplexes and townhouses give Austinites a range of alternatives to live job and play That way this time around our rapidly altering market has the right devices to manage our development Twenty years down the line when Little John is off to college and the Joneses don ' t demand such a large place They ' ll call you to offer off that old desire home They ' ll have a lot of alternatives in town for their ideal retired life home And they ' ll lastly have the ability to develop that extra house only this time.It ' s for when the children return'to browse through For more details regarding a boars advocacy for the new code that satisfies these criteria visit a board comm slash code next To ensure that ' s just among
the means that We ' re appealing members. We ' re gon na be releasing a web site. Please have a look at that that link that was published as we obtain more data We ' ll be sending it over to you there will be a moment in the future'where each and every single house owner in Austin will certainly get a zoning change and that will be the possibility for us to'be educated to be able to help our customers our Sellers and purchasers as well To comprehend what it is that they have the capacity to do with their building and what it indicates for their residential or commercial property worths So for the second year straight aber supplied area dealing with trainings promoted by qualified Real estate professionals for workshops were supplied in the City of Austin in areas 2 4 & 2 4 5 & 10 in addition to the workshop performed in collaboration with the Austin read of the revitalization Authority in area 1 These workshops enabled property owners to get in touch with Realtors to read more about the real estate tax process & and to & find out about just how Realtors can help them with their building tax protests You all showed up in a big way this year when it comes to buying your career matching the high-water mark of tree pack contributions of nearly$400,000 to secure our personal residential property legal rights Finally a birthed is a pleased fan of the Travis County and AISD bond programs on the ballot this autumn in the statewide proposal two This bond program to guarantee financial investments in framework and public education and learning are made to protect the top quality of life in Central, Texas proposition two is concentrated on ensuring transparency and home equity loaning regulations and Providing consumer defenses that will a next-door neighbor proprietors to have far better gain access to without endangering market stability So early voting is gon na begin on October 23rd. It ' s going to be very crucial to to venture out and ballot I think there ' s information in the exhibition pertaining to every one of the bonds that will get on the ballot consisting of the prop 2 That ' s sustained by the Texas Association of Realtors, so please obtain informed on that and and vote It ' s likewise essential to speak out
for the location that we all call home, and we ' ve done that in every single feeling in 2017 and we ' ll remain to do so the Austin Doorperson Realtors keeps the financial stability of the Organization with the board of supervisors fostering of an annual spending plan and quarterly monetary statement assesses The spending plans developed to meet the goals develop an Abe or critical strategy and optimizes the advantages and programs available for participants with structured procedures and concentrated financial review a bores had the ability to optimize the degree of the level of service given without boosting members yearly fees of a hundred and twenty five as a matter of fact your Annual fees for a board membership has not been enhanced given that 1977 This is the moment of large modifications in evolution for both Abe or in Central, Texas realty? 2018 will be a crucial year for a board and its future and we need your unique input point of view and assistance Let ' s chart a kid ' s future together and let ' s do that by offering a volunteer and get engaged and you can have a genuine effect Lasting on your occupation and our market If someone were to ask me if I knew what would certainly occur during my year I would not have known exactly how it would have ended up nonetheless, I ' ve always recognized that I look and I offer each day to represent our membership with every thought in action we Shield the organization to which we have a fiduciary to and which exists to serve our participants it Was not by mishap that my slogan this year was participants concentrated members linked I believe and always have that our members require a voice at the table And this is ultimately why I'made a decision to get included and stop resting on the sidelines The elegance and having undergone all of this together is you are more concentrated on What ' s happening even more linked and engaged? I hope even more of you will be entailed and have your voice listened to and be an icon of favorable change for our future together I ' m a firm follower and to constantly be finding out and there ' s constantly a possibility to be better and improve We ' ve heard from several of you and we require you I Encourage you all to be component of the process and to obtain involved and included by joining a board and a board which join Are still occurring? there ' s constantly an understanding to be gotten or a way to enhance to always pay attention to keep decorum and professionalism and reliability and to do this with high degree of honesty and obligation I Believe now is the moment to proceed improving our success throughout the years and this year improve and mend the partnerships remain to provide our participants of voice and to be listened to and To be concentrated on the future for most of us represent and say and offer Which is our organization our? participants in our area I ' m proud and honored to have offered you all and I ' m appreciative for the chance it ' s never been one taken lightly and there ' s a lot to be appreciative for as we move into a brand-new year with a new board a new chief executive officer and the favorable end result of adjustment It has been my advantage To have dealt with the leaders of this organization the Board of Supervisors Committees all our volunteers and our personnel that all absolutely care I'am thankful to all the members who have'reached out to me and Have taken an interest right into what ' s happening and being involved and being included I expect a bright future with the opportunity to recover bring us all together and proceed to serve I Intend to thank you all for joining us today? I hope you have a remarkable remainder of the day There ' s a great deal of excellent booths and info that will be available for you.There ' s mosting likely to be prizes and there will really be you need to turn in your card for the grand reward by three o ' clock so ensure that you do that and They ' ll do those selections at regarding 3:45, and I will be about in addition to the other supervisors So please say hello, and go delight in the tradeshow You.