April/May Travis County Stats
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Austin’s Housing Market During Covid-19
Austin’s economy and housing market could be well positioned to minimize the potentially negative impact of COVID-19, Mark Sprague, state director of information capital for Independence Title, said. “Austin’s economy has diversified and strengthened over the past two decades. This leads me to be optimistic that our region is in a strong position to withstand economic downturns that may have a greater impact nationally,” Sprague said.
“Effects will still be felt especially by those who depend on each paycheck to pay their bills and provide for their families, and that cannot be discounted.” According to Sprague, despite the current uncertainty, buyers are still eager to close sales in Austin. “Current indicators are that Austin’s housing market remains strong and competitive. Any decrease in inventory would only increase competitiveness in our market.
Overall, Austin’s economy and housing market look to be resilient during this uncertain time. Once COVID-19 subsides, there is a potential for even more investment by employers in the Austin market, and I would expect those looking for a more affordable cost of living compared to other major U.S. metropolitan areas will still look to move to and buy homes in Austin,” Mark Sprague concluded.
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RRC: 2018 YEAR IN REVIEW
By Mary Lynne Gibbs • 2018 Director
CRS designees step up when there’s a call to action. Our RRC Central Texas Region contributed more than $1,000 to our charity of choice, The Refuge Ranch. The largest long-term, live-in rehabilitation facility provides holistic care for girls through age 19 who have been rescued from sex trafficking. Did you know there are currently 79,000 young adults and minors being sex trafficked in Texas alone? It was our pleasure to help those who are addressing this alarming exploitation.
“We have four girls who have already begun their journey to health, happiness and healing at the ranch and they are so deserving,” says Kristine Schmidt, a board member at The Refuge. “At The Refuge we believe there is no rescue without restoration and our circle of care is a reflection of this.” This year we also had moments of joy together as a board and a network group. This by far, I feel, is our greatest accomplishment. Another feather in our cap is that Mary Miner was named CRS of the Year for Texas.
To those who have served on this year’s board, I have profound gratitude in all that we’ve accomplished. I want to extend my highest appreciation for all the time and commitment everyone gave synergistically to create another successful year. It has been my honor to serve you. As I pass the baton, I do not say goodbye, I say carry on. I’m behind you and will continue to serve as the state education chair for 2019.
To those who have served on this year’s board, I have profound gratitude in all that we’ve accomplished. I want to extend my highest appreciation for all the time and commitment everyone gave synergistically to create another successful year. It has been my honor to serve you. As I pass the baton, I do not say goodbye, I say carry on. I’m behind you and will continue to serve as the state education chair for 2019.
Thank you to my outgoing board: trusted advisor, Gay Puckett; previous past director, Gena Hammonds; sponsors, Lili Maliner; treasurer, David Burton; education, Georganna Zaba; membership, Susanna Boyer and speakers, Ted Smith. And congratulations to the 2019 board: director, Susanna Boyer; previous past director, trusted advisor, Mary Miner; sponsors, Lili Maliner; membership, Cathy Ryden; treasurer, Linda Welsh; speakers, David Burton and education, Linda Scott. RRC luncheons for 2019 will be from 11:30 a.m. until 1 p.m. at Austin Country Club on Feb. 20, April 17, June 19, Sept. 11 and Dec. 4. Please make plans to join us and become part of the Residential Real Estate Council. Happy Holidays.
RRS: TEXAS BUCKS THE NATIONAL TREND IN INCREASED E&O INSURANCE CLAIMS FOR BROKERS
By Mary Lynne Gibbs • 2018 Director
Errors and omissions insurance claims are rising in the nation, yet Texas is not seeing an increase in these kinds of professional liability issues. Why? At our most recent RRC luncheon, TREC Chair Avis Wukasch told a packed house that one E&O insurance provider believes it is because brokers in Texas must meet stricter educational and regulatory requirements.
Avis recently appointed me and eight others across Texas to the Broker Responsibility Working Group (BRWG) which will allow us to make sure Texas remains a leader in broker accountability. We are in charge with reviewing broker licensing requirements, minimum competency requirements, broker mentorship programs, minimum service requirements in relation to service fees and temporary out of state registrations for commercial transactions. It is my honor to be appointed to this vital group for the second time.
While most people in real estate are responsible, there are a few crummy people out there who make it imperative that we clean up the profession. I remember one case of a broker who was taking rental payments for a veteran serving in Iraq but was not depositing the money for him. The veteran got a notice of foreclosure after he was deployed. Another broker was in a nursing home and others individuals could not be located.
“Over the years, the work of this group has resulted in a greater experience required to become a broker, a mandatory Broker Responsibility CE course for brokers who sponsor sales agents, TREC Rule 535.2 on Broker Responsibility and more consumer-friendly language for the Information About Brokerage Services Notice,” says Kerri Lewis, general counsel for the Texas Real Estate Commission (TREC). “All of these improvements strengthen the professionalism of the industry and better serve consumers of real estate services in Texas.”
If you have an interest in improving broker standards, consider putting the Broker Responsibility Course offered by TREC on your goal sheet for next year. Whether you are a sales agent or a broker who supervises sales agents, there is so much valuable content that benefits our profession. Have you ever thought about getting your broker license? The Broker Responsibility Course is a great course to take before doing so and it would help you to determine if becoming a broker something that you would truly like to be involved with, especially if you are considering leading a team. Instructors are now revising the course, so I recommend that you take it beginning in January 2019. Another option is to sign up for the 9-day cruise to the Panama Canal in February. I will be teaching the course and you’ll receive six hours of CE elective credit.
Let’s work together to make sure brokers ensure compliance with applicable laws and regulations, including proper training and supervision of sponsored agents.
