Mortgage Rates Drop to Another All-Time Low
The 30-year fixed-rate mortgage set a new record again this week as rates averaged 3.13%, the lowest average rate in Freddie Mac’s records, which date back to 1971.
The previous low for the 30-year fixed-rate mortgage was set just a few weeks ago at the end of May, averaging 3.15%.

“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” says Sam Khater, Freddie Mac’s chief economist. “Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many home buyers in the buying mood.”

Keller Williams Realty: Major Move on Houses This Summer, Now's the Time to Buy & Sell
Buyers beware. A seller’s market along with a perfect pandemic might affect finding your perfect dream home. At least right now.   Also, locally, home sales slumped by a reported 20 to 25 percent in May. However the experts say be patient. Realtor Jeremy Rynders with  Keller Williams Realty   says real estate is expected to pick up over the summer. And if you’re a seller for sure, the time is now to put the house on the market before everyone else does.

Here are some creative lockbox violations!
When only mechanical boxes were used, if you were given a combination to a property, it was understood that you could only use that combination at the showing you scheduled. You couldn’t go back later with your buyers to take a second look without permission. The same holds true with the new SentriLock System.
Because agents on the system can technically access other lockboxes, that does not mean that you can enter any property at any time. You must still schedule a showing and obtain proper permission. 
The GMAR has learned that some agents are not adhering to their scheduled showings and are entering properties well outside of the originally scheduled time(s). Some agents are even telling buyers that they have some “inside track” to see properties at any time—that they have an advantage that other agents do not have! Those inaccurate marketing statements can be subject to ethics complaints and disciplinary action being taken.
When showing properties outside of the designated showing time you also run the risk of surprising sellers and invading their privacy. This activity could also lead to serious liability issues. Sellers could be alarmed, and today, many have firearms to protect themselves. Dogs may have been put back in a property if a showing is not expected. There is no shortage of dangerous and embarrassing things that could happen if you enter a property without permission.    
Also, just “showing up” at other agents’ scheduled showings without an appointment or without notifying the listing broker is a violation of the Code of Ethics, and MLS rules.
Unfortunately, one of the most complained about activities in our market today is the unauthorized access to listed properties. 
The REALTORS® Code of Ethics states:
  • Standard of Practice 1-16, REALTORS® shall not use, or permit or enable others to use, listed or managed property on terms or conditions other than those authorized by the owner or seller.
  • Standard of Practice 3-9, REALTORS® shall not provide access to listed property on terms other than those established by the owner or the listing broker.
The Sentrilock agreement states: Members may not access another member’s Sentrilock lockbox without first contacting the listing agent or listing broker to ascertain the availability of the property and to schedule a specific showing.
Fines for unauthorized access to a listed property or allowing others to access a listed property is $5,000.  
The SentriLock system has a feature that alerts the listing broker who entered the property and at what time. The listing broker can report you and so can the seller.  
I invite you to call or email me with your comments and questions.
Scott Bush
Connect With GMAR's Social Media & Stay In The Loop
In addition to special emails, our weekly Thursday eNewsletter, the GMAR will be utilizing its social media pages to keep members informed and up-to-date during the rapidly evolving COVID-19 situation.

Please connect with us through the links to our social platforms below.

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