February 2023 Newsletter

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2023 REALTOR® Day at the Capitol

Idaho REALTORS® hosted its 2023 Day at the Capitol event last Thursday, February 2nd, at the Lincoln Auditorium in the Capitol. The event was a huge success, attracting REALTORS® from all over the state to engage with elected officials and address the crucial issues impacting the real estate industry in Idaho.

Day at the Capitol opened with remarks from 2023 President Denise Lundy, who welcomed the attendees and set the tone for the day's proceedings. Max Pond, IR Government Affairs Director, followed with insightful comments about the state of the industry and the importance of advocating for REALTOR® interests.

Throughout the day, attendees had the opportunity to hear from various distinguished speakers, including Lt. Governor Scott Bedke, Governor Brad Little, House and Senate Majority and Minority Leadership, and Idaho Supreme Court Justice Robyn Brody. These speakers provided valuable insights into the state of the real estate industry in Idaho.

Attendees engaged in lively discussions and exchanged ideas with elected officials. Participants were eager to make their voices heard on the issues that matter most to the real estate industry in Idaho, and the event provided a valuable platform for them to do so. In conclusion, the 2023 Day at the Capitol was a huge success, with REALTORS® coming together to connect, engage, and advocate for the industry. IR is proud to have hosted this event and thanks to all of our members who joined us!

Idaho REALTORS® Good Neighbor Award

Avoiding Fraud When Buying and Selling Homes

Fraud is a growing concern in the real estate industry, and it's important for REALTORS® to be aware of the potential dangers when helping clients buy or sell property. In particular, some of our local associations have reported an uptick in fraud taking place in Idaho.

Idaho REALTOR® members have confirmed several attempts by scammers posing as sellers trying to sell vacant land or second homes. Often the scammer will approach a REALTOR® to list and sell the property with fraudulent or stolen identification or personal information. We recommend REALTORS® look out for some of the following red flags when entering into a representation agreement: properties with below-market pricing, absentee owners, and electronic communication preferences.

Here are some tips to help you avoid falling victim to fraud when helping clients buy or sell property:

1. Insist on speaking directly to the seller to confirm their identity and avoid potential scams.
2. Request a copy of the front and back of the seller's state and federal ID. This will help you confirm that you are dealing with the actual seller and not someone impersonating them.
3. Be wary of listings with a suspiciously low list price. Ask the seller why the price is so low and investigate if there may be any potential issues with the property.
4. Find out as much information as possible about the property to ensure it's what you're looking for.
5. Investigate the seller. Do they have alternative contact information? Have you heard of them before? Has someone else worked with the seller in the past? These are all questions you should be asking to confirm the authenticity of the seller.
6. Let your fellow REALTORS® know if you come across any instances of fraud. Report it to your designated broker and write a message in the MLS. Idaho REALTORS® also encourages you to report instances of fraud to them.

In conclusion, it's important to be vigilant when buying or selling real estate to avoid falling victim to fraud. By following these tips and being mindful of the potential dangers, you can protect yourself and your clients from becoming victims of fraud.

ICYMI: Podcast: Interview with Representative Ned Burns

The newest episode of the IR Podcast is available now. In this episode, Nick Stout meets with Idaho Representative Ned Burns and discusses Representative Burns's life as a REALTOR® and an Idaho Representative. They also discuss potential legislation pertinent to the real estate industry, the 2023 Day at the Capitol on February 2nd, and Representative Burn's history as a former Mayor and City Council Member.

Industry News

Weekly Housing Market Update -2/3/2023

By REALTOR.com

The economy has started 2023 on a resilient note, according to Manager of Economic Research George Ratiu. Despite predictions of a recession, the labor market figures are strong with payroll employment rising by 517,000, the unemployment rate dropping to 3.4%, and job openings reaching 11 million. However, the manufacturing sector is facing softening conditions as indicated by the ISM manufacturing index and factory orders.

February 16-17

GRI 101

Taxation & Investment Property; Tax & Self-Employed

Twin Falls: The GRI 101 Taxation and Investment course in Twin Falls covers important topics for REALTORS®, such as the tax-deductibility of Real Estate Taxes on a principal residence, changes to home mortgage and home equity indebtedness interest deductibility after tax reform, the latest on IRC 1031 Exchanges, and the impact of tax changes on deductions for real estate investment properties.

February 22-23

GRI 102

Professional Standards - Ethics; Risk Reduction

Boise: GRI 102 is a two-day course which covers ethical business practices and risk management for a successful real estate career. It includes sessions on the NAR Code of Ethics and its enforcement, as well as training in identifying and avoiding risks in the real estate industry.

February 27-March 2

Real Estate Law

Idaho Broker

Prelicense Course

Boise: Real Estate Law is an Idaho Broker prelicense course which covers general principles of state real estate law. It is required for licensure and will be taught by John Jameson. The class runs from Monday to Thursday, 8:30 am to 5:00 pm, and full attendance is required. It is IREC approved, with code LW002 and offers 30 CE hours for $350.

Upcoming Events

Subject to changes. Updates may be found at idahorealtors.com.

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