Each year, to highlight the key trends within the Asian American Native Hawaiian and Pacific Islanders (AANHPI) population, particularly with regards to homeownership, along with describing its initiatives to promote homeownership, the Asian Real Estate Association of America (AREAA) publishes the State of Asia America report. Given that May is AANHPI Heritage Month, we will summarize the key takeaways from the 2023-24 State of Asia America report in this article. 1. The homeownership rate is the highest for the AANHPI population in the Midwest region of the United States. AREAA divides its a ..read more

*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q: We have a tenant who recently added her adult daughter to the lease as an authorized occupant. We just became aware that the daughter recently gave birth, and the baby now lives at the property as well. Can we charge an additional security deposit or increase the rent now that we know there is a baby living there too?  A: No, no additional security deposit may be requested no ..read more

We recently sent an all-member email and included an article in our May 3rd e-News; however, we wanted to make sure that you, as a broker, were aware of this issue as well. A well-known property portal has recently announced it will have a “touring agreement” to be used with buyers who have been acquired through their lead generation service. The “touring agreement” is in response to the NAR Proposed Settlement which requires agents and buyers to have a written agreement before “touring” a home. Upon analysis of this “touring agreement” form, Virginia REALTORS® does not believe it is in compl ..read more

While married couples continue to make up the majority of households in Virginia, the number of households with single people without children is on the rise. According to the Census Bureau, there were 188,760 more households in 2022 than in 2019. The number of couple households has increased by 5% since 2019, whereas the number of households that consist of people living alone has increased by 7%. This increasing trend of single people living alone has been seen in most of the metro areas in the state. According to the most recent census data, single female households make up most of the dem ..read more

A well-known property portal has recently announced it will have a “touring agreement” to be used with buyers who have been acquired through their lead-generation service. The “touring agreement” is in response to the NAR Proposed Settlement which requires agents and buyers to have a written agreement before “touring” a home. Upon analysis of this “touring agreement” form, Virginia REALTORS® does not believe it is in compliance with the requirements of Virginia law. Please discuss your business practices AND any agreements that you are going to use with your broker and ensure that any forms y ..read more

*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q: I have a potential client who wants to enter into a limited service listing agreement. What are my responsibilities to my client in that situation? A: In general, a limited service listing agent only has the obligations that are listed in the brokerage agreement (for VAR forms users, our Limited Service Listing Agreement is Form 410). However, the code does have some requirements ..read more

What you need to know: In short, when you commission a work for hire, you need to be mindful of who keeps the copyrights for it. The copyrights can include who the report can be shared with and for what purpose. Rights to dissemination can be strictly limited or they can be broad, i.e. for general publication. These rights are agreed upon by the parties when commissioning a work for hire. Why does this matter? Sharing inspection reports is something that does happen in the real estate world. However, who owns the copyright is important to note so that you don’t expose yourself to liability wh ..read more

According to the March 2024 Virginia Home Sales Report released by Virginia REALTORS®, sales activity in Virginia’s housing market slowed down last month. Statewide, there were 8,075 homes sold in March, 634 fewer than March of last year, a 7.3% decline. Prior to this dip, sales activity had been trending up in Virginia as 2024 began. The areas with the sharpest drops in activity through March were the Lynchburg region, Northern Virginia, and the Richmond Metro Area. While activity slowed, home prices continued rising in Virginia. The statewide median sales price was $397,000 in March, r ..read more

The Commonwealth of Virginia has been engaging in foreign business since its inception, and today we are no different. International trade is a key part of our economy and global real estate could interest you. Perhaps you have clients looking to invest abroad, or you want to better aid immigrant families in your market. Maybe you want to learn how to serve foreign investors. Global real estate opportunities are in abundance, and having the right resources is the first step. Virginia is home to many assets that contribute to our CNBC ranking as the #2 state for business. We are highly educated ..read more

*Please note: Any questions regarding Legal Hotline Spotlights should be submitted via the Virginia REALTORS® Legal Hotline. Our attorneys are unable to respond to questions through our comments section. Q: I have a tenant who works as a contractor for the military and is being relocated for work.  He has subsequently requested to terminate his lease without an early termination fee. Does the law require me to waive the early termination fee?  A:  No, landlords are not required to waive early termination fees for contractors who work for the military or any other part ..read more