Dear CAR Member,
This year is ending on a high note with some very good news for REALTORS® and California homebuyers.
Late last month, the Federal Housing Finance Agency (FHFA) announced it will increase the 2023 conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac to $726,200 on one-unit properties and a cap of $1,089,300 in high-cost areas. The previous loan limits were $647,200 and $970,800, respectively.
The conforming loan limit determines the maximum size of a mortgage that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically have tighter underwriting standards and sometimes carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
The higher limits will help make homeownership more accessible to Californians across the state and provide homebuyers with more financing opportunities. This year in California, nearly one out of every four homes sold between $1.2 million and $2 million were purchased by first-time homebuyers. View the 2023 FHFA loan limits by county.
If you have some down time over the holidays, you may want to get compliant with the state of California’s employment requirements. For instance, did you know that Sexual Harassment Prevention Training is required every two years? If you’re an employer with five or more employees or have five or more salespersons or brokers (even if they’re independent contractors), you must provide Sexual Harassment Prevention education. If you completed your sexual harassment prevention classes in 2020, it’s time to retake them. Don’t wait; state law requires you to complete this course within six months of your hire date and to renew every two years! Start your renewal training here. Not sure if you’re required to take this training? Get more information about the law regarding this requirement here.
While I’m on the subject of education, you should be aware that real estate license renewal requirements are changing in 2023. Licensees with an expiration date of Jan. 1, 2023, or later must submit CE coursework that includes both an Implicit Bias and an Interactive Fair Housing class. These required courses are now included when you register for the FREE CE packages available through C.A.R. Visit the License Renewal page for more information and see the updated rules. If you’ve already completed a previous renewal package and now need to complete the Implicit Bias and Interactive Fair Housing courses, submit this form.
If you missed a session at this year’s REimagine! Conference & Expo or want to replay your favorites, get the REimagine! on-demand session package now! Watch top-rated real estate coach Tom Ferry share success strategies to make 2023 your best year ever, get tips from veteran top producers to combat today’s market uncertainty, hear tech strategist Mike DelPrete’s expert analysis and forecast on what’s to come in the market and much more! Purchase the on-demand package now for only $39 and get instant access to 10 must-see sessions to watch at your convenience through Dec. 31.
Lastly, during this holiday season of giving, I hope you can contribute to C.A.R.’s Disaster Relief Fund, which is used to help members of the REALTOR® family — REALTORS®, their staff, and Association members and their staff who have incurred a loss due to natural disasters. Through your generous support and that of local associations and affiliates who have donated, we’ve been able to provide much needed resources to those in need. Please help us continue this effort by making a tax-deductible donation to C.A.R.’s Disaster Relief Fund.
Before I close, I want to tell you how excited I am to serve as your President in 2023. I hope you will join me and get involved with C.A.R. next year. I look forward to working with you!
Have a very safe and joyous holiday and a Happy New Year.
Sincerely,
Jennifer Branchini
2023 C.A.R. President