General Assembly In Recess:
The General Assembly is on break until Tuesday, June 3rd.
Now is a great time to contact your representatives at home to tell them how important a vibrant housing market is to the economy of Delaware and that any policy implemented which would have a negative effect on home sales hurts many other industries and businesses as well.
In fact, according to an April 2008 Research Study by NAR, the Total Impact Derived from the Sale of a Home is $67,994.
Some good facts to share: The Real Estate Industry accounted for $9,570 million, or 15.9% of the Gross State Product in 2006. Economic Contributions are derived from: home construction, real estate brokerage, mortgage lending, title insurance, rental and leasing, home appraisal, moving truck service and other related activities.
When a Home is Sold in Delaware the income generated from real estate related industries is: $21,033.
Additional expenditure on consumer items such as furniture, appliances, and paint service is: $5,171.
When a home is sold in Delaware it generates an economic multiplier impact. There is a greater spending at restaurants, sports games and charity events. The size of this "multiplier" effect is estimated to be: $12,578.
Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the state to be: $29,213.
The Total Economic Impact of a typical home sale in Delaware based on the median price of $233,700 is $67,994.
Pollution Control Strategy for the Inland Bays:
The Department of Natural Resources and Environmental Control has been anxious to move on the proposed regulations of the Pollution Control Strategy for the Indian River, Indian River Bay, Rehoboth Bay and Little Assawoman Bay Watersheds. DNREC held a public meeting earlier this week in Rehoboth and met with the Sussex County Association of REALTORS
® yesterday. REALTORS
® expressed concerns about the wastewater provisions. There are still many unanswered questions including what exactly is the REALTOR
®'s responsibility. DNREC is taking public comments during the month of June and will hold a public hearing on June 23rd beginning at 6:00 p.m. at the Cheer Center in Georgetown. For more information or to submit written comments, contact John Schneider at DNREC at
John.Schneider@state.de.us.
Senate to Consider SB 245:
The Senate is poised to consider Senator Venables' eminent domain legislation, SB 245, upon their return from recess on Tuesday, June 3rd. DAR supports the protection of private property rights and is encouraging the General Assembly to look at other related issues such as the definition of blight, substantive procedural protections and just compensation. DAR's legislation addressing these issues is in draft form and currently being circulated for co-sponsors.
Substitute Language for HB 334, Legislation banning restrictions which prohibit wind energy systems introduced:
The major difference in the legislation is the fact that there needs to be a minimum lot size of one acre. There still is no grandfather clause so the legislation would apply retroactively to any community. There is also no limit on how many units you could place on your property. DAR expects consideration of the legislation in the House Energy and Natural Resources Committee shortly after the General Assembly returns from recess.
13 Legislative Days Remaining:
Legislators will be preoccupied with budget issues and some big ticket items such as sports betting and wind energy but anything can be squeezed through at the last minute.
Stay in touch with your elected officials and keep the pressure on regarding issues important to you and those you represent and, as always, let DAR know what your Representatives and Senators are telling you.
New Buffer Regulations for Delaware's Nesting Bald Eagle Population:
The DNREC Division of Fish and Wildlife will be holding a public workshop on the evening of Wednesday, May 28, 2008 at 7:00 p.m. in the
DNREC Auditorium, 89 Kings Highway in Dover to present findings regarding the status of Delaware's Bald Eagle population, to discuss the vulnerability of bald eagles to disturbance, and to present a proposed regulation to maintain the same level of protection to eagle nest sites that was in place under the federal Endangered Species Act prior to August 2007.
REALTORS® Attend NAR Mid-Year Meetings and Capitol Hill Visit:
REALTORS
® from across the state went to Washington, D.C. last week to participate in NAR's annual Mid-Year Meetings and Congressional Visit. Sussex and Kent County chartered a bus bringing nearly 50 REALTORS
® to D.C. for the day to join with other REALTORS
® from across the state for meetings with Delaware's Congressional delegation. For the first time in many years, all members of the Congressional delegation joined DAR to discuss key federal issues including FHA modernization, GSE reform, Homebuyer Tax Credit, Flood/Property Insurance and Small Business Health Care. Senators Biden and Carper and Representative Castle spent over two hours speaking with the group and answering questions.
NAR would like to include REALTORS® who may be participating in the National Republican and Democrat Party Conventions this summer at their events. NAR is also looking for REALTORS® who may be interested in a federal appointment to a Board or even a full-time Presidential appointment. If you plan on attending either party convention or are interested in a federal appointment, please contact Charlotte Herbert at DAR at charlotte@delawarerealtor.com or 302-734-4444.
