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Summit Realty Group selects United American Mortgage as its Lending Partner

May 10, 2013 by Kimberli Kalish

Summit Realty Group News

Summit Realty Group, a division of SRG Holdings, LLC, headquartered in Newport Beach, CA announced today its strategic partnership with United American Mortgage (UMAC) of Irvine, CA at Newport Beach Pacific Club. Heads of both companies discussed opportunities to further grow their mutual interests and offer SRG’s agents superior service, support and mortgage solutions. Plans are being rolled out currently to SRG’s agents in their respective markets.

Summit Realty Group is a rapidly growing full service real estate brokerage using a virtual platform with more than 600 agents and brokers in California, Colorado, Washington, Texas and Florida. While the company was launched in California in 2006, it is now based in 5 key states to further grow its turnkey platform for top producing real estate agents. Summit uses a streamlined platform to reduce overall operating costs while being able to offer agents more support, training, marketing and social media solutions and the industry’s four leading 100% commission programs.

At the recent meeting in Newport Beach, Al Hensling president of UMAC described Summit Realty Group as an innovative leader in defining the future of real estate. Hensling, who has been a keynote speaker at meetings of the National Association of Mortgage Brokers and the California Association of Mortgage Brokers, spoke at length about mortgage trends and why UAMC is more nimble and offers better customer service than banks.

“We are extremely compatible with Summit,” explained Jeff Konopka, Senior Loan Officer for UMAC,” being that Summit’s model is virtual and that we also do the bulk of our mortgage business in the virtual environment. Not only can we originate loan applications on our web site and mobile devices for clients, but for agents we plan to reach out to them using many technology based solutions and other means to provide as much of a face to face presence and support as possible.”

Konopka said he plans to make the circuit of Summit training meetings and new agent orientations whether the groups are large or small to demonstrate the ease of the system and answer questions, adding that he is always available to individuals via phone, email, fax or text message.  Agents can also find him on Linked In and via Summit’s in-house communication portals.

John Manno, CEO & Managing Partner of Summit Realty Group, said he had his business development team initiated talks with UAMC because he was impressed with them as a full service mortgage company offering a full complement of loan programs, the best products in the industry—large enough to handle a large volume of work and yet small enough to be “hands on” and responsive.

“Because of our in-house capabilities including underwriting and funding, we have the ability to make quick lending decisions and quick executions because it is all at our fingertips,” Konopka said.

John Manno, said he expects good things from the strategic partnership. “The award-winning experienced Mortgage Professionals at UAMC have developed into one of the largest independently owned Mortgage Originators in the U.S.,” Manno said, “and so I am confident that they can handle Summit’s growth as we continue to expand.”


United American Mortgage is a Multi-State Mortgage Banker with a 20+ year track record of fulfilling the needs of Home Buyers with a variety of home financing options at competitive rates. From the First Time Home Buyer to the Seasoned Investor United American has the ability to meet each client’s specialized needs. The United American Mortgage company motto Trusted, Tried and True best describes the Company’s commitment to all of its customers.  

Summit Realty Group is a full-service 100% commission brokerage specializing in residential real estate throughout the U.S. Inspired by technological advancements and innovative marketing strategies; Summit Realty Group was founded on the principals of developing an eco-friendly, paperless virtual platform for conducting real estate business. We have evolved into an extremely efficient 100% commission brokerage for real estate agents promoting a positive and uplifting real estate business experience, on top of our world class agent support, training, marketing and social media solutions and industry’s 4 leading 100% commission programs. 


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Nevada County Real Estate Market Update Q1-2013

April 2013 – As the market heats up during what appears to be a strong recovery after several years of doldrums, the relationship between inventory, price and sales volume is making itself known.  Shrinking inventory drives up prices while driving down sales volume.

Inventory – Three years ago, in April 2010, the SFR inventory in Nevada County stood at 1096 units, at that time a 14 month supply of homes at the then current rate of sales.  Today, inventory stands at 336 units, a four month supply at the current absorption rate.  At the same time points, REO inventory stood at 36 and 17 units, respectively.  While current overall inventory has declined to about 30% of the units available 3 years ago, the current REO inventory is at about 50% of 2010 levels.  These are April values, and inventory peaks in June, yet the trends are the same.  A dramatic absorption of available inventory has occurred.

Date Inventory (units SFR) Supply (months) Median Price Unit volume per quarter
April 2013 336 4 $250,000 255
April 2012 524 4 $220,000 289
April 2011 646 7 $227,000 243
April 2010 1096 14 $265,000 184

Median Price – In April 2010, the median price was $265,000.  Trending up through summer to a brief high of $279,000 in September, prices then fell to the cycle low of $225,000 throughout 2011.  By the end of March 2013, prices had recovered steadily to $250,000, the highest since year end 2010.  This is an annualized gain of 11%, rather too torrid for those of us who remember.

Unit Volume – From a low of 184/month at April 2010, to 243 in 2011, and 289 in 2012, unit volume (homes sold per quarter) has been up to a recent high of 329 on July 1 2012, and steadily down to 255 on April 1 2013, breaking the 3 year uptrend.

The rapid decline in inventory, both retail/equity sales, as well as REO, has squeezed up prices and pushed down sales volume.

There are rumors, difficult to verify, that there is a substantial overhang of “shadow inventory” in the REO pipeline. The banks always act in their own interest, in this case to create a shortage then sell into the rising market.

There are also many retail sellers who have considered selling yet waited for a price rise.  The banks usually depend on having foreknowledge and “front-running” the sell cycle.  This means doing their own selling first and advising their clients later, thus capturing peak profits on their own account.

It’s a trend worth watching, and when the banks begin to dump inventory, we’ll keep you posted.

Paul Sieving is a Realtor® with Summit Realty Group-Virtual Brokerage, a former Director and MLS Chair of NCAOR, was Board Chair of the Grass Valley Chamber of Commerce in 2004, and has served our community as a real estate professional for 14 years. Comments, questions and thoughts are welcome at [email protected] or (530) 274-0906.


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Nevada County Real Estate Luxury Market Snapshot 2012

March, 2013 –For the last two years, the Luxury Market Snapshot was published, examining the performance of this locally important market sector for 2010 and 2011. This month we’ll take a look at the luxury market for 2012 and look for trends.

Our definition of “Luxury Market” properties is single family homes in Western Nevada County that have sold for over $500,000.  We have also limited total acreage to 40 or less.

Our community has become a destination for both second home buyers and retirees over the last couple of decades, due to the many factors that make it stand out among rural markets.

The overall market for 2012 included a total of 1266 sales, compared to 1056 for 2011 and 916 for 2010, while our luxury market was 83 in 2012, 78 in 2011 and 83 in 2010.  This is approximately 6.5% of the overall 2012 market in units, down from 9% in 2010 and 7% in 2011.

In our previous discussions of the general market, we have noted that the portion of distressed sales is the strongest driver of price declines.  Distressed sales are both Short Sales and REO (bank owned property) sales.  The general market in Nevada County during 2009-2010 was running from 30-45% distressed sales in 2009 to a fairly steady 50% in 2010 and 2011, in unit volume. For 2012, the general market level of distressed sales has fallen below 40% and continues to fall in 2013.

By comparison, the luxury market was 21% distressed sales during all of 2010, dropping to 19% in 2011 and only 12% in 2012.

When we look at comparative prices, we need to choose a standard of measurement, and for this purpose, dollars/square foot of living space is appropriate.  We’ll express it as $/sf.

For the overall market in 2010, the approximate average price of a single family home was $159/sf.  In our luxury market segment, it was significantly higher, at around $214/sf.  For 2011, the luxury market was $194/sf, compared to $137/sf for the general market.  In 2012 the overall market was $138/sf, while the luxury segment was $212/sf.

Another key measure of market performance is “days on the market” or DOM.  In the overall market, the average DOM for 2010 was in the low-mid 90s all year.  For 2011, there was a spike to 118 in the first quarter, followed by a quick return to around 90.  By the end of 2012, this had fallen below 80 DOM.  In general, this measure of the market has recovered to “normal” levels.

By comparison, in our luxury market, the average DOM for 2010 was 117, rising to 140 for 2011, and back down to 124 for 2012.  This is approximately 30-50% longer than the overall market, which is also fairly typical for this segment.

2010 2011 2012
Total Sales 916 1056 1266
Lux Sales 83 (9%) 78 (7%) 83 (6.5%)
Total % Distressed 50 50 40
Lux % Distressed 21 19 12
Total DOM 95 90 80
Lux DOM 117 140 124
Total $/sf $159 $137 $138
Lux $/sf $214 $194 $212

Overall, the luxury market in Western Nevada County is holding up better than the overall market, and as in any market, homes in the best condition that are accurately priced are selling quickly!

Paul Sieving is a Realtor® with Summit Realty Group, a former Director and MLS Chair of NCAOR, was Board Chair of the Grass Valley Chamber of Commerce in 2004, and has served our community as a real estate professional for 13 years. Comments, questions and thoughts are welcome at [email protected] or (530) 274-0906. www.PaulSieving.com


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NTX Real Estate…a seller’s market!!

North Texas residential Real Estate has turned into a seller’s market! According to local North Texas Realtors, listing prices are increasing and days on market are steadily decreasing, with many offers exceeding the asking price.

Are you ready for the HOT SELLER’S Spring and Summer marketing seasons? Start now encouraging your sellers to get their homes ready by jumping into their Spring cleaning, painting, and landscaping right away.

Here we go….use the tools on you Agent Command Center to have an AWESOME 2013 and grow your biz to new heights….while the market is HOT!

If you need help developing a plan/strategy….contact me…be glad to help.


Ken Thurman, Texas State Mgr.


[email protected]




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Summit Realty Group growing in Nevada County, Sacramento Valley

Summit Realty Group is honored to announce that 5 new agents have joined us in January and February, 4 from NCAOR and one from Lodi Association of Realtors. From Lodi AR, please welcome Sandy Manhoso to the Summit team. And from Nevada County, we welcome Debra Pauline, Liliana Murphy, Barbara Slavonic and Wayne Buti. In Nevada County, this brings our total membership to 8, with our broker John Manno, Dennis Barry, Bill Stigall and Paul Sieving.

Our Mission is to be at the forefront of the ever-changing real estate industry by implementing new and resourceful ways to buy and sell real estate. Summit Realty Group is leading the way in cloud-based virtual real estate and our “mobile agents” are held to a higher company standard of facilitating every transaction with professionalism and compassion for their clients. We strive for excellence and our goal is to provide our vendors, partners and clients the best possible solutions for their real estate needs.

Our 4 100% commission programs are leading the industry in the transition from the traditional “brick and mortar” business model to the new model of truly virtual real estate practice. The “free” marketing, training and support that traditional brokerages offer in exchange for 20-40% of your commission, a 6-8% royalty fee and “advertising” and “education” fees are truly free with SRG.  Are you ready to be free of the traditional definition of “free”?

We extend an invitation to agents who recognize that SRG is leading the way to the future of real estate to join us and see what the excitement is all about.  Visit www.summitrealtygrp.com

Paul Sieving is a Realtor® and Northern CA recruiter with Summit Realty Group-Virtual Brokerage, a former Director and MLS Chair of NCAOR, was Board Chair of the Grass Valley Chamber of Commerce in 2004, and has served our community as a real estate professional for 14 years. Comments, questions and thoughts are welcome at [email protected] or (530) 274-0906.


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Summit Realty Group announces the appointment of Paul Sieving as Regional Manager for the Sacramento & Nevada County Area’s

Summit Realty Group is pleased to announce the appointment of Paul Sieving to oversee the Sacramento & Nevada County regions of Northern California for our expanding full service cloud based 100% commission brokerage. Paul brings a strong real estate and management background to our team and will be responsible for executing corporate strategies, agent growth and brand development. Paul has strong ties within the community and currently serves on the NCAOR MLS and Legislative committees. Additionally, Paul writes the monthly Real Estate column for the Nevada City Advocate, one of the local newspapers and his colleagues at Nevada County Association of Realtors® have recognized him for his commitment to raising the bar of service for members and their clients. With over 13 years of real estate experience Paul’s commitment should have a continued positive impact on our ability to further grow our brand, business and market presence.

Summit Realty Group is a cloud based 100% commission brokerage offering agents better solutions to support and grow their business by having an all-in-one marketing platform, E/O Insurance, Summit Realty Group Network (Company Social Media Platform), outstanding marketing & broker support and the industry’s 4 leading 100% commission programs – plus much much more! We look forward to hearing from you soon…….


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E & O Insurance for real estate agents

E & O Insurance for real estate agents is a requirement for all licensed agents. Summit Realty Group provides all of their agents, premium E & O Insurance at no cost. Unlike most policies, the Summit Realty Group policy covers legal costs. Now we expect all of our agents to conduct their business with the utmost integrity and in conformance with regulations and ethics of the NAR, it is reassuring that they are also provided the best insurance program in the industry.
The E & O Insurance for real estate agents that are part of Summit Realty Group is provided free to our agents. We offer four (4) 100% commission programs that allow agents to reduce their overhead costs and allow them the freedom to run their business. Not only is the E & O insurance free, but our agents enjoy the benefits of a free virtual office platform with a state-of-the-art online command center that includes a transaction coordination system, professional websites, integrated CRM and IDX, along with numerous other benefits.
Learn more about the future of real estate HERE !

Summit Real Estate where E & O Insurance for real estate agents is always FREE.


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2012 Nevada County Real Estate Year End Report

January 2013 – Looking back at the local real estate market for the past 4 years, the change from a declining market to an improving market is evident. The important values that are used to track market performance are price, volume and distressed sales.

Median Price – The modest uptrend in prices that occurred early in 2010 gave way to further declines in late 2010 and early 2011. This decline followed a seasonal pattern but was larger than normal. Median prices in 2011 were essentially unchanged, beginning and ending at $227,000. 2012 opened a bit lower at $220,000 and since then the uptrend has been very strong, rising to $245,000 in the 4th quarter, an annualized pace of 15%. Also in 2012, the typical seasonal decrease in 4th quarter prices was instead an increase of 4%.

The current uptrend in prices is strong enough to overcome the typical winter sag.

Unit Volume – Since the low point in Q1 2009, unit volume (homes sold per quarter) has been on a constant upswing. From 120 units in Q1 2009 to over 300 for the last three quarters of 2012, this trend reflects a general recognition by consumers of excellent pricing, the most favorable interest rates in decades, and significant pent up demand. Homes are flying off the shelves 2.5 times as fast as in early 2009, and typical marketing time has been cut in half, from 150 days to about 75. In the popular areas in and around the villages of Grass Valley and Nevada City, correctly priced properties are on the market for only a handful of days.

Volume is showing seasonality, but less so than normal due to strong demand and weak supply.

Distressed Sales – In a normal or rising market, the percentage of distressed sales (Short Sales and REO) is quite low, usually 5% or less. After peaking at 60% in Q1 2011, the trend has been downward and has been below 40% for the last 6 months.

During the last 2 years the distressed inventory has been around 20%, and recently dropped to 18%. The mix has shifted from 50-75% Short Sales and 25-50% REO, to well over 50% REO the last few quarters. This indicates that the flow of distressed properties is drying up at the source (fewer homeowners in trouble) and moving through the system. Our hungry market is devouring the supply of distressed properties and the inventory is shrinking.

Over the last 3 years, these trends have been very valuable in tracking the market and scouting for a recovery. At the end of 2012, we see that these three trends of price, volume and distressed sales have been aligned and pointing towards a recovery for two solid years.

Due to the low inventory, we are experiencing a sellers’ market in much of Nevada County. As prices increase and more people are able to act on their plans and dreams, inventory is expected to rise and bring the market back into a healthier balance.

Paul Sieving is a Realtor® with Summit Realty Group-Virtual Brokerage, a former Director and MLS Chair of NCAOR, was Board Chair of the Grass Valley Chamber of Commerce in 2004, and has served our community as a real estate professional for 12 years. Comments, questions and thoughts are welcome at [email protected] or (530) 274-0906.



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Florida foreclosure settlements are going to short sales

This article is contributed by Gabriel Knight.

The $25 billion home mortgage settlement, with regards to the nation was mainly aimed at helping people keep their homes. However, reports show that this program has not been able to help the people much as most of the foreclosure settlements are going into short sales. Though, the big banks have been helping the residents of Florida in retaining their home and get out of the real estate property and the home mortgage related problem, still the problem have not gone away.

The settlement and the short sale

With regards to the settlement, though the banks were supposed to grant billions in the form of relief funds, through the options of reduction of the loan amount, refinancing and so on, most of the bask actually moved away from shelling out so much of money. This has been quite a problem in Florida. As a result, though these relief programs were supposed help the homeowners bail themselves out of the foreclosures, it actually increased the instance of short sales, with regards to the homes.

Most of the banks are seen to have worked on approving the short sale offers, rather than actually helping the homeowner get the refinancing done or lowering the loan amount. In case of a short sale, a home is sold for much less than what is owed to the lender, in case the value of the home is low too.

As far as the reports show, the banks are said to have approved $2.2 billion, with regards to the Florida short sales, in between March and September. This means that the amount reaches to almost 60% of the $3.6 billion relief that was provided for the state. However, some of the market analysts were of the view that majority of the short sales were supposed to happen anyhow. So, Matt Weidner the foreclosure attorney of St. Petersburg said that “They’re getting credit for doing what they were already doing, and what the market was dictating,” and he has also added that “They’re still throwing people out onto the street that could be making a mortgage payment.”

Now, the question is why are the banks approving the short sales rather than settling the foreclosure deals or helping the homeowners get their properties refinance? This is mainly because, it is much more cheaper to agree to a short sale proceeding and less complex too, in comparison to foreclosure and refinancing. This is because, in case of a short sale, there are no carrying costs. However, the short sales bring on more damage with regards to the finance of the homeowner.

Under this mortgage foreclosure settlement, banks are supposed to provide 60 percent of the relief in the form of the home loan write-downs. However, in case of Florida, those reductions are said to have been even closer to a mere 20 percent.

So, that is what the situation is like in Florida and the counties within the state.


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Real Estate Recovery for 2013



What a difference a year makes and when we look at where we have been and where we are going, it is exciting.  Are you ready?  Do you have your systems in place to maximize your marketing plan?  Marketing in a growing market takes Realtors that are part of the never-ending educational process that must be a part of our everyday life.

We at Summit Realty Group Florida believe that choosing your partners to assist you in this endeavor is the most important thing you will do. Seamless interaction with your support group is crucial. And you have to ask yourself if  they are there for you when you really need them?  And you will. 

Turn-around markets are the norm now and we must be prepared. More Buyers and Sellers are returning to the Housing market than ever before. More Housing starts are beginning to pop up all over the nation for the first time in several years.  And with today’s historically low interest rates, everything is in place for a banner year in Real Estate sales.  This is the year to expand on your skills and reap the benefits of all your efforts.

Summit Realty Group Florida can assist you in this very important part of your business plan. Our staff members are thoroughly experienced and trained real estate professionals who understand what your needs are and can assist you in every aspect of the business.  Please let us at Summit Realty Group Florida know how we can partner with you to attain your goals and reach the success level you deserve.


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