Broker Bulletin What’s Happening at the Association
$571,090
Single Family Home Median Sales Price in November 2024, a 12% increase compared to November 2023.
6,600
$
Realtors® Triple Play 2024 Attendees
$1,019,088 Raised for RPAC in 2024
What’s Happening in the Industry NJ Realtors® Academy of Continuing Education is offering an online course to fulfill the agency credit requirement. The course, Agency-The Big Picture, promotes how to strengthen the relationship between the sales agent and the client to reassure their trust during real estate transactions. This course will provide three agency credits. Click here to register. The deadline to apply for the NJ Realtors® Circle of Excellence Sales Award® is Jan. 13, 2025 at 5 p.m. EST. The application must be submitted with payment and approved by your broker or manager by the deadline. There are no exceptions to this rule. Click here to start the application process. According to NJ Realtors® November housing market data report, there was an 11% increase year-to-date in the median sales price of all properties. Click here to explore more November housing market data. New Jersey Realtors® Educational Foundation scholarship applications for 2025 are open until March 13 at 5 p.m. The foundation aims to encourage continued education and aid students in the pursuit of a college or university degree. Invite the students in your life or your agents’ lives to apply for this scholarship. Click here to apply.
DECEMBER 2024
LEGISLATIVE UPDATES
NAR Responds to the Federal Housing Finance Agency’s Expansion Plan The National Association of Realtors® released a letter calling for a halt in response to the Federal Housing Finance Agency’s planned expansion of the Fannie Mae and Freddie Mac’s offer appraisal programs slated to begin Jan. 1. NAR raised concerns over the use of unlicensed Property Data Collectors to attain property data and waive appraisals for loans with as little as 3% down. The program change would undermine accuracy of valuation, protections of consumers, and could lead to systemic risks. NAR requests to halt the expansion to the entire purchase market for further analysis of the implications for the public like potential disruptions in the market. To learn more about NAR’s position on the issue click here.
NJ Realtors® Celebrates 2025 Leadership Team and 2024 Award Winners NJ Realtors® welcomed a new leadership team for 2025 at the Triple Play Realtor® Convention & Trade Expo President’s Installation & Gala. Kathy Morin of East Brunswick was named President; Gloria Siciliano as President-Elect; Judy Moriarty as First Vice President; Jairo Rodriguez as Treasurer; and Gloria Monks as Immediate Past President. “I know this role, which represents almost 60,000 professionals across the state, comes with immense responsibility and I’m ready to put in the work it will take to keep us moving forward. We will continue to raise the profile of Realtors® across the state, embrace opportunities as they come to us, and above all else, help our clients achieve the American
Dream of homeownership,” said Morin. At the NJ Realtors® Award Session, Alireza “Ali” Memar was awarded NJ Realtors® Realtor® of the Year Award for his dedicated service in the real estate industry. NJ Realtors® and local boards and associations across the state also named 12 local Realtors® of the year. Three volunteer Realtors® received NJ Realtors® Good Neighbor Award, which recognizes Realtors® community service efforts; Rebecca Miller Pringle was honored with first place receiving $2,500 for Homes for Veterans, Maria “Mia” Forsberg-Villon with second place receiving $1,500 for Baby Bundle Inc., and Antonio Osso with third place receiving $1,000 for JL Bundles/JL Gives.
NAR Settlement Approved by Judge On Nov. 26 the overseeing judge in the Sitzer/Burnett case gave the National Association of Realtors® proposed settlement final approval. The NAR settlement resolves antitrust claims and secures a release of liability for over 1.4 million NAR members, all state/territorial and local Realtor® associations, Realtor® MLSs, NAR affiliate organizations, and all brokerages with an NAR member as principal with a residential transaction volume in 2022 of $2 billion or below. Damages for those affected totaled to $1.78 billion. NAR moved to reach a settlement agreement in 2024 and agreed to pay $418 million over four years to those affected and to resolve the lawsuit. In agreement with the settlement, several rules were updated in relation to buyer-agent and seller commissions. The first rule change states sellers are no longer required to pay buyeragent commissions through multiple listing systems. The second rule requires buyers to state and sign an agreement that details exact
compensation terms before the agent shows a home. These two updated rule changes are planned to be implemented nationwide and aim to strengthen competition and improve transparency within the industry. For more information, click here to log into zipForm and download the latest buyer agency agreement to comply with the most recent rule change.
What now?
Though this settlement has final approval from a jury, the Department of Justice has objected to the practice of the written form of the buyer-agent agreement that was updated in regard to the settlement. While the court did consider the DOJ’s position, the settlement was still approved. With the ever-changing landscape of real estate practices after settlement, NJ Realtors® Legal Resource Library and library of forms are resources for all members available at any time.