Raised for the Realtors® Relief Foundation After Hurricane Helene
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Average read time on new Broker Bulletin format
$557,000
Median sales price for a single family home so far this year
What’s Happening in the Industry
Encourage your agents to apply for NJ Realtors® 2025 Leadership Academy by Dec. 16. They’ll build essential skills, network with other professionals, and unlock leadership potential with this eight-month-long program. Click here to share the program
NJ Realtors® Circle Of Excellence Sales Award® application payment portal is now open. The deadline is 5 p.m. on Jan. 13, 2025. Click here to share the application with your agents.
Mortgage rates decreased 1.04% compared to this time last year. According to Freddie Mac, the average 30-year fixed mortgage rate is 6.79% as of Nov. 7. Learn more about mortgage interest rate trends
According to the latest NJ Realtors® housing market data report, the single family median sales price increased by 11.4% year-to-date to $557,000. Pending home sales have risen by 7.4% over last September, with month-overmonth transaction increases occurring in all four regions of the U.S. Click here to read the full report
LEGISLATIVE UPDATES
NOVEMBER 2024
New Listings Continue to Rise this Fall
The fall housing market continues to see prices rise, fueled by buyer demand and still-low inventory. New listings, however, have picked up over last year, with the number of single family homes for sale in September sitting at 6,716, a 10.4% increase over last September. So far this year, new listings are up 5.1% for the single family market, showing promise of more options for buyers.
Rising prices coupled with interest rates hovering around 6.62% have frustrated buyers, especially the first-time buyer segment, who continue to be outbid and are unable to find everything they desire in what inventory is available. Closed sales reflect this trend, dipping 6.5% in September to just 4,739 closed in the month. Homes continue to move quickly this year, with a single family home in New Jersey
spending an average of just 34 days on the market, down 8.1% over 2023.
The townhouse-condo market fared similarly, with new listings up 8.2% for the year and the median sales price rising to $415,000, up 12.2%. Closed sales on townhomes and condos has been static so far, with 14,708 closed from January to September.
The adult community market saw the most downturns, with new listings down almost 3% to 6,612 for the year and closed and pending sales down 4.6% and 6.5%, respectively. The median sales price for an adult community home is $358,000, representing an 8.5% rise over 2023.
All New Jersey Realtors® have exclusive access to reports on every municipality in New Jersey—access those reports and the state and county numbers at njrealtor.com/data
Active Military and Veterans PAG Works to Educate Realtors® and Military Personnel on the Homebuying Process
Over the summer, NJ Realtors® formed the Active Military and Veterans Presidential Advisory Group, chaired by NJ Realtors® 2024 Treasurer and U.S. Air Force Veteran Jairo Rodriguez. The PAG aims to educate Realtors®, veterans, and active military personnel on the benefits of the Veterans Affairs Home Loan product and eliminate the misinformation surrounding these loans. By equipping Realtors® and veteran homebuyers with accurate information, the PAG hopes to assist veterans in their homebuying journeys.
Confusion surrounds different requirements for VA Home Loans most notably between the appraisal and home inspection procedures. While the VA requires appraisals to determine the home’s value, home inspections are optional. However, inspections will provide the buyer with a clearer picture of the home’s systems and inner workings, ensuring repairs are unnecessary.
To better support veterans in the competitive housing market, the New Jersey Department of Military and Veterans Affairs recently announced buyers can now compensate real estate professionals directly when using the
Final
Home Loan Guaranty Program. Educating Realtors® and veterans on these requirements and changes to the VA Home Loan Program ensures our heroes receive the support they need in their home buying journeys.
On Oct. 30, the PAG met with the NJ DMVA’s Deputy Commissioner of Veterans Affairs Vincent Solomeno to discuss how the department assists New Jersey’s veterans and their families. In this meeting, Solomeno provided contacts with the DMVA, resources for Realtors® to share with veteran clients, and ways for Realtors® to generally support the department’s veterans housing initiatives.
To further assist veterans and active military personnel, NJ Realtors® added a webpage dedicated to providing resources on their unique homebuying process. This page is filled with links and digital materials on loan assistance, homebuying guides, organizations dedicated to military and veteran support, and further education for Realtors® looking to become certified Military Relocation Professionals. Click here to learn more about how you can support veterans’ homebuying journeys
NAR Settlement Approval Slated for Nov. 26
The final court approval hearing for the National Association of Realtors® proposed settlement agreement is set for Nov. 26, 2024. As the date approaches, New Jersey Realtors® is monitoring any possible new developments. As guidance and clarification continues to be released from the national association, the library of forms will also be updated as needed. These
forms, which are all crafted with legal guidance, as well as direction from volunteer committee members, are available with your membership at njrealtor.com/zipform
For resources in helping your agents talk to consumers about the practice changes, please check out NAR’s Consumer Guide series, as well as their Do’s and Don’ts, at facts.realtor
Broker Bulletin
Local Advocacy Success: Two Wins for Property Owners in New Jersey
In a display of effective local advocacy, New Jersey Realtors® recently secured two major victories that protect the rights of property owners and promote sensible regulations on short-term rentals.
Neptune Township: A Reasonable Approach to Short-Term Rentals
The Monmouth Ocean Regional Realtors® and New Jersey Realtors® worked together to prevent a restrictive ordinance on short-term rentals from being introduced by the Neptune Township Council. Originally, the council was set to propose regulations that would have severely limited property owners’ ability to offer short-term rentals throughout the town.
Instead, the council introduced a more balanced ordinance. The new proposal allows short-term rentals throughout the town while implementing reasonable registration and enforcement measures. These provisions ensure that only properties with significant issues will face restrictions, rather than placing a blanket ban on all short-term rentals.
Wantage Township: Collaboration Leads to Progress
The Wantage Township Committee decided to table a proposed ban on short-term rentals. After discussions with local stakeholders, including the Sussex County Association of Realtors®, the committee agreed to pause the ordinance and collaborate on developing a more equalized approach.
The revised ordinance will aim to protect the private property rights of homeowners while addressing community concerns about potential issues at rental properties. This compromise showcases the effectiveness of collaboration between local officials and real estate professionals in creating solutions that work for both the community and property owners.
These advocacy efforts highlight the importance of local involvement in shaping policies that directly impact real estate and property rights. If you or someone within your brokerage is aware of a proposed local ordinance that is negatively affecting private property rights, please contact Bruce Shapiro in the Government Affairs department at bshapiro@njrealtor.com
Important Dates Ahead
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Broker Track at Triple Play: Build Your Year of Success
Must-Attend Broker-Focused Sessions at Realtors® Triple Play in Atlantic City FEATURE STORY
TUESDAY, DEC. 10
Adorna Carrol Dynamic Directions, Inc. President
9 a.m.-12 p.m., Room 402
Communicating Your Value to Buyer Clients
2-5 p.m., Room 402
Communicating Your Value to Seller Clients
In today’s real estate market, having effective dialogue and cutting-edge skills are imperative to representing buyer and seller clients. Real estate professionals need to articulate their value and demonstrate that they have the skills to guide the buyer or seller through the home buying and selling process.
Matthew Rathbun Coldwell Banker Elite Executive Vice President
10 a.m.-12 p.m., Room 419
Engage, Entice, Evolve: Using Today’s Technology to Grow Your Company
Are you scratching your head trying to get in front of one agent at a time? Today’s innovative brokers are using the power of emerging technologies to build a following of agents. AI, blogging, video, and social engagement open many opportunities for recruiting knowledgeable and dedicated agents. Combining these free tools with a few strategic systems will promise positive growth in your company.
Maura Neill Realtor®
10 a.m.-12 p.m., Room 415
Perception and Reality in Leadership
An effective leader hones leadership skills, improves emotional intelligence, and recognizes many realities in an organization. One’s perception and reality, may not be the same as others’. We’ll test your perception, compare it to others’, and discuss environmental perceptions and the application of emotional intelligence.
WEDNESDAY, DEC. 11
Pam Ermen Real Estate Guidance, Inc. President
9-10:30 a.m., Room 322
The Art of Accountability! Building Team Respect, Credibility and Connection
In this session, discover common mistakes team leaders make that hinder accountability, turning it into a power struggle instead of fostering a healthy team culture. Gain tangible tools, strategies, and resources to inspire the right hires to join and retain existing productive team associates. Cultivate a connection of credibility, trust, and mutual respect through the Art of Accountability!
We’ll See You Dec. 9-12! Register now at realtorstripleplay.com/registration
Bill to Expand Homeownership Assistance Awaits
Governor’s Signature
Recently, the New Jersey State Assembly and Senate approved Bill S1430 which now awaits Gov. Murphy’s signature. The Bill requires the State Rental Assistance Program and the Department of Community Affairs to reserve a portion of its funds to set up a program similar to the federal Section 8 Housing Choice Voucher Homeownership Program. This new proposed state program would provide monthly financial assistance to first-time homebuyers for homeownership expenses, instead of monthly rental assistance. A portion of the funds will also be set aside for veterans.
The new Bill allows holders of the existing SRAP voucher to utilize the funds to purchase a home by providing monthly homeownership assistance or a single down payment assistance grant. The voucher will cover principal and interest on mortgage debt, insurance, taxes, utilities, and other homeownership expenses. To further assist homeowners, the Bill also creates a Home Repair Emergency Assistance Fund to help families with costs of home repairs during their time in the program. If signed, the bill will take effect immediately.
