DESIGNATED
REALTOR
®
VOLUME 2 ISSUE 1: FEBRUARY 2018
NJREALTOR.COM
I M P O R TA N T D AT E S
FEBRUARY 19
NJ Realtors® office closed Presidents Day observed
MARCH 8
TaxBot member webinar 12 p.m. spendingtracker.infusionsoft.com/ go/webinar_nj/nj
APRIL 6
NJ Realtors® Educational Foundation scholarship application deadline 5 p.m.
17
Tax Day Executive Committee 11 a.m.
MAY 14 28
Realtors® Legislative Meetings & Trade Expo Washington, D.C. nar.realtor/midyear NJ Realtors® office closed Memorial Day observed
Is Your Contact Info Up-to-Date? T
o ensure that you continue to receive important information and updates, please take a moment to confirm the personal account details you have with the New Jersey Realtors® are correct. You can view all of the information on file at njrealtor.com/account. If this information is not up-to-date, please contact your local board. Each issue of New Jersey Realtor® magazine is sent based on the information in this system, so if it’s incorrect, you might not be receiving vital information. As a reminder, digital editions of New Jersey Realtor®, Designated Realtor®, as well as other publications can always be accessed at issuu.com/newjerseyrealtor. If you need to update the email address that is on file, you can do so right from the account page, by clicking the “change email” prompt that is highlighted in blue. This change will update your email address on your membership record associated with your NRDS number for your local board/association, New Jersey Realtors®, and the National Association of Realtors®.
Designated REALTOR® | February 2018 | 1
NEW JERSEY
REALTOR
®
JANUARY/FEBRUARY 2018: VOLUME 4 ISSUE 1
MEET YOUR 2018 LEADERSHIP
NJREALTOR.COM
Fair Housing Act Celebrates 50 Years Style Guide: 2018 Colors of the Year
&
2018
Leadership Team New Governance Structure
A
new governance structure for New Jersey Realtors® 2018, reducing the size of the association’s Board of Directors and Executive Committee. The smaller, more focused group, will increase engagement technology to foster greater participation.
2018 NJ Realtors® Leadership Team
NEW JERSEY REALTORS
®
GOVERNANCE
BOARD OF DIRECTORS
EXECUTIVE COMMITTEE 40
200 36 MEMBERS
Meet your 2018 Leadership Team and learn more about the new governance structure. Leadership Team President, Christian Schlueter President-Elect, Ilene Horowitz First Vice President, Angela Sicoli Treasurer, Nick Manis Immediate Past President, Robert Oppenheimer
Regional Vice Presidents Region 1: Corinna “Cori” Burke (representing Cape May, Atlantic, Ocean City, and Ocean County) Region 2: Gregory Eccleston (representing Burlington Camden, Gloucester Salem, and Cumberland) Region 3: John Zennario (representing Monmouth Ocean, Metro Centre, and Mercer) Region 4: Melanie Selk (representing North Central, Hunterdon/Somerset, and Warren) Region 5: Dana Williams (representing Passaic, Sussex, and RealSource) Region 6: Mark Quartello (representing Eastern Bergen, Liberty, and West Essex)
150
168 MEMBERS
30
20
100 61 MEMBERS
13 MEMBERS
50
10
0
0
CURRENT
NEW
CURRENT
NEW
Executive Committee
13 Executive Committee
5 Leadership Team
5 Leadership Team
Past Presidents
5 Division Officers
Committee Chairpersons
4 Additional Past Presidents
Local Board Reps NAR Directors President-Appointed Representatives
5 Division Officers
6 Regional VPs
19 Local Board Presidents
1 Additional Past President
38 Local Board Reps
3 Additional Past Presidents
1 Association Executive
1 NAR Regional Vice President
1 Association Executive 1 Realtor-Associate
®
NAR Liaisons RVP
IMPORTANT NOTES • Approved at September 2017 Board of Directors meeting • Implemented at January 2018 meetings • Webcast available for Board of Directors meetings for all membership • Secure online video conferencing available for virtual attendance • Meetings are now held at NJ Realtors® headquarters • State is broken into six regions with regional vice presidents • Low attendance rates, waning engagement on issues, repetitive meetings, and costs were areas of concern for the Governance PAG
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COMMEMORATING THE 50TH ANNIVERSARY OF THE FAIR HOUSING ACT
FAIR HOUSING MAKES US STRONGER There is no community without unity. There is no justice without equality. And there is no America without diversity. Our country’s vibrant mix of cultures is what makes us great and gives us strength. It makes us who we are. We’re committed to ensuring opportunity is available to everyone, which is why we are proud to commemorate the 50th Anniversary of the Fair Housing Act.
Visit www.FairHousing.realtor
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In doing so, we acknowledge past opposition and the industry pioneers who have bravely worked to challenge and overcome them — and the need to continue efforts to broaden and enhance the Act to include new groups, truly protecting all Americans for the next 50 years and beyond. We're encouraging the REALTOR® community and beyond to join us in this commemoration.
JANUARY 2018
Fair Housing: Promises of a Century For REALTORS®, the Fair Housing Act is one of our nation’s most significant laws guiding the real estate industry today. Usually we recognize it with Fair Housing Month, celebrated in April each year. 2018 is different, though, as we commemorate the fiftieth anniversary of this major milestone in our nation’s efforts to bring greater equal opportunities in the rights to private property and housing. As we commemorate this act, it is important to recognize that the way our country views property rights, and who has those rights, has been a struggle dating back at least since Europeans first came to North America. When he signed the Fair Housing Act into law on April 11, 1968, President Lyndon B. Johnson noted that the bill would help fulfill “the promises of a century.” He referred to another law enacted just over one hundred years earlier, the Civil Rights Act of 1866, which declared “That all persons born in the United States […] are hereby declared to be citizens of the United States; and such citizens, of every race and color, without regard to any previous condition of slavery or involuntary servitude […] shall have the same right, in every State and Territory in the United States, to make and enforce contracts, to sue, be parties, and give evidence, to inherit, purchase, lease, sell, hold, and convey real and personal property….” Despite the language and spirit of the law, the intervening century provided countless examples of laws and events that contradicted this early declaration of equality, including the right to buy, sell and own homes and other real property. The Civil Rights Act of 1866 itself specifically excluded Native Americans and immigrants from its definition of “all persons.” California, Oregon, Minnesota and other states enacted laws restricting or prohibiting immigrants from China
and other Asian countries from owning land. Cities and towns across the country often used covenants as part of property deeds to restrict who could purchase and live in a particular place, effectively creating neighborhoods from which African Americans and other groups were banned. A parade of court decisions and legislation sought to overturn many of these restrictions. In the early 1800’s, individual states began enacting laws granting women the right to own property. In 1948, the U.S. Supreme Court decided in the landmark case Shelley v. Kraemer that racially restrictive covenants on real estate could not be legally enforced. Less than a decade later, New York City became the first locality in the United States to ban discrimination in privately owned housing. In 1962 discrimination in federally funded housing was banned. But it was the Fair Housing Act of 1968 that became the nation’s definitive law granting everyone equal access to housing, no matter their ethnicity, nationality, religion, handicap, or familial status. As President Johnson plainly explained: “It proclaims that fair housing for all— all human beings who live in this country— is now a part of the American way of life.”
For more information, resources and to get involved, visit www.FairHousing.realtor
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2017 Residential Market Recap By Allison Rosen
T
he numbers are in and the 2017 housing market in New Jersey, once again, proved to be steady in many regards, but also showed signs of a few changes. While the median sales price at the end of the 2017 remained even at $280,000 when compared to 2016, there are additional markers that indicate the overall health of the market and show that it’s becoming more favorable to sellers here. Prices continued to be affordable for buyers at an index of 150, up 4.9 percent over last year, and while unemployment rates ended at 5 percent for the year, that rate is similar to numbers we’ve seen over the last few years and is significantly lower than during the Great Recession.
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New listings rose just 1.2 percent to 178,756 for the year, but closed sales jumped 9 percent to 115,991 and the days on the market fell 11.3 percent to 71 days. In December, the total number of homes for sale was 41,240 – down a dramatic 19.4 percent – and the months’ supply was at just 4.2, down 26.3 percent when compared to the same time last year. Sellers received an average of 97.4 percent of their list price, up 0.8 percent over last year. When all of these factors are considered together, it indicates that in 2017, sellers felt more confident, as there was lower inventory and more competition among buyers. December’s pending sales rose 5 percent to 7,050, which will give a boost to early 2018 sales numbers.
Digging deeper into the three key housing categories New Jersey Realtors® tracks, here’s what we saw for year-todate 2017:
• Closed Sales: 24,394, up 8.5 percent • Days on Market: 69, down 12.7 percent • Affordability Index: 168, up 3.7 percent
Single-Family Market • Median Sales Price: $305,000, up 1 percent • New Listings: 129,050, up 1.8 percent • Closed Sales: 81,871, up 9.7 percent • Days on Market: 71, down 12.3 percent • Affordability Index: 137, up 3 percent
Adult Community Market • Median Sales Price: $185,000, up 5.7 percent • New Listings: 9,637, down 2.6 percent • Closed Sales: 7,615, up 4.2 percent • Days on Market: 68, down 9.3 percent • Affordability Index: 232, down 0.9 percent
Townhouse-Condo Market • Median Sales Price: $250,000, up 0.8 percent • New Listings: 36,096, down 0.4 percent
Visit njrealtor.com/10k to view the full state report, and also access all county and municipality reports.
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Bulk Sales Contract Updated T
he New Jersey Realtors® Standard Form of Real Estate Sales Contract, Form #118, has been updated to reflect Senate bill 2839, which was signed by former Governor Chris Christie on January 15, 2018. New Jersey Realtors® strongly supports this legislation, which amends New Jersey’s bulk sales requirements into law. In 2011, the association worked to have a new law adopted to ensure that individuals, estates, and trusts purchasing 1-2 family homes, condos, co-ops, and seasonal rental properties would be exempt from bulk sales notification requirements. This ensured these real estate transactions were not unnecessarily delayed, as long as they were not an LLC or other corporate entity. S-2839 now clarifies that bulk sales notification requirements do not apply to properties owned jointly by more than one individual, estate, or trust – like an unmarried couple or siblings. The new law took effect immediately and is retroactive to August 1, 2007.
Updates in the contract include: • The second paragraph in Section 21 of Bulk Sales now reads: “The Law does not apply to the sale of a simple dwelling house, or the sale or lease of a seasonal rental property, if Seller is an individual, estate or trust, or any combination thereof, owning the simple dwelling house or seasonal rental property as joint tenants, tenants in common or tenancy by the entirety.” • The date on the bottom of all pages is now 1/18.
Wire Fraud Notice Now Available N
ew Jersey Realtors® has developed a Wire Fraud Notice to help members educate their clients about the risks of wire fraud in real estate transactions. Because communication is mostly done electronically and technology is advancing quickly, it is pivotal that you and your clients remain informed about the warning signs of cyber hacking. In cases of wire fraud, criminals typically monitor all electronic communications related to a real estate transaction, like emails, so that he or she can acquire personal information and mimic those involved in the transaction. The hacker will intricately imitate language and personal details of real estate brokers, agents, mortgage brokers, and attorneys, and sometimes even family members. Education and directly speaking to all parties in a real estate transaction are the best tools to avoid being a victim. To help avoid this situation, the Wire Fraud Notice
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is an educational piece to give to clients. The notice is available through ZipForm Plus, which is free for members, and also available for purchase through FormSimplicity. For any questions regarding the updated sales contract and the Wire Fraud Notice, please visit our Risk Management page or contact Director of Member Services, Teresa Tilton, at 609-341-7118.
LAST YEAR WE GAVE $50,000 IN SCHOLARSHIPS TO DESERVING STUDENTS
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DEADLINE APRIL 6, 2018 @ 5:00 NJREALTOR.COM/EF
Educational Foundation
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Miss a session at
?
If you missed any of the broker’s sessions at Triple Play, you can still access the courses easily through the conference’s audio recordings. Whether you’re looking for individual sessions or the entire convention package, you can visit realtorstripleplay. com to obtain access. Under the events tab, select audio recordings and you can purchase the Playback Pass or Season Pass, which comes with audio streaming and downloads for every presentation. You can also upgrade to the Flash Drive Works Package and have a USB flash drive with all the MP3 files delivered with free shipping.
Leadership & HR: How to Build, Lead & Grow Your Team Through Company Culture Marc Cunningham President, Grace Property Management & Real Estate Denver, Colorado
Curious what you might have missed? Look through these classes, designed specifically for brokers: Company Policy Manual...Your Safety Net for Managing Risk Roseann Farrow President, Roseann Farrow Seminars Hudson Valley, NY
The On Purpose Principle Dan Elzer President, Our Training Academy Altamont Springs, FL
Get in Gear Sean Carpenter Agent Development Director, Ohio NRT Companies Upper Arlington, OH
Herding Cats – Best Business Practices Cheryl Knowlton Branch Broker, ERA Brokers Consolidated Salt Lake City, UT
The Consumer, Core Values and the Future of Real Estate Sherry Chris President and CEO, Better Homes and Gardens Real Estate LLC Madison, NJ
RESO Data Standards and NAR MLS Policy Mandates Jeremy Crawford Executive Director, RESO Raleigh, NC How to Avoid Extinction: Reviving Talent in Your Company Kate Conquest Senior Manager of Transitions and Implementation, Coldwell Banker Madison, NJ
Build a Better Agent in Thirty Minutes or Less Pam Ermen President, Real Estate Guidance, Inc. Virginia Beach, VA 50 Questions Brokers Should Ask Before Starting Teams Pam Ermen President, Real Estate Guidance, Inc. Virginia Beach, VA
RPR: Beyond the Basics Ernie Bottom, Regional Director for Industry Relations, NAR RPR Chicago, IL
Designated REALTOR® | February 2018 | 9
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