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Local Market Reports for March 2024
Provided by: New Jersey REALTORS®
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U.S. existing-home sales improved for the second month in a row, jumping 9.5 percent to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS® (NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.
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Share these reports on residential market activity with your
buyers and sellers. This is a member benefit provided to MJAR members.
Hunterdon County Report
Mercer County Report
Middlesex County Report
Somerset County Report
New Jersey Snapshot
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The single family median sales price year-to-date in New Jersey is $505,000, a 12.2 percent increase over last year. Here's how the counties' median sales prices compare. View the full report here. | | |
Finish Your CE with Ease
Save 30% Off in May
It’s time to boss up and quit putting off completing your CE requirements. The online courses from The CE Shop are designed to build your skills as an agent and boost your career. The best part? You can take them when it is best for you! Save 30 percent off Continuing Education courses this month. Enter promo code ELEVATE at checkout.
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What Does the NAR Settlement Really Mean? (Bright MLS Webinar Recording) | |
What Does the NAR Settlement Really Mean? (Bright MLS Webinar Recording)
The industry is buzzing with the news of NAR's proposed settlement; dramatic headlines and alarming theories abound. But not only are most of them misleading—in many cases, they're just plain wrong. In this webinar recording, Bright's Legal Counsel, Brian Schneider, separates fact from speculation, answers some of your most pressing questions, and explains more about what the proposed settlement actually means. View the recording here.
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NJ REALTORS® Housing Opportunity Foundation Baseball Game Fundraiser
June 20 at TD Ballpark
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Join NJ REALTORS® Housing Opportunity Foundation for a night of summer fun, including fireworks and a spectacular game from the New York Yankees Double-A affiliate team the Somerset Patriots vs. the Erie Seawolves. Tickets only $12 ($5 of each ticket will be considered a charitable
donation). Doors open at 5:35 pm. Game starts at 6:35 pm.
Purchase your ticket here.
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Does Standard of Practice 16-16 prohibit the negotiation of buyer broker compensation in a buyer's purchase offer? | |
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No. A buyer can always ask their buyer broker to make it a term of the purchase offer that the seller pay certain compensation to the buyer broker.
Standard of Practice 16-16 prohibits a REALTOR® from attempting to modify the terms of a listing agreement through the terms of an offer because the listing agreement is a contractual matter between the seller and the listing broker. However, the seller and the listing broker may independently choose to amend the listing agreement or take any other action they deem appropriate based on the seller's negotiations with the buyer. Standard of Practice 16-16 also prohibits a REALTOR® from delaying or withholding delivery of a buyer's offer while attempting to negotiate a buyer broker compensation. Get more facts about NAR's settlement agreement at facts.realtor.
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Code of Ethics Training
Current Cycle: January 1, 2022 – December 31, 2024
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REALTORS® are required to complete ethics training of not less than 2 hours and 30 minutes of instructional time. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®.
Cycle 7 (January 1, 2022–December 31, 2024) NAR Code of Ethics training cycles run on a triennial basis.
Check your Code of Ethics status here. For information about Code of Ethics training tools and resources, click here.
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Submit Your Code of Ethics Certificate of Completion If you have completed your ethics course for this CE cycle, please submit your certificate of completion to info@core-realtors.com so MJAR can update your record with the National Association of REALTORS® to reflect your completion of the triennial Code of Ethics requirement. | |
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Is Your Email & Phone Contact Information in Your MJAR Member Account Correct?
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Help us ensure that you receive all essential information about Member Dues renewal and other important Member services. It only takes a few minutes to update your account in the online Member Portal. Update your information here. Note: Your portal username is your NRDS number, and your default password is your last name - all lower case. Please call or email our Membership staff at (732) 442-3400 ext. 1, or email us at membership@metrocentrerealtors.com, if you need assistance updating your account. | | |
Federal Trade Commission Issues Final Rule Banning
Non-Compete Agreements
| Last week, the Federal Trade Commission (FTC) issued a final rule banning all non-compete agreements. Last year, the FTC issued a proposed rule regarding the banning of non-compete agreements, and the FTC received several thousand comments. In issuing the final rule, the Commission is banning non-compete agreements for all workers and has explained that non-compete agreements are “an unfair method of competition and therefore in violation of Section 5 of the Federal Trade Commission Act, for employers to enter into non-compete [agreements] with workers and to enforce certain non-compete [agreements].” Read more. | | |
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Sharpen Your Geographical Prospecting Skills, Boost Your Client Pipeline
Wednesday, May 22
12 PM
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In today’s competitive market, staying ahead means finding new clients and engaging them effectively. Join REALTORS® Property Resource for a dynamic session to dive into modern strategies for geographical prospecting in real estate. Take this class and learn proven methods to build and sustain your pipeline of clients. Discover how to:
- Analyze and select your farm area
- Identify “hot” neighborhoods and compare turnover rates
- Generate mailing labels and export
- Create lead generation content using Canva
- Stay on top of market trends
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Download the Updated Buyer Agency Agreement Form from ZipForm Now | | |
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The New Jersey REALTORS® Buyer Agency Agreement, form 121, is now available through zipForm. View the form on zipForm here.
If you missed the briefing with New Jersey REALTORS® legal counsel reviewing the updated agreement, you can view a recording here.
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Upcoming Events in New Jersey | | |
REALTORS® Day
in Trenton
June 6
Registration Open
| Trenton Day Registration Opening Soon! Mark your calendars for REALTORS® Day in Trenton on June 6 at the Trenton Historic Masonic Temple. You'll hear from legislative leaders, learn about key industry issues, and visit the State House. Register here. | | |
2024 DEI Real Estate Summit June 3 - 4 |
This year's multi-day Summit— designed to build curiosity and understanding of diversity, equity, and inclusion (DEI) in your personal and professional life—will be held in Newark, NJ. For more information and to register, click here. | | |
2024 Premier Affiliate Members | |
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Affiliate Membership Application
Become an Affiliate member and take advantage of the opportunity to market your services to approximately 7,800+ members of the Mid Jersey Association of REALTORS® . Download the Affiliate membership application here.
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