Weekly Newsletter

Tuesday, December 24, 2024

Wishing You & Yours Happy Holidays!

-Your Friends At GBR

PRESIDENT'S MESSAGE

A Message From GBR's 2025 President, Nicola Esposito

The challenges facing our industry are increasingly complex as they are dynamic, and our association stands as a unifying force—a platform for collaboration and innovation. We don’t claim to have all the solutions, but what sets us apart is our commitment to ﬁnding the solutions together. With the dedication of our diligent staﬀ, the passion of our proactive committees, and the strength of our leadership, we continue to make meaningful progress toward an enduring legacy. Our leadership team remains focused on listening to our members, striving to better understand what we need to do to become more eﬃcient, eﬀective, and engaging.

Agents who are REALTORS® believe in the principle that property ownership is essential to a free and democratic society. We are on the frontlines, safeguarding homeownership and championing its vital role in our communities. The question before us is this: will we uphold our commitment to maintaining the highest standards of professionalism and advocacy in our industry; or will we accept a reality where property ownership becomes a privilege for the few, instead of a cornerstone of opportunity for all? In these challenging times, our ability to adapt, lead, and inspire trust has never been more critical.

This year, our focus will be to cultivate a stronger identity for our members. By working closely with our state association, the New Jersey REALTORS®, and the National Association of REALTORS®, we will leverage media assets to ensure our messaging is precise, impactful, and far-reaching. Our leadership team will prioritize supporting our committees and councils by empowering future leaders and encouraging personal growth. Above all, we will remain steadfast in our mission: to serve the public with the highest ethical standards while fostering a spirit of competitive collaboration to protect the American dream of homeownership.

It is an exceptional honor and privilege to lead this remarkable association as its president. I am deeply grateful and am excited to work alongside our members and staﬀ as we strive to achieve new heights for our association and for the communities we serve.

Wishing you and your families a Merry Christmas, Happy Holidays and success in the New Year!

2025 Greater Bergen REALTORS® President

Nicola Esposito

ASSOCIATION NEWS

Introducing Greater Bergen REALTORS®

2025 Leadership Team!

GBR Celebrates Our Members & Welcomes The 2025 Leadership Team At The Installation & Holiday Gala!

VIEW GALA PHOTOS!

2025 REALTOR® Membership Dues Renewal Is Open

PLEASE NOTE: Dues Must Be Paid By December 31, 2024 Or A $100 Late Fee Will Be Applied To All Payments Received After This Date.

GBR Members! Head to the

2025 Membership Dues Billing

tab on the GBR website homepage to find helpful information to all your billing questions and concerns.

Avoid A Late Fee, Pay Today!

LEARN MORE

2025 Committee Sign Ups Are Live!

Join Us For An Exciting Year Of Networking, Events, Community Service, And More!

You Can Make A Difference... Volunteer For A GBR Committee Today!

Greater Bergen REALTORS® relies on the expertise and participation of our members. Our committees ensure that association programs and services meet the needs of the membership. Please lend your skill and experience for the betterment of our association and industry.

*Please note, all current committee members must re-apply for 2025 committees.

'Tis The Season To Give The Gift Of Scholarship!

The REALTORS® Care Foundation High School Scholarship Applications Are Now Open!

Do You Know A Graduating Senior Who Could Use A Helping Hand? Apply Today!

The Greater Bergen REALTORS® High School Scholarship Program is now accepting applications for high school seniors. GBR offers this scholarship to public high school districts within its jurisdiction.

Fill out the application and email all supporting documents to:

Education@GreaterBergenRealtors.com by the application deadline of April 21, 2025.

APPLY HERE

GBR's 2025 Course Catalog Is Here!

View Upcoming CE Classes, Event Schedules, And More!

Complete Your Mandatory Continuing Education Credits, Including the NEW 1 Agency Credit Requirement By Wednesday, April 30, 2025!

For Your Convenience, NEW 1-Hour Agency Hybrid Classes Have Been Added!

VIEW COURSE CATALOG

New Continuing Education Requirements In New Jersey

*Please Note, As Per The Real Estate Commission, You Must Complete An Additional 1 Agency Credit To Fulfill Your CE Credit Requirements By April 30, 2025.

LEARN MORE

The Perfect Gift For The Holidays:

A New Career In Real Estate For Yourself Or A Loved One!

$ave $150 When You Sign Up With Promo Code: SAVE150

EXCLUSIVE GBR Member Benefit!

In a housing industry that is increasingly complex and interconnected, real estate leaders rely on HousingWire for the full picture.

HousingWire provides housing leaders with a complete view of the housing market – including news, market data, housing research and more!

Visit the Greater Bergen REALTORS® HousingWire page and click "Get Access" to enter your information and sign up today!

HEALTH & WELLNESS

GBR Health, Wellness, Safety Council's Blood Drive Is January 22nd At GBR Headquarters!

Join GBR's Health, Wellness, Safety Council's first ever Blood Drive! Give back to your community in the most meaningful way, saving a life. Your participation is key.

Help safe a life with your donation. Please register today!

*Please Note: Registration Is Directly Through The Vitalant Donation Portal.

January 22, 2025

12:00PM - 4:00PM

GBR Headquarters

STATE NEWS

2024 Year in Review

An Article From New Jersey REALTORS® 2024 President,

Gloria Monks

It’s been quite a year of transformative change in real estate. When I took my oath of office as New Jersey REALTORS® President last December, I certainly didn’t for see the challenges of the year ahead, but I’m proud of the work we’ve put in together.

As REALTORS® we’ve adapted our business practices so we’re following the new laws and regulations while ensuring our clients are still receiving top-notch service. One constant remains: putting our clients’ needs above all else.

I’m proud of the work I see from agents and brokers across the state to comply with the New Jersey Real Estate Consumer Protection Enhancement Act and mandatory practice changes from the National Association of REALTORS® settlement agreement. While it has not been easy, your work and dedication to the industry has not gone unnoticed and I am proud of the 59,000 of you from Cape May to Sussex County.

NATIONAL NEWS

NAR Applauds Congress for Passage of Government Funding Resolution

Recently, National Association of REALTORS® (NAR) President Kevin Sears issued the following statement after the United States Congress passed a continuing resolution (CR), funding the government until March:

"NAR applauds lawmakers for passing a stopgap funding measure and keeping our government open and running. We thank Congress for continuing to extend the National Flood Insurance Program (NFIP) as part of the CR. As the 118th Congress nears its end, NAR looks forward to working with the new Congress to make long-term reauthorization and reform a priority moving forward."

"Our association is also pleased that this Congress included $12 billion for HUD’s Community Development Block Grant Programs directed towards disaster relief. This addition sheds light on the importance of not only the need for new inventory, but also the reconstruction of existing infrastructure in devastated areas."

GLOBAL PERSPECTIVES

United Kingdom Residential Property Market Analysis 2024

The British housing market shows early signs of recovery, with improving lending conditions expected to encourage buyers and boost the stalling development activity next year, while the new government allocates additional funding to address housing shortages.

This extended overview from the Global Property Guide covers key aspects of the UK housing market and takes a closer look at its most recent developments and long-term trends.

According to the latest data by Nationwide Building Society, the annual rate of house price growth in the UK accelerated in Q3 2024, reaching 2.48% year-on-year compared to 1.15% in the previous quarter. This increase places the average house price at GBP 266,640 (USD 346,781), just 2.4% below the all-time high of GBP 273,235 (USD 355,358) recorded in Q3 2022. When adjusted for inflation, house price dynamics remained stable, marginally declining by 0.44% year-on-year.

TIPS FOR CONSUMERS/REALTORS®

Are Home Buyers Getting Used to Higher Mortgage Rates?

Home buyers seem to be getting over the shock of mortgage rates in the mid- to upper-6% range. The 30-year fixed-rate mortgage averaged 6.72% this week, Freddie Mac reports. Despite the Federal Reserve’s recent rate cuts, that average has held steady.

Still, existing-home sales in November were up about 6% year over year, NAR reported recently. “Consumers may no longer be expecting the 3% to 4% mortgage rates from the COVID days,” Lawrence Yun, chief economist of the National Association of REALTORS®, said in a conference call announcing the latest uptick in existing-home sales. “With mortgage rates mostly stable … more homes available for sale … and job creation up, this is pushing home sales higher.”

Sam Khater, Freddie Mac’s chief economist, points out that rates have stayed in the 6% to 7% range for the past 12 months. “Home buyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home,” he says.

“Consumers are getting used to the new normal,” Yun agrees, especially considering that the 50-year rate average is 7.7%.

AFFILIATE SPOTLIGHT

Meet Affiliate Partner, Carlos Capellan!

Carlos J. Capellan Insurance Agency Inc.

"My name is Carlos Capellan and I am a State Farm Agent. I’m passionate about helping others protect the things that matter most. As a bilingual Agency, my team and I are able to help the needs of all within our community. We are multi state licensed, so can service the insurance and financial needs in the states of New Jersey and New York.

My team and I provide risk management services to individuals and commercial customers alike in a holistic and consultative manner. We recognize that every individual and situation is different and therefore take the necessary time to understand our customer's needs before making recommendations on a Personal Price Plan. As a small business owner myself I understand the unique needs of other small business owners and work with them to provide the guidance and protection they need."