Weekly Newsletter

Tuesday, September 24, 2024

ASSOCIATION NEWS

Fall Into The Gift-Giving Spirit!

The RPAC Online Auction Is Live! Visit & Invest Today!

HURRY! There Is Still Time To Invest Your $100 In RPAC

To Be Eligible For 1 Circle Of Excellence Point!

DEADLINE: MONDAY, OCTOBER 7TH!

Visit and invest in RPAC today! The online auction runs from September 20-30, 2024.

VIEW AUCTION ITEMS

*Please Note, the deadline for the 2024 New Jersey REALTORS® Circle of Excellence Sales Award® unit is October 7, 2024. This is the deadline for local boards and associations to receive contributions to the Real Estate Political Action Committee (RPAC) to be eligible for a unit towards the award.

MAKE AN RPAC CONTRIBUTION

FREE Member Event! Register Today!

The 2024 Annual Meeting Is October 15, 2024!

With Keynote Speaker, Logan Mohtashami HousingWire® Economist and Data Analyst

Join Us For GBR's 2024 Annual Meeting! Enjoy a complimentary breakfast, meet colleagues, network with peers, learn about association updates, overview of CPEA, vote on two key issues: 2025 Budget and Board of Directors. Plus, meet our affiliate sponsors and be part of their prize drawings. You must be present to win!

Keynote Speaker:

Logan Mohtashami, HousingWire® Economist

Understanding The 2024-2025 Housing Market: Inventory, Rates, And Affordability

New This Year!

A Fireside Chat With Lisa Comito, Greater Bergen REALTORS® 2024 President

And Logan Mohtashami, Housingwire® Economist.

Tuesday, October 15, 2024

9:00 AM - 11:30 AM

Teaneck Marriott at Glenpointe

100 Frank W Burr Blvd, Teaneck, NJ 07666

EXCLUSIVE GBR Member Benefit!

GBR is offering members a FREE subscription with HousingWire!

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

& more!

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

Happy Hispanic Heritage Month!

The Diversity, Equity, & Inclusion Committee,

Young Professionals Network, and The Global Business Council Present:

Hispanic Heritage Celebration "Viva La Casa"

FUN ALERT: STEAL OF A DEAL FOR $50

ALL-INCLUSIVE: APPS, DINNER, DRINKS, MUSIC, DANCING!

Join us for a special salute to Hispanic Heritage Month - advancing homeownership and DEI in the real estate industry! Your all-inclusive ticket includes apps, dinner, and drinks! Plus, live music and dancing!

October 10, 2024

6:00PM - 9:00PM

$50 For Members | $60 Non-members

La Havana 59 110 Moonachie Ave., Moonachie, NJ 07074

*Join us for a FREE CE Class on October 10th from 9:00AM - 12:00PM, Helping Hispanic Immigrants With The Purchasing Process, with instructor Dora Omana.

Click HERE to register for the class!

The Community Service Committee & JL Blessings Are Hosting A Backpack Donation Drive!

Help Fill Backpacks For People In Need With Two Easy Ways To Donate Today! Donate Items Directly From Amazon via Ray Thorne's Gift Registry or Drop-Off Items At GBR Headquarters!

THANK YOU!

Join the Community Service Committee and JL Blessings in their joint mission to help people in need. The backpack donation drive includes an online Amazon gift registry that will run through October 23, 2024. You can also drop off items at GBR Headquarters.

Give Today!

VIEW WISH LIST

NEW! FREE For Members!

"Let's Talk" All About The All In One Mortgage: The Most Powerful Mortgage Available

The All-In-One Mortgage is the most powerful mortgage on the market. The flexibility of it is unmatched – it’s proprietary to us at CMG and we have a patent for this product. Perfect for cash-flow positive individuals. Helps build net-worth, 24/7 access to equity, funds for emergencies, pays down the mortgage in record time, etc. Course takeaways:

•How Borrowers can gain more control and leverage their own money

•Mortgage Banking and Everyday Banking reimagined

•Comparison of "typical" mortgage versus the All-In-One

•See the power of the only principal paid first mortgage in the country

October 10, 2024

11:30 AM - 12:30 PM

Hybrid

FREE For Members | $20 Non-Members

$ign Up & $ave! Early Bird Pricing!

Earn The Short Sales & Foreclosure Certification

In Just One Day!

The Short Sales and Foreclosure Resource (SFR®) certification is for REALTORS® who want to hone the skills that will allow them to help buyers and sellers of distressed properties.

What you gain:

Direct distressed sellers to finance, tax, and legal professionals
Qualify sellers for short sales
Develop a short-sale package
Negotiate with lenders
Tap into buyer demand
Safeguard your commission
Limit risk
Protect buyers

October 18, 2024

9:00AM - 4:30PM

Instructor: Patricia Badia

~~Pricing: $125 For Members | $150 Non-members~~

EARL BIRD PRICING: $99 For Members | $125 Non-members

Credits: NJ 7 Elective/ NY 6 Hours

FREE For Members! Register Today!

Earn The Accredited Buyer's Representative (ABR®) Designation For FREE In Just Two Days!

The Accredited Buyer's Representative (ABR®) Designation is for real estate buyer's agents who focus on working directly with buyer-clients at every stage of the home-buying process. This is a two-day designation course.

What you gain:

Valuable real estate education that elevates your skills and knowledge in the eyes of home buyers.
Ongoing specialized information, programs, and updates that keep you knowledgeable on the issues and trends facing home buyers.
Access to members-only publications, marketing tools and resources.

October 21-22, 2024

9:00AM - 5:00PM

FREE For Members

Instructors: Rhoda Moss-Latimer, Evelyn Paladino

Credits: NJ 12 Ethics & NY 15 Hours

Know Someone Looking For A Career Change?

Recommend Real Estate At A Discounted Rate!

Save $150 Today With Promo Code: SAVE150

GBR's Center For Professional Development is offering three convenient options for anyone with a busy schedule who is looking to switch careers this season! We know making the change can be hard, that's why we make signing up easy and affordable, providing you options that fit your lifestyle!

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

LEARN MORE

GBR HIGHLIGHTS

The Advocacy & Communications Committee Hosts

GBR Open House: Curiosity, Committees and Cocktails!

The Advocacy & Communications Committee hosted GBR Open House: Curiosity, Committees, and Cocktails last week at GBR Headquarters for over 60 members. The inaugural event was an opportunity for members of the association to come mix and mingle with their peers, meet and greet with committee leaders and the Board of Directors, and to learn more about ways to maximize their GBR membership. The happy hour event included association trivia, a raffle pool, and various prizes, including REALTOR® brand gift items.

A special thank you to sponsors, JiffyJunk and Everett Title Agency.

To view more photos of the GBR Open House, click HERE.

HEALTH & WELLNESS

COMING SOON!

GBR Health, Wellness, Safety Council Blood Drive!

Can We Count On You? Show Your Interest & Sign Up Today!

GBR is planning a Blood Drive this fall. Can we count on you? Give back to your community in the most meaningful way, saving a life. Your participation is key. Please show your interest by signing up today! We will announce the date. Thank you!

STATE NEWS

New Construction:

Is it Enough to Ease Housing Supply Woes?

Like much of the nation, New Jersey continues to grapple with a housing shortage driving up prices and frustrating buyers. The number of active listings across the total market in the state was 60,984 in July 2016 and dipped to less than half of that at 21,366 in June 2024, according to New Jersey REALTORS® housing market data.

Many REALTORS® and buyers look to newly built homes to overcome the lack of supply of existing homes, but what’s under construction in various markets doesn’t always meet demand.

“New Jersey is an interesting market, with so much of it developed, new homes represent just a small percentage of the housing supply,” said Dan Fulton, a senior vice president based in Reston, Va. with Zonda Advisory, a residential construction data and consulting firm. Fulton oversees and directs research on projects in the Mid-Atlantic and Northeast regions for the nationwide firm. “Most of the new development is outside of the New York City area. There’s more development in Somerset and Monmouth counties.”

DEADLINE: THIS FRIDAY, SEPTEMBER 27

Have You Been A REALTOR® For 25 Years Or More?

Honor Your Commitment To The Industry And Apply For New Jersey REALTORS® Quarter Century Club By September 27th!

Quarter Century Club Member Application Must be submitted to your local board/association no later than Friday, September 27, 2024. No Exceptions! The Quarter Century Club honors NJ REALTORS® members who have served as REALTOR® or REALTOR-ASSOCIATE® in New Jersey for 25 years or more.

Please contact Greater Bergen REALTORS® staff member:

Lori Palladino | lori@greaterbergenrealtors.com

APPLY HERE

New Jersey REALTORS® Circle of Excellence Sales Award® Applications Are Now Open!

New Jersey REALTORS® Circle of Excellence Sales Award® recognizes members who have demonstrated excellence in sales. Units are earned for quantity and dollar value of closed transactions throughout the calendar year.

Your application must be submitted to, and approved by, your broker/office manager by January 13, 2025 at 5:00pm EST.

APPLY HERE

NATIONAL NEWS

Existing-Home Sales Dipped 2.5% in August

Key Highlights

Existing-home sales retreated 2.5% in August to a seasonally adjusted annual rate of 3.86 million.

Sales slid 4.2% from one year ago. The median existing-home sales price rose 3.1% from August 2023 to $416,700, the 14th consecutive month of year-over-year price increases.

The inventory of unsold existing homes improved by 0.7% from the previous month to 1.35 million at the end of August, or the equivalent of 4.2 months’ supply at the current monthly sales pace.

“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months. The home-buying process, from the initial search to getting the house keys, typically takes several months.”

-NAR Chief Economist Lawrence Yun

GLOBAL PERSPECTIVES

Foreign Buyers Purchase $42 Billion of U.S. Homes in 2024, a 21 Percent Annual Decline

According to a recent report from the National Association of REALTORS® (NAR), foreign buyers spent $42 billion on U.S. existing homes between April 2023 and March 2024, a 21.2% decrease from the previous 12 months. During this period, international buyers purchased 54,300 properties, marking a 36% decline from the year before and the lowest level since 2009 when NAR began collecting this data. In total, U.S. existing-home sales reached 4.09 million in 2023, down 18.7% from 2022, and the lowest since 1995.

NAR Chief Economist Lawrence Yun attributed the decline to the strong U.S. dollar, which makes international travel cheaper for Americans but significantly increases the cost of U.S. homes for foreign buyers. "It's no surprise to see foreign buyers pulling back from U.S. home sales," Yun said.

The 18th Annual Global Real Estate Summit NYC

Be Globally Minded In A Transformative Age

Join us at the 18th Annual Global Real Estate Summit NYC, a prestigious gathering hosted by 10 Regional, State and National REALTOR® Associations. The Global Summit is where industry leaders and top global practitioners convene to explore the latest trends and opportunities in the dynamic world of real estate.

November 5, 2024

Fordham University Lincoln Center Campus

113 W 60th Street, New York, NY 10023

TIPS FOR CONSUMERS/REALTORS®

National Association of REALTORS® Announces New "Consumer Guide" Series

The National Association of REALTORS® today announced a new series of consumer resources designed to help agents who are REALTORS® empower home buyers and sellers following recent practice changes. To date, NAR has published six installments in the series and will continue to release new resources in the weeks ahead.

“At the heart of what we do as RREALTORS® – who abide by a strict code of ethics – is protect and promote the interests of our clients,” said Kevin Sears, President of the National Association of REALTORS®. “We are committed to making the process of buying or selling a home as transparent and seamless as possible for clients, and this new series of guides provides an exceptionally clear roadmap for the process of working with an agent who is a REALTOR®.”

Follow GBR's New Campaign!

#DidYouKnow... Greater Bergen REALTORS® Now Has A Consumer Resource Page, Consumer Corner To Share With Your Prospective Clients!

Welcome to Greater Bergen REALTORS® Consumer Resource page, Consumer Corner. Here, you can find the latest #DidYouKnow consumer-facing information regarding the most recent legislation changes within New Jersey, and what those changes mean for your client. Feel free to share these resources with your prospective clients and on your social media platforms.

VISIT CONSUMER CORNER

AFFILIATE SPOTLIGHT

Meet Affiliate Partner, Dana Forsyth!

Dana Forsyth is wine representative a with ONEHOPE Wine.

The ONEHOPE Foundation gives to organizations that provide greater access to water, hunger relief, health, and education – while also supporting local non-profits across the country.