SALES AND VALUES UP IN OCTOBER:

In a press release to the media today, Maine home sales increased 3.21% comparing October 2024 to October 2023. The median sales price (MSP) was $395,000, a 5.05% increase in that same time period. NAR reports that the number of single-family home sales was unchanged in the northeast and increased nationally, and median prices rose in the northeast and nationally comparing October 2024 to October 2023. Read the full release here.

REMINDER:

The following Maine-specific documents can be found under the REALTOR® Access Only section of the MAR website (password: codeofethics): 

 -Buyer Agreement FAQ’s

-Buyer Agency Compensation Options 2024

-Compensation and Listing Agreement FAQ’s

-Guidance on How to Complete the Flood Hazard Disclosure

-Shoreland Zoning Violations Disclosure Q&A

FACTS.REALTOR:

On March 15, the National Association of REALTORS® announced a proposed $418 million settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. On April 19, the Plaintiff’s counsel filed a Motion for Preliminary Approval, and the judge has granted that motion for preliminary approval. The court hearing for final approval is November 26.

Visit facts.realtor for the latest updates and to find a copy of the proposed litigation settlement, a regularly updated Q&A document, consumer guides, and media releases. 

FEDERAL REPORTING REQUIREMENTS FOR BENEFICIAL OWNERSHIP:

The Corporate Transparency Act (“CTA”) was enacted by U.S. Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. 

The CTA establishes a beneficial ownership reporting requirement for corporations, limited liability companies, and other similar entities formed or registered to do business in the United States. Beneficial ownership reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury with an initial deadline of December 31, 2024. For information on filing requirements please visit FinCen’s website and/or contact your legal and financial advisors.

This FinCEN video provides additional information

FRAUDULENT SELLER SCAMS RED FLAGS INFOGRAPHIC:

Review the above infographic and share it with your colleagues. Recent fraudulent/imposter sellers were targeting properties in Windham and Harpswell: 



For prospective sellers who are not physically located near you/the property, ask them to Zoom, Google Meet, Facetime with you for a first meeting – and ask them to show their identification on the screen. While scammers may also have fraudulent identification, they are likely to be unwilling to show their face on a screen. You can use a phrase like, “it’s our office protocol for new customers and clients”. If they’re unwilling, likely a red flag. It is not enough to receive identification via email since scammers are using fake passports and/or drivers licenses.

For potential sellers who are nearby, always schedule first meetings with customers/clients in the office, verify their identity (take a photo of their driver’s license), and introduce them to a colleague. 

HOLIDAY SHOPPING OR TRAVELING? 

Make sure to check out the NAR REALTOR® Benefits Program Partners to see if you could be saving money as a result of your REALTOR® membership: https://www.nar.realtor/realtor-benefits-program

RETIREMENT PLANNING?

Check out this member benefit from NAR, self-directed retirement plans for REALTORS®

OPEN ENROLLLMENT AT COVERME.GOV:

The Made for Maine Health Coverage Act, passed by the Maine Legislature in 2020, authorized the creation of a State-run health care insurance marketplace where individuals and families can shop for health insurance. Maine’s Marketplace, called CoverME.gov is now open. All plans sold through CoverME.gov provide comprehensive coverage and Essential Health Benefits. 

The Open Enrollment Period ends January 15, 2025, but the deadline is December 15, 2024 if you need coverage to begin January 1. You can use https://CoverME.gov to:

• Shop for and compare health insurance plans that provide quality comprehensive coverage.
• Apply for financial assistance to lower health insurance costs.
• Find a certified expert to guide you through the shopping and enrollment process and answer your questions at no cost to you.

To learn more: https://www.coverme.gov/

NAR INSURANCE PLACE:

You can also check out the health insurance options at NAR’s REALTORS® Insurance Place. Find out more here. https://realtorsinsuranceplace.com/nar-health-insurance-products/

2024 HOLIDAY SCHEDULE:

Defined in paragraph 23 of the Purchase and Sale Agreement (and Addenda): "days in this Agreement, including all addenda made a part hereof, shall mean business days defined as excluding Saturdays, Sundays and any observed Maine State/Federal holidays". The Maine State Holiday list is inclusive of all federal holidays. As always, the best approach to any confusing holiday is to communicate both with your client and the agent for the other side to be sure you have all counted the same way and have the same expectations.

Here’s the holiday schedule for 2024

Here’s the holiday schedule for 2025