News and Events
Saturday, March 9, 2019
GBAR NEWS AND EVENTS
GBAR Congratulates the 2018 Circle of Excellence Award Recipients! 
Over 700 Realtors were in attendance at this year's Circle of Excellence Award Luncheon Ceremony this past Friday, March 8th, at the Rockleigh Estate in Rockleigh, NJ.
GBAR recognized Steven Finkelstein of Russo Real Estate as the 2018 GBAR Rising Star Award Recipient. The Rising Star Award is presented to a GBAR member with 3 years or less industry experience who is influential on closing deals, displays strong client and colleague interaction, participates in GBAR events and contributes time and energy to community and humanitarian services.
Mr. Finkelstein the first recipient of this prestigious award for his work and dedication as a REALTOR ® under Greater Bergen Association of REALTORS ® (formerly Eastern Bergen County Board of Realtors ® and RealSource Association of Realtors ® ). Thank you to all our proud sponsors and a special thank you to Greg Davis photography for all the beautiful images.
LEGISLATIVE NEWS
Governor Murphy 2020 Budget Proposal
On Tuesday, Gov. Murphy presented the Fiscal Year 2020 budget proposal totaling $38.6 billion to a joint session of the State Legislature. It contains no increases to the realty transfer fee, a seasonal rental tax or tax on commissions.
 
The Governor proposed a $206 million school funding increase and $283 million for property tax relief. In addition, he called for Congress to restore the state and local tax deduction, and for the State Legislature to increase income taxes on those earning over $1 million. Lastly, funds were not proposed to divert from the NJ Affordable Housing Trust Fund. 
 
The budget deadline is June 30. New Jersey Realtors ®  will monitor all budget proceedings to ensure taxes are not in the final budget that impact the real estate industry, homeownership, or private property rights. (content from New Jersey Realtors ®)
INDUSTRY NEWS
February Was a Big Month for Inventory
According to fresh findings from realtor.com®, there’s been an improvement in inventory nationwide. Compared to Feb. 2018, there were 6 percent more homes on the market this year, equaling 73,000 more listings, according to the Feb. 2019 realtor.com report. Inventory in the largest markets opened up substantially, with the biggest leaps in the West: 125 percent more in San Jose year-over-year; 85 percent more in Seattle; and 53 percent more in San Francisco.
GLOBAL PERSPECTIVE
New York May Seem Like a ‘Bargain’ for Some of Hong Kong’s Homebuyers
Trade uncertainties have weighed on property investors’ sentiments in Hong Kong, pushing some to consider residential properties as far-flung as the U.S. and the U.K., according to industry experts. For six straight years, Chinese investors have been the top foreign buyers of U.S. residential properties — both in terms of the number of units, as well as the dollar value, according to the National Association of Realtors (NAR).
TECH TIPS
Real Estate Video Is Vital in 2019
Whether it’s social media gurus or real estate trainers, they’re all saying the same thing: Video is vital for your success in selling your clients’ homes. In my opinion, if you’re not using video for your clients’ ad campaigns, you are doing them a disservice. Video accounted for 75 percent of all online traffic globally in 2017 and is predicted to reach 82 percent by 2022, according to Cisco Systems, an IT, networking, and cybersecurity company.
AFFILIATE PARTNERS
Greate r Bergen Association of REALTORS® | 201.288.5000 | communications@bergenboard.com