NCJAR News
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
- Single Family Closed Sales were down 10.4 percent to 1,810.
- Townhouse-Condo Closed Sales were down 6.4 percent to 479.
- Adult Communities Closed Sales were down 6.4 percent to 44.
Governor Phil Murphy recently signed the Real Estate Consumer Protection Enhancement Act (Bill S3192/A4454) into law. Effective August 1, 2024, this law introduces measures to protect both consumers and real estate licensees in New Jersey.
Here are the key changes:
1. Seller's Property Condition Disclosure Statement Required
Sellers must provide a fully completed property condition disclosure statement before buyers are contractually obligated. This ensures buyers have all necessary information, promoting informed decisions and reducing potential disputes.
2. Designated Agency Allowed
Brokerages can now appoint different agents to represent both the seller and the buyer within the same transaction. This ensures full fiduciary duties to each client, even when represented by the same brokerage.
Elevate Your Skills
Join us for a lineup of compelling Continuing Education (CE) courses and events. Don't miss out on the opportunity to stay ahead in your field!
Featured Upcoming NCJAR CE Courses:
- Virtual: Understanding Agency & Disclosures in NJ – 3 Core - Tuesday, August 6th at 9:30am-12:30pm (click link to register)
- FREE Virtual: ABR Two Day Core Course | 12 Ethics - Wednesday-Thursday, August 14th-15th at 9:00am-4:00pm (click link to register)
The NJ Realtors® Good Neighbor Award recognizes three exceptional REALTORS® or REALTOR-Associates® who have demonstrated extraordinary commitments to enhancing the quality of life in their local and global communities through volunteer service.
Eligible nominees must be NJ REALTORS® members in good standing, with community work conducted between September 1, 2023, and August 31, 2024. Individual contributions are highlighted, with necessary documentation of impact.
Winners, selected by an independent panel, will direct donations to a 501(c)(3) organization of their choice, with prizes of $2,500, $1,500, and $1,000 for first, second, and third place respectively.
The nomination deadline is September 6, 2024.