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.
Attention NJ Realtors! Crucial changes to NJ licensing laws are going into effect on August 1. Don't miss this essential webinar to ensure you're fully prepared for these upcoming changes. This event is free for NCJAR members.
Why You Must Attend:
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Stay Compliant: Learn about the new requirements and how they impact your daily operations.
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Designated Agency: Understand how this new agency model works and its implications for you.
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Brokerage Service Agreements: Know what must be included and where to find these agreements.
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Compensation Offers: Find out how to get information on potential offers of compensation from sellers or listing agents.
Let’s give a Warm welcome to NJCAR’s newest affiliate member, Isaiah Tell, of College Hunks Hauling Junk & Moving.
When it comes to moving into a new home or getting rid of some unwanted items around your house, you have many options. We understand this. Moving companies, dumpsters, truck rentals—finding an option isn’t the hard part. However, when seeking someone to help you with services that involve your home or property, you want to make sure that whoever you hire is honest, reliable, and trustworthy. That narrows down your choices considerably. That’s where we come in: College HUNKS Hauling Junk & Moving® is all of that and so much more. In fact, HUNKS stands for Honest, Uniformed, Nice, Knowledgeable, Service.
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