NJ Realtors® Weekly— Oct.26
Top Story of the Week
COE Payment Portal Now Open
Don't wait until the last minute to complete your 2022 NJ Realtors® Circle of Excellence Sales Award® application. The payment portal is now open to finish applications and prepare them for your broker to review.
Reminder: All applications are due by Jan. 9, 2023, at 5 p.m. Click here to complete your application.
Being a Member Has Its Perks
September Data is Out Now!
According to the latest housing data reports, the median sales price is up 8.3% year-to-date to $430,000 with 25,876 homes for sale in the total market.
With rising mortgage interest rates on the horizon, buyer demand is on the decline with 14.4% fewer closed sales and 21.4% fewer pending sales compared to September 2021.
How's the market in your area? Visit njrealtor.com/data for local, county, and state reports.
State of the State
NJ Realtors® Works with Legislature on Fair Appraisals Act
Last week, the Assembly Regulated Professions Committee voted on A1519, the Fair Appraisals Act, moving it to the Assembly Housing Committee for another vote. The bill aims to address residential property discriminatory appraisals on the basis of race or national origin. To combat this, under the legislation appraisers found to have made a discriminatory appraisal, would be subject to fines, have their license suspended, or have their license revoked after an investigation.
In the legislation, there is a requirement for real estate salespersons and brokers to supply prospective buyers with information regarding the opportunity to report to the Division of Civil Rights any suspicion of a discriminatory appraisal. NJ Realtors® Government Affairs Department worked with the sponsor of the bill to have the notification be provided at the time an agent provides lending information to the buyer. We will continue to work with the legislature on appraisal bills to help provide answers to this long-standing issue.