The Truth About the NAR Settlement Agreement
The settlement achieves two important goals: protecting members to the greatest extent possible and preserving consumer choice.
Bronx, Hudson Valley Home Prices Continue to Soar; Pending Sales Increased 8.4% in HGAR Market Area
Westchester County experienced a slight increase in home sales by just 1.7% in February, along with an almost 14% increase in home prices, with a median of $831,250.
NAR Claps Back on 6% Commission Requirement Reports, Corrects the Record by Stating NAR Does Not Set Commissions
The listing broker retains the right to determine the amount of compensation offered to subagents, buyer agents, or to brokers acting in other agency or nonagency capacities, which may be the same or different.”
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Latest
NY Regional Single-Family Home Price Posted Double-Digit Gain in February; Pending Sales for Condos, Co-Ops Rose Sharply
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
U.S. Existing-Home Sales Rose 9.5% in February, Largest Increase in a Year; Northeast Termed ‘Regional Underperformer’
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units.
2023 Wall Street Average Bonus for NYC’s Securities Industry Workers was $176,500
The $33.8-billion bonus pool for 2023, which closely matched the 2022 pool, was well below the 25% growth seen in 2020 ($37.1 billion).
FROM THE CEO’S DESK: HGAR Helps Members Navigate Change
Under the circumstances, this settlement, which is subject to court approval, seems to be the best possible outcome.
NAR President Sears Says ‘Settlement Represents a Pivotal Moment for Our Association and Our Industry’
In the settlement, we have agreed to require MLS participants working with buyers to enter into written representation agreements with their buyers. This change will go into effect in mid-July 2024.
PRESIDENT'S CORNER: A Toast to the Power and Influence of Women
Women often remain underrepresented in boardrooms, executive suites, and political offices, highlighting the ongoing need for concerted efforts to promote gender diversity and inclusion.
Legal-Advocacy
BARRISTER’S BRIEFING: Roll Out of the New Property Condition Disclosure Statement: What You Need to Know
The new PCDS includes new language that requires the disclosure of issues related to flooding, but most importantly, it removes the $500 credit/waiver, which would have been provided by the seller to the buyer if the seller failed or refused to provide the PCDS.
LEGISLATIVE AFFAIRS: Countdown to Lobby Day 2024
HGAR supports legislation that adds affordable rent-stabilized apartments to the rental housing stock that are safe, lead-free, energy efficient, and fully compliant with building codes.
LEGAL CORNER: Squatters’ Rights and Adverse Possession Issues
Any attempt by a homeowner or landlord to remove a “squatter” (and a tenant or holdover tenant) utilizing “self-help” would be deemed an unlawful eviction [and the owner or landlord would be subject to criminal liability.
LEGISLATIVE AFFAIRS: So, What Do We Do?
Studies have shown that the construction of 100 units of multifamily housing generates an average of 161 jobs and $11.7 million into the local economy in the first year.
Market
NY Regional Single-Family Home Price Posted Double-Digit Gain in February; Pending Sales for Condos, Co-Ops Rose Sharply
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
U.S. Existing-Home Sales Rose 9.5% in February, Largest Increase in a Year; Northeast Termed ‘Regional Underperformer’
At 480,000 units, existing-home sales in the Northeast were identical to January but down 7.7% from February 2023. It's the fourth consecutive month that home sales in the Northeast registered 480,000 units.
Realtor.com Report: Early Indications Show a Promising Spring Real Estate Season
The New York-Newark-Jersey City, NY, NJ-PA market posted a median listing price in February of $750,000 up 10.2% year-over-year.
NAR: Pending Home Sales in Northeast Rose Slightly in January
The Northeast PHSI increased 0.8% from last month to 63.6, a decline of 5.5% from January 2023.
News
NY Regional Single-Family Home Price Posted Double-Digit Gain in February; Pending Sales for Condos, Co-Ops Rose Sharply
There were 426 closed sales transactions and 610 pending sales transactions reported for condos in February 2024, representing a 12.4% increase in closed sales transactions and a 23.0% increase in pending sales transactions.
2023 Wall Street Average Bonus for NYC’s Securities Industry Workers was $176,500
The $33.8-billion bonus pool for 2023, which closely matched the 2022 pool, was well below the 25% growth seen in 2020 ($37.1 billion).
NAR President Sears Says ‘Settlement Represents a Pivotal Moment for Our Association and Our Industry’
In the settlement, we have agreed to require MLS participants working with buyers to enter into written representation agreements with their buyers. This change will go into effect in mid-July 2024.
SPOTLIGHT ON: Matthew Gibbs
“Our goal is to increase our CID membership and we hope to have at least 200 members by the end of next year.”
Viewpoints
FROM THE CEO’S DESK: HGAR Helps Members Navigate Change
Under the circumstances, this settlement, which is subject to court approval, seems to be the best possible outcome.
PRESIDENT'S CORNER: A Toast to the Power and Influence of Women
Women often remain underrepresented in boardrooms, executive suites, and political offices, highlighting the ongoing need for concerted efforts to promote gender diversity and inclusion.
Understanding DEI by Looking at the Subway Door in Berlin, Germany
When we start talking about quotas, or taking from one and giving to another, we’ve lost sight of what true diversity, equity, and inclusion means.
GUEST VIEWPOINT: The Best Route to Safety and Sustainability in the Hudson Valley
The Route 17 upgrade will enhance safety and mobility, create jobs and boost the economy.
People
SPOTLIGHT ON: Matthew Gibbs
“Our goal is to increase our CID membership and we hope to have at least 200 members by the end of next year.”
Weichert, Realtors Hands Out January Awards
Oliveira shared top honors for having the most listings in the Weichert sales region.
Adler Named Chair of Montefiore Nyack Hospital Foundation
Adler succeeds Mark Jacobs who served as Montefiore Nyack Foundation’s Board Chair for 12 years.
Pellegrino Joins Curasi Realty
Pellegrino, who has lived in the Hudson Valley for almost his entire life, has a decade of overall experience in construction.