NCJAR News
Carolyn Bardach, NCJAR’s 2025 President-Elect, shares key updates this week. Earn 3 Agency credits by joining our class on Understanding Agency and Disclosures in New Jersey. Save the Date and Register for the installation of NCJAR's 2025 leadership on January 30, 2025, at The Grove in Cedar Grove.
Reminder to Complete your NAR Code of Ethics training by December 31, 2024, to stay compliant.
We would like to extend a heartfelt thank you to all our members who joined us on Wednesday, December 11, 2024, at the Triple Play Convention in Atlantic City.
It was a pleasure to connect over a delicious boxed lunch at the Convention Center (Room 321) and unwind at our evening Hospitality Suite at WingCraft Bar. Your enthusiasm, energy, and dedication to the real estate community made both events a huge success!
The Triple Play Convention is always an incredible opportunity to network, learn, and grow together, and we are so grateful to have spent the day with such an amazing group of professionals.
We would like to remind all NCJAR members that the Bloomfield office will PERMANENTLY CLOSE this Friday, December 20, 2024. This decision is part of our strategic plan to streamline operations, consolidate resources, and enhance the services we provide to you.
Starting January 1, 2025, our main hub will be located at:
910 Mt. Kemble Avenue, Morristown, NJ
The Morristown office will serve as the central location for all NCJAR members, offering access to key services, resources, and events.
GSMLS Lockboxes and Other Services
To ensure uninterrupted support for your business, GSMLS lockboxes will remain available for shipping or in-person pickup at the Morristown office. This location will also accommodate a full range of member services to meet your professional needs.
Supporting You Through the Transition
If you’re financing your home purchase, one critical step between signing the contract and closing the deal is the home appraisal. Here’s what you need to know about this essential process:
What is an Appraisal?
An appraisal is an unbiased assessment of a home’s market value conducted by a licensed or certified residential appraiser. This professional judgment ensures that the agreed-upon purchase price aligns with the property’s value, protecting both you and your lender. Appraisers are independent third parties hired by the lender, and they are not influenced by either the buyer or the seller. They follow a strict set of standards, and appraisers who are REALTORS® are also bound by the REALTOR® Code of Ethics.
Do I Need an Appraisal?
If you’re using a mortgage to finance your home, your lender will typically require an appraisal to determine the loan-to-value (LTV) ratio—the percentage of the home's price that you’ll borrow. Lenders usually prefer an LTV ratio of 80% or less, as higher ratios pose greater financial risks. If you’re paying in cash, an appraisal is optional but still valuable for confirming the property’s worth. In some cases, lenders or buyers may waive the appraisal requirement to strengthen their offer or expedite the process.
