News & Events
At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
- Single Family Closed Sales were up 4.9 percent to 2,115.
- Townhouse-Condo Closed Sales were up 9.2 percent to 500.
- Adult Communities Closed Sales were down 6.3 percent to 45.
Once again we are cautioning our members that if you place "coming soon" signage on a property, and advertising that property with any internet provider, you must have a "representation agreement" in effect with the Seller. As per the New Jersey Real Estate Commission, you cannot advertise that you have a listing that is "coming soon" unless you actually have an agreement in force with the Seller, whether it is an in-house exclusive listing agreement or a listing agreement intended for exposure on the MLS.
Continuing Education at NCJAR is Easy, Affordable & NJREC Approved! The NJ Real Estate Commission (NJREC) requires that every individual licensed as a broker of record, broker-salesperson or salesperson must satisfy 12 CE Credits prior to 6/30/2019. At least 6 of the 12 credits must be obtained "core topics". The 6 core credits must include at least 2 credits on ethics. The remaining 6 credits can be "electives" or "core".
Please Note: Failure to complete CE Requirements by April 30th will result in a $200 penalty by the NJREC at license renewal.
Failure to complete Continuing Education requirements and Online Qualifying Questionnaire will negatively impact your business. Licensees who fail to comply will be inactivated by the NJ Real Estate Commission.
ARE YOU IN COMPLIANCE WITH THE NJ REAL ESTATE COMMISSION RULES ON ADVERTISING?
11:5-6.1 –ADVERTISING RULES:
#1. In all advertisements which contain the name of a referral agent, a salesperson or broker-salesperson, the regular business name of the individual, partnership, firm or corporate broker through whom that person is licensed shall appear in larger print or be displayed in a more prominent manner then the name of the referral agent, salesperson or broker-salesperson.
Tools & Calculators: An organized and up-to-date budget plan can help you master your finances. Download this worksheet to help you calculate your monthly expenses and to create your ideal budget plan.
The Center for REALTOR® Financial Wellness is for educational purposes and is not intended to take the place of consulting a financial professional.
Source: Center for REALTOR® Financial Wellness
The National Association of REALTORS® is proud to welcome you to the Center for REALTOR® Financial Wellness, a new resource designed to help you understand your financial planning options and prepare for the future, one step at a time. No matter where you are in your career or stage of financial planning, we have something for you—budgeting tools, retirement planning resources, information about investing in real estate, and more. Sign in below to begin navigating your financial freedom!
Real Estate Investing: Some initial considerations before investing in a rental property are:
Setting rent
Determining rent starts with adding up the costs for mortgage, property taxes, insurance, maintenance, leasing, and management, plus the target rate of return. Research your local market to make sure the rent you set is competitive.
Self-managing vs. hiring a property manager
Landlords can expect to spend about four hours a week managing a rental property and have to be prepared to handle problems as they arise. If you’re not comfortable dealing with tenants, or you don’t have the time, you should consider hiring a property manager.
Read more: What should I know before investing in my first rental property?
Budgeting & Finance
The exact percentage to hold from a commission check for savings or taxes varies depending on the person and situation. Some REALTORS® have found success by putting away about half of each commission check for taxes and savings, with 30 percent directed towards taxes and the remaining 20 percent for reserves.
Saving from every check puts you ahead of the curve. By setting aside reserve funds, you have a cushion for unexpected expenses or market downturns.
Do you have an Instagram account that you use for business purposes? If so, consider switching it to a business account. Having a business profile gives you access to more useful resources that can help you gain followers and receive post performance insight.
Here are some other benefits to having a business profile:
• You can use free Instagram tools such as impressions and engagement data.
• Potential clients can contact you directly from your profile.
The North Central Jersey Association of REALTORS® (NCJAR) will host its Annual Realtors® Care Day on Friday, September 13, 2019. REALTOR® member volunteers will spend the day undertaking exterior home repair projects in Morris, Essex, Union, and Passaic counties.
“REALTORS® CARE DAY” is an initiative of NCJAR and the New Jersey REALTORS® Housing Opportunity Foundation. As part of our commitment to sustaining affordable workforce housing, this all-day community-wide effort will assist homeowners with critical exterior home repairs.
New Jersey Realtors® Issues Mobilization Fund released a report determining the impacts of the realty transfer fee (RTF) increase on homes sold for over $1 million. In addition to the RTF paid by a seller, under current law, buyers are responsible for a 1 percent fee on homes sold over $1 million.
During last year’s budget cycle, legislation was introduced, but not considered, to increase the buyers' portion of the RTF from one percent to two percent. The legislation is still pending before the State Legislature, which is the reason for this report. The report was prepared by PricewaterhouseCoopers LLP on behalf of NJ Realtors® Issues Mobilization Fund and can be viewed here.