“At this critical stage of the housing market, it is all about mortgage rates,” said NAR Chief Economist Lawrence Yun.
The report warns that if Westchester fails to address its growing housing shortfall, the county could lose between 8,400 to 12,000 jobs annually and $533 million to $742 million in annual earnings.
The move effectively keeps congestion pricing tolls in effect through at least June 9.
The Hudson Gateway Association of Realtors has established a one-stop location for members to get the latest tools, forms and information on the NAR settlement and the practice changes dictated by the settlement reached in March of this year.
The listing broker or the seller may offer compensation to the buyer’s agent, but there are limitations to how that offer can be marketed—i.e., brokers can no longer communicate offers of compensation on an MLS.
Most agents are practiced at communicating their value to sellers during a listing presentation. Be just as prepared when you talk with buyers.
Eligible brokerages must have a Principal who is a member of NAR as of the date of class notice in order to opt in or be released.
Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS.
In 2022, the median net worth of homeowners was $396,200, while the median net worth of renters was $10,400.
NAR Chief Legal Officer and Chief Member Experience Officer Katie Johnson explained the deadline will provide a three-month window for NAR members and MLSs to prepare to implement the policy adjustments.
Under the new staff and member leadership, NAR is communicating more deliberately, sharpening its focus on the core mission of serving its members, and moving toward becoming a nimble organization.
Nearly every real estate professional who is a Realtor, a member of NAR, is covered by the release that NAR negotiated in the settlement.
The combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), now make up a combined 38% of the home-buying market.
The settlement achieves two important goals: protecting members to the greatest extent possible and preserving consumer choice.
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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