“The top driver of our affordability crisis is the rising cost of rent and mortgages, and New Yorkers need our help.”
Incoming HGAR President Sejdi is an Associate Broker with HomeSmart Homes & Estates in White Plains. She served as President-Elect in 2024, Secretary in 2023, and Regional Director for Westchester County in 2022.
Rates at 6% are the new normal, and from a historical perspective they’re completely fine, especially given the strength of the economy and inflation adjusted wage gains over the past few years.
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.”
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.
In addition to the financial payment, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS.
Black (26%) and Hispanic (22%) applicants experience higher denial rates for mortgage applications compared to their White (16%) and Asian (15%) counterparts,
NAR’s view is that all relevant cases should be included in any consolidation (including buyer and seller cases), and the Northern District of Illinois is best placed to address the industrywide issues these cases present.
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