E-News

Despite the economic and financial challenges young adults have braved since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of REALTORS Home Buyer and Seller Generational Trends study. The survey additionally found that an overwhelming majority of buyers search for homes online and then purchase their home through a real estate agent, with millennials using agents the most. 

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Freddie Mac expects 2015 to be the best year for home sales and new home construction since 2007, when total home sales were about 5.8 million for the year, according to its U.S. Economic and Housing Market Outlook for March. Other highlights include improved job prospects driving those aged 25-34 back into the labor force and expected rising rents pushing more would-be homeowners into the market. 

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Builder confidence in the market for newly-built, single-family homes in March fell two points to a level of 53, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). In the Northeast, the index posted a two-point drop to 43.

NAHB Chief Economist David Crowe said the drop in builder confidence is largely attributable to supply chain issues, such as lot and labor shortages as well as tight underwriting standards.To read the entire NAHB press release, click here.

The New York State Senate and Assembly have both passed their one-house budget resolutions. These resolutions serve as a template for negotiation towards the final state fiscal year budget due by April 1, 2015. Overall the proposals show differences still to be resolved over property taxes, education, ethics reform, minimum wage, criminal justice matters and billions in capital spending for roads and public transportation systems.

Of interest to NYSAR, both the Senate and Assembly proposals eliminate the governor’s plan to cap the actual dollar amount of basic and enhanced STAR benefits to property owners, and his plan to gradually convert the STAR program from a program that offers a real property tax exemption into a program that offers a personal income tax credit. For NYSAR’s full summary, click here.

Gov. Andrew Cuomo signed a law adding a new Article 32 to the Labor Law establishing the licensing of mold inspection, assessment and remediation specialists and minimum work standards. The bill requires any contractor engaging in mold assessment, remediation or abatement to register with the Department of Labor, take training and education courses, and provide minimum work standards to those who contract with them to remediate mold problems in their home or business. 

REALTORS must be aware that starting in June any mold remediation specialist you refer to customers, clients, sellers or purchasers must be licensed with New York State. This requirement is the same as those applying to licensed home inspector referrals. Click here to learn more.

In February 2015, Mayor Bill de Blasio, in his annual State of the City address, made affordable housing the theme and laid out a significant number of priorities for his administration.The mayor also announced a series of protections for tenants, along with programs to keep veterans and seniors in their homes. In addition, to enhance the livability of the city, the mayor proposed an increase in ferry service and bus rapid transit routes.

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The first quarter 2015 edition of NYSAR’s Legal Lines publication is now available online at NYSAR.com. This edition covers REALTORS and the unauthorized practice of law in hopes to minimize any potential for liability. It also covers a New York State ruling on a homeowners insurance claim and an eviction over a New York City Airbnb rental. Several key federal cases including a broker working in another state without a license and a price-fixing claim are also covered.

Click here to read the latest issue.

Today’s NYSAR Radio show will discuss the proper operation of real estate teams. Tune in at 10 a.m. this morning on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

Congratulations to Daniel Rand of New City, Danielle Riley of Rochester, and Lawrence Wong of Brooklyn for making the list of finalists for the National Association of REALTORS’ REALTOR Magazine 30 Under 30 contest! Starting this Friday, March 20, through Friday, March 27, members of the public will be able to vote for their favorite finalist. The finalist who collects the most votes is guaranteed a spot among this year’s 30 Under 30. Show your support for your fellow New York REALTORS and vote! Click here for more information.

The GRI-3 Agency course will be offered on March 24 at the Greater Capital Association of REALTORS in Albany, NY. This course offers in depth coverage of all forms of agency representation, associated issues and proper disclosure. You will also learn how to avoid the risk of misrepresentation, vicarious liability and breach of fiduciary duties.

Register online today or call NYSAR at 800-239-4432 x219. Click here for more information.

The Short Sales and Foreclosures (SFR) course will be offered March 26 at the Dutchess County Association of REALTORS in Poughkeepsie, NY. Maneuver the complexities of short sales and help buyers pursue short sale and foreclosure opportunities. This course also provides elective credit for the ABR designation.

Register online today or call NYSAR at 800-239-4432 x219. Click here for more information.

The Military Relocation Professional (MRP) core course will be offered on March 31 at the LIBOR REALTOR Service Center in Jackson Heights, NY. Help current and former military service members find housing solutions that best suit their needs and make the best use of their available benefits.

Register online today or call NYSAR at 800-239-4432 x219. Click here for more information.

TransUnion SmartMove is an easy, comprehensive and reliable web-based tenant background check offering access to a full credit report, criminal report, customized leasing recommendations and suggested deposit amount to request at lease signing. The trusted brand’s process is all online and you pay only when you use it with no set-up, minimum or annual fees. Click here to learn more.

Through their partnership with Oncor Insurance Services, NYSAR’s insurance plan administrator USI Affinity offers you affordable, easy-to-acquire life insurance solutions to fit your needs and protect your income. With options from multiple carriers, you have access to competitive products including term-life, universal life and whole life insurance. There is no cost or obligation for a quote.

Call 800-259-3430 or visit www.MyREALTORInsurance.com/nysar to get started today.

Beat the winter blues with a sophisticated and chic Michael Kors handbag! The bag is fashioned in luxe Saffiano leather with gilded hardware, and the adjustable strap offers custom-fit carrying. Bidding closes Friday, March 27.  

Click here to learn more.

RPAC of New York has unveiled the official RPAC flask. To purchase your RPAC flask today for a $50 RPAC investment, please complete the order form and return to NYSAR’s Political Affairs Coordinator Derick King via fax at 518-462-5474 or at dking@nysar.com. Or call Derick King directly to order your flask over the phone at 518-463-0300 x238.