News

Saddle Brook, NJ – December 8, 2023 – This week, Greater Bergen REALTORS® (GBR) Executive leadership team attended the New Jersey REALTORS® Award Ceremony at the 2023 REALTORS® Triple Play Convention and Trade Expo, in Atlantic City, NJ. GBR’s Immediate Past President, Robert Funabashi was honored at the ceremony, receiving the local real estate association REALTOR® of The Year Award on behalf of Greater Bergen REALTORS®. The session also honored Communications award winners, Quarter Century Club recipients, and REALTOR® Emeritus members.

Prices Continue To Increase In September Despite Softening Home Sales

Saddle Brook, NJ – October 25, 2023 – National sales of existing homes recently fell to a 7-month low, as surging borrowing costs, rising sales prices, and limited inventory continue to keep many would-be buyers out of the market. Borrowers have become increasingly sensitive to fluctuations in mortgage rates, which have remained above 7% since mid-August. With fewer buyers able to afford the costs of homeownership, existing home sales declined 0.7% month-over-month and were down 15.3% year-over-year, according to the National Association of REALTORS® (NAR).

Saddle Brook, NJ – October 26, 2023 – Greater Bergen REALTORS® (GBR) hosted their Annual Membership Meeting and Affiliate Tradeshow on Friday, October 20^th for 400 attendees at the Glenpointe Marriott in Teaneck, NJ. The free membership event was an opportunity for association members to network with fellow real estate and industry partners at the Affiliate Trade Show, hosted by Curbelo Law, Bond Street Mortgage, Campanella Law Office LLC, Big Centric Appliances, Think Mortgage, LCD Commercial Lending, Prestige Cleaning Service of Bergen County, Kelly Title Group, Jiffy Junk, New Jersey Lenders Corp. Mortgage Bankers, and Nu World Title.

Saddle Brook, NJ – August 28, 2023 – Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR).

Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

Saddle Brook, NJ – August 3, 2023 – Temperatures are heating up, yet the U.S. housing market remains cooler than usual for this time of year due to a combination of low inventory and higher borrowing costs, which have restricted market activity going into the summer homebuying season.

According to the latest data from the National Association of REALTORS® (NAR), national existing-home sales climbed 0.2% from the previous month but were down 20.4% compared to the same time last year, as fluctuating mortgage rates and a near all-time low level of inventory continue to influence home sales.

Saddle Brook, NJ – July 5, 2023 – During the month of May, the housing market in Bergen County, NJ has continued to impact homebuyer affordability. As we head into a hot summer, economists are predicting the market will continue to cool, affecting both buyers and sellers.

According to the National Association of REALTORS® (NAR), existing home sales continue to decline for the second consecutive month falling 3.4% nationwide, with sales down 23% from a year ago and contract sales down 20.3%.

Saddle Brook, NJ – June 14, 2023 - Last week, GBR co-hosted the Second Annual DEI Real Estate Summit, a regional two-day diversity, equity, and inclusion (DEI) summit, designed to build curiosity while exploring understanding of DEI within personal and professional careers, while reviewing the correlation between fair housing and DEI, how DEI makes business sense, and the implicit biases that continue to plague the real estate industry.

The two-day summit included an afternoon of continuing education courses and a networking reception on Monday, June 5th, as well as a full day of speakers, discussion, and break-out sessions on Tuesday, June 6th.