News

Saddle Brook, NJ - December 1, 2023 - U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

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, New Jersey – October 27, 2023 – With Leadership of the National Association of Hispanic Real Estate Professionals (NAHREP) North NJ in attendance, Greater Bergen REALTORS® (GBR) Diversity, Equity and Inclusion (DEI) committee, in conjunction with the Global Business Council committee, co-hosted their annual Hispanic Heritage month salute, Fiesta Latina: Celebrating Homeownership in Hispanic Heritage Month on October 25th at La Havana 59 in Moonachie, New Jersey.

In extension of Hispanic Heritage Month, September 15-October 15, GBR hosted a special continuing education class on October 25th that was complimentary to over 80 members who gained three “CORE” continuing education credits toward their real estate education requirements. The bilingual, hybrid class, Helping Hispanic Immigrants with The Purchasing Process, was taught by instructor and 2023 DEI committee Chair, Dora Omana. The class provided members with insight into working with Hispanic immigrant clients throughout a real estate transaction, and highlighted the importance of diversity, equity, and inclusion within the real estate industry.

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.