Top Stories
NJAR® President Offers Tips for Staying Afloat and Avoiding the Underwater Mortgage
NJAR® President Judy Appleby is featured in a bylined article released this week offering tips for homeowners experiencing trouble with their mortgage payments. As part of the Get the REAL Story® public education campaign and NJAR® ’s mission to serve as a voice for the consumer and real estate industry, this article offers step-by-step advice and assistance for those struggling in this economy. Read the article.
NJ REALTORS®
Increase Technology Use to Thrive in
Business
New Jersey REALTORS® are adopting more technological approaches to the business, according to results from a survey commissioned by NJAR®.
The
2010 New Jersey Member Profile revealed that 57 percent of REALTORS® in New Jersey reported having a website and more than half of members are using social media. Regarding real estate blogs, 21 percent of REALTORS® under the age of 39 operate a blog, while 10 percent of all REALTORS® have a blog. Both of these blog findings increased from the 0-percent level reported in the 2009 Profile. One hundred percent of REALTORS® age 29 or younger utilize social media compared to 54 percent of all REALTORS® in New Jersey. Last year it was reported that only 35 percent of all REALTORS® in New Jersey actively used social networking websites.
The survey also found that 94 percent of REALTORS® are certain or somewhat certain that they will remain active as real estate professionals during the next two years. To find out more about New Jersey REALTORS®, read the
NJAR®
press release or visit NJAR®’s Member Profile webpage.
Governor Christie
Signs Tax Cap Compromise
On July 13, 2010, Governor Christie signed a property tax cap into law which states that municipalities cannot increase their property taxes by more than 2.0 percent annually. There would be four limited exceptions to the property tax cap, which include health care and pension costs, as well as debt payments. Towns would also be granted leeway under the proposal in the event of an emergency, and voter approval of 51 percent would be required to exceed the cap. For further details, view the text of the bill.
The state Legislature will now move forward in considering the 32 other bills included in the Governor's property tax reform package. NJAR® will continue to urge the Legislature to work with Governor Christie to enact proposals that will not only slow the rate property taxes increases but eventually lower them. For further updates on critical property tax legislation, stay tuned to the NJAR® Government Affairs Twitter feed at www.twitter.com/NJARGovtAff.
President Signs Tax Credit and Flood Insurance Extensions
President Obama signed HR 5623, the Homebuyer Assistance and Improvement Act of 2010, into law on July 2, 2010, extending the closing deadline for buyers who qualified for the federal tax credit. Those home buyers who were under contract by April 30, 2010 now have until September 30, 2010 to close the transaction. The president also signed HR 5569, a bill that retroactively reinstates the National Flood Insurance program until September 30, 2010.
The NATIONAL ASSOCIATION OF REALTORS® (NAR) worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.
For additional information on the extension from NAR,
click here. For guidance on how to claim the home buyer tax credit, visit
www.REALstoryNJ.com/home-buyer-tax-credit.
Podcast: Top Issues in New Jersey Real Estate
As part of the Get the REAL Story® public education campaign, Jarrod Grasso, chief executive officer of NJAR®, met with NJAR®
President Judy Appleby to discuss the top
issues affecting buyers, sellers and
homeowners in the Garden State. Part one of
this two-part series examines the real
estate market in a post- tax credit world,
the impact of foreclosures and much more.
Download the podcast recording today.
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