Hudson Gateway Association of Realtors Guides Home Buyers & Sellers Through Significant Changes Following Settlement with The National Association of REALTORS®
August 7, 2024
Buyer and Seller Agent Commissions Remain Fully Negotiable
White Plains, NY (August 7, 2024) As a result of a $418 million class action lawsuit settlement involving the National Association of REALTORS® (NAR), new nationwide changes to Multiple Listing Services (MLS) must be completed by August 17 and updates to the OneKey MLS® will occur on August 8, 2024. The Hudson Gateway Association of Realtors reminds members, real estate professionals and consumers on what these changes, which may influence how consumers negotiate and provide compensation to their buyer or seller agents and brokers, mean for their homebuying and selling experiences.
“At HGAR we believe in being pro-active and informing our members and the public about how these new MLS rules will impact their home buying and selling procedures,” said Lynda Fernandez, HGAR CEO. “Consumers need to be fully aware of their options when choosing a listing agent to sell their home or working with a buyer’s agent when searching for a home. The key takeaway is that commission compensations are always negotiable.”
FOR HOME SELLERS
The new rules mean sellers still have the choice of offering compensation to buyer brokers, which can serve as a way of marketing the home or making the listing more attractive to buyers. Agents must also disclose in writing and obtain approval for any payment or offer of payment that the listing agent will make to another agent or broker who is acting for the buyers. The amount or percentage of payment must also be specified in writing.
If the seller does choose to approve an offer of compensation for the buyer’s agent, the listing agent cannot include it on the MLS. However, sellers can still offer buyer concessions (for example closing costs) on the MLS. Compensation to the listing agent remains fully negotiable.
FOR HOME BUYERS
On the buying side, home seekers will need a written agreement with their agent before touring a home. Buyers can negotiate the terms of the agreement, which must include a written disclosure from the agent or broker stating that fees and commissions are fully negotiable and not set by law. The homebuyer and agent must also sign an agreement about the specific amount or percentage of compensation that the buyer’s agent will receive. Written agreements apply to both in-person and live virtual home tours.
The buyer agreement limits (caps) the amount the buyer agent can receive to the amount stated in the buyer agreement. If a potential homeowner is just speaking with an agent and at an open house or asking about services, the buyer does not need a written agreement.
If the seller agrees to compensate the buyer’s agent, the offer cannot be shared on an MLS. Buyers can still accept concessions from the seller, such as offers to pay closing costs.
HGAR members may access the new, required agreements beginning August 7, 2024, at hgar.com. Additional resources are available to guide members via the HGAR website and member portal.
“Purchasing a home is one of the most important financial decisions most Americans will make,” added Ms. Fernandez. “HGAR prides itself in that our realtors are a trusted source of advice and stand ready to help navigate the home buying or selling journey and help consumers to make the best choices.”
About HGAR
The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.
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(NOTE: Link to ALL regional reports: Market Data (hgar.com) . Scroll down to 2024 Market Stats) White Plains, NY (December 2024) November sales of single-family homes increased in Westchester, Rockland, and the Bronx, with Rockland in the lead at 15.4% over last year at this time. Putnam, Orange, and Sullivan counties all experienced double-digit decreases in sales, with Orange seeing the largest decline at 19.5%. Single-family median sales prices rose in almost all regions, with home prices in Sullivan County soaring by 19.6% to $357,500 – the largest gain in the region. Putnam County’s median prices remained the same as November of 2023 at $530,000 Orange County’s November condo sales experienced the highest gain at 36%, while Putnam condo sales increased by 18.2%, and the Bronx by 15.4%. Median sale prices for condos climbed everywhere but the Bronx, which saw a slight decline at 3%. Rockland County was the winner with a 16.2% hike in condo median prices at $430,000, as compared to last year at $370,000. Rockland’s co-op sales grew by 20%, and the median sales price by 43.9% to $161,200. Co-op sales declined in both Westchester and the Bronx. Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase. Today’s report by the Hudson Gateway Association of Realtors (HGAR) is based on data supplied by OneKey® MLS. “Sales and median prices of single-family homes continue to rise throughout most of our region, and we’ve also seen some substantial gains among other property types as well,” said HGAR CEO Lynda Fernandez. “I think the market indicates that we are poised to see more housing opportunities for more individuals and families in 2025.” Bronx County Closed sales of condos saw the largest increase at 15.4%, followed by single-family homes at 10.5%. November sales of the co-op market declined by 11.3%. Median sales prices rose by 7.2% for single-family homes bringing them up to $664,500 from $620,000 last year. Condos experienced a 3% hike to $325,000, while co-op prices rose 2.3% to a new median of $230,000. The Bronx led the region with the number of new listings for single-family homes, up by 31.9% in November. Both the condo and co-op market listings declined by 25% and 16.7%, respectively. Inventory also declined for all three property types with condos seeing the largest drop at 35%. Inventory of single-family homes decreased by 15.7% and co-ops by 14.9%. Months of supply for all property types were down by 23% to 5.7 months while pending sales were up by 12.4% Westchester County October’s closed sales increased by 2.3% for single-family homes but declined by 15.5% for condos and 22.1% for co-ops. All three property types experienced gains in median sales prices, with condos leading the way at 9.6% to $525,000. Co-op prices moved forward by 8.4% to $227,701 and single-family home prices advanced by 4.7% to $890,000. New listings were down for all three property types, with single-family homes at an 18.6% decline. Condo and co-op listings also decreased by 5.6% and 5.1%, respectively. Inventory decreased by 31.1% for single-family homes, followed by 10.6% for condos and 5% for co-ops. Months of supply for all property types was down 22.2% to 2.1 months, and pending sales were up by 4.2%. Putnam County While small, Putnam County’s co-op market saw an 18.2% increase in sales, from 11 last year to 13 this November. Single-family home sales, meanwhile, dropped by 18.6%. There were no co-op sales reported. Condos also saw a 5% growth in median sales prices to $315,000, while single-family home sales remained flat at $530,000 – the same as last year. New listings for condos jumped by 10% while declining by 23.3% for single-family homes. Inventory for both property types decreased, with single-family homes by 14.5% and condos by 5.3%. Months of supply for all property types declined by 7.1% to 2.6 months. Pending sales dropped by 26.6%. Rockland County Co-op sales saw the highest increase in Rockland County at 20%, followed by single-family homes at 15.4% Only condo sales declined, by 12.8%. The co-op market also experienced the highest median price increase at 43.9% to $161,200 over $112,000 last November. The median price for condos also rose, by 16.2% to $430,000 and single-family homes by 7.3% to $755,000. Both the condo and co-op markets saw an uptick in new listings at 27% and 25%, respectively. New listings for single-family homes fell by 8.3%. The co-op market was the winner again for inventory, soaring by 84.6%, and condos by 16.3% Conversely, the single-family market inventory took a downturn by 25.6%. Months of supply for all property types dropped by 19.4% to 2.5 months, but pending sales rose by 10.3% Orange County In Orange County, sales of condos grew by 36% in November, while single-family home sales declined by 19.5%. The co-op market, while small, did experience a 100% hike in sales from one last year to just two this November. Single-family median sales prices increased by 5.7% to $465,000 and condos by 2.5% to $289,500 Co-op prices decreased by 9.2% to $132,500 from $146,000 last year. New listings declined for both condos and single-family homes at 6.7% and 1.7%, respectively. There was no change in new listings for co-ops. Condos saw a slight uptick in inventory at 1.4%, while single-family home inventory dropped by 10.8%. Co-op inventory remained flat. Months of supply for all property types was down 8.1% to 3.4 months, and pending sales decreased by 5%. Sullivan County While Sullivan County’s November sales fell by 18.3%, the county had the highest increase in median sales prices at 19.6% to $357,000, from just $299,000 last year. There were no condo or co-op sales reported. New listings dipped slightly by 1.4%, but inventory of single-family homes increased by 5.7%. Months of supply advanced by 7.4% to 7.3 months. Pending sales increased by 10%. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association consisting of over 13,000 real estate professionals doing business in Manhattan, the Bronx, Westchester, Putnam, Rockland, and Orange counties. It is the second largest REALTOR® Association in New York, and one of the largest in the country.
Hudson Gateway REALTOR® Foundation Presents $3,500 Donation to 914 Cares, Serving Westchester County
White Plains, NY (December 2024) The Hudson Gateway REALTOR® Foundation, the charitable arm of the Hudson Gateway Association of REALTORS®, recently presented a check for $3,500 to 914 Cares, a non-profit organization serving all of Westchester County. Based in Armonk, 914 Cares is dedicated to helping families in need to reduce financial stress, meet practical needs, and foster respect by providing clothing for infants through adults, diapers and supplies for babies, hygiene products, and children’s books. In May, the nonprofit opened an expansive 12,000-square-foot Armonk warehouse and office space with a loading dock for deliveries, ample storage space, and easy access. This new space has enabled it to increase its output significantly to 125 local organizations that work directly in their communities. 914 Cares donates basic essentials to over 6,000 Westchester families each year. Despite Westchester being known as one of the wealthiest places in the nation, almost 40 percent of babies there are born to families on Medicaid, and 28 percent of children in grades K through 6 receive free and reduced cost lunches. Nearly 3,000 children have experienced homelessness, and 40 percent of Westchester children under age 6 live in families where working parents cannot meet basic needs. “914 Cares is reliant on the support of our compassionate neighbors to continue to meet the need that exists here in Westchester,” said the organization’s CEO and Founder, Jessica Reinmann. “Organizations like HGAR, who put their trust in our mission, are such an integral part of our success.” The 914 Cares Literacy Library also offers books to families and school districts in under-resourced communities. The organization has distributed over 50,000 books each year. Since 2014, the Hudson Gateway Realtor Foundation has donated thousands of dollars to charities and non-profits throughout Hudson Valley. As concerned members of the communities we work in, the Hudson Gateway REALTOR® Foundation participates in qualified community-based charities who serve the housing, hunger, health, happiness, and humane needs of citizens everywhere. For more information or to apply for funding from the Hudson Gateway REALTOR® Foundation, please visit www.hgrealtorfoundation.com . For more information about 914 Cares, and how to donate or volunteer, please visit 914cares.org. The Hudson Gateway Association of REALTORS® is a not-for-profit trade association representing over 14,000 real estate professionals doing business in Westchester, Putnam, Rockland, and Orange counties, as well as the Bronx and Manhattan. It is the second largest REALTOR® Association in New York, and one of the largest in the country
Goshen, NY (December 2024) The Hudson Gateway REALTOR® Foundation, the charitable arm of the Hudson Gateway Association of REALTORS® (HGAR), recently presented a check for $2,000 to the Town of Wallkill Boys & Girls Club. Based in Circleville, the Club supports some 2,000 school-aged children every year at nine locations throughout northern Orange and Sullivan counties. For the past 31 years, the Club has offered before and after-school programs, summer day camps, and events throughout the year. The programs are designed to provide enriching environments for students outside of school hours, offering activities that promote social-emotional development, academic achievement, and physical wellness. The Club provides care to all children, regardless of financial status. It also offers Club Kids healthy meals and snacks daily at no cost. Each year, the Club serves 11,000 meals and over 30,000 snacks. “Simply put, your generous donation of $2,000 makes it possible for us to do everything that we do for Club Kids: offer programs that boost academic performance, reduce risky behaviors, promote physical and mental health, and provide safe and structured environments for children outside of school hours,” said Sophie Samul, Club Development and Communications Manager. “Thanks to your support, we can dream bigger, achieve more, and impact the lives of countless young people.” Established in 2004 and relaunched in 2013, the HG Realtor Foundation has donated hundreds of thousands of dollars to charities and non-profits throughout the New York metro area and Hudson Valley. As concerned members of the communities we work in, the Hudson Gateway REALTOR® Foundation participates in qualified community-based charities who serve the housing, hunger, health, happiness, and humane needs of citizens everywhere. For more information or to apply for funding from the Hudson Gateway REALTOR® Foundation, please visit www.hgrealtorfoundation.com . The Hudson Gateway Association of REALTORS® is a not-for-profit trade association representing over 13,000 real estate professionals doing business in Westchester, Putnam, Rockland, and Orange counties, as well as the Bronx and Manhattan. HGAR maintains its corporate office in White Plains and operates additional offices in Goshen and the Bronx. It is the second largest REALTOR® Association in New York, and one of the largest in the country.
Mural Funded Through Grant from Hudson Gateway Association of REALTORS® and Dutchess County Association of REALTORS® Wayfinding Map Showcases Existing and Proposed Pedestrian and Bicycling Links
The Bronx Sees the Biggest Increase in Median Sales Prices for Single-Family Homes, and Westchester, for Condos
WHITE PLAINS —Median sales prices for single-family homes rose in the Bronx and all five lower Hudson Valley regions with Westchester County again setting a new record-high at $1.118 million. The last record high recorded for median sales in Westchester was in June at $1.03 million. Putnam County saw the highest gain at 26.3% to a new median high of $625,000, according to a report released today (Sept. 19) by the Hudson Gateway Association of Realtors, Inc. However, sales of single-family homes declined in all six areas, with the Bronx experiencing the largest decline at 18.5%, followed by Rockland County with a 10.6% drop. Inventory of single-family homes saw double digit declines in almost all regions with the exception of Sullivan County with a 14.6% increase of homes on the market. Sales of Bronx condos fared much better, with a 16.7% increase, followed by Westchester, with a 14.7% hike. While Putnam’s condo market is small, the county did experience a 44% increase in closed sales, reporting 13 condos sold last month compared with just nine in August of 2023. Sullivan County reported the highest surge in condo median sales prices by 65.9% to a new high of $224,000. Sales of co-ops in Rockland jumped 12.5%, while the Bronx saw a slight uptick of 3.9% in sales. Westchester’s co-op sales declined by 26.4% in August. Rockland also experienced the largest increase in co-op median sales prices by 63.9% to $191,000. Today’s report by the Hudson Gateway Association of Realtors (HGAR), based on data supplied by OneKey MLS, shows a steady increase in median sales prices across all housing types. “Lower inventory and strong demand continue to fuel home prices throughout the New York metro area and lower Hudson Valley,” “said HGAR Chief Executive Officer Lynda Fernandez. “Declining interest rates should result in more properties coming onto the market this fall, creating a more balanced market.” Bronx County Single-family home sales decreased by 18.5% in August and the median sales price rose slightly by 3.6 % to $650,000 from August 2023. Condo sales jumped by 16.7%, but the median price declined by 13.5% to $265.000, down from $306,250 last year. Sales in the co-op market saw a 3.9% increase, but a 10.6% decline in the median sales price to $257,000. The median co-op sales price in August 2023 was $287,500. New listings for all three property types declined, with the co-op market decreasing the most at 9.1%. Overall inventory fell by over 30% for both single-family homes and condos, but just 4.9% for co-ops. As of August, there were 6.4 months of supply, down by 11.1% from last month. Overall pending sales for all property types were up by 8.4% Westchester County Once again, Westchester set a new record for the highest single-family median sales price at $1.118 million, topping June’s record high price of $1.031 million. Both the condo and co-op markets experienced growth in median sales prices of 10.3% and 12.6%, respectively. August’s median price for condos was $517,700, and $227,500 for co-ops. However, co-op sales were down by 26.4% in August and single-family homes by 9.9%. Only the condo market saw an increase in sales, at 14.7%. New listings declined for single-family homes and condos at 7.6% and 4.1%, respectively, but increased slightly for co-ops at 2.7%. Overall inventory for all property types declined, with co-ops seeing the largest decrease at 19.3%, followed by single-family homes at 16.7% and condos but 6.3%. Months of supply was down 11.2% to just 2.4 months, and pending sales for all property types increased by 2.4%. Putnam County While single-family home sales in Putnam County declined by 5.7% in August, condo sales escalated by 44.4%. A small condo market, Putnam offered 13 condos for sale last month, from just nine last year at this time. The median sales price of single-family homes rose significantly—by 26.3% to $625,000, over just $495,000 in August of 2023. Median prices for condos edged slightly forward by 2.6% $395,000. New listings for condos increased by 14.3% but dropped by 11.3% for single-family homes. Months of supply for all property types decreased by 9.4% to 2.9 months but pending sales rose by 4.6%. There were no co-op sales reported in August. Rockland County Rockland’s co-op market, albeit a small segment, saw a 12.5% rise in sales last month and a 63.9% surge in the median sales price of $191,000, from just $116,500 in August of 2023. Sales of condos and single-family homes decreased by 22.2% and 10.6%, respectively. The condo market saw an 18.6% increase in the median sales price to $421,000, while the median price of single-family homes grew by 7.8% to $748,750. New listings for co-ops shot up 57.1% over last year, followed by an 11.7% increase for single-family homes and a 10.7% hike for condos. Inventory remained flat for condos but decreased 8.7% for single-family homes and 4.5% for co-ops. Months of supply dropped 3.4% to 2.8 months but pending sales for all property types grew by 22.7% Orange County In Orange County, sales of single-family homes decreased by 4.2%, while condo closings fell by 29.8%. Co-op sales increased by 50%, but with the county’s co-op market so sparse, the increment moved from just two co-ops last August to three in 2024. However, co-op median sales prices saw a 25% hike to $159,900. Condos experienced a median sales increase of 8.8% to $310,000 and single-family homes, a 1.1% uptick to $465,000. New listings for single-family homes rose by 3.3% and condo listings by 2.4%. Co-op listings declined by 50% from four in August of 2023 to just two last month. Inventory for all three property types declined with co-ops seeing the highest decrease at 14.3%, followed by single-family homes at 11.8% and condos at 5.5%. Months of supply for all properties were down 5.4% to 3.5 months, but pending sales were up by 18.7% Sullivan County Sullivan County’s single-family home sales declined 4.2% in August, but the median sales price moved forward by 2.1% to $362,500. Condo sales were down by 50% from last year, but the median sales price surged by 65.9% to $224,00 from just $135,000 last year. However, due to the county’s minimal number of available condos, this percentage translates to just one condo sale, as opposed to two in August of 2023. There were no co-op sales reported. New listings for single-family homes grew by 20.8% but there were no new listings reported for condos. Inventory of single-family homes advanced by 14.6% and declined 50% for condos with two on the market as opposed to four last August. Sullivan continued to offer the largest months of supply at 7.9 months, an increase of 19.7% over last month. Pending sales also increased by 23%. (NOTE: Link to ALL regional reports: Market Data (hgar.com) . Scroll down to 2024 Market Stats)
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