Sign up for the Diversity, Equity & Inclusion Summit

The regional, two-day Diversity, Equity & Inclusion Summit will be held June 13-14 at the Sheraton Mahwah Hotel in Mahwah, New Jersey. The Summit is designed for brokers, agents, managers, association boards/staff and affiliate partners who wish to explore their understanding of DEI in Real Estate. Learn the skills needed to be successful and create actionable steps for impactful change.

Learn more about the Diversity, Equity & Inclusion Summit.

Mortgage rates increase, inventory decreases in April

Albany, NY – May 19, 2022 – Mortgage rates in April averaged their highest level since 2010, while inventory of houses continued to decrease across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.

According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 4.17 percent in March 2022 to 4.95 percent in April 2022. This is the highest monthly average commitment rate since January 2010 when it stood at 5.03 percent.

Inventory of homes for sale across New York State fell 22.1 percent from 41,938 homes available in April 2021 to just 32,681 units last month. Months’ supply of inventory declined 18.8 percent from 3.2 months of inventory in April 2021 to just 2.6 months in April 2022. A 6-month to 6.5-month supply is considered to be a balanced market.

Median sales prices continued to increase, climbing 28.8 percent from $365,000 in April 2021 to $470,000 just last month. This marks 24 consecutive months in year-over-year comparisons that the median sales prices have increased.

Closed sales were up slightly – from 10,954 sales in April 2021 to 11,089 homes in April 2022. This represents a 1.2 percent increase. Pending sales dipped 0.4 percent in April – from 13,667 units in April 2022 to 13,606 last month. New listings dropped 14.4 percent to just 16,914 units in April 2022 from 19,751 homes in April 2021.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Reasonable Modification and Accommodation Law Now in Effect

On December 2, 2020, Gov. Andrew Cuomo signed into law a new “Reasonable Modification and Accommodation” tenant disclosure and notice requirement for “housing accommodations”.  The new law adds two new paragraphs 2-b and 18-a to section 296 of the Executive Law (also known as the Human Rights Law).  The requirement only applies to the rental of a “housing accommodation” and does not apply to other types of rentals or any purchase of real estate.  It should be noted that paragraph 2-b and 18-a have identical requirements but 2-b is applicable to “publicly-assisted housing accommodations” and 18-a applies to all other “housing accommodations”.

NYS Executive Law section 296(18-a) states that: “Every owner, lessee, sub-lessee, assignee, or managing agent of, or other person having the right of ownership of or possession of or the right to rent or lease housing accommodations shall disclose to all tenants and prospective tenants of their right to request reasonable modifications and accommodations if they have a disability pursuant to subdivision eighteen of this section. Such disclosure shall be made in writing in such form and manner as the division may by regulation prescribe and provided to all current tenants within thirty days of the beginning of their tenancy, or thirty days from the effective date of this subdivision for current tenants. Such disclosure shall also be conspicuously posted in such form and manner as the division may by regulation prescribe on every vacant housing accommodation that is available for rent.”

The NYS Division of Human Rights published final regulations on May 18, 2022 adding 9 NYCRR 466.15 that provides guidance for compliance with the law for licensees and landlords.  The regulations include definitions, examples of reasonable modifications and accommodations as well as a sample copy of the notice.

A “housing accommodation” is defined as “any building, structure, or portion thereof which is used or occupied or is intended, arranged or designed to be used or occupied, as the home, residence or sleeping place of one or more human beings” as set forth in Human Rights Law section 292.10.

The regulation sets forth in §466.15(c)(5) what may constitute “reasonable modifications or accommodations” as those actions required under NYS Human Rights Law §296.2-a(d) and §296.18 which makes it an unlawful discriminatory practice for a housing provider or publicly-assisted housing provider:

(i) To refuse to permit, at the expense of the person with a disability, reasonable modifications of existing premises occupied or to be occupied by the said person, if the modifications may be necessary to afford the said person full enjoyment of the premises, in conformity with the pro visions of the New York state uniform fire prevention and building code, except that, in the case of a rental, the landlord may, where it is reasonable to do so, condition permission for a modification on the renter’s agreeing to restore the interior of the premises to the condition that existed before the modification, reasonable wear and tear excepted.
(ii) To refuse to make reasonable accommodations in rules, policies, practices, or services, when such accommodations may be necessary to afford a person with a disability equal opportunity to use and enjoy a dwelling, including the use of an animal as a reasonable accommodation to alleviate symptoms or effects of a disability, and including reasonable modification to common use portions of the dwelling, or
(iii) In connection with the design and construction of covered multi-family dwellings for first occupancy after March thirteenth, nineteen hundred ninety-one, a failure to design and construct dwellings in accordance with the accessibility requirements of the New York state uniform fire prevention and building code, to provide that:
(a) The public use and common use portions of the dwellings are readily accessible to and usable by disabled persons with disabilities;
(b) All the doors are designed in accordance with the New York state uniform fire prevention and building code to allow passage into and within all premises and are sufficiently wide to allow passage by persons in wheelchairs; and
(c) All premises within covered multi-family dwelling units contain an accessible route into and through the dwelling; light switches, electrical outlets, thermostats, and other environmental controls are in accessible locations; there are reinforcements in the bathroom walls to allow later installation of grab bars; and there are usable kitchens and bathrooms such that an individual in a wheelchair can maneuver about the space, in conformity with the New York state uniform fire prevention and building code.

The law and regulation also require real estate licensees and landlords to provide a notice that sets forth the rights a disabled individual has to request reasonable modifications or accommodations to or in the “housing accommodation”.  The notice must be provided at “first substantive contact” with a prospective tenant (Note: The same as the Agency Disclosure Form and the Housing and Anti-Discrimination Disclosure Form.) The notice must include contact information when being provided by the owner, lessee, sub-lessee, assignee, or managing agent. However, when being provided by the broker, associated licensees or teams, and when this information is not known, the sentence may read “To request a reasonable accommodation, you should contact your property manager.

NYSAR has developed two notices where the managing agent information is known and where the managing agent information is unknown.  To access the sample notices, click here.

Requirements of broker, associated licensees and teams

The requirements for delivery of the notice are found in 9 NYCRR §466.15(d)(2):

A real estate broker shall be responsible to ensure that each individual licensed pursuant to Article 12-A of the New York Real Property Law and associated with such broker provides notice with regard to available housing accommodations, as provided for in this Regulation, to all prospective tenants in the following manner:
(i) Upon first substantive contact.
(ii) In writing, and in 12-point font or larger, or other easily legible font.
(iii) By email, text, electronic messaging system, facsimile, or hardcopy. An electronic communication containing a link to the notice required pursuant to this regulation shall be permissible, provided the communication also contains text to inform the prospective tenant that the link contains information regarding tenants’ rights to reasonable accommodations for persons with disabilities. The notice must be available for printing and downloading.
(iv) Where such communication is in paper form, the notice must be included within such communication, or by providing the notice in an accompanying document.
(v) Oral disclosure does not satisfy the requirements imposed by this section.
(vi) “Posting” of the notice pursuant to paragraph (d)(3) of this subdivision, either on paper, on a bulletin board, or on an electronic bulletin board or notice area, does not satisfy the requirements imposed by this section.

In addition to the aforementioned disclosure of the notice to potential tenants, brokers are also responsible for posting of the notice pursuant to §466.15(d)(3):

(i) As required by 9 NYCRR 466.3*; and

(ii) all websites created and maintained by housing providers shall prominently and conspicuously display on the homepage of such website a link to the Division’s notice as required this regulation which shall be made available by the Division.

*9 NYCRR 466.3(a) & (c) set forth the following posting requirements for brokers:

(a) Notices at housing accommodations.

(1) Every person being the owner, lessee, sub-lessee, assignee, or managing agent of housing accommodations subject to the Human Rights Law, shall post and maintain at such accommodations, notices furnished by the Division of Human Rights, indicating the substantive provisions of the Human Rights Law relative to housing accommodations, the place where complaints may be filed and such other information as the Division of Human Rights deems pertinent.

(2) Such notices must be posted conspicuously in easily accessible and well-lighted places at the housing accommodations, where they may be readily observed by those seeking such housing accommodations and/or facilities or services in connection therewith.

(c) Notices at real estate offices.

(1) Every person being a real estate broker or real estate salesman who has an office or office space in which he conducts his real estate transactions shall display and maintain at such office or in such office space notices furnished by the Division of Human Rights, indicating the substantive provisions of the Human Rights Law relative to housing accommodations and commercial space, the place where complaints may be filed and such other information as the Division of Human Rights deems pertinent.
(2) Such notices must be posted conspicuously at the real estate offices in easily accessible and well-lighted places, where the notices may be readily observed by those seeking housing accommodations or commercial space.

It is NYSAR’s opinion that the tenant’s agent must also provide the notice to a prospective tenant so they are aware what rights they have for a reasonable modification or accommodation.

Requirements of owner, lessee, sub-lessee, assignee, or managing agent
9 NYCRR 466.15(d)(1) Housing providers that are the owner, lessee, sub-lessee, assignee, or managing agent of a housing accommodation or publicly-assisted housing accommodation, must provide notice, as provided for in this regulation, to all new and current tenants in the following manner:

(i) Within 30 days of the effective date of their tenancy;
(ii) for current tenants, within thirty days after the effective date of Executive Law section 170-d.
(iii) In writing, and in 12-point font or larger, or other easily legible font.
(iv) Include telephone number(s) and e-mail of the property manager or other person responsible for accepting reasonable accommodation requests.
(v) By email, text, electronic messaging system, facsimile, or hardcopy. An electronic communication containing a link to the notice required pursuant to this regulation shall be permissible, provided the communication also contains text to inform the prospective tenant that the link contains information regarding tenants’ rights to reasonable accommodations for persons with disabilities. The notice must be available for printing and downloading.
(vi) Where such communication is in paper form, the notice must be included within such communication, or by providing the notice in an accompanying document.
(vii) May be accomplished by including the notice in or with other written communications, such as a lease or other written materials routinely provided to tenants.
(viii) Oral disclosure does not satisfy the requirements imposed by this section.
(ix) “Posting” of the notice pursuant to paragraph (d)(3) of this subdivision, either on paper, on a bulletin board, or on an electronic bulletin board or notice area, does not satisfy the requirements imposed by this section.

The owner, lessee, sub-lessee, assignee, or managing agent are also required to post the notice pursuant to 9 NYCRR 466.3.  Owners, lessees, sub-lessees, assignees, or managing agents should consult with their own legal counsel to ensure compliance.  Licensees should not advise the owner, lessee, sub-lessee, assignee, or managing agent about how to comply.

NYSAR members with questions about a licensees responsibility under the law and regulations may contact NYSAR Legal Hotline. The Legal Hotline is available Monday-Friday, 9:00am-4:00pm at 518-436-9727.

May Legal Update Video Now Available

The recording of the May Free CE Legal Update is now available for viewing. This update includes detailed information about the recently enacted broker Standard Operating Procedure law. For this video and past monthly Legal Updates, click here.

Lobby Day 2022 Registration Still Open!

Registration is still open for NYSAR’s in-person Lobby Day scheduled for Tuesday, May 10^th. Join fellow REALTORS from across the state to meet with YOUR legislators to discuss real estate related priorities that matter in your area and across the state. Lobby Day is a FREE event and travel reimbursement is available. For more information including FAQ’s, hotel accommodations as well as COVID-19 and mask protocols at the capitol, click here.

Lobby Day Advocacy Update Available for Viewing

A NEW Lobby Day Advocacy Update is now online. 2022 NYSAR President Jennifer Vucetic and NYSAR Director of Government Affairs Michael Kelly discuss NYSAR’s upcoming Lobby Day and why now is a great time to get involved! You can view this video and all future videos by clicking here.

Home prices surge as housing inventory remains sparse

Albany, NY – April 20, 2022 – Median sales prices rose once again in the Empire State in March while the number of homes available for sale has reached critically low levels, according to the housing report released today by the New York State Association of REALTORS®.

Inventory of homes for sale across New York State fell 22.6 percent from 39,707 homes available in March 2021 to just 30,724 units last month. Months’ supply of inventory declined 25 percent from 3.2 months of inventory in March 2021 to just 2.4 months in March 2022. A 6-month to 6.5-month supply is considered to be a balanced market.

Median sales prices continued to rise, reaching $410,000 in March 2022 compared to $362,315 in March 2021. This represents a 13.2 percent increase. Median sales prices have now increased for 23 consecutive months in year-over-year comparisons.

New listings were down 4.7 percent in March – from 17,783 in 2021 to 16,951 new listings in 2022. Closed sales also fell from 11,412 in March 2021 to only 10,350 last month. Pending sales however, increased slightly, inching up 3.1 percent in March – from 13,507 homes in 2021 to 13,919 units in 2022.

Mortgage interest rates jumped over a quarter of a point in March. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.76 percent in February 2022 to 4.17 percent in March 2022. This is the first-time interest rates have averaged over four percent since May 2019.

Additional data is available at http://www.nysar.com/industry-resources/market-data.

New appraisal required by Fannie Mae effective April 1, 2022

Effective April 1, 2022, Fannie Mae now requires all appraisals of a Fannie Mae property to be completed using the ANSI standard for measuring Gross Living Area (GLA) and non-GLA.  This is only applicable to Fannie Mae and not other lenders.  Prior to the effective date, the ANSI standard was not utilized regularly by appraisers in New York.  As a result of the new requirement, appraisals done utilizing the ANSI standard may be different from prior appraisals including square footage and number of rooms.  The ANSI standard requirement does not apply to real estate licensees performing CMA’s, BPO’s etc. as a broker, associate broker or salesperson.

NYSAR is in discussions with the NYS Department of State about the matter and the possible issues it may cause for appraisers and real estate licensees.  NYSAR will provide an update if there is any change or clarification by DOS.

For more information, please see the Fannie Mae ANSI Fact Sheet here, NAR’s letter to Fannie Mae here and Fannie Mae’s response to NAR here.

April Legal Update Video Now Available, Includes new SOP Law

The recording of the April Free CE Legal Update is now available for viewing. This update includes detailed information about the recently enacted broker Standard Operating Procedure law. For this video and past monthly Legal Updates, click here.

You can view the SOP powerpoint slide deck here.

Call for Action – Good Cause Eviction

Take Action Now! The state Legislature is considering passage of “Good Cause Eviction” legislation, which would restrict the ability of a landlord to evict a tenant, even in cases where their lease has expired so long as the tenant continued to pay rent. The bill (S.3082/A.5573) would also effectively cap annual rent increases to 3% or 1.5 times the CPI for most rental properties statewide with four units or more, unless the landlord is able to prove before a judge that an increase above that threshold is necessary or reasonable.

Urge your state lawmakers to oppose “Good Cause Eviction” legislation by filling out the petition here. This petition is part of NYSAR’s coalition efforts to oppose “Good Cause Eviction” as we partner with other real estate and business groups across the state.

“Good Cause Eviction” would simply make it less affordable to provide rental housing, severely discourage real estate investment, and ultimately drive up rents for tenants. Thank you for making your voice heard on this important issue.

Complete the Call for Action by copying and pasting the following link into your browser or clicking on the button below:

https://www.hfaany.com/take-action

Standard Operating Procedures FAQ’s

Recently, a number of laws have been passed in New York State pertaining to fair housing and these laws have significant impact for real estate licensees.  One of these laws requires real estate brokers who service residential homebuyers to create and publish “Standardized Operating Procedures” (the “SOP Law”) for their brokerage offices so that prospective homebuyers understand what will be required from them when working with a real estate broker. Click here for more information and Frequently Asked Questions.

April Advocacy Update Now Available

April’s Advocacy Update is now online. 2022 NYSAR President Jennifer Vucetic and NYSAR Director of Government Affairs Michael Kelly discuss the NY State Budget, Reasonable Modification and Standard Operating Procedures.! You can view this video and all future videos by clicking here.