NYSAR.com is your resource for all things Fair Housing, including legal information, education options, resources and more relating to Fair Housing in New York State. To view the NYSAR Fair Housing webpage, click here!
Also, stay tuned to NYSAR’s Facebook, LinkedIn, Twitter and Instagram throughout April to hear what Fair Housing means to NYSAR members from across the state.
The Reasonable Modification and Accommodation Disclosure is not in effect as NYSAR reported in yesterday’s Flash Update due to new information NYSAR has since obtained.
Yesterday, the NYS Division of Human Rights clarified that the most recent published regulations are subject to a second 45-day public comment period and are not currently in effect. If there are no changes via the public comment period, the regulation will be adopted as final.
NYSAR will update you about the effective date for compliance once the 45 day public comment period has concluded which is April 30, 2022.
If you have any questions, please contact NYSAR’s Legal Hotline. The Legal Hotline is available Monday-Friday from 9:00am-4:00pm at 518-436-9727.
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 purchasers understand what will be required from them when working with a real estate broker. There is some confusion surrounding the “SOP Law” because it was amended by a “Chapter Amendment” that was signed into law on March 18, 2022.
The Chapter Amendment for the SOP Law gives the New York State Department of State (the “DOS”) the ability to hold public hearings and provide further regulatory guidance on the requirements of the SOP Law. At this time, the DOS has elected not to hold public hearings or to add additional requirements to the SOP Law (but the DOS has reserved the right to do so in the future). The Chapter Amendment also extends the effective date of the law to April 20, 2022. Brokers and their associated licensees (including teams) must be in compliance with the SOP Law by April 20, 2022 or be subject to discipline by the DOS. In addition, the Chapter Amendment removed the requirement for brokers to submit and file their standardized operating procedures with the DOS.
The SOP Law requires a real estate broker to provide specific guidance to prospective purchasers regarding three questions: (1) whether prospective clients shall show identification, (2) whether an exclusive broker agreement is required, and (3) whether pre-approval for a mortgage loan is required. To be clear, a real estate broker is not required to ask for any of these three things. The real estate broker is simply required to let purchasers know whether or not they will require any one, two or three of these items.
For example, a real estate broker can create a policy (the “Broker’s Procedures”) that states the following: “Please be advised that prior to showing a purchaser a property: (1) we do not require identification from a prospective purchaser, (2) we do not require a purchaser to sign an exclusive brokerage agreement and (3) we do not require a pre-approval for a mortgage loan in order to show a purchaser properties.”
Accordingly, we are recommending that a real estate broker: (i) decide what, if any, of the above items they will require from every prospective purchaser, (ii) make the Broker’s Procedures available to the public by posting them on any public facing websites and/or mobile applications the broker maintains, (iii) ensure that any of the broker’s individual agents or teams that have public facing websites or mobile applications also post the Broker’s Procedures on such platforms, (iv) should create a “hardcopy” of the Broker’s Procedures at every office location and provide them to prospective purchasers upon request, and (v) retain all copies of the various iterations of the Broker’s Procedures indefinitely, in order to demonstrate what procedures had been required from time to time and when such procedures had been changed. If alterations or updates are made to the Broker’s Procedures, they must be date stamped, notarized and posted to public facing websites and mobile applications within 30 days of the alteration.
There is currently no information as to where on the real estate broker’s website and/or mobile application the Broker’s Procedures are to be posted. The DOS has always adopted a “clear and conspicuous” standard in other laws and regulations related to required postings on websites and/or mobile applications. As a best practice, the posting of the Broker’s Procedures should follow the same standard.
Situations may arise where the instructions of a seller or another real estate broker may vary from the Broker’s Procedures (i.e. the Broker’s Procedures may not require a purchaser to provide identification, but the seller may request identification). Accordingly, this possibility should be explained to prospective purchasers and the fact that the broker may be obligated to follow the instructions of the seller even if it is contrary to the Broker’s Procedures.
All agents and teams that are associated with the real estate broker must follow the Broker’s Procedures. For example, if the real estate broker does not require identification from a prospective purchaser then the agents and teams cannot require identification from the prospective purchaser (unless the identification was required by a seller or another real estate broker).
Important Tip:
Please note that the suggestions contained in this document may be amended if the DOS provides further regulatory guidance on the SOP Law or we have further direction to provide to you. We also strongly encourage you to speak to your own legal counsel and marketing departments as to the best way to implement these suggestions. Please click here for an example of a Standardized Operating Procedure template that a real estate broker can use to summarize the Broker’s Procedures.
Members with questions can contact the NYSAR Legal Hotline Monday-Friday from 9:00am-4:00pm at 518-436-9727 or 518-43-NYSAR.
Albany, NY – March 18, 2022 – For the first time in eight months there was an increase in number of homes newly listed for sale, according to the housing report released today by the New York State Association of REALTORS®. Despite the bump in new listings, overall housing inventory remains critically low.
New home listings increased from 11,226 units in February 2021 to 11,658 homes last month. This 3.8 percent increase marks the first time since May 2021 that new listings were up in year-over-year comparisons. Pending sales increased 4.2 percent in February – from 9,938 homes in 2021 to 10,358 units in 2022. Closed sales however declined, from 10,148 sales in 2021 to 9,009 homes last month. This represents an 11.2 percent decrease.
Inventory across New York State fell to another record low of just 29,435 homes in February 2022, down 26.2 percent from the 39,864 homes available in February 2021. Months’ supply of inventory dipped 30.3 percent from 3.3 months of inventory in February 2021 to just 2.3 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.
Median sales prices once again rose, escalating 12.7 percent from $355,000 in February 2021 to $400,000 in February 2022. This marks 22 consecutive months the median sales price has escalated in year-over-year comparisons.
Mortgage interest rates jumped over three tenths of a point in February. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.45 percent in January 2022 to 3.76 percent in February 2022. This is the highest rate since July, 2019.
Additional data is available at http://www.nysar.com/industry-resources/market-data.
March’s Advocacy Update is now online. 2022 NYSAR President Jennifer Vucetic and NYSAR Director of Government Affairs Michael Kelly discuss the New York State Telemarketing ban and how NYSAR members can help! You can view this video and all future videos by clicking here.
February’s Advocacy Update is now online. 2022 NYSAR President Jennifer Vucetic and NYSAR Director of Government Affairs Michael Kelly discuss the advocacy issues at the recent “Opportunity Awaits” Mid-Winter Business Meetings. You can view this video and all future videos by clicking here.
Albany, NY – February 18, 2022 – Inventory of homes for sale dropped to historically low rates in the beginning of 2022 while home prices continue to rise across the Empire State, according to the housing report released today by the New York State Association of REALTORS®.
Inventory of homes for sale fell 30.3 percent in January 2022 – from 42,383 homes in January 2021 to just 29,535 this year. This marks the lowest housing inventory since 2007. Months’ supply of inventory plummeted 36.1 percent from 3.6 months of inventory in January 2021 to just 2.3 months’ supply last month. A 6-month to 6.5-month supply is considered to be a balanced market.
Median sales prices once again rose, escalating 13.3 percent from $350,000 in January 2021 to $396,500 in January 2022. This marks 21 consecutive months the median sales price has escalated in year-over-year comparisons.
New home listings dropped to 10,880 units in January 2022 from 12,414 homes available in January 2021. This represents a 12.4 percent decrease. Closed sales declined as well, falling 5.4 percent from 11,565 homes in January 2021 to just 10,935 homes last month. Pending sales were up marginally, inching up to 9,698 units in January 2022 from 9,639 units in January 2021, marking a 0.6 percent increase.
Mortgage interest rates, which ended 2021 under three percent, escalated at the beginning of 2022. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage rose from 3.10 percent in December 2021, to 3.45 in January 2022.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.
As of February 10, 2022, New York State no longer requires masks in the workplace including real estate brokerage offices.
Although the state mandate is cancelled, local governments and individual businesses may still require masks at their discretion.
Brokers who choose to require masks must follow current NYS Department of Health and Federal Centers for Disease Control guidance on masking.
The currently applicable guidance states:
Sellers and landlords may still require masks at showings and open houses.
For more information please go to:
https://dol.ny.gov/ny-hero-act
https://coronavirus.health.ny.gov/home
http://www.nysar.com/covid-19-resources/frequently-asked-questions-ny-hero-act/
Governor Hochul announced that the statewide indoor business mask mandate will be lifted starting Thursday, February 10. Masks do remain optional for businesses, local governments and counties to enforce.
You can read more on the governor’s website by clicking here.
The first installment of 2022 NYSAR President Jennifer Vucetic’s Advocacy Update video series is now available. This month, President Vucetic discusses the new Fair Housing bills in New York State with NYSAR Director of Government Affairs Michael Kelly. You can view this video and all future videos by clicking here.
Opportunity awaits you at the 2022 NYSAR Mid-Winter Business Meetings! Virtual meetings are scheduled for the week of January 24 and in-person meetings are scheduled for February 6-10 at the Crowne Plaza Albany – The Desmond Hotel.
To register, click here!
To see the schedule and get more information, click here!