Governor Cuomo Extends State of Emergency. Cold Calling is still prohibited.
Governor Cuomo has extended the State of Emergency to December 3, 2020. As a result, licensees are still required to abide by all such guidance, directives and industry phased reopening that are currently in place.
Licensees are still prohibited from making any cold calls. Real estate licensees may not make any unsolicited phone calls to a member of the public during a State of Emergency. General Business Law §399-z(5)(a) states “It shall be unlawful for any telemarketer doing business in this state to knowingly make an unsolicited telemarketing sales call to any person in a county, city, town or village under a declared state of emergency or disaster emergency as described in sections twenty-four or twenty-eight of the executive law.” All other types of marketing such as mailers, billboards, social media, internet etc., are permitted. You may call a FSBO if you have an identifiable purchaser interested in the property. You are prohibited from calling the FSBO to solicit the listing. You may still perform business to business calls so long as you are calling the number provided as the business number.
Governor Cuomo Issues New Guidelines Allowing Out-of-State Travelers to “Test Out” of Mandatory 14-Day Quarantine
Effective Wednesday, November 4, 2020 individuals traveling to NY from a non-contiguous state will have the ability to “test out” of the mandatory 14 day-quarantine. The Governor has eliminated the quarantine list and will apply one rule for all states. Travelers from states that are contiguous with New York will continue to be exempt from the travel advisory; however, covered travelers must continue to fill out the Traveler Health Form. The guidelines issued by Governor Cuomo permits an individual traveling from a non-contiguous state and subject to the mandatory 14-day quarantine to “test out” pursuant to a specific process.
Licensees should practice recommended health and travel screening of all current or potential clients/customers. In order to assist members, NYSAR has amended the “COVID-19 HEALTH SCREENING & TRAVEL ADVISORY QUESTIONNAIRE” to include questions about individuals traveling from a “non-contiguous state” and whether they completed the mandatory 14-day quarantine or “test out” with two negative COVID tests. You can find more information about the new travel advisory on the NYS COVID-19 website, here.
Those individuals that want to “test out” must follow the guidelines published by the Governor:
For any traveler to New York State from out of state, exempting the contiguous states, the new guidelines for travelers to test-out of the mandatory 14-day quarantine are below:
For travelers who were in another state for more than 24 hours:
1. Travelers must obtain a test within three days of departure from that state.
2. The traveler must, upon arrival in New York, quarantine for three days.
3. On day 4 of their quarantine, the traveler must obtain seek another COVID test. If both tests come back negative, the traveler may exit quarantine early upon receipt of the second negative diagnostic test.
For travelers who were in another state for less than 24 hours:
1. The traveler does not need a test prior to their departure from the other state, and does not need to quarantine upon arrival in New York State.
2. However, the traveler must fill out the traveler information form upon entry into New York State, and take a COVID diagnostic test 4 days after their arrival in New York.
Local health departments will validate tests, if necessary, and if a test comes back positive, will issue isolation orders and initiate contact tracing. The local health department must make contact with the state the traveler came from, to ensure contact tracing proceeds there as well. All travelers must continue to fill out the traveler information form upon arrival into New York State to contribute to New York State’s robust contact tracing program.
Those individuals not meeting the requirements set forth in the guidelines will be subject to the mandatory 14-day quarantine.
Other questions may be directed to NYSAR’s Legal Hotline, which is available Monday-Friday from 9:00am-4:00pm excluding holidays at 518-436-9727.
Brokers may continue collecting commissions from tenants as a landlord’s agent
The litigation challenging the Department of State’s guidance that a landlord’s agent is prohibited from collecting a commission from a tenant is still ongoing and the Temporary Restraining Order is still in effect. Until the Temporary Restraining Order is lifted, a landlord’s agent is still permitted to collect a commission from the tenant directly. Final submissions to the court must be made by October 30, 2020. NYSAR will notify its members when a hearing date has been scheduled.
Brooklyn Cease & Desist zone approved by DOS
Recently, the New York State Department of State adopted a regulation to establish a cease and desist zone in Kings County. The regulation that created the zone will go into effect on November 1, 2020 and will expire on November 1, 2025.
According to the DOS: “it will be unlawful for any licensed real estate broker or salesperson, or any other person regularly engaged in the business of buying and selling property to solicit a homeowner within the zone that has filed a notice with the Department requesting not to receive such solicitations and appears on a list published by the Department. A list of homeowners that have filed such statements will be available on the Department’s website for free, or a hard copy is available for purchase for $10.00. The Department expects the first list to be available beginning December 1, 2020.
Following a cure period of 90 days from the effective date of this regulation, sending solicitations to a homeowner that has registered and is listed with the Department can result in monetary fines, suspension or revocation of licensure. Enforcement proceedings may commence after January 30, 2021.
The Zone created for Kings County includes the following area:
Beginning at the Queens border of Brooklyn to the east and the intersection of Jamaica Avenue to the north; thence westerly along Jamaica Avenue to Pennsylvania Avenue; thence southerly along Pennsylvania Avenue to Sutter Avenue; thence westerly on Sutter Avenue to Van Sinderen Avenue to the west; thence southerly along Van Sinderen Avenue to Linden Boulevard to the south; thence easterly along Linden Boulevard to the Queens border; thence northerly along the border to the point of the beginning on Jamaica Avenue.
You can find a visual map of the Kings County Cease and Desist zone here.
The DOS provides a cease and desist section, that includes maps of cease and desist zones, lists, FAQs, and other information related to cease and desist zones. You can find that here.
NYSAR highly recommends that any broker or brokerage that advertises in cease and desist zones (or zip codes that overlap into a cease and desist zone) implement a strong compliance policy including providing the current cease and desist lists monthly to associated licensees.
Sending solicitations to a homeowner that has registered with the DOS can result in monetary fines and/or the suspension or revocation of your license. The DOS has indicated it will begin enforcing the new cease and desist zones on January 30, 2021.
You can view the 2020 Virtual Fall Business Meetings Legal Update video on the Kings County Cease & Desist Zone by clicking here.
For more information, please call NYSAR’s Legal Hotline. The Legal Hotline is a free service for NYSAR members and is available Monday-Friday from 9 a.m to 4 p.m. at 518-436-9727.
New York housing market continues to be hot in September
Albany, NY – October 22, 2020 – As cooler weather approaches, the New York State real estate market continues to heat up with strong buyer activity amid continued low inventory, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to COVID-19 guidance, closed sales in New York State jumped 12.2 percent – from 11,878 homes last September to 13,322 units in September 2020. Pending sales were also on the rise, escalating from 11,264 homes to 16,813 units – a leap of 49.3 percent. Year-to-date, pending sales are also up 3 percent in 2020 with 110,994 homes compared to 107,749 in 2019.
New listings were on the rise as well, up 13.6 percent from 18,542 homes to 21,062 units in year-over-year comparisons. The statewide median sales price of $324,900 in September represented an increase of 17.5 percent compared to a $276,625 median price last year at the same time.
Housing inventory continued to be low in the Empire State in September. The number of homes for sale fell 21.5 percent from 67,107 units in September 2019 to 52,687 homes last month. Months supply of inventory also continued to drop off, dipping 22.4 percent – from 5.8 months to 4.5 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Mortgage rates continue to aid the strong housing market, falling yet again in September. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in September fell to 2.89 percent. This is the tenth consecutive month the average monthly rate has decreased.
Data and analysis compiled for the New York State Association of REALTORS® by Showing Time Inc.
Mandatory sick time goes into effect January 1, 2021
As part of the NYS budget, Governor Cuomo signed into law section 196-b of the NYS Labor Law. Beginning January 1, 2021, the new section requires all employers to provide sick time to all of their employees including those working part time. Independent contractors are not considered to be an employee. For more information, click here.
Participate in REALTORS® Relief Virtual 5K!
Get fit and support the REALTORS® Relief Foundation during NAR’s 2020 REALTORS® Conference and Expo. Add the Virtual 5k option during registration and run or walk between October 26 and November 16. If you take a photo and tag NYSAR in your social media posts, you will be entered into a drawing for a $100 gift card! For more information about the 5k run and to participate, click here.
Competition fuels New York housing market in August
Albany, NY – September 22, 2020 – With pending sales remaining at high levels, combined with low housing inventory, the current competitive bidding market continued in August, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to COVID-19 guidance, new listings rose 17.6 percent in the Empire State, from 18,207 homes to 21,408 units in year-over-year comparisons. Pending sales jumped from 12,753 in August 2019 to 17,913 last month – a 40.5 percent increase from a year ago. Year-to-date, pending sales are still down 1.9 percent from 2019.
Housing inventory continued to be low in New York State in August. The number of homes for sale fell 20.8 percent from 66,426 units in August 2019 to 52,595 homes this year. Months supply of inventory dropped off 19.3 percent – from 5.7 months to 4.6 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Closed sales dropped from 14,079 units in August 2019 to 12,006 this year – a 14.7 percent decrease. The statewide median sales price of $309,175 in August represented a gain of 7.7 percent compared to a $287,000 median price last year at the same time.
Mortgage rates continue to fall, aiding the strong housing market. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in August fell to 2.94 percent. The 30-year fixed rate has not been this low since Freddie Mac began tracking mortgage rates in 1971.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
Strong buyer demand, low supply define New York housing market in July
Albany, NY – August 21, 2020 – Healthy buyer demand and constrained supply continued to be the narrative for the New York State housing market in July, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to NYS COVID-19 guidance, new listings rose 17.0 percent to 23,637 units versus 20,210 homes in July 2019. Pending sales rocketed from 13,343 units to 18,679 homes in July – a 40.0 percent increase in year over year comparisons. Year to date though, pending sales are still down 7.6 percent from 2019.
Inventory continued to hinder New York State REALTORS® in July. The number of homes for sale fell 21.3 percent from 67,168 units in July 2019 to 52,879 homes this year. Months supply of homes shrank 15.8 percent – from 5.7 months to 4.8 months – compared to the same time last year. A 6 month to 6.5 month supply is considered to be a balanced market.
Closed sales dropped 26.5 percent from 13,212 units in July 2019 to 9,710 homes this year. The statewide median sales price of $300,000 in July represented an increase of 3.4 percent compared to the July 2019 median of $290,000.
Positive news for home buyers continued to be mortgage rates. The rate on a 30-year fixed rate mortgage in July fell to 3.03 percent, according to Freddie Mac. This is the lowest monthly average commitment rate on a 30-year fixed-rate mortgage since Freddie Mac began tracking in 1971.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
New York housing market slowly begins rebounding in June
Albany, NY – July 22, 2020 – While the Empire State continued to re-open in June with “New York Forward,” real estate activity slowly began to strengthen, according to the housing report released today by the New York State Association of REALTORS®.
While adhering to NYS guidance, many New York State REALTORS® started to show properties in-person, resulting in a 4.6 percent increase in new listings from a year ago from 21,272 units to 22,253 homes in June. However, year-to-date, new listings are still depressed 28.3 percent from 2019.
Pending sales are down from 13,834 sales to just 13,668 – a drop of 1.2 percent in year-over-year comparisons and are 25.1 percent lower year-to-date compared to 2019.
Closed sales declined 34 percent to 8,107 sales – down from 12,276 units in June 2019.
Inventory continues to be a large problem for REALTORS® as the number of homes for sale fell 19.6 percent from 72,432 units in June 2019 to 58,215 homes. The months supply of homes for sale fell from 6.3 months supply in June to 5.7 months – a dip of 9.5 percent in year-over-year comparisons.
The median sales price inched up 1.7 percent this June to $300,000 compared to $295,000 in June 2019.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
COVID-19 continues to slow New York housing market in May
Albany, NY – June 22, 2020 – The inability to do in-person showings and other COVID-19 related matters continued to impact the New York State housing market in May, according to the housing report released today by the New York State Association of REALTORS®.
Adhering to NYS guidance, REALTORS® were only able to show houses virtually during May, resulting in a 44.5 percent decrease in new listings – from 23,668 homes to 13,139 units in year-over-year comparisons. Pending sales also steeply declined 47.3 percent from 14,224 sales in May of 2019 compared to 7,500 sales during May 2020.
Closed sales declined 33.8 percent to 7,597 sales – down from 11,475 units in May 2019.
The median sales price remained even in May in year-over-year comparisons at $270,000. A positive for home sellers was the average sales price for May – $376,542 – increased 2.9 percent from $365,796 in May 2019.
Interest rates on a 30-year fixed rate mortgate have been hovering near all-time lows for more than four weeks at 3.3 percent, according to Freddie Mac, and are helping spur buyer interest across the state.
Months’ supply of inventory dropped 11.5 percent in May, from 6.1 months to 5.4.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
New York State Housing Market hit hard by COVID-19
Albany, NY – May 21, 2020 – As expected, the COVID-19 pandemic decimated the New York State housing market in April as new listings and pending sales both fell over 65 percent, according to the housing report released today by the New York State Association of REALTORS®.
With guidance in place not allowing for in-person showings across the Empire State, new listings fell 68.4 percent in April from 20,600 to 6,507 in year-over-year comparisons. Pending sales also fell precipitously, down 66.6 percent from 12,825 sales in April of 2019 to 4,287 sales last month.
Closed sales fell as well, dropping 29.3 percent to 6,626 sales – down from 9,374 units in April 2019.
Median sales prices slipped slightly as well in April – falling 2.6 percent to $262,000 from $269,000 at this time last year. This is the first drop in the median sales price in year-over-year comparisons since January 2016, ending a streak of 50 consecutive months of escalating median sales prices.
What remained positive for home buyers were interest rates. The rate on a 30-year fixed rate mortgage in April fell to 3.31 percent, according to Freddie Mac. This is the lowest monthly average commitment rate on a 30-year fixed-rate mortgage since Freddie Mac began tracking in 1971.
Months’ supply of inventory dropped 10.3 percent in April, from 5.8 months to 5.2.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
