SALES DOWN AND VALUES UP IN JUNE:

In a press release to the media today, Maine home sales decreased -10.03% comparing June 2024 to June 2023. The median sales price (MSP) was $406,000, a 5.45% increase in that same time period.

NAR reports that single family home sales were down, and median sales prices were up nationally and in the northeast comparing June 2024 to June 2023. Read the full release here

MAR CONVENTION

REGISTRATION OPENS AUGUST 13 AT 9:00 A.M.

Save the dates! Challenge, Change, Opportunity (the MAR Convention) will be an in-person only event October 8-10 at the Samoset Resort in Rockport. The preliminary convention schedule and registration details will be posted on the MAR website in early August. Convention registration will open at 9:00 a.m. on August 13.

All Samoset hotel rooms are distributed through the registration process. Please do not call the Samoset Resort directly. They will direct you back to the MAR registration process.

THANK YOU TO OUR SPONSORS AND EXHIBITORS!

Thank you to our convention sponsors and industry partners! Contact Tanya for sponsorship opportunities.  

LEGAL FORMS UPDATES FOR COMPLIANCE

FLOOD RISK DISCLOSURE AND PROPOSED SETTLEMENT:

MAR legal forms updates to comply with Maine’s new flood risk disclosure law (for residential, commercial and land sales) and the NAR proposed litigation settlement are scheduled to load into your Zipforms library around July 31 – exact date to be announced in a future E-NEWS. Review the approved forms changes (password: codeofethics)

LUNCH AND LEARN: FORMS CHANGES:

Join 2024 MAR President Paul McKee, MAR Legal Counsel Hannah McMullen, and MAR Chief Executive Officer Suzanne Guild for a Lunch and Learn overview of the upcoming forms changes. After the presentation, the remainder of the hour will be Q&A. Registration links below:



July 29 – Flood Facts Lunch & Learn – at noon (will be recorded)

August 6 at noon

IMPORTANT RESOURCES:

• Maine’s New Flood Risk Disclosure law (effective August 9, 2024)
• NAR Proposed Litigation Settlement (compliance by August 17, 2024)

FLOOD FACTS LUNCH AND LEARN – JULY 29:

Join us on July 29 from 12:00 – 1:00 p.m. to learn about Maine’s new law requiring flood risk disclosure, updated FEMA maps, and other resources. Sue Baker, the State Coordinator of the Maine Floodplain Management Program will be presenting. *Session will be recorded

LAWSUITS - PENDING SETTLEMENT NOTIFICATIONS:

Consumers (and former clients for some) are beginning to receive notifications about pending settlements for a few of the class-action lawsuits across the country. You may start to be asked about “the postcards” or notification letters in the marketplace. The notice gives members of the settlement class information about how to, e.g., make a claim or opt-out of the settlements if, for example, they want to bring their own lawsuits against one or more of the defendants. Under the recent NAR proposed litigation settlement announced on March 15, notifications for that proposed settlement will be distributed in the mid-August time frame.

If someone asks for more details about any of the litigation settlements or whether they should make a claim or opt out of the settlements, you could suggest that they consult an attorney.  You can also refer them to the website or phone number listed on the notice they received for further information.

Updated information about NAR’s proposed litigation settlement can be found on facts.realtor. 

FACTS.REALTOR:

On March 15, the National Association of REALTORS® announced a proposed $418 million settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. On April 19, the Plaintiff’s counsel filed a Motion for Preliminary Approval, and the judge has granted that motion for preliminary approval.

Visit  facts.realtor to find a copy of the proposed litigation settlement, a regularly updated Q&A document, and media releases. Check back often for updates.

MAINE REALTOR MAGAZINE:

Share articles from digital editions of Maine REALTOR® magazine with your customers and clients. You can open a magazine, download an article and send it via your email!

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