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EBCBOR Presented their Annual Meeting with Keynote Speaker, Dr. Lawrence Yun, NAR Chief Economist

Thursday, October 25, 2018   (0 Comments)
Posted by: Jennifer Mejia
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FOR IMMEDIATE RELEASE

Contact: Jennifer Mejia, Communications Coordinator

communications@bergenboard.com | 201.288.5000 x105

 

The Eastern Bergen County Board of REALTORS® Presented their Annual Meeting

with Keynote Speaker, Dr. Lawrence Yun, NAR Chief Economist

Tenafly, NJ  - Over 250 members convened earlier this month for the Eastern Bergen County Board of REALTORS® (EBCBOR) annual membership meeting at the Clinton Inn Hotel & Event Center in Tenafly. During this meeting, the membership was presented with the yearly order of business which included: association updates, consolidation with local neighboring association, announcement of the 2018 REALTOR of the Year Award recipient, and last but not least, an economic overview presentation by Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS® (NAR).  

This year, EBCBOR had a record year in member participation and engagement. EBCBOR provided over 100 free workshops and continuing education classes, a significant increase in member participation through our philanthropic organizations, the REALTORS Care Foundation. Additionally, EBCBOR’s REALTOR Political Action Committee (RPAC) educated members on the importance of RPAC and how NAR’s Lobbyists work not only in Washington D.C. but also on a state and local level to ensure that legislators are fighting for homeownership rights. EBCBOR RPAC surpassed the state’s (NJ REALTORS) member investments goal by 25%.

EBCBOR 2018 President, Basil Singh of Century 21 Allstars 100 said, “ As this year’s President, I am very pleased to see all the work that has been put in to making this association better. From increasing membership participation in RPAC to getting the REALTORS Care Foundation involved more in the community, and winning NAR’s Platinum Global Achievement Award for the fourth consecutive year. I am so honored to be a part of such a superb organization. It’s a pleasure to be able to work with past  Presidents, Directors, committee volunteers, affiliate partners, and the amazing staff.” 

Additionally, EBCBOR members voted during the annual meeting for the consolidation of the Eastern Bergen County Board of REALTORS® and the RealSource Association of REALTORS®. Both associations are located in Bergen County, NJ. This consolidation will make this new entity the third largest association in the state of New Jersey with over 7,500 members.

“It is compelling to see both associations come together for the betterment of the REALTOR Party. The consolidation of both associations has been a conversation for over 20 years. I am excited for what the future holds for the new association” said Jorge Ledesma, CEO.   

Keynote speaker, Dr. Lawrence Yun provided an informative presentation on the economic and real estate market outlook, with a focus on recent developments in the housing market (national and local). He discussed the direction of home prices in the next 12 to 24 months, comparisons with past housing cycles, economic backdrop, forecast of economy and housing market.

According to Dr. Yun, “because of consistent job growth in the local area, the median home price has essentially fully recovered after the big declines during the Great Recession; But the recovery has been bifurcated with very strong buyer interest for starter homes while demand remains soft in the upper-end market. More housing inventory, including from new home construction, is needed for moderately priced homes to achieve a sustainable and healthy growth in the housing market.”

Dr. Lawrence Yun is Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS®. He oversees and is responsible for a wide range of research activity for the association including NAR's Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1 million REALTOR® members.

 

EBCBOR, chartered in 1923, has served Realtors and consumers in Bergen County for more than 90 years. As a not-for-profit trade organization, it represents over 4,200 Realtor members in Bergen and Hudson Counties. EBCBOR is dedicated to enhancing the business opportunities of its membership by providing them with industry information, political advocacy and educational opportunities. For more information, visit www.bergenboard.com.

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