The Greater Capital Association of REALTORS® is a professional trade association which provides its members with programs and services which enhance the members‘ ability to successfully conduct their businesses in a competent and ethical manner, promotes cooperation among its members, and promotes the public‘s right to own, use and transfer real property.
The Greater Capital Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy on the information contained herein. The opinions expressed in articles are not necessarily the opinions of the Greater Capital Association of REALTORS®.
The Greater Capital Association of REALTORS® does not necessarily endorse the companies products or services advertised in the newsletter unless specifically stated.
UNLOCKING POSSIBILITIES: GCAR’S COMMITMENT TO YOUR SUCCESS IN 2025
As I step into the role of your next GCAR president, my heart is full of humility and gratitude.
As we lean into 2025, I invite you all to join me in seeing the silver linings of our challenges in 2024. One of our most defining moments of last year was the settlement of the long-anticipated NAR lawsuit in August. While it brought significant changes, it also elevated how we conduct our business, pushing us to implement more effective practices and strive for greater professionalism in our industry. This pivotal moment has allowed us to grow, adapt, and redefine what excellence looks like in real estate. Together, let’s embrace these changes with courage and commitment as we build an even stronger future for our profession.
The housing market in 2025 remains uncertain, but economists are hopeful for a recovery. With mortgage rates stabilizing and job growth accelerating, we may see more homeowners who had previously been locked into historically low mortgage rates decide to take a leap of faith and move, thus creating muchneeded inventory. This activity could open the door for patient first-time buyers to step into homeownership and say goodbye to renting.
During the last six years of my involvement with GCAR’s leadership team and staff, I have witnessed an incredible group of hardworking and dedicated professionals. These individuals are constantly looking
for better ways to serve our members with tools, services, education, and technology that make our lives as REALTORS® easier, more productive, and more profitable.
The commitment of our volunteers— those who serve on committees, attend NYSAR and NAR business conferences, participate in Lobby Day, RPAC events, and the trade show—is a true testament to the culture of excellence and collaboration that defines GCAR. This organization is the glue that holds us together, offering partnership and support as we navigate the complexities of our profession.
If you’ve ever considered getting involved—whether by joining a committee, attending Lobby Day, or participating in an RPAC event—I encourage you to lean in this year and step boldly. Learn about the work being done on a local, state, and national level. I promise your engagement will deepen your understanding of the big picture and enhance your ability to serve your clients and customers with confidence, patience, love, and kindness.
Together, let’s make 2025 a year of growth, adaptation, and shared success as we continue to strengthen the incredible foundation GCAR has built.
Melissa Woodcock 2025 GCAR President
2025 INSTALLATION OF OFFICERS & DIRECTORS
On Thursday, January 9th, GCAR installed the 2025 Board of Directors at a dinner at the Mohawk Golf Club.
Senator James Tedisco performed the swearing-in ceremony of Melissa Woodcock of Staged Nest Real Estate, who was installed as the 2025 GCAR President. Senator Tedisco also performed the swearing-in ceremony for the board of directors.
THANK YOU EVENT SPONSORS
Ballston Spa National Bank
Bhumio, Inc.
Clean Isles Home Inspections
Homestead Funding Corp.
Ianniello Anderson, P.C. in-house media
Premium Mortgage Corp.
Top Gun Inspection Services Group
GCAR Volunteer Reception
On December 5th, GCAR held a reception at the Crowne Plaza-Desmond Hotel to honor and thank the members who volunteered their time to the association throughout 2024.
Community Relations Committee Supports Foster Children in Our Community
We extend our heartfelt thanks to all GCAR members who have generously contributed to “Our Store,” a vital program operated by Victory Church and led by Pastor Charlie Muller, that supports foster children and their families. Your donations of essential items like clothing, hygiene products, and toys make a tangible difference for children who often enter care with little to nothing.
Many thanks to the Community Relations Committee for a job well done in 2024!
Sympathies are extended to...
The friends and family of GCAR member Larry DeRubbo of Adirondack Mountain Property upon his passing on December 17, 2024.
Congratulations to the GCAR members who have been appointed to serve on NAR committees
The Center for REALTOR® Financial Wellness is a resource designed exclusively to meet the specific financial planning needs of REALTORS®. You’ll find budgeting tools, retirement planning resources, options for investing in real estate, and more. Visit www.FinancialWellness.realtor to take your assessment and start planning for your future today!
NAR Consumer Guides
Each one-page resource gives clients a handy overview of key aspects of the real estate transaction, like negotiating written buyer agreements and understanding offers of compensation. They’re an invaluable way to start conversations with and educate consumers.
>> Find them here: facts.realtor
DATES TO REMEMBER
February 3-6
NYSAR Mid-Winter Business Meetings
Crowne Plaza Albany – Desmond Hotel
February 17
Presidents’ Day
GCAR and Global MLS Offices Closed
March 13
T3 Sixty Broker Breakfast
April 29
Lobby Day
Empire State Plaza
May 31–June 5
NAR Legislative Meetings & Trade Expo
Washington, DC
October 15
GCAR Trade Show
Saratoga City Center
November 20
GCAR Annual Meeting
For additional information, visit GCAR.com/events
Laura Burns
AEC/AE Institute Advisory Board
Miguel Berger Multiple Listing Issues & Policies Committee
Melissa Woodcock Board of Directors
Conventional Financing & Policy Committee
GOVERNOR HOCHUL UNVEILS AMBITIOUS HOUSING AND ECONOMIC PLANS
By Connor Gillis Government Affairs Rep, NYSAR
Governor Hochul Announces Housing Proposals
On January 9, Governor Kathy Hochul announced a series of housing proposals. In her announcement, Governor Hochul reiterated her commitment to address the ongoing housing shortage and increase affordability by creating more homeownership opportunities. The governor outlined proposals to provide $50 million in new state funding to support first-time home buyers, offer a local opt-in property tax incentive for low- and moderate-income home buyers, strengthen laws to combat home appraisal discrimination, and limiting institutional investors from buying one- and two-family homes.
Gov. Hochul and State Lawmakers Agree On New Short-Term Rental Law
State lawmakers and Governor Hochul have agreed to chapter amendments that will result in the passage of a new law giving counties the option to create registries for short-term rental properties. There will be no mandate on counties. Booking platforms, including Airbnb and Vrbo, will be required to send quarterly reports to counties and the Department of State. Shortterm rental properties will also be required to pay the same sales and occupancy taxes as hotels. Lawmakers are expected to approve the final, amended version in January.
HEAT Act Draws Concerns From the Business Community
Business groups have pushed back against calls for the State Legislature to pass legislation known as the HEAT Act. NYSAR has expressed opposition to the bill citing negative economic impacts the bill would have on homeowners and commercial properties. The bill would eliminate current law requiring gas companies to provide hookups to new customers within 100
feet of a gas line, while also giving the state authority to discontinue existing gas service under certain circumstances. The bill, which will be reintroduced in 2025, could also result in significant rate increases for middle-income New Yorkers.
Governor Hochul Pledges $400 Million to Boost The City of Albany
Gov. Kathy Hochul announced during her State of the State speech a $400 million commitment to the city of Albany to boost the downtown economy, upgrade the State Museum, fight crime, convert vacant commercial buildings into housing and for other priorities.
The funding includes $200 million “to make real investments into tangible strategies and projects to revitalize” the downtown core and $150 million to upgrade the New York State Museum. Hochul is also proposing to spend $35 million for a study that would lay out the next phase of planning for Interstate 787, including options that would open Albany’s riverfront, and $1 million to combat crime as part of an “Albany Public Safety Surge.”
R stands for REALTOR®. REALTORS® are members of the National Association of REALTORS®.
NAR’s consumer ad campaign tells the REALTOR® story— who REALTORS® are and the value you bring to clients and communities.
Leverage award-winning campaign assets on NAR’s Photofy app and at ThatsWhoWeR.realtor
DEFEATED PROPOSALS
Legislation that would have eliminated dual agency in the state
Legislation that would have prohibited landlords from collecting a rental broker fee from tenants
Legislation that would have required all sellers of residential real property to provide a lead paint hazard test to a buyer or tenant before a transaction or lease
Legislation that would have required all real estate licensees to request, collect, and retain personal demographic data on clients and submit it to DOS annually
Legislation that would have authorized any city or town in the state to create a new real estate transfer tax to provide revenue for a community housing fund
RPAC REPORT
Since 1969, the REALTORS® Political Action Committee (RPAC) has promoted the election of pro-REALTOR® candidates across the United States. The purpose of RPAC is clear: voluntary contributions made by REALTORS® are used to help elect candidates who understand and support their interests. These are not members’ dues; this is money given freely by REALTORS® in recognition of the importance of the political process. The REALTORS® Political Action Committee and other political fundraising are the keys to protecting and promoting the real estate industry.
2024 RPAC UPDATE
We are pleased to announce that we GCAR members contributed a total of $79,339 reflecting 95 percent of our 2024 fundraising goal of $83,246.
In terms of participation, we saw a 2.6 percent increase over 2023. 1,050 members invested in RPAC, representing 28 percent of the membership. The 2024 participation goal was 32 percent.
Thank you to all who contributed to RPAC. It is your best investment in real estate.
$15 - $98
Club: $99 - $249
Club: $250 - $499
Club: $500 - $999
R: $1,000 - $2,499
R: $2,500 - $4,999
R: $5,000 - $9,999
$10,000
Melissa Woodcock
Staged Nest Real Estate
GCAR President
Melissa began her real estate career in 2005 and has since founded her own company, Staged Nest Real Estate, where she leads a talented team that combines real estate expertise with home staging strategies, guided by the values of patience, love, and kindness.
Melissa is deeply involved in the Greater Capital Association of Realtors, serving on the Board of Directors since 2018. She was the 2023 Secretary-Treasurer, the 2024 President-elect, and will serve as President in 2025. Melissa is a trusted advisor to clients and peers because of her ethical standards, problem-solving abilities, and negotiation skills.
A Loudonville resident since 1991, Melissa enjoys gardening, art, yoga, skiing, and spending time with her son, two dogs, and loved ones.
Kirsten Nachbar Blanchard Coldwell Banker Prime Properties
GCAR President – Elect
Kirsten Nachbar Blanchard, a seasoned REALTOR® since 1988 and an associate broker since 1997, boasts an impressive career. Holding esteemed designations like Graduate REALTORS® Institute (GRI) and Certified Buyer Representative (CBR), Kirsten’s commitment to professional excellence is evident.
Her active involvement in various GCAR committees— Community Relations, RPAC, Trade Show, Grievance, and Education—culminated in her appointment to the GCAR Board of Directors in 2019, a testament to her dedication and leadership within the real estate community.
Michelle Poccia
Staged Nest Real Estate GCAR Secretary – Treasurer
Michelle’s journey in real estate began in 1989 when success with a “For Sale by Owner” transaction sparked her passion for the industry. Eager to assist other buyers and sellers, she obtained her real estate license in 1990 and furthered her commitment in 1993 by becoming a licensed associate real estate broker. Michelle’s success in the field earned her recognition, leading to appointments and distinguished service on various GCAR committees. Her contributions extended to roles on the GCAR and NYSAR Board of Directors, marking her as a dedicated and accomplished professional in the real estate community.
DIRECTORS
Susan Cerone Howard Hanna Felton McLaughlin NAI Platform
Suzanne Prezio Suzanne Prezio Properties
Lorenzo Murray Hunt ERA
Kathie Spangler Julie & Co Realty
Haleh Struzinsky HS Capital Realty
Kathleen Sullivan KW Platform
Jennifer Mentiply Renovo Real Estate
Housing Hot Spots
By National Association of REALTORS® Research Group
2025 Outlook: A Year of Stabilization and Opportunities
The year ahead is poised to bring more opportunities for home buyers as the housing market continues to stabilize. The Federal Reserve is expected to maintain a gradual approach to easing monetary policy in 2025. While concerns about federal deficits and rising public debt may cap the extent of those rate cuts, borrowing costs are anticipated to stabilize overall, offering some relief to prospective buyers.
However, mortgage rates are unlikely to return to the ultra-low levels seen during the pandemic or the pre-pandemic levels. Affordability will remain a concern for many, particularly in high-demand markets. The National Association of REALTORS® forecasts mortgage rates to stabilize near 6% in 2025, likely establishing a new normal.
At this rate, more buyers are expected to come back to the market, boosting activity. When mortgage rates fall below 6.5%, the qualifying income required to purchase a median-priced home drops below $100,000, which is less than the estimated median family income. If rates stabilize around 6%, about 6.2 million households can once again be able to afford median-priced homes, compared to the current constraints with rates near 7%.
While housing shortages remain a long-term constraint, inventory levels are gradually improving and poised to increase further in 2025. This uptick is anticipated to result from a combination of new construction projects and homeowners deciding to list their properties, encouraged by stabilizing mortgage rates and improving market conditions. Lower rates can significantly benefit homebuilders by reducing financing costs and boosting market confidence. This is expected to lead to increased construction and
housing starts approaching the historical average annual level of 1.5 million units in the next couple of years.
However, despite these gains, inventory levels are still expected to fall short of pre-pandemic norms, continuing to present challenges for buyers. Home prices will continue to increase in 2025, but at a slower pace compared to previous years, with increases likely to be around 2%.
Housing Hot Spots for 2025: Top Markets Amid Stabilizing Rates
While real estate is inherently local, each year the National Association of REALTORS® identifies markets expected to outperform based on key trends and metrics. While every year presents unique circumstances, the following 10 economic, demographic and housing factors are anticipated to be influential in shaping local housing markets as mortgage rates will stabilize in 2025:
1. Fewer locked-in homeowners than the national level.
Why it matters: Homeowners with low mortgage rates from previous years hesitate to sell and take on higher mortgage rates, creating a “lock-in effect” that reduces housing inventory and activity in the market. Areas with fewer locked-in homeowners are likely to see more properties listed, increasing inventory and offering more opportunities for buyers.
2. Lower average mortgage rates than the national level
Why it matters: While mortgage rates differ by area, a lower mortgage rate enables more buyers to qualify for a mortgage, boosting housing demand. This can lead to increased home sales and market activity in the area, as lower rates reduce the financial burden of purchasing a home. If borrowers in an area can secure
a lower mortgage rate, this could help more buyers to be able to qualify for a mortgage with smaller payments.
3. Faster job growth than the national level
Why it matters: Job growth drives economic stability and income increases, which are key factors for home affordability. Areas with faster job growth allow more people to set their sights into homeownership, further stimulating housing demand.
4. More Millennial renters who can afford to buy a home than the national level
Why it matters: Millennials represent a significant portion of firsttime home buyers. Areas where more Millennials can afford homes are likely to see increased demand, especially for entry-level and starter homes, boosting local activity.
5. Higher net migration to population ratio than the average level
Why it matters: Areas experiencing a strong influx of people also see increased demand for housing, as new residents require accommodations. This usually boosts activity in the area while also making home prices increase faster if supply doesn’t keep pace with demand.
6. More households reaching home buying age in the next 5 years than the national level
Why it matters: Households in the 35-40 age group are a key demographic for homeownership. According to NAR’s 2024 Profile of Home Buyers & Sellers, the typical first-time buyer is 38 years old. Areas with a larger share of households entering this age bracket can expect stronger long-term demand for homes, affecting new construction and market stability.
7. More movers who purchase homes than the national level
Why it matters: A higher share of movers choosing to purchase homes indicates long-term growth and stability for the local housing market. While an influx of newcomers generally stimulates economic activity and boosts the housing market, those who choose to buy can bring even greater long-term benefits for the area. Their decision to invest in homeownership suggests people are there to stay, fostering a more stable and prosperous local market over time.
8. More homeowners surpassing the average length of tenure than the national level
Why it matters: Homeowners who have surpassed the average tenure (typically 16 years) are more likely to consider selling, increasing housing inventory. Areas with a larger share of these homeowners may see an uptick in listings, helping to ease supply constraints.
9. More inventory of starter-homes than the national level
Why it matters: Starter homes, typically priced at 85% of the median-priced home, are critical for first-time buyers. Areas with more starter-home inventory provide greater accessibility for younger or lower-income buyers, driving demand and creating a more affordable housing market.
10. Faster home price appreciation than the national level
Why it matters: Faster price appreciation reflects a strong local housing market with increased demand, generating wealth for homeowners, attracting investment, and providing resources for community developments.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.
Explore Funding Opportunities For Housing and Community Development
If you’re looking for funding opportunities and resources in New York, there are numerous grants, loans, and programs available through state and national organizations. The New York State Department of State provides access to housing and community development funding through programs like NYS Homes and Community Renewal, as well as local partner grants. Additional resources include USDA Rural Development housing repair loans and grants, and the New York Landmarks Conservancy’s grants and loans for preservation projects. At the national level, the National Association of REALTORS® offers various grants and relief programs, including the REALTORS® Relief Foundation. The New York State Association of REALTORS® also supports housing initiatives through its Housing Foundation and other dedicated divisions. Explore these opportunities to make a lasting impact on your community or personal projects.
NEW YORK STATE DEPARTMENT OF STATE
NYS Homes and Community Renewal hcr.ny.gov/funding-opportunities
HCR Grants Available Through Local Partners hcr.ny.gov/grant-partners
USDA Rural Development Single Family Housing Repair Loans & Grants www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants-18
New York Landmarks Conservancy Loans & Grants nylandmarks.org/what-we-do/grants-loans/
NATIONAL ASSOCIATION OF REALTORS® Grants and Funding www.nar.realtor/about-nar/grants-and-funding
REALTORS Relief Foundation rrf.realtor/
NEW YORK STATE ASSOCIATION OF REALTORS®
NYSAR Housing Foundation app.nysarhousingfoundation.com/
As of January 1, 2025, a new requirement has been added to the National Association of REALTORS’ compliance conditions. This requirement is in addition to the Code of Ethics training, which remains the same as the immediate cycle beforehand. REALTORS® are newly required to complete Fair Housing / Anti-Bias Training upon becoming a member, and every 3 years thereafter, coinciding with the Code of Ethics training timeline.
Qualified training must be of not less than 2 hours of instructional time. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®. This requirement will begin January 1, 2025, with a deadline of December 31, 2027.
Frequently Asked Questions
What is the history of this requirement?
NAR’s Board of Directors approved a new policy during the May 2023 REALTORS® Legislative Meetings that institutes a Fair Housing training requirement for all members. The policy is based on a recommendation created by a work group composed of members of the Fair Housing Committee, Professional Development Committee, Association Executives Committee, and Membership Policy and Board Jurisdiction Committee.
Is there a cost associated with completing this requirement?
Not necessarily! At Home with Diversity and Bias Override satisfy the course requirements, and Fairhaven, a fair housing simulation training that helps REALTORS® identify, prevent, and address discriminatory practices in real estate, will be updated to meet the 2- hour requirement and serve as a no-cost option. On top of this, GCAR courses that fulfill the requirement are free with association dues.
Why every 3 years?
The requirement lines up with the current Code of Ethics training cycle to ease the burden on local associations and avoid confusing members.
Are commercial members, appraisers, and attorneys included in the requirement?
The requirement applies to all REALTORS®, regardless of specialty, and includes options (such as Bias Override and a to-be-developed non-residential course) that go beyond residential brokerage and are applicable and educational for all members.
Do I need to take another course if I completed New York State Licensing Authority approved 3-hour fair housing training?
No, as long as the course meets the 2-hour minimum and the NAR learning objectives, it fulfills the requirement.
Why did the NAR Board of Directors feel this was necessary?
A pillar in NAR’s Fair Housing ACT Plan is training. The Fair Housing Committee found that less than half of states require regular Fair Housing training as a condition of maintaining licensure. Many REALTORS® currently have no requirement for Fair Housing training of any kind. Providing equal professional services is an essential part of our commitment to a higher ethical standard.
How to Fulfill the Requirement
GCAR Education
GCAR’s Real Estate Professionals Institute will provide comprehensive programming throughout the training cycle, ensuring you have ample opportunities to meet the new requirement before the deadline. As always, GCAR classes are offered free of charge to our valued members. View the course schedule here: gcar.com/calendar
Fairhaven
NAR’s dynamic online simulation where real estate professionals tackle fair housing challenges headon. Through realistic scenarios, practical insights, and historical context, you’ll explore key topics like steering, bias, disability accommodations, and standing up for clients facing discrimination. Begin here: fairhaven.realtor
The CE Shop
GCAR education partner, The CE Shop, offers several options to fulfill your fair housing requirement. Learn more: gcar.theceshop.com
BUILDING VALUE & TRUST
The 2024 real estate industry lawsuits regarding commissions have introduced disruption and confusion, creating uncertainty for real estate professionals. In response, Global MLS has diligently worked to support our membership through these challenging times.
As we look ahead, articulating your value will be the cornerstone of building client trust and securing business in 2025. Distinguishing yourself through the unique services you provide—and clearly communicating this to your clients—will be critical to your success. At Global MLS, we are equally committed to refining how we articulate our value to you.
KEY PILLARS OF VALUE FOR YOUR CLIENTS INCLUDE:
Clarity
Providing relevant and essential information to Global MLS users and consumers is foundational. Clear, truthful communication, free from last-minute surprises, establishes trust and ensures a smoother transaction experience.
Practicality and Proactivity
Thriving in real estate requires consistent, standardized processes and regular reviews of these systems. By investing time early in streamlining operations, brokerages and agents can position themselves for longterm success.
KEY PILLARS OF VALUE FOR GLOBAL MLS INCLUDE:
Broker-Centered Collaboration
As a broker cooperative, Global MLS is committed to empowering its brokerage community with the tools and services needed to achieve accurate, efficient transactions.
Member-First Approach
We succeed when you succeed. Global MLS provides the products, support services, and education necessary to enhance your skills, expand your knowledge, and elevate your business.
Foresight and Preparation
Global MLS remains proactive, anticipating challenges and opportunities to help you stay ahead in a dynamic industry.
Remember, you are essential to every real estate transaction. While the process may evolve, your expertise and licensure remain invaluable. Each day, you make critical decisions that shape your success. Trust your instincts, honed through experience, and aim to develop creative solutions. Seeking insights from trusted colleagues can further refine and strengthen your strategies.
Together, we can navigate these times with confidence and purpose.
2025 GLOBAL MLS BOARD OF DIRECTORS
President Marie Bettini Albany Realty Group
Director
Tim Charbonneau
Coldwell Banker Prime Properties
Vice President Jay Christiana Berkshire Hathaway HomeServices
Secretary-Treasurer
Kendal Baker
Marker’s Octagon Realty
Director Jeff Knox Sterling Real Estate Group Director Brian Miranda Miranda Real Estate Group Director
Victoria Romeo
Romeo Team Realty Director
Schultheiss Howard Hanna
Director
Marc Weiss
Keller Williams Capital District
GCAR AFFILIATE MEMBERS
Use this directory as a resource for products and services. Affiliates join monthly, so check each issue for updates. You can also search the online affiliate directory by visiting GCAR.com/affiliate-members.
