Mar 31

‘No Knock’ Registry Is a Jab at Real Estate

‘No Knock’ Registry Is a Jab at Real Estate

 

‘No Knock’ Registry Is a Jab at Real Estate

‘No Knock’ Registry Is a Jab at Real Estate

Longtime Jersey City, N.J., homeowners say they’ve been harassed by real estate solicitations in recent months. They’re hoping the city’s new “No Knock” registry will put an end to the door knocks inquiring if they want to sell their home.

The Jersey City Council recently unanimously passed a resolution creating an antisolicitation program, dubbed the “No Knock” registry. Residents who sign up will receive “No Knock” decals for their front doors. Any violators will be fined up to $2,000 and sentenced to 90 days of community service.

Jersey City’s population has surged between 2010 and 2015, blooming by 6.7 percent in that time, according to Census data. As such, demand for housing has grown too, as have home values. Median home prices have surged 17 percent in the last six years, reaching $305,000 in 2016, according to RealtyTrac, a real estate data provider.

Longtime homeowners say they’ve been bombarded with constant offers from real estate investors and developers. Assunta Folcarelli, who has owned her Jersey City home for 35 years, told The Wall Street Journal that she started getting calls six years ago from real estate professionals asking to buy her home.

“They keep on calling up, they want my house. I say, ‘Wait a minute, where am I going to go?” says Folcarelli, 57.

Other New Jersey towns, such as Jackson and Toms River, also have established “No Knock” registries.

Source: “Jersey City Creates ‘No Knock’ Registry as Relief From REALTORS®,” The Wall Street Journal (March 28, 2017) [Log-in required.]

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