DESIGNATED
REALTOR
®
ISSUE 1: February 2020
ACE YOUR SOCIAL MEDIA GAME IN THE NEW DECADE NJREALTOR.COM
I M P O R TA N T D AT E S & D E A D L I N E S
FEBRUARY
14 Valentine’s Day Realtors 17 NJ Closed
®
Office
Presidents Day
MARCH Saving Time 8 Daylight Starts
17
St. Patrick’s Day
APRIL of Directors 7 Board Meeting
10
NJ Realtors® Office Closed Good Friday
15 Tax Day
MAY
10 Mother’s Day 11-16
National Association of Realtors® Legislative Meetings
Jersey 25 New Realtors Office ®
Closed Memorial Day
WHAT’S BUZZING IN REAL ESTATE?
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According to Realtor® Magazine, “lower mortgage rates and moderating home prices are making purchasing a home over renting more tempting in several of the nation’s metros.” Over the past year, 26 of the 593 counties tracked in the report moved from being more affordable to rent to being more affordable to buy. Read more here.
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Pantone announced their 2020 Color of the Year, Classic Blue, which relates closely to the National Association of Realtors® blue shade—Pantone 293 C. Read more about the 2020 colors of the year here.
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Gov. Murphy announced the release of the new state energy master plan. The plan discusses the possibility of using energy audits on homes and businesses, however there are no specific plans for requiring them on existing homes at time-of-sale. Learn more here.
Skip the waiting room and see a doctor from your computer or mobile device, whenever, wherever with New Jersey Realtors® Member Perks Partner Health Alliance Network. Health Alliance Network is a healthcare company focused on health, wellness, and low acuity urgent care through telemedicine. Telemedicine is simple, affordable and convenient healthcare offered through mobile technology. NJ Realtors® members receive first month of healthcare free when they use discount code “NJR.” Learn more here. *Telemedicine does not replace a primary physician. This is not an insurance product nor a prescription fulfillment warehouse.
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Looking to become a leader? The Leadership Academy for the National Association of Realtors® is now accepting applications for 2021 now through March 3, 2020. If interested, please reach out to your local board before applying. Apply now.
2019 Brought High Buyer Demand BY COLLEEN KING OLIVER
D
emand outweighed supply in the 2019 housing market, according to the year-end numbers provided by New Jersey Realtors®. The inventory of homes for sale in the state was down more than 20 percent in December 2019, a continuation of what we saw in 2018. The demand of buyers outmatched seller activity this year, leaving a slightly unbalanced, but nonetheless strong, market. Affordability has improved with lower mortgage rates, which has helped to offset higher prices. The big question for 2020 is will higher sales prices entice homeowners to list and increase available inventory on the market. As the number of homes for sale decreased, prices increased, though not at the same rates. The median sales price for all properties in 2019 was $307,000, up 5.9 percent over 2018. Properties are moving at the same rate as 2018, 64 days on the market, and agents report multiple, fast offers on desirable listings.
Single Family Market Overview Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics
Historical Sparklines
12-2019
Percent Change
5,498
4,794
- 12.8%
131,723
127,861
- 2.9%
4,444
4,793
+ 7.9%
82,616
84,938
+ 2.8%
6,412
6,721
+ 4.8%
83,496
83,289
- 0.2%
$305,000
$337,176
+ 10.5%
$315,000
$330,000
+ 4.8%
$381,055
$409,754
+ 7.5%
$392,236
$407,997
+ 4.0%
97.2%
97.5%
+ 0.3%
97.8%
97.7%
- 0.1%
70
68
- 2.9%
65
65
0.0%
135
122
- 9.6%
130
125
- 3.8%
33,321
25,717
- 22.8%
--
--
--
4.8
3.6
- 25.0%
--
--
--
New Listings 12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
12-2016
12-2017
12-2018
12-2019
Pending Sales
Closed Sales
Median Sales Price
Avg. Sales Price
Pct. of List Price Received
Days on Market
Affordability Index
Homes for Sale
Months Supply
Percent Change
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
December 33,600
33,321 25,717
9,344
7,660 2,024
2017 - 8.8%
2018
2019
2017
- 0.8%
- 22.8%
- 8.9%
Single Family
2018
2019
2017
+ 0.3%
- 18.0%
- 18.3%
Townhouse-Condo
Single Family
Townhouse-Condo
Adult Communities
60,000
50,000
40,000
30,000
20,000
0 1-2010
1-2011
1-2012
1-2013
1-2014
1-2015
1-2016
1-2017
1-2018
1-2019
2,346
2,239
2018
2019
+ 15.9%
- 4.6%
Adult Communities
Historical Inventory of Homes for Sale by Month
10,000
Closed sales for 2019 stayed static, with 117,343 sales in 2019, a hair above the 117,178 sales in 2018. Pending sales are up 3.3 percent year-over-year, a promising sign. Still, along with tight inventory, new listings dipped a bit, down 1.6 percent to 179,306.
YTD 2018 YTD 2019
Data as of January 20, 2020. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime. | 2
9,315
“We are, of course, concerned that buyer demand slightly outpaced seller activity last year,” said Angela Sicoli, 2020 President of New Jersey Realtors®. “But much of what we are seeing in the market is positive—properties moving quickly at competitive rates. We consider 2019 to be a successful year for housing.”
12-2018
Single Family
Townhouse-Condo
Adult Communities
January 2019
33,778
9,776
2,538
February 2019
34,582
10,112
2,611
March 2019
36,119
10,476
2,792
April 2019
38,601
10,890
2,850
May 2019
40,468
11,089
2,943
June 2019
40,797
11,139
3,004
July 2019
39,944
11,053
2,907
August 2019
38,213
10,555
2,866
September 2019
37,504
10,595
2,854
October 2019
35,169
9,996
2,775
November 2019
31,528
9,108
2,577
December 2019
25,717
7,660
2,239
12-Month Avg.
36,035
10,204
2,746
Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Data as of January 20, 2020. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2020 ShowingTime. | 13
Single family homes had a 4.8 percent rise in median sales price, sitting at $330,000 for 2019. But this market segment was also hit hardest by tight
inventory, dropping 22.8 percent for December 2019, with just 25,717 homes for sale that month.
Designated REALTOR® | February 2020 | 1
7 Winter Curb Appeal Tips BY ERIN MCFEETERS
C
urb appeal is the first impression of a home. According to the National Association of Realtors® Remodeling Impact Report: Outdoor Features, 94 percent of Realtors® have suggested sellers improve their curb appeal before listing a home for sale. Help your clients improve their winter curb appeal with these tips.
2. Make Driveway Repairs Without crisp green grass and colorful flowers, the driveway will be noticed by potential buyers right off the bat. By repairing any cracks or replacing the driveway entirely, it will boost curb appeal, and the home will have a much cleaner look.
1. Seasonal Clean Up Gutters overflowing with leaves during winter months give potential buyers the wrong impression. Ensure a home looks taken care of by suggesting sellers rake and bag leaves. During the winter months it’s good practice to shovel snow from sidewalks and driveways. By doing this, buyers will see the home is easy to maintain in the wintertime, and clear walkways provide easy access to the home during showings.
3. Clean Up the Façade The front of a home is the first element noticed by potential buyers. Replace siding that is missing or broken. A proper power washing can make a world of difference when it comes to the appearance of the home. Go the extra mile and power wash walkways, decks, patios, and driveways as well.
Designated REALTOR® | February 2020 | 2
Bonus tip: advise clients to pack up the pool noodles, outdoor games, and empty flower pots to make their home appear clutter free.
4. Prune Plants Bushes with branches sticking out will not add to a home. Trimming back anything brown and lifeless in the landscaping can immediately improve a home’s appearance. Landscape.org recommends removing dead branches and pruning overgrown trees and shrubs to create open views of a home before putting it on the market. 5. Winter Plants Hearty winter plants can add color and life to a home even when there is snow on the ground. Recommend planting blue spruce, wintergreen boxwood, or coral bells to your clients for a plant that will survive the winter. 6. Landscape Lighting During the winter months, it’s dark much earlier than any other season. Outdoor lighting can transform a home’s look and increases livability after sunset.
Landscape lighting also allows open houses to run later.
Bonus tip: recommend solar landscape lighting to keep energy costs down. 7. Front Porch Clean Up If sellers have a front porch, it’s
imperative to make the most out of it. Make sure the mailbox is freshly polished or new, the house number is secure, and there is a mat to wipe slushy winter shoes. If there’s room, a small side table and outdoor chairs can create an additional outdoor area.
Designated REALTOR® | February 2020 | 3
NJ Realtors® Unveils New Conference Center A
t its first Board of Directors meeting of the year, New Jersey Realtors® unveiled its new state-of-the-art conference center located on the first floor of its Trenton Headquarters. With the Trenton-Mercer Airport a few miles away, the River Line stopping just a block away, and the Capitol Complex a few blocks away, NJ Realtors® headquarters is in the middle of an up-and-coming hub. The association saw an opportunity and decided to transform half of its first floor into a modern and versatile conference center, which will be available for rent to outside groups soon.
Designated REALTOR® | February 2020 | 4
With reconfigurable furniture, the center can hold 70 classroom-style, 46 square-style, and 100 plus reception-style. It is equipped with state-of-the-art audio visual technology with video conferencing capabilities, a catering kitchen, and is adjacent to a spacious fenced-in courtyard. The space is filled with natural light and makes for an excellent environment for events, receptions, continuing education sessions, and more. There is ample on-site parking and an entrance separate from NJ Realtors® main doors. If you’re interested in renting out the space, please email Mary Pilaar at mary@njrealtor.com.
6 Tips to Ace Your Social Game in 2020 BY ERIN MCFEETERS
1. INTERACT WITH YOUR AUDIENCE Keep followers engaged by interacting with them. When someone comments on your post take the time to comment back or like their comment. If commenters ask a question, it’s a good practice to answer it to the best of your knowledge or share a helpful link. If they don’t receive an answer chances are they’ll go looking to someone else’s profile. 2. POST TO YOUR STORY Facebook and Instagram both have a “stories” feature. Social media influencers use stories to consistently interact with followers. Realtors® can take advantage of stories to give home tours, talk about active listings, do Q & A’s, promote blog posts, and share industry insight. They can be videos or graphics and tend to be more casual and authentic than posts on your feed. 3. USE HASHTAGS Using hashtags, especially on Instagram and Twitter, can help your post reach a wider audience. Hashtags catalog posts, making it easier for users to find content on specific topics by searching for keywords or ideas. Bonus tip: use keyword ranking services like SEMrush, MOZ, or Serpstat to see what hashtags are rising in popularity for the topics you’re posting about.
4. SET UP A BUSINESS ACCOUNT If you are an avid Instagram user consider switching your account to a business account in settings. A business account gives you the ability to use tools like Instagram Insights which helps you understand who is engaging with your content and how your posts are performing. 5. GO BEHIND THE SCENES Give followers a behind the scenes look at your day to day life. Whether it’s setting up for an open house or announcing a new listing—consider filming a live video. Before you go live, make sure your lighting, sound, and phone camera are working and look good. Keep your live videos short and sweet so viewers don’t tune out before you get to the point. 6. SHARE POSTS Do you like what you see in on someone’s Instagram story? Share it to your own story by clicking the paper airplane on the bottom right hand corner on your phone screen while the story is playing. If their profile is public, you can share their story instantly to your own. By doing this, you’re posting to your profile without creating the post from scratch, and you’re sharing your interests with your followers. Think of it as recycling content, with proper credit, of course.
Designated REALTOR® | February 2020 | 5
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Scholarship Applications are now open! Apply at njrealtor.com/ef Deadline to apply is April 9, 2020