Designated Realtor® February 2020

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?

1

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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2

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.

3

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.

5

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

Apply Today Educational Foundation

Scholarship Applications are now open!

Apply at njrealtor.com/ef Deadline to apply is April 9, 2020