Designated Realtor® October 2019 by New Jersey Realtor®

DESIGNATED

REALTOR

Â®

ISSUE 5: October 2019

Work Smarter Not Harder

NJREALTOR.COM

I M P O R TA N T D AT E S & D E A D L I N E S

OCTOBER

7 Miller-Keystone Blood Drive 10 Realtors Leadership Program ®

Deadline to Register to Vote

31 Halloween

NOVEMBER Savings 3 Daylight Time Ends Realtors 7 2019 Conference & Expo ®

DECEMBER Play Realtor 9 Triple Convention & Trade ®

Expo

NJ Realtors Office 25 Closed—Christmas ®

Day

NJ Realtors® Office Closed—Thanksgiving

Realtors 29 NJ Closed

JANUARY Realtors Office 1 NJ Closed—New Years’ ®

Day

14 Executive Committee Meeting of Directors 14 Board Meeting

Office

Realtors Office 20 NJ Closed—Martin ®

Luther King Jr. Day

WHAT’S BUZZING IN REAL ESTATE?

An innocent scroll through social media helped a Detroit broker learn other agents were sharing listing photos that did not belong to them. Help your agents determine what they can and cannot use. Read the article here.

The federal courts ruled against a lawsuit initiated by New Jersey and three other states challenging the $10,000 State and Local Tax Deduction (SALT) cap. The lawsuit argued the cap was unconstitutional, which the courts ruled against. It is unclear whether New Jersey and the other states will appeal this decision.

Homeowners are getting creative with designing extra spaces for their guests. One couple from Minneapolis turned their backyard art studio into a fully functioning guest suite with multi-use furniture, a kitchenette, a pulldown bed, and a closet. Learn more about the space here.

According to the National Association of Realtors®, 42 percent of Realtors® are affiliated with a franchise. In 2019 the top brokerages were RE/MAX LLC, Century 21 Real Estate LLC, Coldwell Banker Real Estate LLC, Berkshire Hathaway HomeServices, and Keller Williams. Read more on real estate franchises in NAR’s 2019 Residential Franchise Report.

The Federal Reserve announced its second rate cut since the Great Recession. Down an additional quarter of a point, rates are now between 1.75 percent to 2 percent. The Federal Reserve says the rate cut will hopefully lead to a healthier market. Read more here. Each year, millions of eligible voters don’t vote because they either miss the registration deadline or don’t know how to register. In order to vote in the next election, you must register to vote by Oct. 15. Register here.

Prices on the Rise as Summer Sales Slow BY COLLEEN KING OLIVER

t’s the same story we’ve been seeing for several months in the New Jersey housing market — lower inventory and higher prices have slowed sales. But it’s not all bad news. Mortgage rates have returned to near-record lows, thanks to the second rate cut by the Federal Reserve

in September. Consumer confidence remains high despite the low inventory, an important factor when determining the overall health of the market.

was up 4 percent to $325,000 for August 2019. Homes are still moving fast, with an average of just 58 days on the market for single family homes in August.

Closed sales were down 5.6 percent for all properties, and the median sales price

Inventory continues to decline, especially in the range where first-time homebuyers are often looking. There were just 34,857 single family homes for sale this August, a decline of more than 15 percent over that same time last year. Only adult communities strayed from that with an inventory of 2,734 for August, a rise of 8 percent.

Total Market Overview Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparklines

8-2018

8-2019

Percent Change

15,354

14,170

- 7.7%

132,595

131,654

- 0.7%

10,313

10,906

+ 5.8%

82,987

84,512

+ 1.8%

12,642

11,928

- 5.6%

79,182

77,427

- 2.2%

$312,500

$325,000

+ 4.0%

$292,000

$307,500

+ 5.3%

$385,670

$405,779

+ 5.2%

$369,801

$381,224

+ 3.1%

97.9%

97.8%

- 0.1%

97.8%

97.6%

- 0.2%

+ 1.7%

0.0%

131

127

- 3.1%

140

134

- 4.3%

55,264

47,798

- 13.5%

5.7

4.9

- 14.0%

New Listings 8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

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 8-2016

8-2017

8-2018

YTD 2018 YTD 2019

Percent Change

Overall, the percent of list price received remains steady at 97.6 percent, a negligible difference over last year. New listings for the entire market maxed out at 14,170 for August, down 7.7 percent from August 2018. A bright spot, though, was the increase of pending sales to 10,906, a 5.8 percent increase, and a sign that autumn may prove to be a sales boost. For the complete data and access to individual reports for the areas you serve, please visit njrealtor.com/data.

8-2019

Data as of September 20, 2019. 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 © 2019 ShowingTime. | 15

Median Sales Price

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

New Listings 8-2016

8-2017

8-2018

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

8-2018

8-2019

Percent Change

11,061

10,083

- 8.8%

YTD 2018 YTD 2019 96,822

95,192

Percent Change

- 1.7%

August

Year to Date

$330,000 $335,000

$352,066

8-2019

Pending Sales 8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

8-2016

8-2017

8-2018

8-2019

Closed Sales

Median Sales Price

Avg. Sales Price

$260,000 $264,500

7,364

7,789

+ 5.8%

59,505

60,840

+ 2.2%

9,241

8,721

- 5.6%

56,724

55,784

- 1.7%

$335,000

$352,066

+ 5.1%

$315,000

$329,000

+ 4.4%

2017

0.0%

$438,833

+ 6.2%

$394,417

$406,644

+ 3.1%

98.1%

97.9%

- 0.2%

97.9%

97.8%

- 0.1%

8-2016

8-2017

8-2018

58 8-2016

8-2017

8-2018

2018

2019

2017

2018

2019

2017

2018

2019

2017

+ 5.1%

+ 0.0%

+ 1.7%

+ 5.5%

+ 10.5%

+ 2.7%

0.0%

8-2018

Townhouse-Condo

Adult Communities

0.0%

117

- 4.1%

130

125

- 3.8%

Townhouse-Condo

Adult Communities

$350,000

$250,000

8-2019

$200,000

Homes for Sale

41,062

34,857

- 15.1%

-$150,000

8-2016

8-2017

8-2018

8-2019

Months Supply

5.9 8-2016

8-2017

8-2018

5.0

- 15.3%

8-2019

2018

2019

2017

2018

2019

2017

2018

2019

+ 4.4%

+ 2.2%

+ 2.0%

+ 5.4%

+ 7.1%

+ 8.2%

+ 2.5%

Townhouse-Condo

Historical Median Sales Price by Month $400,000

$100,000 1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

1-2016

1-2017

Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.

1-2018

1-2019

$200,000 $205,000

+ 3.3%

Single Family

$300,000

122 8-2017

0.0%

8-2019

Affordability Index 8-2016

$274,000

$184,900

8-2019

Days on Market

$329,000

$255,000 $260,000

+ 1.5%

Single Family

$413,121

$315,000

$204,500 $210,000 $210,000

Single Family

Pct. of List Price Received

$305,000 $279,000

Adult Communities

Single Family

Townhouse-Condo

Adult Communities

September 2018

$315,000

$265,000

$208,500

October 2018

$305,000

$267,000

$206,000

November 2018

$315,000

$258,500

$205,000

December 2018

$305,000

$257,500

$209,900

January 2019

$299,000

$263,500

$197,000

February 2019

$290,000

$249,500

$177,500

March 2019

$300,000

$265,000

$182,125

April 2019

$315,000

$272,000

$204,950

May 2019

$330,000

$276,000

$210,000

June 2019

$349,900

$276,694

$212,000

July 2019

$350,000

$282,500

$220,000

August 2019

$352,066

$279,000

$210,000

12-Month Med.*

$323,000

$270,000

$205,000

* Median Sales Price for all properties from September 2018 through August 2019. This is not the average of the individual figures above.

Designated REALTOR® | October 2019 | 1

New Jersey Realtors® Help Combat the Drug Epidemic BY ERIN MCFEETERS

n September, the HealthCare Institute of New Jersey honored New Jersey Realtors® In Recognition of Leadership in Preventing the Diversion and Abuse of Prescription Medicines through the “Safe Home, Safe Sale” Campaign.

since reached tens of thousands of Realtors® and residents across New Jersey with our key message about securing medicine in the home,” said Paranicas. “It’s obvious you’ve all worked at the task and committed to it, gone out and were successful and effective.”

The public awareness campaign, “Safe Home, Safe Sale,” aims to educate Realtors® and homeowners about the dangers of not securing prescription drugs while a home is an active market listing.

The program has only just taken off. In the coming months there will be programs taking place throughout the state. Contact your local board to see if they have one set up.

New Jersey Realtors®, HINJ, Partnership for a Drug-Free New Jersey, and PhRMA partnered together to spread the word and help stop the drug crisis in the state. “It’s hard to believe that only in February of this year we launched the program,” said Dean Paranicas, President and CEO of HINJ. The campaign received immediate recognition by 6abc news, NJBIZ, News12 New Jersey, 101.5, and InsiderNJ. “The program has

“I’ve gotten a lot of calls from agents and brokers as well as family and friends who are interested in knowing about it [Realtors® and Prescription Drug Safety],” said 2019 New Jersey Realtors® Immediate Past President Christian Schlueter. “Because until we started bringing it to the local level no one thought about it.” For more information about the public awareness campaign and to download the brochure visit njrealtor.com/ prescriptiondrugsafety.

46 17.4%

70%

AMERICANS DIE EVERY DAY

from an overdose caused by prescription painkiller abuse.

OF THE u.S. POPULATION

filled at least one prescription for an opioid in 2017.

OF PEOPLE WHO ABUSE PRESCRIPTION DRUGS

report getting them from a friend or family member.

Drug overdose is currently the leading cause of accidental death in New Jersey, according to the Partnership for a Drug-Free New Jersey. Many of those affected begin their journey to addiction through the diversion of legally prescribed medications. These drugs can be vulnerable to theft during real estate showings or any times there is heavy foot traffic through a home. Realtors® can help by encouraging their clients, other Realtors®, and the community to:

EDUCATE. SECURE. DISPOSE. *Information provided by DrugFreeNJ.com, the Centers for Disease Control & Prevention, and the National Safety Council.

Designated REALTOR® | October 2019 | 2

Find the committee for you. Volunteers are the foundation of New Jersey Realtors®’ survival, strength and continued success. The committees listed below each oversee a different aspect of New Jersey Realtors® and assist in the decision-making process. All members are invited to submit a committee selection form. Appointments are made each year by the incoming president and leadership team. If you are interested in serving on a NJ Realtors® committee, complete the submission form before Oct. 25, 2019, at 5 p.m. which can be found here. Appointments will be made before January. BYLAWS COMMITTEE: Conducts a continuing inquiry into the provisions of NJ Realtors® bylaws. Evaluates the document’s ability to provide direction to NJ Realtors® work. CIRCLE OF EXCELLENCE SALES AWARD® COMMITTEE: Develops NJ Realtors® Circle of Excellence Sales Award® rules and monitors their implementation.

COMMUNICATIONS COMMITTEE: The communications committee helps oversee the direction and planning of member communications including the association’s presence at the Triple Play Realtor® Convention & Trade Expo, member-focused emails, magazine content, and more.

CONTINUING EDUCATION COMMITTEE: Provides NJ Realtors® with recommendations for continuing education courses and instructors. CONVENTION COMMITTEE: Provides input on educational topics, special events and scheduling of convention activities. EQUAL OPPORTUNITY/CULTURAL DIVERSITY COMMITTEE: Plans events to provide information about equal opportunity and freedom of choice in housing. LEGAL AFFAIRS COMMITTEE: Develops guidelines and reviews requests for financial and legal aid. Monitors legal issues and ensures that the Legal Action Fund is adequate to meet NJ Realtors® needs. LEGISLATIVE COMMITTEE: Screens all legislation and recommends in writing appropriate action to the Board of Directors. MEMBER PERKS COMMITTEE: Identifies, evaluates and approves affinity partnerships with NJ Realtors® to provide member benefits. POLITICAL AFFAIRS COMMITTEE: Facilitates grassroots political involvement among Realtors® by conducting seminars and promoting the Realtor® Legislative Network.

PROFESSIONAL STANDARDS COMMITTEE**: Provides assistance to local boards/ associations in administering professional standards/procedures. Educates the membership on, and promotes adherence to, the Realtor® Code of Ethics. **Experience in either grievance, professional standards and/or mediation required. PUBLIC RELATIONS & MARKETING COMMITTEE: The public relations and marketing committee plays a key role in determining consumer communications including the annual advertising campaign, which includes digital, print, and social media. RISK MANAGEMENT COMMITTEE: Develops educational materials and programs minimizing member risk exposure. STRATEGIC PLANNING COMMITTEE: Conducts research on member needs, business trends, and economic conditions, and coordinates findings into a plan projecting NJ Realtors®’ longrange plan. YOUNG PROFESSIONALS NETWORK (YPN) COMMITTEE: Offers networking and professional development opportunities to emerging leaders in the real estate industry from across the state.

Designated REALTOR® | October 2019 | 3

INFO

GUID

GRAP

HICS

SOCIA

L CO

OOK

ES LOGO

FACE B

NTEN

FRAM

HAND

OUTS

A Quick Guide to the Resource Library

id you know as a member of New Jersey Realtors® you have access to a library full of infographics, guides, and social media content to use in your personal newsletters, blogs, and social media pages? Here are eight free resources and all the ways to utilize them.

1. INFOGRAPHICS: • Visit njrealtor.com/membership/resources/ to access the Resource Library and log in. • The first section is dedicated to infographics. Click the icon of the one you would like to download, right-click, click “save as,” and then click “save.” • All of the infographics are customizable with your logo and information. To customize an infographic, click “customize” to get started. In the gray outlined box either click inside the rectangle to select a file to upload or drag the file to upload.

2. ARTIFICIAL INTELLIGENCE: • Incorporate artificial intelligence into your business by enabling NJ Realtors® Weekly on your Alexa-enabled device. You can also create a custom Q&A for your next open house, so potential buyers can ask Alexa questions during if you’re busy.

Designated REALTOR® | October 2019 | 4

3. GUIDES: • Take a more in-depth look at particular topics with our guides which can be saved and downloaded. o The Social Media Quick Guide provides top specifications for content and graphics on Facebook, Instagram, Twitter, and LinkedIn. o The Social Media Calendar gives a more in depth look at the social media platforms, plus includes content suggestions and tips & tricks. o The NJ Homeowners Guide to Property Taxes is the perfect resource for the first-time and repeat buyer alike.

4. FACEBOOK FRAMES: • Use our Facebook frames to show your support for our foundations, causes, awards, and specific initiatives that go around your Facebook photo. Click which one you’d like to use, log in to your Facebook account, and activate it so all your friends can see.

5. SOCIAL MEDIA CONTENT: • Download perfectly sized graphics for Facebook, Instagram, and Twitter. Simply click the blue link to what graphic and size you want, right-click, click “save as,” and then click save. You can then upload any graphic to your social media page of choice.

6. PROMO MATERIALS: • You can also find promotional materials for the resource library to share with your agents. Use them in your office newsletter or print out the flyer to pass out. Help yourself and your agents work smarter, not harder.

7. REALTOR® LOGOS: • Need our logo? No problem! The library has all of our logo options available for download. Before downloading, make sure to read our logo guidelines to ensure proper use.

8. NEXT STEPS: • Need more inspiration for your social media pages or blogs? The library also has a compiled list of different websites with content to share.

House Logic

NAR

Wired

REALTOR® Magazine

Inman

TechCrunch

Forbes Real Estate

RIS Media

CNET

Houzz

Realty Times

Apartment Therapy

Designated REALTOR® | October 2019 | 5

SAVE THE DATE Atlantic City Convention Center

VE AND BE O B A YO W O Grow Your Business Panel

Leading industry experts

D 250+ vendors with the latest products and services

100+ sessions to choose from

• • • •

December 9 – 12, 2019

Terry Watson – opening keynote Kick-off party – Monday night A.M. and P.M. coffee breaks in the trade expo 17 hours of CE credit

• • • •

New health/wellness track Ice breaker reception – Tuesday night Free shuttle to convention center (from official hotels) Add-on designation courses available

VISIT REALTORSTriplePlay.com Register online by October 15 for just $89!

Play Along! #TP19

Hosted by the New Jersey, New York State and Pennsylvania associations of REALTORS®