NEW JERSEY
REALTOR
®
March/April 2019: VOLUME 5 ISSUE 2
MONEY MATTERS
NJREALTOR.COM
EQUAL HOUSING OPPORTUNITY. THE SPONSOR IS AP BLOCK 176 VENTURE URBAN RENEWAL, LLC, AN ISTAR COMPANY, AND MAKES NO REPRESENTATION OR WARRANTIES EXCEPT AS MAY BE SET FORTH IN THE PUBLIC OFFERING STATEMENT. NO OFFER IS MADE WHERE PROHIBITED BY LAW. RENDERING BY BINYAN STUDIOS
THE ULTIMATE BEACH LIFESTYLE
1-3 BEDROOM HOMES FROM $899,500 PENTHOUSE INFORMATION AVAILABLE UPON REQUEST 732 743 7235 ASBURYOCEANCLUB.COM
12
NEW JERSEY REALTOR® A publication of New Jersey Realtors®
10 Hamilton Avenue Trenton, NJ 08611 Phone: 609-341-7100 njrealtor.com
25
Jarrod C. Grasso, RCE Chief Executive Officer
PUBLIC RELATIONS AND MARKETING DEPARTMENT Colleen King Oliver
Director of Public
Relations & Marketing
Erin McFeeters
Content Coordinator
Dana Fiori
Communications
Coordinator
CONTENTS March/April 2019
2
President's View: There's No Place Like NJ
12
Town Spotlight: Robbinsville
3
CEO's Desk: Plant Roots with a Realtor®
16
Homebuyers and Student Loans: Guidelines and Options You Need to Know
4
2018 Profile of New Jersey Home Buyers and Sellers
19
Realtors® Care Day Save the Date
rebecca@encompasspubs.com
5
Important Dates & Deadlines
20
Top 10 Real Estate Trends in New Jersey
New Jersey Realtors® provides legal and legislative
6
Legislative Update: Interested in Running for Public Office?
22
NJ Homeowner's Guide to Property Taxes
8
NJ Realtors® Educational Foundation Celebrates 50 Years
25
A Growth in Green Housing
28
Local Board/Association News
2019 OFFICERS Ilene Horowitz
President
Angela Sicoli
President-Elect
Jeffrey Jones
First Vice President
Nick Manis
Treasurer
ADVERTISING SALES Laura Lemos | 973-822-9274 laura@boja.com DESIGN Rebecca McQuigg | Encompass Media Group
updates as well as information on a variety of real estate related topics solely for the use of its members. Due to the wide range of issues affecting its members, NJ Realtors® publishes information concerning those issues that NJ Realtors®, in its sole discretion, deems the most important for its members. The content and accuracy of all articles and/or advertisements by persons not employed by or agents of NJ Realtor® are the sole responsibility of their author. NJ Realtors® disclaims any liability or responsibility for their content or accuracy. Where such articles and/or advertisements contain legal
10
advice or standards, NJ Realtors® recommends that NJ Realtors seek legal counsel with regard to any ®
specific situation to which they may seek to apply
Style Guide: Free Apps to Better Your Business
Sudoku puzzle solution:
the article. New Jersey Realtor ®, publication number 13260. Published bi-monthly each year. Member subscriptions allocated annually from annual dues: $3. Non-member annual subscription: $10. Known office of publication: 10 Hamilton Avenue, Trenton, NJ 08611. Periodicals postage paid at Trenton, NJ 08611 and at additional mailing offices. POSTMASTER: Send address change to Editor, 10 Hamilton Avenue, Trenton, NJ 08611.
NJRealtors
@NJ_Realtors
NJRealtors
editor@njrealtor.com
NEW JERSEY REALTOR® | March/April 2019 | 1
PRESIDENT'S VIEW
There's No Place Like NJ BY ILENE HOROWITZ
A
s I travel throughout our country and meet some really wonderful people and see the beautiful countryside, I still feel lucky to call New Jersey, our Garden State, home. Although, I must say I’m quite surprised by the response I receive from some people when they hear I’m from New Jersey. Some are disappointed to learn Tony Soprano isn’t my neighbor, Snooki and I aren’t best friends, and the Newark Airport is not quite representative of the entire state. While I might not be a “Joisey Girl,” I’m definitely a Jersey Girl at heart. What makes New Jersey a state like no other? So many things! We are home to over 1700 lakes and more than 50 protected parks, forests, and recreation areas. We have easy access to beautiful cities such as Philadelphia and New York, and the Jersey Shore boasts some of the best beaches in the United States. Our communities have incredible representations of shopping, restaurants, arts, culture, and music. Our public schools are consistently ranked among the top in the nation. We are rich in history and industry. With a population of 9 million, we have the number one busiest seaport on the East Coast and boast 2800 miles of interstate highways. New Jersey has five foreign trade zones and up to 169 opportunity zones. We are number one in the country for both pharmaceutical industry employment and for biotech growth potential.
2 | NEW JERSEY REALTOR® | March/April 2019
And if that’s not enough, consider these: 1. New Jersey is considered the “Diner Capital of the Country” with an estimated 525 diners. 2. Atlantic City has the longest boardwalk in the world. 3. The first modern submarine, engineered by John P. Holland, was built at an Elizabeth shipyard and was tested in the Passaic River. It was then purchased by the U.S. Navy for $150,000 in 1900. 4. The first club baseball game under the Knickerbocker rules was played at Elysian Fields in Hoboken and the first intercollegiate football game was played in New Brunswick; Rutgers won against Princeton 6-4. 5. Cape May is considered one of the first coastal resorts in America when steamboat travel on the Delaware River became a regular occurrence after the War of 1812. 6. The first drive-in movie theater was on Crescent Boulevard in Camden. 7. New Jersey has over 50 resort cities and towns, some of the nation’s most famous. 8. Jack Nicholson, Bruce Springsteen, Bon Jovi, Naughty by Nature, Sugar Hill Gang, Jason Alexander, Queen Latifah, Shaq, Judy Blume, Aaron Burr, Whitney Houston, Frank Sinatra, Grover Cleveland—all New Jersey natives. 9. You don’t have to pump your own gas! 10. New Jersey’s state motto is: Liberty and Prosperity I’m sold...are you?
FROM THE CEO'S DESK
Plant Roots with a Realtor ® T
he beginning of February marked the launch of our 2019 consumer advertising campaign. Our print advertisements should be gracing the pages of publications across the state soon and our digital advertisements have already been displayed on popular websites and on social media platforms including Facebook and Instagram.
This year's campaign theme is: Plant Roots With a Realtor®. We hope the campaign will hone in on the notion that when you sell your clients a home it’s not just a house, but rather a community, a neighborhood, and a place for your clients to plant roots. To you, it’s a chance to guide your clients home. We want buyers and sellers to know when they're ready to settle down, but aren't willing to settle, they can put their trust in a New Jersey Realtor®. All of our advertisements will direct consumers to newjersey.realestate/roots, our new website dedicated to detailing the home buying and selling process. There, consumers can calculate the costs to determine what they can afford, and use
a variety of different tools to help them buckle down on their budget. They can read up on the latest statistics and learn about the New Jersey housing market. But most importantly, consumers can discover the Realtor® difference — because the difference matters when they're making one of the largest financial decisions of their lifetime. From there, consumers can find a Realtor® that’s right for them based on qualifications, location, and more. I am excited to see how this campaign performs moving forward. I am also pleased that with the suggestion from the Marketing Committee last year, we will be instituting a test campaign in the spring that will be specifically targeting potential first time buyers on social media. We advertise to potential buyers and sellers with one main objective in mind: Encourage consumers to use a New Jersey Realtor®. We hope this campaign is successful and this objective effectively tells the story of the incredible job our members do every single day.
NEW JERSEY REALTOR® | March/April 2019 | 3
2018 Profile of New Jersey Home Buyers and Sellers
39
The typical buyer was years old
%
of home buyers were first time home buyers
46
14
%
of home buyers were veterans
For recently sold homes, the final sales price a median of
94 SO
LD
Sellers cited that they sold their home for a median of
$
60,000
more than they purchased it for
290,000
38
%
%
55
$
years old
72
%
19
of sellers contacted only one agent before finding the right one to sell their home
10 homes
%
%
85
55 88
%
%
of recent sellers stated that they would definitely recommend the agent that sold their home
91
%
%
of buyers would recommend their agent
estate agent first
114,700
73 62
and looked at
% contacted a real
of recent buyers found their real estate agent to be a very useful information source
%
of the asking price
of recent buyers looked online for a home first
The typical seller had a median household income of
The typical seller was
%
35
of homes bought were previously owned of buyers purchased a senior related home
12 weeks
Buyers purchased their home for
103,600 98
92
%
of the final listing price
$
The median household income of home buyers was
$
The typical buyer searched for a home for
The median home price was
of sellers listed their homes on the Multiple Listing Service
of recent buyers were very satisfied with the home search process
purchased their home through a real estate agent Sellers typically lived in their home for
12 years
before selling
*Data collected from the National Association of RealtorsÂŽ
4 | NEW JERSEY REALTORÂŽ | March/April 2019
I M P O R TA N T D AT E S & D E A D L I N E S
MARCH
5 Mardi Gras
10
Candidate Training
MAY
Realtors 5 NJ Educational
®
Foundation Application Deadline njrealtorsef.com
Daylight Saving Time
17 St. Patrick's Day 21
APRIL
of Directors 9 Board Meeting
15
JUNE
REALTORS 13 Legislative
11 Executive Committee
®
Meetings and Trade Expo Washington, D.C. legislative.realtor
Realtors 27 NJ Closed
®
Meeting: 11 a.m.
of Directors 11 Board Meeting: 1 p.m.
Office
Memorial Day
Tax Day
Day of 19 First Passover
21 Easter Sunday 22 Earth Day
Get MORe with NJMLS
More Benefits. More Service. More Value.
Join the 12,000 Members and 1,200 Offices that enjoy the privileges of NJMLS Membership. •
Property records for all 21 New Jersey and 9 New York Metro counties
•
ShowingTime® free to members
•
zipForm® MLS Connect free to members
•
Cloud CMA free to members
•
Exposure on njmls.com with over 7 million visits a year
•
Customized, feature-rich MLS system
•
Superior service and technical support 365 days a year
CALL eMAIL WeBSIte
201-387-1150 membership@njmls.com newjerseymls.com NEW JERSEY REALTOR® | March/April 2019 | 5
L E G I S L AT I V E U P D AT E
Interested in Running for Public Office? BY DOUGLAS M. TOMSON
J
ust last year, two bills were introduced to close the budget gap and aimed to add new taxes. The proposed taxes in these bills could have had devastating consequences on your business. However, by mobilizing our membership, New Jersey Realtors® was able to defeat these two initiatives, but what if you were the one at the decision table? If you’re tired of letting other people decide what’s best for you and your business, New Jersey Realtors® wants you to run for office. From collecting signatures to raising money, campaigns are complicated for political veterans and newcomers alike. That is why New Jersey Realtors® is proud to offer the 2019 Realtor® Candidate Training Academy. This training session will be a vital first step in the running for office. Realtor® Candidate Training is a full-day training that will
break down every step of the process for you. The class will go over how to file the right paperwork, what to expect on the campaign trail, and the best practices for reaching out to your voters. You will hear from representatives from the National Association of Realtors® and Real Strategies as they walk you through the process of becoming an elected official. Jairo Rodriguez, a past attendee, had this to say: “For someone that never had an interest in politics, I definitely brought a different perspective on the course. New Jersey Realtors® candidate training was extremely critical; I learned what to expect while campaigning—how much time should be allotted to door knocking, local networking events, print materials, etc.—proper ways to raise campaign Candidate Training Academy money, different organizations, and resources for assistance. The thing I found most helpful was networking with people Thursday, March 21 10 Hamilton Ave., Trenton, NJ that have already campaigned. I learned their failures and
ARE YOU A REALTOR® INTERESTED IN RUNNING FOR PUBLIC OFFICE?
Candidate Training Academy Thursday, March 21
10 Hamilton Ave., Trenton, NJ
Join New Jersey Realtors® and representatives from the National Association of Realtors® and Real Strategies for an introduction on what it takes to run for political office. This full day of training will provide future candidates with a valuable head start in their political journeys as well as helpful information on how to run a successful campaign. The Candidate Training Academy is a one-day event and is complimentary to New Jersey Realtors® members. Lunch will be provided. LIMITED SPACE AVAILABLE
RSVP BY MARCH 14 TO DAVID GRANT DGRANT@NJREALTOR.COM
ARE YOU A REALTOR® INTERESTED IN 6 | RUNNING NEW JERSEY REALTOR | March/April 2019 FOR PUBLIC OFFICE? ®
L E G I S L AT I V E U P D AT E successes and was able to run a successful campaign about a year after attending this course.”
the information, resources, and skills needed to launch a winning campaign.
We understand running for office can be an intimidating process. Often, qualified candidates do not know how to begin a campaign, let alone launch a successful bid for office—this is why we are bringing in the experts to help guide you. You will hear from campaign veterans who have a long history of winning elections. Not only will you learn the technical details of running for office, but you will also hear real-life stories that will give you an edge over your competition. Once you leave this course, you will have
Holding public office can be one of the most rewarding paths one can take. Instead of watching from the sidelines, you could be at the helm, steering your community in the right direction. Realtors® have the unique qualification of being entrepreneurs while having expertise on the needs of your neighbors. Therefore, it the hope of the New Jersey Realtors® that you answer the call of public service.
RPAC OF NEW JERSEY
$920,000
[$199,332.02] raised as of Feb. 15
N E W J E R S E Y L E G I S L AT I V E B I L L S A2651 – Lampitt (D6), DeAngelo (D14) Establishes the Student Loan Assistance and Home Purchase Act. New Jersey Realtors® Position:
SUPPORT We support this bill that will assist in alleviating the financial burden associated with student loans and help those purchasing a home for the first time be able to afford to do so. Bill History: 2/2/2018 – Introduced in Assembly and referred to Assembly State and Local Government Committee
A2943 – McKeon (D27) Requires DCA to adopt energy inspection code, and requires licensed home inspector to report energy analysis for each home inspected for buyer in contemplation of purchase. New Jersey Realtors® Position:
OPPOSE We oppose this bill that will make it significantly more difficult and expensive to sell older homes in New Jersey because of the time and costs associated with the requirements in this legislation for mandatory energy analyses.
A3374 – Conaway (D7) Requires compilation of, and public access to, tests of soil lead levels. New Jersey Realtors® Position:
OPPOSE We oppose this bill as it could lead to individual properties, entire neighborhoods and municipalities being stigmatized to the point that homes could not be sold in them. Bill History: 2/12/2018 – Introduced in Assembly and referred to Assembly Environment and Solid Waste Committee
Bill History: 2/1/2018 – Introduced in Assembly and referred to Assembly Housing and Community Development Committee
NEW JERSEY REALTOR® | March/April 2019 | 7
$50 5 MORE for
YEARS Donate today at NJREALTORSEF.COM
8 | NEW JERSEY REALTOR® | March/April 2019
You’ve achieved your dream of getting a degree, now achieve your dream of owning a home. Student debt doesn’t have to keep you from owning a home. First-time homebuyers can take advantage of NJHMFA’s First-Time Homebuyer mortgage program as well as NJHMFA’s Down Payment Assistance Program, which can provide $10,000 toward your down payment and closing costs. Whether you need a mortgage, down payment assistance or housing counseling, NJHMFA can help. Our staff of housing professionals and approved lending partners are dedicated to pairing you with the programs and resources that will help you acheive your dream of owning a home.
Learn more at TheRoadHomeNJ.com. njhousing.gov NJHMFA is a self-sufficient agency of state government dedicated to offering New Jersey residents affordable and accessible housing.
STYLE GUIDE
Free Apps to Better Your Business BY DANA FIORI
I
t’s 2019 and technology has taken over. Since we live in an era of apps, instant messaging, and digital obsessions, it’s time to build your business with the evolving tech world. Here are 10 free apps to better your productivity and marketing for the upcoming year and beyond.
DocuSign – (App Store, Google Play and Microsoft) docusign.com DocuSign is a game changer when it comes to managing documents. This app allows you to send, receive, and sign papers via the convenience of your phone. It’s an effortless and secure way to get your last-minute forms signed in a pinch.
Evernote – (App Store, Google Play, and Microsoft) evernote.com Whether you use it for jotting down ideas, your to-do list, or to keep your appointments in check – Evernote is the ultimate note-taking app that can do it all. Its modern design and easy-to-use interface make it simple to keep your thoughts in one convenient place. CamScanner – (App Store and Google Play) camscanner.com If you have a physical document you need to send over to a client but are on the go with no scanner in sight, there’s an app for that. CamScanner enables you to quickly scan, save, share, and sign any document into a PDF or JPEG format. 10 | NEW JERSEY REALTOR® | March/April 2019
The best part is it doesn't require an Internet connection, and you can be sure that your scans are secure.
RPR Mobile™ – (App Store and Google Play) narrpr.com Made specifically for Realtors®, RPR Mobile™ is a property research app that efficiently searches for properties, creates and sends branded reports, and views local market statistics. View specific details on a home or area such as mortgages, taxes, historical information, schools, and more. It’s an essential app for all Realtors®.
ShowingTime – (App Store and Google Play) showingtime.com Manage your showings and feedback from anywhere with this innovative app. ShowingTime provides you with access to your listing activity as well as the ability to view, schedule, and confirm listings on the go. The app can also sync with your personal calendar for a hassle-free experience.
STYLE GUIDE
zipForm® Mobile – (App Store and Google Play)
Canva – (App Store and Google Play) canva.com Amp up your social media game with this creative app – and website – that makes it incredibly easy to design stunning graphics. With hundreds of templates to choose from you can create impressive content for social media, flyers, logos, presentations, brochures, infographics, business cards, and more.
zipformplus.com An essential app for anyone in the real estate industry – zipForm® Mobile allows you to create and access transactions, calendars, templates, checklists, contacts and more. From the creators of zipLogix™ – it’s a one-stop shop for everything you need, all in the convivence of a simple app.
Everlance: Mileage Tracker – (App Store and Google Play) everlance.com Save yourself from calculating the miles you travel showing homes and meeting with clients. Instead, use Everlance – it automatically tracks your miles plus it's an expense tracker too. Everlance uses GPS to create an IRS compliant log of your miles and expenses. You can also filter your travel into categories on a user-friendly dashboard to make saving your expenses even easier.
Open Home Pro® – (App Store and Google Play) Grammarly – (App Store and Google Play) grammarly.com Professionalism is key to bettering your business and gaining more clients. When crafting an email to a potential client, grammar mistakes or misspelled words are a no go. The Grammarly keyboard acts as your on-the-go editor offering vocabulary enhancing synonyms, spell check, grammar check, and helps you type faster with text prediction. Send emails, documents, and messages with confidence that Grammarly has taken care of any mistakes.
openhomepro.com Say hello to the new age of open houses. Open Home Pro® doesn’t require Wi-Fi, so you are able to collect information of visitors to the home, create and store notes, and promote your open house no matter where you are. The app offers a digital sign-in sheet for clients with questions you can customize, the ability for visitors to leave notes, lead exporting, and shareable single-property websites as well.
NEW JERSEY REALTOR® | March/April 2019 | 11
TOWN SPOTLIGHT
Robbinsville BY ERIN McFEETERS
12 | NEW JERSEY REALTOR® | March/April 2019
TOWN SPOTLIGHT
I
mmediately off Exit 7A of the New Jersey Turnpike is a 20.491-square-mile-town, Robbinsville Township. This rapidly changing small town is home to an estimated 14,757 residents, with the average resident just under 40 years old.
the hub of distribution centers and logistic centers in Central New Jersey. Notable companies such as an Amazon fulfillment center, Falken Tires, Mercedes Benz, and McKesson Pharmaceuticals call Robbinsville home.
Formally known as Washington Township, the fast-growing town changed its name in 2008, “The name change was specifically because there’s so many Washington Townships in New Jersey, it was confusing,” said Director of Economic and Community Development Hal English. English added the town wanted its own history aside from the townships it was formally a part of. “Robbinsville goes all the way back to Newtown, and even prior to that it was Sandtown, so the history here is pretty amazing, but I think we’ve settled on Robbinsville,” said English.
The distribution center is Robbinsville’s number one taxpayer, according to English and because of that the mayor hasn't raised taxes in five years. “It’s due in large part because of that area, our distribution center area out there and Robbinsville was fortunate that we had a lot of land out by the turnpike and out by 295 and 195 because the truck traffic is not here downtown,” said English.
According to English, Robbinsville is a small town that is struggling to keep it's small-town feel. The town loves its open space and historic farmland, but it also wants convenience. The Town Center — the main downtown — features an array of different restaurants and shops including DeLorenzo’s Tomato Pies est. 1947, originally from Trenton's Chambersburg neighborhood; Papa’s Tomato Pies, which is the oldest continuously-run pizza restaurant in the U.S. still run by family; and Dolce and Clemente’s, which was featured on The Food Network's Diners Drive in’s and Dives in 2017. Mom-and-pop joints are not the only businesses drawn to the town and because of its unique central location between New York City and Philadelphia, the town has become NEW JERSEY REALTOR® | March/April 2019 | 13
TOWN SPOTLIGHT Robbinsville is diverse when it comes to property types according to Assistant Manager/Broker Associate with Gloria Nilson & Co. Real Estate and Realtor®, Robert Angelini. “There are many single-family detached home communities as well as townhouse and condo communities plus we have the Town Center and Lofts that are in walking distance to shopping, restaurants and various stores. No car needed!!” said Angelini. However, having the ability to walk everywhere has its price. According to NJ Realtors®, the median sales price for a single family home in Robbinsville Township is $545,000, in comparison to the overall state median sales price of $290,000 according to the 2018 year-end statistics. The town has a strong school system, great teachers, and an emphasis on educational programs with a graduation rate of 97.36 percent according to the NJ Department of Education to prove it. “Many of our agents live here in Robbinsville and are very happy with: the sense of community, great school and sports programs with continued and managed growth,” said Angelini.
14 | NEW JERSEY REALTOR® | March/April 2019
In the warmer months you can find residents enjoying the lake on Lake Drive where concerts are held, a swan swims by, and is the perfect place to catch up with neighbors. The lake features a walking path all the way around and is a popular choice for a morning run or an afternoon dog walk. The lake is also walkable to the Town Center and the Foxmoor Shopping Center so you can enjoy all Robbinsville has to offer in one central location. Looking toward the future in the next five years English sees Robbinsville as being a nerve center of medical advancement companies in lieu of serving the needs of the aging baby boomer generation. He also predicts that Robbinsville will soon serve the needs of every age group so that residents have the ability to stay and age in place. From a single renting an apartment, first time home buying, a growing family, downsizing, and assisted living. In addition, he sees more businesses making their way to Robbinsville predicting that a niche grocery store will fill the formally Marazzo’s Thriftway, that has been vacant since 2012, within the year.
Grow your business by making second-home sales your first resort.
With more than 80% of vacation home and investment buyers believing that now is a good time to buy*, agents in almost every market can benefit from this exciting opportunity.
The Resort and Second-Home Property Specialist (RSPS) certiďŹ cation is the best way to receive education and marketing materials that attract this optimistic clientele, while gaining access to a vibrant community of professionals that shares practical insights and strategies.
Learn more by visiting www.NAR.realtor/Resort
*According to the 2016 NAR Investment & Vacation Home Buyers Survey
NEW JERSEY REALTORÂŽ | March/April 2019 | 15
Homebuyers and Student Loans: Guidelines and Options You Need to Know BY MICHELLE LERNER
W
hen Brian Woltman, branch manager of Embrace Home Loans in Basking Ridge, recently worked with young first-time homebuyers, he dealt with the fallout from student loan debt. “The wife brought way too much student loan debt to the table, but we were able to qualify the husband on his own for a mortgage,” said Woltman. “It was a stretch, but when you look at people in real life rather than just on paper, you realize that her income would help pay the mortgage and they were sticking to a budget so they could be successful homeowners.” While 45 million Americans owe $1.5 trillion on student loans according to Lend-EDU, plenty of people with education debt still manage to buy homes. Still, student loan debt can be a challenge for first-time buyers. “Student loan debt can make it harder to qualify for a mortgage, depending on the number of student loans someone has, the balances and the payments,” said Glenn O’Brien, senior mortgage consultant with Prosperity Home Mortgage in Robbinsville. “The mortgage industry 16 | NEW JERSEY REALTOR® | March/April 2019
has adjusted some guidelines to be a little more flexible to make it easier for these borrowers to qualify.” At least 40 percent of first-time buyers have student loan debt, according to a report by the National Association of Realtors®. Eighty-three percent of non-homeowners say that student loans are a factor delaying them from buying a home, and NAR estimates a seven-year delay average. In addition, according to recent home buyers 27 percent have student loan debt and the typical amount is $25,000. “The important thing to remember is that every situation is different,” said Woltman. “For one person, a student loan is no big deal but for another, it means they can’t get a big enough loan or they can’t buy on their own.” Some consumers with student loan debt may avoid looking into homeownership out of fear they can’t obtain a mortgage approval. Lenders suggest renters arrange a consultation to discuss their financing options and to develop a plan for future homeownership even if it’s currently out of reach.
“The minute someone is thinking they want to a buy a home, they should get to a lender to get a sense of their buying power,” said Michael Borodinsky, vice president and regional builder branch manager of Caliber Home Loans in Edison. “They need to do a health check on their finances.” All mortgage applicants should compare payments and costs with a variety of loan programs. For student loan borrowers, shopping for a lender and a loan can make the difference between a mortgage denial or an approval.
Student Loan Payments and Mortgage Loans Buyers with student loans should be prepared to sort through multiple loan options with the help of a lender, because payment calculation requirements vary among loan programs. “If you have a monthly payment that shows on your credit report, you can use that to qualify them,” said Janet Bossi, senior vice president and loan originations manager of OceanFirst Bank in Point Pleasant. “If the credit report doesn’t show a loan payment or the loan is being deferred, lenders have different options depending on the loan program guidelines.” Credit reports don’t always accurately reflect student loan repayment status especially since many people have multiple student loans with various payment options.
Fannie Mae: The payment shown on the credit report is used unless a borrower can provide a student loan statement with a different amount. For a deferred loan, a payment of one percent or a documented future repayment schedule must be included in the debt-to-income ratio. If a borrower is on an income-based repayment program with a $0 payment, that is the payment used.
Freddie Mac: The payment shown on the credit report is used. If there’s no monthly payment, .5 percent of the outstanding balance is used. Payments can be excluded for student loan forgiveness, cancellation, discharge and employment-contingent repayment programs if there are fewer than 10 payments remaining, the payment is in forbearance or deferred and the borrower meets all requirements for forgiveness or cancellation.
FHA: The payment used must be the greater of one percent of the outstanding balance, the monthly payment
Tips for Prospective Buyers with Student Loan Debt • Address a loan default issue immediately. “At least one out of every seven to 10 loan applicants have some kind of issue with not making a student loan payment,” said Borodinsky. “You have to contact your student loan servicer and get into a repayment plan and get current, because a default is a credit mark against you.” • Plan ahead. Student loan borrowers who hope to buy a home should meet with a mortgage lender to develop an action plan, said Bossi, including building a strong credit history and a documented history of savings. • Consider restructuring or consolidating your student loan debt. Some servicers will allow you to re-amortize your student loans and are willing to let you spread out the debt for a longer time, said Borodinsky. Be proactive with your student loan servicer, said Bossi and ask about options such as an income-based repayment plan. • Compare a variety of loan programs. Loan qualifications differ by loan program and lender, so it pays to compare all options. • Protect your credit. Stay up-to-date on all student loans and other bills as soon as you graduate and avoid taking on extra debt, particularly prior to buying a house, said Bossi. • See if your parents can help. “Parents can make a positive intervention by providing some down payment funds to lower your mortgage balance or by helping you reduce your student loan debt,” said Borodinsky. Parents may also be willing to cosign a mortgage so that their income, assets and credit are included in the approval calculation. NEW JERSEY REALTOR® | March/April 2019 | 17
on the credit report or a documented payment, provided the payment will fully amortize over the loan.
VA: Deferred debt must be included if scheduled to begin within 12 months, with a monthly payment based on five percent of the balance divided by 12.
Mortgage borrowers who can make a 20 percent down payment have a better chance of a loan approval, said O’Brien, because this lowers their monthly payment in three ways: it brings down the mortgage balance, eliminates private mortgage insurance, and lowers their interest rate.
Loans and Assistance for First-Time Buyers “If the purchaser can show that someone else is paying their student loan, they don’t have to count the payment at all,” said Bossi. “But they need 12 months of documentation to prove who is making the payments.”
First-time buyers in New Jersey may qualify for up to $10,000 in the form of an interest-free forgivable loan to pay for down payment and closing costs through the New Jersey Housing and Mortgage Finance Agency, which could offset some of the difficulty student loan borrowers have for saving. The assistance works in conjunction with a first-time buyer mortgage program, which requires a minimum credit score of 620 and has income limits that vary by county and household size from $95,100 to $124,085. Home price limits range from $291,176 to $625,765 for a one-family property. Not every lender offers NJHMFA loans, so you and your buyers must find one from the approved list.
Mortgage Guidelines May Help Borrowers
“Some loan programs allow seller assistance for closing costs, up to six percent on FHA loans, which could also be used to reduce the cash needed by buyers,” said O’Brien.
Borrowers with student loans may benefit from low down payment loan programs, since it can be difficult to save a substantial down payment while paying education debt. Conventional loan programs are available with three-to-five percent down payment requirements, while VA and USDA loans have zero down payment options, and FHA loans require 3.5 percent of the home price.
In addition, banks sometimes offer first-time homebuyer loans and down payment grants to fulfill the requirements of the 1977 Community Reinvestment Act, says Borodinsky. The CRA requires banks to invest in the communities they serve, particularly to assist low and moderate-income residents.
Debt-to-income ratios have expanded to as high as 50 percent or even 55 percent for some loan programs, said O’Brien, which can make it easier for someone with a student loan payment to qualify. Minimum credit scores are 580 for FHA loans and 620 for conventional loans. “But qualifying for these loans varies from lender to lender and some may have credit overlays, which means they won’t approve a loan with a low FICO score, a low down payment and a high debt-to-income ratio,” said O’Brien. Regulations from the Consumer Financial Protection Bureau emphasize the ability of borrowers to repay their loans. “Borrowers with a high debt-to-income ratio, such as 50 percent, will need to show they have lots of extenuating circumstances such as a lot of cash in the bank to qualify for a loan,” said Bossi. 18 | NEW JERSEY REALTOR® | March/April 2019
“These are typically income-restricted mortgages or only available for homes in a target area,” said Borodinsky. “The loans usually have a low-down payment requirement of three to five percent, a lower interest rate and they waive private mortgage insurance. These kinds of loans can offer a better opportunity for some people with student loan debt, but each program varies by bank.” Realtors® working with prospective buyers with student loan debt can help them best by developing relationships with lenders willing to work through a financing solution. “Every deal is its own story,” said Woltman. “What may not work in one program can possibly work in another.” Helping buyers with student loans create a path to homeownership can be the beginning of a long-term fruitful relationship.
Save the Date Realtors® Care Day
Realtors® Care Day is Wednesday, September 25!
GET PAID TODAY Close later. It's really that simple. Same Day Funding $2,500 - $30,000+ No Credit Check
Visit AccelAdvance.com or call 267-534-7611 for more info. New Customer Special: Mention this ad and receive a $25 Amazon Gift Card after your first advance pays out.
go green! Love the content but not the paper? opt out of receiving a paper copy of the magazine under “MY ACCOUNT” at njrealtor.com All content available at issuu.com/newjerseyrealtor
NEW JERSEY REALTOR® | March/April 2019 | 19
Real Estate Trends in NJ BY LINDSEY GETZ
A
s a Realtor®, having your finger on the pulse of the trends is key in keeping up with what buyers and sellers want. In order to help you do just that, we’ve researched the latest trends and talked to some Realtors® to find out what’s happening in New Jersey. Here are 10 that we’re seeing.
1
The Rise of Smart Homes
Technology is always driving trends and it’s no different when it comes to real estate. One way technology is impacting real estate trends is the demand for smart homes. Nancy Kowalik, a Realtor® and founder of Nancy Kowalik Real Estate Group based out of Mullica Hill, said there’s no question homeowners love the ability to come home, have their smart speaker start playing music, and have their lights and temperature already set where they want. According to a report by market research firm Markets and Markets, the smart home market is expected to grow by 17 percent and become a $58.68 billion industry by 2020. It’s definitely a trend that’s not going away.
2
First Floor Masters
With people living longer than ever before, it only makes sense that more builders are recognizing an increased need for houses that allow for “aging in place”— that is, staying in one’s home as one ages. The fact that more people are looking to age in place—as well as the fact that there has been more multi-generational living than ever—has increased the demand for first floor masters. “A lot of buyers who are looking for their forever home know that one day the stairs will be difficult for them, so I’m seeing more interest in first floor masters,” said Kowalik. “We’re also seeing more families recognize that an aging parent might move in with them at some point so that also makes first-floor bedrooms as well as in-law suites increasingly popular.”
20 | NEW JERSEY REALTOR® | March/April 2019
3
Walkability
These days life is fast-paced and busy, and it often feels harder than ever to find time at home. That’s likely a key reason why people are becoming less willing to spend excess time driving to and from work. “People don’t want these long commutes anymore where they spend their mornings and evenings stuck in the car,” said Katie Severance, a Realtor® at Prominent Properties Sotherby’s International Realty in Montclair. “That’s made walkability to mass transit incredibly desirable. On top of that, buyers love when shopping and restaurants are also in walking distance.”
4
Town Centers
In terms of shopping and restaurants, there’s no question that buyers desire it. Homes located near large town centers add the appeal of having a nearby spot to spend nights and weekends. There is no shortage of existing—and soon to be built—town centers in New Jersey. Builders say that town centers feel more like “destination locations” and a “social place to gather with friends and family,” than malls. That’s the reason why many old malls and shopping strips are being replaced with town centers. In Haddonfield, Jeanne “Lisa” Wolschina, Realtor® at Lisa Wolschina & Associates with Keller Williams Realty said that the excellent town center and walkable “eating district” have been key reasons why the locale remains so popular.
5
The Fall of the “McMansion”
The growing number of brand-new town homes and smaller developments in New Jersey seem to indicate that the demand for mega homes is dying down. While there will always be buyers that want to “go big,” Wolschina said that she has definitely seen a trend of people shying away from the huge homes.
“People are seeing less need for big homes that have lots of wasted space such as a traditional living room,” Wolschina said. “Many buyers would rather have a smaller but updated property than a big one with outdated amenities. People will go smaller for better quality construction and finishes, too.”
6
Rise in “Leasebacks”
Another rising trend in New Jersey is a growing interest in leasebacks, said Severance. Sellers are asking buyers to lease the property back to them after closing, often because they want to allow their kids to finish out the school year or because they aren’t ready to move immediately. “Sometimes the sellers need the funds from the sale in order to put the down payment on their new home,” Severance added. “I’m seeing the seller become the renter on closing day more and more.”
7
Downtown Comebacks
Many downtown areas in New Jersey are pushing for a major comeback by adding the right mix of retail, dining, entertainment, and housing to revitalize their town centers and “main streets.” Following the success of Morristown’s revitalization, other North Jersey towns like Pompton Lakes and Ridgewood are making a serious push to successfully revitalize their downtown areas, too. Kowalik said the same thing is happening in South Jersey— and with great success. “People like the idea of living in a town with a Main Street,” Kowalik said. “They like feeling part of a community. Whether it’s a Christmas tree lighting ceremony at the holidays or just the ability to walk down Main Street and stop at various places to socialize, I think people like that hometown feel.”
Photos by Bluewire Media
8
A Closer Eye on Schools
While test scores were once the main way that buyers judged one school from the next, Severance said that these days they are digging deeper and wanting to see what local school districts really have to offer. “Buyers are more interested in what services the school can offer,” she added. “For instance, if they have a child who has learning disabilities, they want to know that the school can provide services to assist. Test scores is only one small piece of the puzzle to parents.”
9
Demand for Move-In Ready
While Kowalik said she knows everyone loves to watch home renovation shows on HGTV, when push comes to shove, buyers don’t actually want to purchase a home that requires work. “People are simply too busy and don’t have the know-how to take on home projects,” Kowalik said. “I’m finding that most buyers want homes that are done—finished basement, awesome backyard, and no projects that they have to envision themselves doing—or paying to have done—down the road.”
10
A Return to the City
Ten years ago, Kowalik said that everyone was leaving the city to “get a piece of the country.” Today, she’s seeing more and more of a return to the city— Philadelphia, in her locale, though she says the same thing is happening in North Jersey. The closer people can be to the city, the better. “I’m seeing people selling their bigger homes to buy a much smaller condo or apartment in the city, but where they can be centralized and in the middle of it all,” said Kowalik. “People don’t want to trek far anymore. They want to be able to walk out of their front door and be in the middle of it all.”
NEW JERSEY REALTOR® | March/April 2019 | 21
NJ Homeowner’s Guide to Property Taxes
P
roperty taxes can be complicated, especially
We hope members will distribute the guide to their
in New Jersey. New Jersey Realtors teamed
clients — especially potential first-time buyers — as
®
up with the New Jersey Society of Certified Public
another layer of service in the transaction. See the
Accountants and the Association of Municipal
full guide at njpropertytaxguide.com.
Assessors to create the New Jersey Homeowner’s Guide to Property Taxes.
1. ASSESSMENT A Certified Municipal Assessor establishes the value of your property.
6. DISBURSEMENT
2. BUDGET
After bills are paid, the levies are disbursed among your taxing districts.
Each taxing district sets an annual budget that includes the tax levies for the district and any dedicated purposes.
HOW THE PROCESS WORKS IN EACH TOWN This occurs every year. More information about each step in the process can be found on pages 6-12.
5. PAYMENT
3. CALCULATION
The tax bill is divided into four installments, due quarterly in February, May, August and November. Unpaid property taxes will accrue interest and eventually result in a lien. Please refer to page 15 for more information.
N E W J E R S E Y H O M E O W N E R ’ S G U I D E T O P R O P E R T Y TA X E S
22 | NEW JERSEY REALTOR® | March/April 2019
Following state law, a property tax rate is calculated for each tax levy.
4. BILLING Using your property assessment, your municipal tax collector uses the tax rate to issue a bill for your property’s share of each property tax levy. N J P R O P E R T Y TA X G U I D E . C O M
5
Assessment A certified Municipal Assessor, a trained employee appointed by the governing body, establishes the value of the property. The value is based on market data, state laws, rules, court decisions and the state constitution. Residential properties are assessed at their market value and are reassessed for a variety of different reasons including: construction, a successful home value appeal, a town-wide reevaluation or there is a state plan put in place for the reassessment process. As computer technology improves the reassessment process is becoming easier to do and is occurring more frequently. Budget Each district is required by law to have a schedule and process for adopting a budget, and the process usually ends by May. The professional staff in each district are responsible for working with elected officials to work out the annual budget for their district. They determine how much taxes will be raised by subtracting all known revenue from planned spending. The budget then goes through hearings in order to be approved. The final budget is submitted to the County Board of Taxation. Calculations Each County Board of Taxation determines the rate of property taxes using the following: • Ratables – Using the work done by the municipal assessor, the County Board of Taxtion calculates the total assed value of all taxable property • Tax Levy – How much in property taxes is needed for the budget of the taxing district • Tax Rate – The tax levy divided by ratables
Homeowner’s Checklist If taxes are paid through your mortgage, confirm any escrow account balances with your lender. Planning to pay off your mortgage? Make sure that you notify your tax collector of the change and then follow the directions below.
or Make sure that your mailing address is correct with the municipal assessor and the tax collector.
Billing Taxes are due in four quarterly installments and the schedule for billing is based on state law. Quarter 1 and 2 amounts are estimates based on the previous half year while quarter 3 and 4 make up the difference between the estimated and final tax amount. Often times, your tax bill will also have budget and tax information enclosed and if you do not receive a tax bill in the mail it means that you do not have to pay.
Make note of all due dates and grace periods for all tax bill installments. Keep payment coupons so you pay the correct amount, and include them if you pay in person or by mail.
Payment In many towns you can pay online or mail a check with your payment coupon. However, if a mortgage company pays your taxes you can disregard the payment coupons. It is vital to keep all information updated and to keep your payment coupons, if received, in a safe place.
If you choose to pay through an online service, make sure that your payment information includes your property identification information (block, lot, qualification).
Disbursement Once taxes are paid, they are divided up between counties, municipals, and schools. Generally, your county receives 18 percent, your municipal receives 29 percent and schools receive 53 percent, however these percentages vary depending on where you live. NEW JERSEY REALTOR® | March/April 2019 | 23
Oilheat. Know more, sell more. Tips, Tools, and More to Help You Sell This Spring At the Partnership for Realty and Oilheat Success, we pride ourselves on being the difference between closing the sale and losing the deal for our New Jersey Realtors. And now that the spring season is here, you will have lots of opportunities to close more sales of oil-heated homes. But it’s important to strike while the iron is hot. Here are three tips to help you support your clients this season. Happy selling!
1. Your listings don’t heat with oil
®®® heating oil is becoming renewable? Heating oil in New Jersey is now Bioheat, which anymore…it’s Bioheat ! — Did you know that
is a blend of regular heating oil and biofuels. Bioheat is even cleaner than regular heating oil, it cuts down on necessary system maintenance and it leads to higher efficiency. Market your listings differently by focusing on Bioheat. For more information, visit MyBioheat.com.
2.
Oilheat experts in your own backyard — Get to know some
3.
Open house? Give buyers a Welcome Pack — Many buyers just
of the local oilheat dealers in your area! They’re always glad to promote solutions to challenges you or your clients might be facing. Dealers can also help make your oil-heated listings more marketable. Their free services include an evaluation of the heating system and a written statement about its condition. aren’t familiar with heating oil. The Homebuyer’s Welcome Pack is a free tool that PRO$ makes available to you, so that you can help your clients get more comfortable with heating oil, especially when they’re looking at a home that could be perfect for them. Just visit OilHeatPros.com/nj and we’ll send you as many pieces as you need.
PRO$ is here to help you, so reach out to us on Facebook with a question or visit us at OilHeatPros.com/nj. The more you know, the more you’ll sell!
PRO$ Corner Equipment Rebates Available for your Customers! Did you know that homeowners are now eligible to receive an equipment rebate when they upgrade their oilheat system to a new, higherefficiency system in 2019? Homeowners who live in New Jersey and who install a new oilheat boiler, furnace or integrated heating and hot water system that meets the minimum efficiency standards of the New Jersey Clean Energy Program can receive a rebate of up to $700. All your clients need to do is connect with their local heating oil company and agree to have the work completed. Your clients will receive the rebate upfront and the heating oil company will do the rest! To learn more, visit OilHeatNewJersey.com.
15 Minutes Can Make All the Difference Realtors know better than anyone that time is money. And PRO$ is here to help you make more money while spending just a few minutes of your time. When you schedule a brief, 15-minute presentation with PRO$, you’ll learn everything you need to secure more listings and close more sales. Our local experts will meet with you in your office, bring our FREE materials and get you answers to the tough questions that can blow up a sale. Visit OilHeatPROS.com/NJ or contact our Program Director, Susan Janett, at SJanett@OilHeatPROS.com to schedule your presentation today! 24 | NEW JERSEY REALTOR® | March/April 2019
Paid for by the Fuel Merchants Association of New Jersey and the National Oilheat Research Alliance
A Growth in Green Housing BY SARAH LI CAIN
T
here’s been a rise in green trends in the past few years — solar panels, energy efficient appliances and even smart windows. So much so that those in the construction industry are continuing to go through certification processes to achieve higher standards for their products. For example, Leadership in Energy and Enviornmental Design (LEED) and LEED homes is a strenuous certification system designed by the U.S. Green Building Council (USGBC) to promote green building practices. Since May 2017, over 270,000 residential units have been LEED certified. Another certification program, the National Green Building Standard (NGBS), focuses on single-family and multifamily residential buildings, remodeling projects, and land developments. It has seen over 100,000 residential units certified since May 2017.
Aside from helping the environment, what’s pushing this trend is also the financial gain — everything from lower utility costs, to lower replacement costs and higher resale value. Realtors® can use these benefits and show prospects a better living environment can contribute to a higher standard of living without breaking the bank.
One way a green home provides more comfort is better air quality. Foss said many homes typically have hot and cold spots because of how a standard home is built. Homes may leak hot and cold air because the heating and cooling systems aren’t as efficient. Green homes on the other hand focus on materials and ventilation systems that will maintain a consistent temperature throughout the home. “Green ventilation systems are also better because they bring in fresh air and exhaust out the polluted air,” Foss said. “Plus, if you have building materials that don’t give off [toxic] gas, it’ll lead to better indoor air quality, which leads to better health.” According to the National Association of Realtors® 2017 Sustainability Report, more than half of those surveyed reported their clients are most interested in a comfortable living space as an important home feature. This includes healthy indoor quality and consistent temperatures throughout the living area. Green trends that focus on tightly sealed buildings and high-quality mechanical systems can increase the value of any property.
Luring Home Buyers Asa Foss, director of LEED residential technical development at USGBC, suggests that green homes are attractive to home buyers because of their overall quality. Green homes are built with durable materials so there’s less maintenance required, saving homeowners time and money. “There’s very few people I would say that want a green home or a LEED certified house because it’s more socially or environmentally responsible,” Foss said. “It’s not a major motivating factor compared to other benefits such as a higher quality building and being more comfortable in your immediate environment.” NEW JERSEY REALTOR® | March/April 2019 | 25
Lowering Utility Costs Highlighting energy efficient features in a property can be valuable too because it can help with perceived property value. In the same Realtors® survey, 71 percent of Realtors® stated that promoting energy efficiency in their listings was somewhat or very valuable. Aside from a comfortable living space, more than half of clients listed utility costs as at least a somewhat important feature. Green trends such as LED lighting, induction cooktops, Energy Star appliances and smart home technology allow users to monitor energy usage remotely. Many builders are incorporating the elements into their projects because it can help market the property and increase its competitiveness. “Although we’ve seen studies that show a hard cost increase of up to two percent [in construction costs], home buyers are more willing to pay a higher sticker price,” Foss said. “However, if you factor in lower utility bills, home buyers will see that their actual monthly costs should be lower, and that’s what really matters.” Matthew Testa echoes this sentiment. As the director of construction at Bijou Properties — a company that specializes in constructing LEED certified buildings in Hoboken — he’s seen first-hand the benefits of his company’s sustainable building practices. “Because we develop properties where residents are after better amenities, we may lose to a one across the street because it appears more convenient,” Testa said. “However, what we’ve noticed is that tenants in our building stay much longer, often many years because we know that it’s a more comfortable living experience and [residents] have saved a lot in utilities.”
26 | NEW JERSEY REALTOR® | March/April 2019
Bijou Properties is currently working on a project called Candela Lofts in Hoboken. This nine-unit condo is designed to achieve LEED Platinum certification. The company is also looking to achieve Passive House certification which is a rigorous and voluntary building standard which aims to reduce a building’s use of energy — up to 60 percent to 80 percent better than normal code compliant buildings. When finished, the Candela Lofts hope to attract buyers who are not only interested in durability, but also in lowering their carbon footprint.
How You Can Take Advantage of This Growing Trend Whether you’ve sold green homes or not, it pays to take advantage of this growing trend. A 2015 Booz Allen Hamilton Green Building Impact Report predicted that the residential green construction market grew to around $100.4 million in New Jersey alone. As more buyers are becoming more discerning in their purchase requirements, we as Realtors® can use green trends and sustainable homes to highlight properties that are a good fit. “In a high real estate market, it can be incredibly frustrating for somebody to buy a home that has a bunch of imperfections,” Foss said. “If [Realtors®] can demonstrate a higher quality product and show [buyers] they don’t have to settle for things like loud air conditioners and cold spots in a home, then the entire real estate community can benefit.” From a buyer’s perspective, a green home’s average upfront costs can be less than conventional homes. Although Foss mentioned before it can cost around 2 percent more in construction costs, these can be quickly recouped as the
property owner can save money throughout their stay in their home. He suggests Realtors® build awareness by showcasing features like building certifications or Energy Star labels as proof of lowered utility costs. New Jersey residents spend an average of $102.38 or $1228.56 a year on electricity usage according to Foss— imagine how much they’d save if they could lower their usage over the long term. “If you’re trying to sell a property based on the financials, see if you can show concrete proof such as utility bills as a way to showcase the home,” Foss said. “A lot of underwriters before approving home loans look at risk management, and they’ve found a correlation between lower default rates and energy efficient properties.” Helping buyers understand the affordability of a green home can convince them that a property is a sound investment. In addition, research shows that homes with green features increase in value. This suggests green homes are a good investment because the chances of its value decreasing are slim. As for commercial properties, Foss suggests attracting buyers by highlighting green buildings are of higher quality and more durable than the average property. “If a building is LEED certified or something of that caliber, it’s essentially demonstrated that not only can they build to code because it’s the law, that they’re able to do more. Basically, [the developer] is so good at what they’re doing that they’re able to demonstrate a higher quality product,” said Foss.
also suggests talking about lower energy costs as a way to help lower overhead. “It can be such a loaded question when just talking about the price of a building,” Testa said. “We’ve found that although the cost [to fund and construct] a building can be higher, having a better product helps to show buyers there are lower maintenance issues, [because constant renovations] can be cumbersome to tenants.” It helps to highlight the long-term perspective of a purchasing decision. In a 2018 study from the National Association of Realtors®, 36 percent of buyers wanted to avoid problems with plumbing and electricity, and having to do renovations. Buyers up to 37 years old who wanted to avoid these same issues rose to 47 percent. Considering many home buyers want to avoid renovation and other issues, highlighting green features and higher quality homes can ease their concerns. The main challenge with highlighting green homes continues to be education. Many MLS listings of green sales aren’t detailed enough or are described incorrectly. Even though you may have an attractive property that includes many green trends, it's crucial to accurately and effectively market those listings. “I think it’s up to all of us in the real estate community to educate each other on how we can raise our standards,” Testa said. “We need to be able to highlight the tangible benefits to our customers like walking through the property and getting them the imagine what it’d be like to live in a comfortable living environment.”
Testa also adds it’s important to tap into the emotions when talking to prospective buyers and highlight the value. He
Photos by U.S. Green Building Council NEW JERSEY REALTOR® | March/April 2019 | 27
B O A R D / A S S O C I AT I O N N E W S
Ocean City Board of Realtors® Creates Blessing Bags The Ocean City Board of Realtors® and the REACH organization teamed up with the Angels in Motion Organization to create blessing bags that will be distributed to individuals battling disease and addiction. Blessing bags are an assortment of toiletries, snacks, and water to help meet immediate needs of those in recovery. Over 700 blessing bags were assembled at the event. Volunteers from the Ocean City Board of Realtors® prepared blessing bags for those in need.
Want to be featured in NJ Realtor® Magazine? Email editor@njrealtor.com with your local board/association news.
SE
QUAL I
ILITY
Y
AB
K
Janitorial and building maintenance services that fit your needs, budget and schedule... s
REL I TY
CURIT
Daily, weekly monthly or one time commercial cleaning services
s
Call for a free quote... s
Before 28 | NEW JERSEY REALTOR® | March/April 2019
Kelly’s Janitorial Service, Inc. 228 Hazel Avenue Trenton, New Jersey (609) 771- 0365
After
B O A R D / A S S O C I AT I O N N E W S
SUDOKU Have a few minutes? Challenge yourself!
MERGER NOTICES Hunterdon Somerset and Mercer have merged and will now be known as CORE Association of Realtors®. Burlington Camden and Ocean County have merged. They will be known as Nexus Association of Realtors®. Eastern Bergen and RealSource have merged and will be known as the Greater Bergen Association of Realtors®.
Puzzle provided by sudokuoftheday.com Get the answers to the puzzle on page 1
MAR KE T P L AC E Frey Engineering Cert# 24GA28073000
Real Estate, Mortgage, Appraisal, Insurance & Securities Licensing Courses & Continuing Education Seminars IN CLASS
ONLINE
ONSITE
We can come to your office!
800-288-5154
www.AmericanSchoolNJ.com
908-238-0502 www.freyengineering.com ∙Engineers ∙Scientists ∙Geologists
Septic / Wastewater System Design Site Planning & Permitting Underground Storage Tank Services Remedial Design & Permitting Brownfield Redevelopment
CommerCial mortgage assoCiates
Looking for a Commercial Mortgage? MULTI FAMILY . MIXED USE . OFFICE . RETAIL INDUSTRIAL . SPECIAL PURPOSE . & MORE!
Offering a variety of programs to fit each client’s needs since 1989
CALL DIRECT! 732-714-2300 COMMERCIALMORTGAGENJ.COM
Questions? Comments? Email editor@njrealtor.com NEW JERSEY REALTOR® | March/April 2019 | 29