SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
REALESTATE South Jersey
SPRING 2020 ISSUE
issue: s i h t In tial o poten t in g in shore • Spr e h t n w g do • Headin y efficiency • Energ ore! ...and m
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Spring MARKET
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
Spring Market
Despite uncertain times,
shows potential opportunities
BY KELLY FLYNN
P
rior to the COVID-19 pandemic, spring real estate was poised for a strong season ahead. But as the world bunkers down at home, the question becomes what effects will the current stay at home orders have on the market? South Jersey Realtors agree that there are still opportunities for buyers and sellers alike if they’re willing to look for them.
A SELLER’S MARKET Local Realtors agree, prior to the pandemic, the stage was certainly set for a seller’s market. Sam Lepore of Sam Lepore Group Keller Williams in Moorestown said within the last year, inventory was low, and if a home was priced right, it sold quickly. He said they were poised for another strong season ahead given that typically, many sellers wait until the spring to put their homes on the market given that their pools are open, lawns are freshly mulched and their property is looking its best.
Diana Flanagan of BHHS Fox & Roach in Haddonfield expressed a similar sentiment. “Inventory has been low through the first quarter. As soon as houses were coming on the market, we were having multiple offers,” Flanagan said. Kathleen Hansbury of Weichert in Washington Township said her office was seeing strong buyers coming through and a shortage of listings. Hansbury attributes the strength of the market, in part, to the fact that interest rates were remaining reasonable. “Everything was selling quickly; 10 days and something would sell as long as it was priced appropriately,” Hansbury said.
MILLENNIALS AND THE MARKET With millennials emerging as one of the newer players in the real estate game, sellers were beginning to give consideration to what might attract a millennial buyer. Lepore said millennials and the young-
er generation are typically looking for homes that are fully done. This might include features like updated white cabinets and grey paint on the walls. “The new look today, and that’s what they want,” he said. “For them to walk into a dated home that has older kitchens, older baths, wallpaper, they do not want that.” His office advises clients to make changes like painting the walls, removing the wallpaper and updating the kitchen or baths ahead of listing. Flanagan said while millennials are most certainly seeking move-in ready homes, location also plays a key role as they’re house hunting. She said in the Haddonfield area, millennials were one of their top age group of buyers recently. “Location is important to them; they like walkability and being able to get out in that way,” Flanagan said. Hansbury, on the other hand, said her market was predominantly baby boomers. She said at her office, they noticed student loans were hurting a lot of first please see SPRING MARKET, page 4
SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
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SPRING MARKET continued from page 2
time millennial buyers. If millennials could get their student loans under control and were earning enough money to buy a home, then they were in the game. She said a lot of millennials’ “purchasing power” comes from social media and research. “They have a lot of knowledge on the market and are very, very intelligent when it comes to understanding where pricing is.”
BABY BOOMERS AND THE MARKET Baby boomers, on the other hand, are looking to downsize, according to Hansbury. She said the feedback she hears from the boomer demographic is that they’re looking to move into something smaller. Prior to the pandemic, some boomers were doing just that. Hansbury said the fact that boomers were getting solid pricing on their family homes was enabling these kinds of moves. Flanagan said she was seeing a similar trend with baby boomers wanting to downsize, but some weren’t sure about the South Jersey area. She said the overall cost of living had boomers feeling like they didn’t have many options in this area. Lepore said if sellers are trying to target a boomer demographic, the same advice he gives for targeting millennials rings true. Across the board, their clients are looking for updated homes. He said if buyers are putting 20 percent down on a home, they’re not looking to pay for upgrades to kitchens and baths.
AN UNCERTAIN TIME While the market is still holding strong for the moment, Realtors agree it’s hard to say how things will change as the pandemic drags on. With real estate offices considered an essential business, BHHS Fox & Roach saw little to no change in their operations during the first week of quarantine. Flanagan said every deal they had in progress moved forward, and they were still successfully securing the title and mortgages for homes that were under contract.
The second week of quarantine, however, their office began to see a bit of a slow down. She said people who may have been ready to list might be holding off until the pandemic is over. Hansbury said early on into quarantine, their office definitely still was seeing movement in the market. Their struggle has become working with the necessary governmental agencies given the extent of shutdowns. She said getting septic testing or going to the zoning board has proven more challenging than usual. “We’re all just trying to figure it out,” Hansbury said. She said challenges aside, their office is still working hard to ensure parties aren’t left in the lurch. “We’re moving closings all over the place,” Hansbury said. “We’re trying to work with buyers and sellers to keep them from going homeless.”
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Lepore said at his office, there are still buyers that need to buy, whether that’s people who just got transferred or who recently moved to the area, while there’s another contingent of people who are waiting until the pandemic passes to make any moves. At the moment, vacant homes are getting the bulk of showings while occupied showings have decreased across the board.
LEAD ACCOUNT MANAGER
He said for those who are considering listing and feel comfortable doing so, now may be a good time to strike. Home inventory is now at a historic low, according to Lepore, and the buyers currently looking are eager. Once the pandemic is over, Lepore predicts the market will probably be inundated with listings and the competition will be fiercer among sellers.
CONTRIBUTING WRITERS
For sellers who are choosing to wait, however, now is a perfect time for home improvements, Lepore said. He recommends sellers declutter as much as possible, do any minor updates they’ve been putting off, paint the walls and get a good curb appeal going in front of their homes. He said as of now, the pandemic hasn’t shown much change in pricing, but looking ahead, Realtors are not certain how that might change. “The question will be how long does this pandemic last for,” Lepore said. “If people continue to start losing their jobs and things like that, then what kind of effect will we have?” ■
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MEGAN MUDD
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
Fair housing, from start to finish
NAGLREP South Jersey chapter fights for LGBTQ equality in housing Voted #1 Best Class 2019
BY REBECCA L. FORAND
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outh Jersey’s real estate market has continued to grow in diversity and a new organization in the area aims to ensure the home-buying experience is open and free of discrimination as possible for everyone. The South Jersey chapter of the National Association of Gay & Lesbian Real Estate Professionals kicked off in January and will bring events and networking opportunities geared toward eliminating discrimination in the buying process to the region.
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“The basic mission of NAGLREP is to advocate for the rights of the LGBTQ community as it relates to discrimination and housing laws,” said Jeremiah F. Kobelka, the director of the South Jersey NAGLREP chapter. Kobelka and his husband Philip “Pip” Haxby-Thompson, who serves as the chapter’s co-director, originally wanted to simply join the national NAGLREP please see NAGLREP, page 7 Photo courtesy NAGLREP South Jersey
Philip ‘Pip’ Haxby-Thompson and Jeremiah F. Kobelka serve as co-directors of the new South Jersey chapter of the National Association of Gay & Lesbian Real Estate Professionals.
SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
NAGLREP
comfortable walking down the street,” Kobelka said.
organization, but only found chapters in Philadelphia and North Jersey.
Other chapters delve heavily into politics, including advocates in Washington to ensure anti-discrimination laws are on the books that include language supporting LGBTQ communities.
continued from page 6
Many members of the LGBTQ community are marrying and looking to move away from the cities and into the highly desirable South Jersey communities. “Essentially the same thing happening to straight couples is happening to LBGTQ couples,” Haxby-Thompson said. “We see a lot of people from North Jersey and Pennsylvania coming into our area,” Kobelka added. “We’re pretty out and very proud, so I thought ‘let me reach out. I want to be a part of this community and make sure there’s no one being discriminated against in our area.’” The organization’s main goal is to bring together professionals in real estate, as well as those in connected fields such as mortgage brokers, property assessors, home inspectors and title agents, to minimize discrimination by offering education and networking sessions.
The South Jersey chapter of NAGLREP is currently serving Camden and Burlington counties, but its founders would like to see it eventually expand to the remainder of the region. “You have to keep fighting for it. Discrimination still does occur, and we have to bring awareness to that and try
to counter it,” Haxby-Thompson said. “We’re helping people with the biggest investment of their lives – their homes,” Kobelka added. “It’s very important that we do not discriminate in every sector of diversity, especially with the fundamental thing of housing.” ■ For more information about the NAGLREP South Jersey chapter, including how to join, send a message through the group’s Facebook page at www.facebook.com/groups/NAGLREPSouthJersey, or contact Jeremiah F. Kobelka directly at (609) 760-8624 or at jeremiah@jfkliving. com.
Your Dream of Moving is Still a Possibility.
A series of “lunch & learn” events are planned in which professionals can meet and get to understand how discrimination can infiltrate a transaction, such as redlining and steering, and how to combat this from occurring. “We have a fiduciary responsibility to do what is in the best interest of our clients,” Kobelka said. “Not only as Realtors, we also want to have a group of service providers that won’t second guess when it’s Jane and Sarah on a contract. There’s a lot of people who touch the transaction when buying a home. We want the whole community. Let’s work together nicely.” Although the events have currently been put on hold due to the global COVID19 outbreak, the goal is to hold one per quarter, including both “lunch & learn” and networking events. In addition, the organization plans to work with the local communities to make sure municipalities are doing what they can to be welcoming to LGBTQ buyers and working with local governments who are supportive of the cause. This includes working with local businesses and supporting local PRIDE events. “We want to build a network and community where everyone can feel
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
BY MADELEINE MACCAR
establishing
roots Taking care of your lawn — by a pro, not yourself — will keep things greener and help potential home sales, too
S
pring has sprung, and with it comes a new season of lawn maintenance and pest control.
It might be tempting to take on a new hobby, put your green thumb to the test or save a few dollars by fertilizing, spraying or treating your yard yourself. But the pros say no: Chemical science, environmental factors, individual property characteristics and personal preferences all influence each individualized treatment in the lawncare trifecta of healthy growth, disease control and pest management. “For someone who wants weed control, you have to know when to apply it,” said Christian Nardi of Shamong’s Sod Services. “Any weed control after June 1, you have to know what you’re doing because you can’t be blanketing and spraying an entire lawn for weeds when temperatures are above 88 degrees. You could literally torch the lawn that way.” Besides, Nardi said, licensed professionals have access to high-grade products the general public can’t buy and are required to take continuing education classes to stay licensed. The average homeowner’s lack of training makes it all too easy for them to ultimately spend more to correct common but ruinous mistakes, typically by deliberating overtreating or accidentally using the wrong product. “Perfect example: We had a customer who did not want to pay for an $80 weed-control spray and did it himself — and now he’s spending $660 to resod his entire lawn,” Nardi said. The actual application and ongoing efforts comprising lawn care are dependent on an array of variables. Light vs. shade, targeted pests and weeds, drainage and, of course, personal preference, are all carefully balanced factors that can spell disaster when improperly applied or combined. However, the amount of maintenance a homeowner is willing to put in to get the most from their lawncare professionals’ work must be taken into consideration. Mowing,
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
ROOTS
continued from page 10
watering and balancing irrigation with sun exposure are all part of the role one plays in ensuring the overall health of their own yard. And knowing exactly how to balance those elements is key for long-term lawn health — especially since some of the more hands-off approaches might feel counterintuitive to dedicated homeowners who feel that more work yields better results. “You don’t want to be mowing your lawn too short: The longer the blade, the more water it retains,” Nardi said. “However tall your grass is on top of the surface is how deep the roots are. It’s just as equally growing on top as it is below so if you leave your lawn a little longer, you’re going to promote better root growth.”
ing a house, the last thing they want to do is spend thousands of dollars on getting new sod or planting new bushes and trees.” Adjusting to a new yard’s needs or shifting prior occupants’ taste more toward your own are more reasons why consulting professionals can be invaluable, especially in getting an education on what’s feasible within the property’s own ecosystem or limits. Because, according to Nardi, a good lawn care system is not a one-time
action: It is cultivating all the factors that help a lawn thrive, and learning what the average homeowner can do to prolong the life of their lawncare treatments. “A good professional will treat your lawn like it’s his own. I want nothing more than for everyone’s lawn to look like a golf course,” he said. “It’s our job to give people the most information upfront and then it’s their job to decide how they’re going to spend their money and maintain their yard.” ■
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Realtor Liz Rocco of Berkshire Hathaway HomeServices Fox & Roach REALTORS in Haddonfield calls the condition of a home’s exterior its “curb appeal,” which has a considerable impact on a property’s first impression and overall value alike — after all, an unkept lawn can be “like having lipstick on your teeth.” That’s just one of many reasons why it is crucial for those selling their homes to resist the temptation of slacking off with their lawn care, both in terms of surface appearance and root health below. “I’ve been to homes where the inside is all fresh paint on the walls and everything looks great because they’ve been redone but the outside is not very nice to look at,” Rocco said. “Every buyer is different and some might not care, but I hate when sellers never cut their grass and let the landscaping go. It doesn’t look right and it can affect the value of the property, absolutely.” Potential buyers, too, need to be careful of what they’re signing up for in terms of landscaping costs and lawn care efforts, Rocco said. It’s one thing to be pleasantly surprised by previous owners’ perennials rousing from hibernation; it’s another thing entirely to be taken aback by unexpected labor and costs. Those less-welcome shocks are especially likely with newly constructed developments, which lack the growth and green of more established neighborhoods. “They build all these new houses and then there’s no landscaping,” said Rocco. “It can cost up to $30,000 to landscape your whole property. If someone’s buy-
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SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
Down the
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Now is still a good time to invest in beach (or bay) real estate BY RACHEL SIMPSON
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t’s the time of year when many people are planning their summer vacations and for a lot of us in South Jersey, that includes time spent at the Jersey shore. Whether you rent a vacation home or are looking to buy, there is a lot to take into consideration, especially during a global pandemic. In a move intended to stimulate the economy, interest rates are at a historic low and buyers are still interested in owning vacation homes, said Weichert Broker Associate Melissa Morfin. “The market hasn’t really slowed,” Morfin said. “We are just changing the way we are doing things.” According to Morfin, buyers and sellers continue to move with added caution and the closing process typically takes place via cars, instead of an office. “I like to be there at closing,” Morfin said. “I’ve walked my client through the entire process, so it’s nice to support them at the end even if it’s a drive through closing.” For many reasons, Morfin suggests please see SHORE, page 13
SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
SHORE
is the busiest time of year to purchase a shore home, but there are a lot of factors that affect that this year.”
always checking in with an agent before renting or buying especially during times of crisis when scamming is on the rise.
According to Bader, some people are hesitant about going into others’ homes or concerned about how the current
continued from page 12
changing their minds due to the current situation; however, the New Jersey Association of Realtors has enacted a COVID-19 contingency clause to allow for extensions as needed in certain circumstances. Overall, Bader still thinks this is a good time to invest in a shore property and likes to make his clients feel comfortable by asking the allimportant location question (beach vs. bay) and going from there.
“Unfortunately, I’ve seen an increase in recent scams,” says Morfin. “People are taking information from Realtor listings and putting it on Craigslist.” Morfin said a lot of the time these properties are for sale but being listed on Craigslist for rent and people are sending them money only to find out it’s not legitimate.
“Interest rates are low now and the economy was doing well,” Bader said. “Buying is 100 percent a great investment.”
“If you see something on Craigslist, ask an agent to check the MLS for your own protection,” Morfin said. “Shore homes are easy targets because renters are coming from out of town, so it’s good to have someone you can trust to verify for you.” In any market, crisis or no crisis, Morfin says buying or renting is all about three important factors: location, location, location. What is most important to the buyer who wants to use the property as an investment or to the renter who wants to relax and enjoy time away? Some people enjoy being close to the boardwalk, some prefer not to be. Some people want to be near the casinos, others don’t.
Bader says there are amazing opportunities for buyers – “there is not much land to build on so buying is smart. It’s a long-term investment. The economy will get stronger.” economy and employment status will factor into making such a large purchase. Some buyers and sellers are also
“People are looking for different things,” Morfin explained. “Some are concerned about the resale value; others want to make sure the property will rent quickly and others have emotional attachments to a certain location and nostalgia is their primary reason.”
Ocean City Berger Realty Real Estate Agent Matt Bader is also always looking out for his clients and says he has seen an effect on second-home sales and rentals due to the COVID-19 pandemic. “Short-term rentals have been banned until at least May 8,” said Bader, who is still hoping for a beach season this summer. “Historically, January through May
In the meantime, both Bader and Morfin are optimistic that buyers and renters alike will be down the shore enjoying the summer holidays. ■
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When considering a location, Morfin also recommends taking into account flood zones. “Even inland properties deal with flooding, so it is always a good idea to purchase additional coverage to make sure you are protected,” she said.
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Saving Green
GOING GREEN,
of it.”
The demand for energy efficient homes is on the rise BY KEVIN CALLAHAN
B
efore Gloria Donnon was a Realtor, she was a nurse.
As an operating room supervisor in a major Philadelphia hospital for 10 years, Donnon certainly saw trauma and tough times. Her passion to help people also fortified a positive attitude that serves her well during this current coronavirus crisis. “We’ll get through it,” Donnon said. And, when we do get through this shutdown, Donnon will resume helping people buy and sell homes as a Realtor with Long & Foster in Moorestown. “Listen, attitude is everything,” Donnon said. There’s no doubt that the pandemic will change lifestyles, but what real estate
trend t h a t could continue to rise is the demand for solar power and energy efficient homes. Since society could be more environmentally conscious overall after the shutdown, there could be an increased demand for upgrading homes with energy efficient elements, such as solar panels, tankless water heaters, windows and appliances. “I think eventually everybody’s going to have to do it,” Donnon said about homeowners turning toward solar and energy efficiency. “I, right now, have solar to heat my pool and it saves me a great deal of money each year. “I think as it moves along, it’s going to be very valuable for everybody.” Donnon says the main question for both buyer and seller is simply: Is it a sound investment to go solar and, or, add energy efficient elements? “It depends if you’re going to stay in your house a long time or not,” Donnon said, “but definitely if you’re going to stay there a long time. “You can have monthly payments and it’s very effective in the long run.” She said she recently sold 20 houses with solar panels. “If I was a buyer I would definitely want it,” Donnon said, “but some buyers are staying away from it because of the cost
Donnon advises the buyer to shop around for solar. “It depends what the solar company will give you. They have 10 year programs, 20 year programs, whatever you and the solar company decide on,” Donnon said. Corey Sandone, a sales manager with Orbit Energy & Power of Mantua, understands the decision to go solar or not often comes down to finances for homeowners. “Yeah, how much is it going to cost,” Sandone said. Sandone has a quick answer to the cost factor by adding, “each program is 100 percent zero dollars out of pocket,” about the options offered by Orbit , which has been in the construction industry for more than 30 years, including more than 20 years in solar energy. “The value depends on what type of upgrade you start with, but regardless of what product, you’re eventually going to see a positive outcome,” Sandone said. “If it’s a tankless water heater or our solar system, you’re always going to see some type of monetary value in that.” Orbit has helped finance, design and install more than 1.5 Gigawatts of solar projects throughout the United States, including Lincoln Financial Field, which is the home of the Philadelphia Eagles. “There are multiple different ways you can look at it, but just speaking on the please see GREEN, page 15
SOUTH JERSEY REAL ESTATE MAGAZINE | SPRING 2020
GREEN
continued from page 14
main core of our business, solar, in New Jersey specifically they’re paying homeowners for the production of their system,” Sandone said. Orbit also offers construction services, such as roofing, and maintenance. “You can incorporate anything that allows the property to become solar ready,” Sandone said about the payment options. “So you’re able to incorporate tree work and roof work. Obviously you don’t want to put a system in and two years later have to come back and replace the roof.” There are also a variety of incentives offered, including the federal tax credit of up to a 26 percent deduction of the cost of solar energy installation.
Thank You
15
to our
Expert Contributers
Matt Bader
Gloria Donnon
Diana Flanagan
Kathleen Hansbury
Philip “Pip” Haxby-Thompson
Jeremiah Kobelka
Sam Lepore
Melissa Morfin
Christian Nardi
Liz Rocco
Many people end up paying only the basic connection charge. “You still have a connection charge, which is five or six dollars, so technically you’re still billed from the utility company, but it’s just because you’re still connected to your utility line,” Sandone said. Orbit, which also handles the permitting, offers many different strategies to finance. For the many homeowners who are interested in easing their ecological footprint, they will not only be saving money but adding value to their house. “There was a CNBC study in New Jersey that said on average home equity value increase is 9.9 percent,” Sandone said.
William “Joey” Wilkolaski
And that value is also seen in a simple, but coveted label.
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“There are different designations, like a Pearl designated house is a house that has a new roof, new heat, new hot water and new appliances,” Donnon said. “That’s what buyers should be looking for, but most people aren’t even aware there’s different designations for different things in your home and this is from the government, this is government rated energy efficient homes.” If homeowners are insecure about going or buying solar coming out of the coronavirus shutdown, Donnon injects her positive attitude she used as a nurse. “You can do anything you want in life,” Donnon said, “all you have to do is just go out and do it.” ■
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