South Jersey
REALESTATE FALL 2023
Changing Strategies Fall 2023 Housing Market:
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What’s trending? Man Caves & She Sheds
THE TREND IN BACKYARD SHEDS
State of the South Jersey Shore
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FALL 2023 | SOUTH JERSEY REAL ESTATE MAGAZINE
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In this Issue: Man Caves & She Sheds State of the South Jersey Shore Fall 2023 Housing Market: Changing Strategies What’s trending?
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Fall 2023 Expert Contributors
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Darlene Supnick
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Edward Vincent
Chris Twardy
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Man Caves &
She Sheds
THE TREND IN BACKYARD SHEDS IS TO CREATE A SOCIAL, INVITING, PEACEFUL SPACE TO RELAX AND UNWIND By Jennifer Amato Backyard sheds don’t have to be large, ugly, plastic structures that take up space in your yard for the purpose of storage space. Instead, between Man Caves and She Sheds, they have become places of refuge almost, where you can relax, have a drink, watch TV and basically escape in staycation style. According to a 2021 Consumer Practices Survey conducted by Home Innovation Research Labs, households adding outdoor living structures increased 21% in 2020 compared to 2019’s numbers. Furniture retailer Joybird surveyed the topic in 2018 and determined that 59% of women had their own shed versus 65% of men who had man caves. The survey also amusingly noted that 61% of women wouldn’t allow their partner in their she shed, versus 52% of men saying this about their spaces – perhaps because man caves tend to be social, as well as retreat spaces with considerable investment.
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FALL 2023 | SOUTH JERSEY REAL ESTATE MAGAZINE
According to Allied Market Research, the trend to turn sheds into an office, studio or safe haven is due to an increase in disposable income, plus the need for more space due to the COVID pandemic. People were home more and renovated their backyards so that staying home was appealing and comfortable. Typically, sheds have been used to store lawn mowers and lawn equipment, or as a greenhouse, but now more and more people are turning them into a playhouse for children, gym space, a crafting area, a poolside bar or even a guest house. For the exterior, many sheds can be custom-made. You can choose the material, colors and size. It can be modern looking or more antique like a farmhouse. You can choose wood, metal or siding. There are different types, like an Amish shed, pavilion, shed pad or even a movable shed. And the styles include mini barn, A-frame, carriage house, Cape Cod, cabana, estate, Dutch barn or tackroom. You can customize the shed color, size, trim, siding, door and window covering colors. If you want to create your own little getaway while maximizing space, consider a desk that mounts against the wall with stools, lots and lots of shelves, minimal yet classy décor, loft space if possible, indoor/outdoor rugs, bright lighting so the space appears larger, and as many windows you may want – include it, after all it’s your own little getaway! There are wellness benefits as well. According to Forbes, having your own hideaway implies a space to get away from life for a bit, pamper yourself and prioritize mental health breaks. That means you should have cozy seating, art and accessories, plants, and WiFi access – unless you want to shut down the screen time. Then, you can update the area around the shed with gravel, mulch and landscaping so the space is as inviting to walk up to as to hang out in. The bottom line is, no matter how you design your space, it should be reflective of your creativity, should be strong enough to weather the elements (literally) and be a quiet, happy spot to spend some time when you want to entertain friends – or when you need some time alone. — SJRE
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State of the South Jersey Shore By Ellen Kershner
LOW INVENTORY CONTINUES TO DRIVE COSTS
New Jersey gets divided up into North, Central, and South Jersey, depending on who you ask. Even the state has distinguished the different regions for tourism purposes. But from a realistic point of view, most consider part of Ocean County and all of Atlantic and Cape May counties as the South Jersey Shore. It’s home to some of the best beaches in the country but renting and buying homes in its most sought-after towns takes a lot of patience and the right timing. The pandemic opened the floodgates for eager, prospective buyers, driving up prices to unprecedented levels and depleting inventory. Now that things aren’t as hectic, has the state of South Jersey Shore real estate and rentals leveled out?
PICKING UP MOMENTUM As pandemic lockdown restrictions eased, people started going to the beach as an outlet and the fear of going to public places naturally led to thoughts about buying and renting shore homes. “The market began picking up momentum early on in the pandemic,” according to Joseph Scarpati III, the owner/broker of J Properties Real Estate and Development in Margate and Marlton, who has been in the business for 28 years. “The demand grew because prices were low and people were working from home. Prices kept increasing as inventory diminished.” Mishel L. Taylor, a Weichert Realtors branch manager with 18 years of experience, describes the pandemic time as “explosive.” He explained that many buyers were coming in from large cities and this helped push prices to the limits. “Cash purchases, no contingencies, and multiple offers well over asking price were the norm.” see JERSEY SHORE page 15
SOUTH JERSEY REAL ESTATE MAGAZINE | FALL 2023
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FAL L 2023 H O U S I N G M AR K E T:
Changing Strategies ‘MAJOR COOLINGOFF’ OF INTEREST RATES EXPECTED JUNE 2024
By N.J. Ackermann
F
or this article, we tapped the expertise of Christopher L. Twardy, from Berkshire Hathaway/Fox & Roach in Mt. Laurel, Jennean Veale from Berkshire Hathaway HomeServices Fox & Roach, Marlton-Voorhees Office, Carolyn Fulginiti, from Weichert’s Cherry Hill offices, Edward Vincent and Jennifer Ferrell, from Long and Foster in Medford; and Darlene Supnick, Broker of Record at Realty Mark Advantage in Marlton. All statistics and predictions were as of the time of this writing. SUMMER INTO FALL “The summer market did unfold as expected, in my opinion,” states Veale. “Buyer demand continued to drive the market. However, we are seeing a few price reductions and longer days on the market. Did
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FALL 2023 | SOUTH JERSEY REAL ESTATE MAGAZINE
you know that the current average length of homeownership in 2023 is 13 years? Just one more ‘aha’ moment when we ask ourselves why inventory is so low.” “Shore properties were selling well during the summer,” Supnick says, “and new home builders are selling as quickly as they can build. We are seeing slightly more listings in general for the past few months, and if mortgage rates do not increase, I think we should see more sales.” “The transition from summer to fall has been somewhat the same; the market will continue to be competitive where we will see high sales prices and common multiple bid situations,” says Twardy. “The difference now is [we do] not usually see such astronomical, over-asking bids.” see STRATEGIES page 12
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STRATEGIES SJRE from page 10
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A NEW MIX OF GOALS AND STRATEGIES “Expectations for buyers this fall have changed from the spring/summer market,” note Vincent and Ferrell. “Though school districts and the commute to work still play a big part, it depends on the area the buyer is looking in. The best ‘deals’ are homes in towns where the inventory has crept up and the seller needs to sell quickly, or homes that are bank owned/need a lot of work.” Per Supnick, “Some buyers will not be able to purchase larger homes and smaller homes will become more desirable. But buyers still must be pre-approved and put in an offer immediately when they find a home they like.” “This fall, some will make the decision to adjust in order to stay within budget,” states Veale. “Broadening the search and adding new locations that were not previously on their wish list will be the first step. Looking for lower property taxes will be a very big consideration, and could even have buyers re-considering a townhouse over a single-family home.” ADVICE FOR BUYERS AND SELLERS “More new buyers are coming into the marketplace,” Veale says. “Waiting for the market to change in their favor for several years, they have decided to work within their budget to own rather than continue to pay rent prices. Act swiftly, make competitive offers, and be prepared to accommodate sellers’ preferences. As a seller, please do not consider based on the season. Properties sell quickly, and sellers can negotiate favorable terms. Turnkey properties will continue to receive the most attention, but trust me, you do not need perfectly green grass and tulips blooming to bring you the best sale price.” “Cash is still king,” Twardy advises. “Sellers still lean towards accepting cash due to the opportunity to forgo a potential appraisal shortfall. However, the time is changing where buyers are less apt to waive appraisals and inspections.” Vincent and Ferrell say, “There’s no reason to think you’re out of the running just because you plan on financing, but it is an absolute must to be working with a local reputable lender and a communicative loan
officer. Analyze your assets and talk to the officer about a way to structure an offer that has the ability to compete with cash.” “When placing an offer, have unique strategies to entice the seller to choose you over other potential offers,” advises Carolyn. “Having a strong preapproval letter with a mortgage expert that is willing to talk to the seller’s agent directly is a great competitive edge. Also, connecting with a good agent that offers exclusive/off market properties gives you access to more than the MLS (multiple listing service) alone to find your dream home.” A BETTER FINANCIAL CLIMATE ON THE HORIZON Supnick states, “The interest rate has not hindered sales in this area. The only market that has slowed down is rehab homes. Prices and materials are higher and less investors are purchasing.” And Twardy notes, “Historically, interest rates are 8 percent. So, though rates are higher than the general public has been used to over the past decade, we are still slightly ahead of the historical average. The end result most likely will be a drop in interest rates by the end of 2023 or beginning of 2024. And, 2024 is predicted to give a huge bounce-back in the real estate market.” “I think the fall market will be a more favorable market for buyers,” predicts Fulginiti. “The homes that are updated and in great condition are still seeing multiple offers, but buyers will have the opportunity to offer less than the asking price on homes that have sat on the market more than 30 days. Just today, I had a client offer almost $30,000 under asking price, and the seller agreed. We are also seeing some price reductions. This is something I have not seen in the past few years, and is a good indication that we may be shifting into a better market for buyers in late 2023/2024.” Per Vincent and Ferrell, “Nobody really knows, but expectation is that we fall to around 6 percent by end of year, with the major cool-off happening around June of 2024 to take us into the mid/high 5’s. Continue to be aggressive when making offers on homes, and be prepared to lose several bidding wars before eventually winning. Don’t get discouraged; you have to keep at it and eventually it will work out.” — SJRE
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JERSEY SHORE SJRE from page 9 LOW INVENTORY A full-time sales agent for 22 years, Dana Miller of Weichert Realtors noted that peak prices are still holding strong in the South Jersey Shore sale. She claims that home prices are up by 35-plus percent or so. “It’s the tightest I have ever seen,” she said, noting low inventory means that landlords are getting record prices for weekly, monthly, and summer rentals. Ocean County is still experiencing a sellers’ market with homes selling in less than 30 days, and rising prices for sales and rentals continued throughout the summer. Most sellers are reluctant to sell for several reasons. One, they have locked in a very low mortgage rate which they wouldn’t want to jeopardize. Two, it’s very hard to find a replacement home in this market, and third, with rates and pricing increasing, the home they want to purchase is now out of reach. So they decide to stay put and make improvements like pools, additions, and new kitchens to their existing homes. All of these components affect the inventory status. Home sale prices have increased around 6% in Ocean County with 39% over and 40% under asking price. Monmouth is at 57% over and 31% under. These properties are still selling under 30 days at 68%. People who have been lucky enough to find rentals are paying 20 to 40 percent more than before the pandemic. Taylor points out that Atlantic County has some of the highest rates, with the other two counties not far behind. HIGHER INTEREST RATES Historically low mortgage interest rates during the pandemic added more fuel to the unprecedented real estate market conditions and now that they have climbed up, some buyers haven’t been able to qualify. They’ve had to adjust the price of the home they want to purchase but according to Scarpati the increases have not affected demand. Higher interest rates would normally mean a surge of lower pricing and we have not seen this happen in the Shore areas yet. Many buyers are purchasing their second or third home utilizing their own investment funding or cash, he said. The hottest-selling shore towns are all
familiar names: Avalon, Cape May, Margate, Point Pleasant, and Stone Harbor. But with few properties to choose from, these and other shore towns can be unaffordable. Joseph recommends looking at ones that are farther inland and it’s also a good idea for prospective buyers to keep an eye out for new construction. Miller pointed out that land and building costs are too high for many spec builders, but there is still some building going on. It’s becoming more difficult for builders at the shore to find land these days. Most of the moderately priced homes and tear-downs are gone so land is limited. There will be fewer new home starts in the upcoming year, but Taylor feels that new construction will continue for singlefamily residences but will slow down for residences over four units in areas like Seaside Park. THE BEST TIME TO BUY AND SELL As the summer starts winding down most buyers and sellers have either made deals or given up, but there’s always a chance that something might pop up. For everyone else, it makes sense to wait until the winter. Scarpatti recommends getting into the game in December and January. “It’s easier to preview homes because owners and renters aren’t occupying the properties,” he said. “There’s no scheduling issues or rushed atmospheres.” The summertime is not as optimal for sellers because
there are a lot of “tire kickers” - buyers who aren’t serious enough to make firm offers. As spring approaches, sellers have the advantage and gain more negotiating power as summer closes in. PREDICTIONS Overall, the South Jersey Shore Real Estate market is still strong. Compared to June 2022, the median sales price rose by 4%, up to $385,000. The active inventory decreased by 8% to about 2,900 and the number of units sold was down by 12%. Homes have also been on the market longer, and are now averaging about 71 days. The real estate market is anything but predictable but there’s nothing wrong with making educated forecasts about how things might change in the coming years. Miller predicts that there will be a 5% price increase per year going forward to rentals and sales. Taylor predicts the market will continue to be a seller’s market well into 2024 and renting will continue to be sought while sellers and buyers figure out what to do next. In any case, things are unlikely to move differently for the remainder of 2023. “There is still too much demand for the inventory to catch up quickly and to stabilize,” Scarpati said. “If rates decrease, prices may even have another uptick.” — SJRE
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When looking to buy a new home, the exterior of the home is as important as the interior. For the fall issue, we touched base with those in the industry on any trends they might be seeing. Cynthia Beechler has been a real estate agent for seven years in South Jersey. She is currently a sales associate for Weichert Premier. “No matter what the trend, maintaining the exterior of a home not only adds beauty and curb appeal, but will significantly add value when these items are new and in great shape,” she said. Colors: One trend I’ve noticed is bold home colors rather than the lighter beige and white. If the home is not bold, I’ve seen bolder colors in accent features like shutters. I’ve also noticed the black windows are starting to become more popular.
Indoor/outdoor flow: I’ve seen more homeowners extend their living space outside. With large sliding doors leading to a deck or patio as well as outdoor living space such as cooking areas, bar tops, fire pits and furniture as well as full outdoor kitchens and baths. Mixing textures: New homes are following a trend of mixing textures such as metal, brick/stone and vinyl. Energy efficient windows: Lots of options for new windows, some have the grid, others don’t. Gloria Monks is the 2023 president-elect for New Jersey Realtors, which serves as a leading advocate for the real estate industry and private property owners, according to its website. Comprised of 14 local boards, New Jersey Realtors has over 60,000 members who are involved in all aspects of the residential and commercial real estate industries. “Whether buying, selling, or renting a home in New Jersey, always work with a realtor,” Monks said. “They have the knowledge and experience to navigate any market with a finger on the pulse to help you make your home stand out on the listing sites.” The farmhouse look? Is it really all the rage? The farmhouse look had its time in the spotlight, but I’m seeing less of it in homes currently on the market. However, it’s still trending amongst newly constructed or renovated homes. see TRENDING page 19 SOUTH JERSEY REAL ESTATE MAGAZINE | FALL 2023
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TRENDING SJRE from page 17 Along the Jersey Shore, we’re seeing the farmhouse look even less. Some older neighborhoods have pockets of renovated homes to incorporate the farmhouse style, influencing neighbors to follow suit, but it’s not as prevalent in shore communities. What other trends are out there exteriorwise? I’m starting to see homeowners replace their white window trim with black, which provides starker contrast and modernizes their home. They’re also incorporating black front doors and replacing the typical garage doors with ones that are more visually appealing and tie in a farmhouse or modern style. Homeowners are also incorporating more cedar shakes, clapboard siding, and composite materials instead of vinyl or aluminum. Do these trends impact the market? How so? Trends certainly impact the market. Homes that are “on trend” tend to have more interested buyers willing to spend a little more on a home with trendy features. That’s positive news for sellers who could receive more than the listing price for their home. Trends in today’s market In any case, buyers may have a look in mind, but the market will essentially dictate what they get. Mark Honabach, a sales representative with Weichert Realtors in South Jersey and the Jersey Shore, said with the current market of low inventory, it has forced buyers to become more flexible to secure a home. “Buyers have become more creative with their wants,” he said. Whether that is with paint color and/or breaking down of walls. “Not everyone has the design eye,” Honabach said, noting that is where he comes in. With 19 years as a real estate agent and previous experience in the furniture and design business, Honabach helps his clients to look at what different spaces can offer and/ or what facades could look like after some redecorating. “With the low housing inventory, that is really truthfully what it has come down to,” he said. — SJRE
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Moorestown/Tom Brown Road 5+ acres private property to build your dream home in the prestigious town of Moorestown, plenty of room for a pool, can build over a 6,000 Square foot home, level piece of ground and a great investment. Realistically priced at $999,900
Cherry Hill/Siena Former model home in Sienna in Cherry Hill with loads of custom features and a totally private backyard with swimming pool and travertine patio surrounded by total privacy. This custom home has a lot of special features thru out, which include surround sound, marble floors, 2 story ceilings, recess lights, oversized moldings, sun that shines thru the whole house because of the large windows and high ceilings, open floor plan, 1st floor primary suite with custom painted walls, custom TV entertainment area, 2 large walk-in closets, large master bath with marble floors, marble vanities, marble surrounding tub and marble oversized shower, and private water closet. Atrium doors off the bedroom that lead out to the patio and pool area. First floor den with cathedral ceiling, custom shelving which could also be a personal home office. There are custom built-ins in both the living and dining rooms which have custom moldings and built-ins. Large open kitchen area that overlooks the family room and leads out to the back patio and pool area. Granite countertops, newer refrigerator and cooktop, large pantry closet, recess lights and loads of kitchen cabinets that overlook the family room with custom fireplace with marble surround, recess lights, bleached hardwood floors and atrium door that leads out to private backyard. Upstairs you will find 2 very large bedrooms with each having their own bathrooms and lots of closet and storage space. There is an additional den upstairs that could be used for a playroom or office or tv room. The backyard has total privacy great for entertaining plus a beautiful pool area, unfinished basement, all stucco home with brick walkways and mature New Listing landscaping. Realistically priced at $899,900
Sold Mullica Hill Beautiful Paparone home on a huge lot backing to woods that gives you total privacy. This lovely home has a stucco front, vinyl siding sides, large deck of kitchen, walkout basement and 2 car side garage with extra parking. Large kitchen with a separate eat-in area overlooking the back yard. The kitchen has a large center island, double ovens, microwave, recess light, ceramic tile floors and very open floor plan. When you enter the two-story foyer there are 2 coat closets, first floor office with chair rail molding and cathedral ceiling, which opens to the living room with custom built in’s which opens to the dining room all of these rooms have newer tile floor that looks like hardwood. The family room has recess lights, stone gas fireplace, newer tile floor that looks like hardwood and opens to the kitchen area. The laundry room has a washer, dryer, built in sink, plus cabinets and side door to back yard. There is a first-floor powder room off the foyer also. Upstairs you will find 4 bedrooms, a hall bath with double sinks and a shower/tub combo. Large Primary Bedroom with walk in closet, large bathroom with double vanity, jacuzzi tub and shower. Realistically priced at $669,900
Voorhees Beautiful Custom Contemporary home in Sturbridge Estates located on a quiet cul-de-sac street with professional landscape grounds. This home has 4 bedrooms, 3 1/2 baths, 2 gas fireplaces and hardwood floors in foyer, living and dining rooms, kitchen and adjoining office. Finished basement with wet bar, 3 car garage, heated in ground pool with pattern concrete surrounding it. The kitchen has been remodeled with newer appliances, marble countertops, travertine stone wall backsplash thru out separate island with seating with granite countertop, large pantry closet and wine storage and butler’s pantry leads to dining room. First floor powder room has newer marble countertop, sink and marble walls. There is a large first floor home office, newer trex deck, newer 2 zone hvac system, 2 newer water heaters. Large trex deck off kitchen which leads to paver patio off deck. Mstr bath has been remodeled with travertine and marble and 2 hall baths have newer granite counter tops. This home has 2 staircases, security system, sprinkler system, outside landscape lighting, pool house and fenced yard. Realistically priced at $899,900
THE WORLD ACCORDING TO JOSH, NICOLE & STEVEN...
Now more then ever EXPERIENCE counts….that is why you need to call our Aunt Anne, because she has the EXPERIENCE, PASSION, COMMITMENT & KNOWLEDGE to help you in selling or buying a home. Give Our Aunt Anne A Call Today For All Your Real Estate Needs at 856-795-4709 SOUTH JERSEY REAL ESTATE MAGAZINE | FALL 2023
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