Central Jersey Spring 2021 Real Estate Magazine

REALESTATE REAL SPRING 2021 ISSUE

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SPRING MARKET

is blooming In this issue: • Using social media to buy • Appealing mortgage rates • Flocking from cities to suburbs

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CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

Everything went virtual during the pandemic –

including home tours By JENNIFER AMATO Managing Editor

fter Reshma Mongia got married in 2018, she and her husband decided it was time to move from an apartment in Jersey City to be closer to family. Searching here and there, they finally decided on the Mercer County area, but their true home searching didn’t begin until, coincidentally, so did the COVID19 pandemic. “COVID-19 made us nervous and hesitant to view homes in-person, especially since we have a high-risk family member and were looking to move one-plus hour away from our existing residence. I had no desire to go to traditional open houses with multiple buyers wandering around. Unfortunately, we were already planning to search for a home prepandemic and the pandemic resulted in increased demand – hence competition – which was not great for us as it drove the home prices up,” Mongia said.

Virtual showings and online appointment bookings were both helpful, she said, as more real estate agencies have turned toward distant viewing over the course of the past year. “I am not sure if these were offered previously, but these were huge benefits,” Mongia said. She used the virtual tour feature embedded in the Realtor’s website which allowed them to “walk inside” the home, dragging cursors right and left to explore homes on their own, she said. “It was really helpful in weeding out homes we did not want to view inperson and filter out the ones we were interested in seeing in-person,” she said. One year ago, when the term “COVID19” first became part of our language, buyers and sellers were faced with the same issues lockdown and quarantine caused across the board. Buyers would purchase a home without seeing it in person first. They relied on online viewings, with the home inspection sometimes being the first time a

potential buyer walked through the door. As all aspects of life evolved, so did the real estate industry. As Zoom and virtual learning and working remotely entered our vocabulary, so did virtual home tours. Real estate agencies had already been using certain online platforms, such as Zillow, to showcase interiors and exteriors, but more and more local agents began using virtual home tours as buyers – and sellers – opted for safety first. Agencies reported using drones to provide overhead visuals of both inside and outside the home; or a high definition body camera to offer a simulated walk through a house. Prospective buyers could basically “stand” in the middle of a room, move around and focus on different aspects of a space. Prospective buyers can also FaceTime or Zoom with their agent to “walk” through the space. This allows buyers to ask the agent questions directly and get please see VIRTUAL, page 6

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

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VIRTUAL

continued from page 4

immediate answers. For sellers, the idea of a virtual home tour was advantageous as well. The home should be well staged, showcase the home itself (not material items) and be highlighted with proper lighting. Many angles should be provided to give the buyer a sense of the home’s layout. However, the downside to the virtual home show is that a buyer cannot determine their true first impression. And, sometimes photos can be misleading. “There were no major contradictions [from the websites]. Of course, the touch-ups and lighting used in the photos/videos were flattering, but it wasn’t like the catfishing that you hear about on dating sites,” Mongia said. Mongia and her husband did visit a few select homes in person. And for those visits, masks and hand sanitizer were generally available at most homes, and social distancing was enforced, she said. Potential buyers could choose to wear disposable gloves to open up closets and cabinets and look at appliances; or the homeowner could have those items open prior to arrival. “I also liked having one buyer per showing, and scheduled appointment

times so not too many people were inside at one time,” Mongia said. Ronald and Connie Mack preferred the traditional route of buying and selling a home, despite the pandemic. Their house in Manalapan went on the market in September 2020, and they closed on their house on March 2. Currently living with their son and daughter-in-law in Englishtown, they plan to move to South Jersey because of the current job market. Ronald Mack said he is nearing retirement, but due to a reduction in hours and mounting bills at the house, it was “time to find a way out.” He said despite COVID concerns, he felt safe with prospective buyers coming into his home, and also felt safe at public open

houses. Everyone would be masked, use hand sanitizer and keep small groups as they walked throughout homes. “We wear our masks when looking at a house, and we wore our masks when people came into our home. It was uncomfortable, but it what was what had to be done.” He said he and his wife “wouldn’t buy a house unless we looked at it, just like we wouldn’t buy a car without driving it first.” ■

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ane and Ray Siegmund moved from Brooklyn to Staten Island 30 years ago, and then settled on a home in Union Beach. Recently, they decided to move to an age-restricted development in Manchester. To sell their 900-square-foot home, Jane Siegmund said their Realtor used Facebook and Instagram to drum up interest. She said the agent sent a professional photographer to take pictures “strategically,” and posted those photos on social media and MLS. There was also a website that showed where the house rated amongst others in the area. “You’d be at the top and someone would pop you out; it was very interesting,” she said. Siegmund said there was a lot of interest in her home, which sold in just 17 days after the couple put it on the market in March 2020. They had listed the house just before the COVID pandemic began, but the appeal of their backyard and pool attracted many New Yorkers who were leaving the city in droves. “My house showed beautifully” on social media, “but the problem with my house was the size,” she said. They had three potential buyers “fighting” for their property, going so far as to write letters to convince the Siegmunds as to why they were the perfect fit. There was a pair of newly engaged teachers who were ready to start a family; a single mother who worked as a nurse who wanted the large backyard for her three children; and their ultimate choice, a military veteran who they chose because their son is in the military. Jane Siegmund said some prospective buyers did want to do virtual tours, but they were comfortable enough letting people view their home, albeit with strict restrictions. She said she provided masks, gloves and shoe coverings, and waited from across the street. “Our real estate agent wanted serious people because they are exposing themselves also to COVID,” she said. please see SOCIAL MEDIA, page 9

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

SOCIAL MEDIA continued from page 8

Realtors are relying more than ever on Instagram, Facebook and Twitter to market their brand, both out of targeting internet-savvy buyers, and in the interest of safety during the COVID-19 pandemic. Real estate agents are engaging with their clients by using social media platforms for virtual events, interactive activities, marketing presentations, webinars, homebuying seminars, virtual conferences, virtual showings, virtual meetings – sometimes even virtual closings. Jane Siegmund said her friend is currently selling her house in Holmdel, and she posted the details online and has asked others on Facebook to “share” the link, therefore securing more interest. Adding relevant hashtags and posting frequently opens the door – literally and figuratively – to expanding outside the immediate area, especially for younger buyers who are frequently

using social media. Ryan and Danielle Stango moved to their dream home in Jackson from Toms River in 2018. However, as their family continued to grow, they realized they were outgrowing space in their current home as well. After the birth of their second son, they did not realize the COVID-19 pandemic was around the corner. As they considered moving because their eldest son was going to start school soon, they thought about finding a newer home in a child-friendly neighborhood in either Jackson or Manalapan. Because of the pandemic, and the difficulty of house hunting with two young children and a part-time job, Danielle Stango resorted to social media to help with their search. When putting their house on the market, they used Zillow and then contracted with a local Realtor. But to look for a potential new home, Danielle Stango used Facebook for her search. She joined various resi-

dent group pages in the two towns and became part of chat groups and general home-selling pages. “We wanted to see if anyone selling by owner who was not on Zillow was out there,” she said. Danielle Stango said Facebook was very useful, as she could find information such as photos, layout details, price and the neighborhood. She would communicate with the sellers via Facebook Messenger or comments on posts, and she said the sellers were typically quick to respond. She even drove by two of the homes she saw online, and liked them better in person, she said. Although she and her husband did find their perfect second home last summer, they ultimately opted to stay in their current home for various reasons. However, Danielle Stango did say she would use Facebook if and when they decide to resume their house search. “It was helpful for those homes that are for sale by owner,” she said. ■

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‘SMART’ technological Buyers make

decisions when buying new homes

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

By JENNIFER AMATO Managing Editor

verything nowadays seems to be “smart”: smart phones, smart TVs, smart watches, smart cars. Whether you are building a new home, upgrading your current home because we are spending more time indoors, or renovating your home before selling, adding “smart” features has become a popular trend, and well worth the investment for yourself or for potential buyers. The improvements can be for modernization, entertainment, safety or resale value. Home improvements provide a sense of comfort, a sense of “newness” when feeling isolated during quarantine, or a sense of completion even as the economy opens up and we venture outward again. Cranbury Design Center in Hightstown has seen an uptick in requests from clients over the past year, including a variety of technology upgrades while renovating their home spaces. In the kitchen, most tech trends focus on appliances, faucets, lighting and charging stations for electronic devices.

Bathroom and laundry room remodeling clients focus on shower technology and smart washers and dryers. Bluetooth-enabled devices that control everything from the amount of water supplied from the faucet, to smart sensors that warn clients about leaks before water damage becomes an issue, are also very popular. Elizabeth O’Leary, a designer at Cranbury Design Center, said many manufacturers are including WiFi-enabled technology as well as using voice commands from Amazon Alexa and Google Home. For example, with Delta Voice IQ Technology, clients can use commands such as “Alexa, ask Delta to turn on …” or “Alexa, ask Delta to fill one cup.” Jennifer Fitzhenry, builder sales representative at Ferguson, said when clients come to their showrooms, the three most popular items are electronic faucets, bidet toilet seats, and WiFi connected appliances. She said leak detection devices are also growing in popularity among builders and plumbers. Some of the most popular trends seen this year at Cranbury Design Center include electronic faucets that are touch-activated or touchless in both the kitchen and bathroom; Digital showers, with a digital display to control showering devices. These systems can range from simple devices that allow you to turn the shower on and off and control temperature to Kohler DTV+ system where you can add steam, lights and music; Ceiling fans and lighting that are

Bluetooth- and WiFi-enabled so they can be controlled from your phone, by turning them on and off and allow you to set schedules; and Leak detection devices that can be installed on the main water supply line to alert the homeowner of any issues such as high pressure, freezing water or leaks. Disks can be installed on any water-based household item such as the washer, water heater, or under the sink to provide an early alert the homeowners of any leaks or water issues. As tech products become more available they tend to come down in price over time. Technology may cost more up front and require more time to learn how to use but could easily save money in the long run. ■

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

New York City, North Jersey renters flocking to Central Jersey for quality of life

By KATHY CHANG Staff Writer

he real estate market has been like no other during the novel coronavirus pandemic. Ask Julie Lurie, a broker associate at CENTURY 21 Mack-Morris Iris Lurie Realtors on Route 9 in Morganville. “I’ve seen so many different markets over the years, not anything like this,” said Lurie, who has been in the business since 1993. “This is a perfect storm.” In March and April 2020, everything stalled in the real estate industry, from meeting with clients buying and selling their homes to open houses when essentially the world shut down to help flatten the curve of COVID-19 cases. “We were very nervous,” Lurie said. “We weren’t sure if anyone would ever want to sell their home or hold an open house ever again. Then something happened and real estate became a hot topic.” By May 2020, the real estate industry started essentially booming especially in Lurie’s Monmouth County office. The trend of moving from the city to

the suburbs in Central Jersey has been tremendous, Lurie said. “[The city dwellers] with New York plates have come in droves as well as people from North Jersey,” she said. “So many buyers have been wanting to come [to Monmouth County] and we do not have enough inventory. The biggest problem is people have nowhere to go.” Lurie helped Tracy Seiler and her family – including her husband, three young children and a dog – sell their home in Marlboro in August. Their home was listed and sold at the end of June. “In this market, you have to sell your home first and take that leap of faith,” Seiler said, noting the leap of faith was “honestly scary.” Seiler said they initially had no intent to sell and just wanted to make upgrades to their home, which they lived in for six years. She and her family were first-time homebuyers at the time after moving from Hoboken as renters. “We called Julie to discuss the current market analysis,” she said. The analysis swayed the family to take the “scary” leap of faith from the home they loved.

“It probably was seen as crazy in the middle of the pandemic during the summer to move,” Seiler said, adding not only was the timing tight, the inventory was very low. Seiler said her stress level was at a peak, but she put her trust in Lurie. The family request was to find a home in the same township allowing her children to stay in the same elementary school and allow time to adjust to the move before the unpredictable school year began because of the pandemic. “I think Julie felt my stress,” she said. “She has been so incredible and did not rest. We were fighting against people surging from the city and places like Jersey City. What separates you from other buyers is your agent. She can see that bigger picture for you.” Seiler said they were able to sell their home quickly and after viewing a few open houses, which included a losing bid on a home they really liked, they were able to successfully bid on a home in the same township in the beginning of August. A request they had to unfortunately please see FLOCKING, page 13

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

FLOCKING

continued from page 12

let go was having their children go to the same elementary school. However, in the end, “Julie was able to make it happen so fast and my children were able to situate to their new school,” Seiler said. The Seiler family home sale and buy is just one example of how fast the real estate market is moving. At a recent open house in Monmouth County, a home was listed at noon on a Friday at $589,000 and by Monday, Lurie said she had to make a decision to have all offers in by noon. That weekend, Lurie stood sometimes for 17-hour days during the open houses. The home had more than 100 showings with 15 offers, which in the market has been dubbed bidding wars. And with essentially only one official winning bid, Lurie has called the other bidders dreamers. No offers were under $600,000 and as high as $650,000. “We had one offer win and 14 dreamers,” she said.

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Because of the high demand, Lurie said buyers are making offers way above the listing price and in some instances not even getting an offer. In conversations with fellow agents, one offer came in $125,000 over an $850,000 listing, another listing offered $1.4 million for a $1.2 million listing. Lurie said it’s unusual to have buyers and sellers in the market at the same time. Over the course of the pandemic, the market has seen short dips, dives, peaks and valleys, which changes from week to week. “It’s lucid,” she said of the market. “We’ve never seen this before. This is a very crazy, unhealthy market, it’s not a good thing.” Lurie said with such a lucid market, she has seen an influx of one-hit wonder Realtors and a new fad called “love letters” to sellers on why one should be the lucky buyer of one’s selling home. “Some deals are on emotion with sellers and buyers finding a connection, sometimes it’s all business,” she said. Lurie said similar to seeing a real estate market like no other, everyone is

living in a world like no other. Renters from New York and North Jersey have been leaving their smaller living quarters and flocking to Central Jersey because people are interested in their quality of life right now – working remotely from home and children learning remotely. “People are not thinking about two years from now,” she said. CENTURY 21 Mack-Morris Iris Lurie Inc is a full-service brokerage located at 47 Route 9 South in Morganville. Century 21 Real Estate LLC recently honored CENTURY 21 Mack-Morris Iris Lurie Inc. with the 2020 CENTURY 21 President’s Award. The annual award is bestowed upon those independent CENTURY 21 offices that earn the CENTURY 21 Centurion award and the CENTURY 21 Quality Service Pinnacle award in the same calendar year. The Centurion Award is presented to CENTURY 21 offices that achieve or surpass sales production of $2,520,000 or 445 closed transaction sides within a calendar year. ■

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

Staging a home

Open house showings, staging homes still mainstays in steps to selling homes in current real estate market

By KATHY CHANG Staff Writer

ven though homes are selling quickly in today’s hot real estate market, open house showings and staging homes are still mainstays in steps to selling one’s home. Open house showings during the novel coronavirus pandemic come with patience, a bit of micromanagement, and courtesy of one’s space. “This is someone’s house with kids,” Julie Lurie said she kept in mind when showing a recent open house in Monmouth County. Lurie is a broker associate at CENTURY 21 Mack-Morris Iris Lurie Realtors, a full-service brokerage located at 47 Route 9 south in Morganville. With demand high and inventory low in the current real estate market, open house showings have become like revolving doors, she said. During the recent open house, Lurie arrived early before doors opened at 10 a.m. and got a big mover’s blanket and laid it out for people to remove their please see STAGING, page 15

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

STAGING

continued from page 14

shoes. As people started their 15-minute showings – which were limited to three people per showing – hands were sanitized and each person signed a COVID-19 addendum. A flight path for interested buyers was planned so people wouldn’t bump into each other. Lurie said she also made sure people of age were only allowed at the showing. MHM Professional Staging LLC, which services homebuilders, realtors and homeowners in Orlando and throughout the state of Florida, recommends to stage one’s home to help sell for top dollar in a quicker timeframe. When a market is hot, buyers have a greater sense of urgency; staged photos of a seller’s home will attract more buyers; many buyers expect homes to be staged; and staging ensures seller will get the highest sale price in the quickest time, according to MHM.

Staging works to help homes appear newer and move-in ready; helps buyers feel confident in their purchase; and maximizes space, according to MHM. The National Association of Realtors (NAR) offers percentages of how effective staging one’s home is. Some 83% of buyer’s agents say staging makes it easier for buyers to visualize the property as their future home and 44% of buyers’ agents say that staging a home increases the dollar value offered.

The most commonly staged rooms when selling are living room, 93%; kitchen, 84% and master bedroom, 78%, according to NAR. Some 53% of sellers’ agents say staging a home decreases the amount of time a home spends on the market and 95% of agents recommend that sellers declutter their home before putting in on the market, according to NAR. ■

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Mortgage rates drop to stimulate economic growth By JENNIFER AMATO Managing Editor

onald Mack, who recently sold his house in Manalapan but is currently living with family in Englishtown as he and his wife search for a house in South Jersey, said when they bought their first home

in Colonia in 1987, mortgage rates were 11-12%. Their second home had an interest rate of over 8%. Now, the rate of 3-4% is appealing, he said. Peter Berryman, owner of Patriot Mortgage LLC, said today’s mortgage rates are around 3 1/8%. “Rates were great in 2020, about

2.625%; in 2019, rates were about 4%,” with the expectation for the rest of 2021 to be “very good” as long as there is inventory, he said; there has been much greater demand than supply in recent months. James H. Wainwright, president and CEO of Freehold Bank, agreed, saying please see MORTGAGE, page 17

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

MORTGAGE

continued from page 16

mortgage rates are generally 1% lower now compared to the past two years, and will remain relatively the same through the end of the year, he expects. He said the COVID-19 pandemic impacted these rates because the federal government “cut rates to stimulate borrowing, which leads to economic growth.” Rae Yotsuya, who has been looking to move to the Mercer County area for quite some time, said although low mortgage rates did not entirely impact her current move, they did have some effect on the chance to move now. “We would have looked to purchase a home regardless. However, if the rates were at an all-time high, we may have reconsidered or postponed our decision,” she said. “We have not owned a home before, but looked at rate trends and they are much lower now than historically. In the particular area and budget we were looking, there was intense competition to buy homes (demand far

Our

outstripped supply). Historic low mortgage rates allowed us to become homeowners at a rate that fell in our budget, so that was a plus.” And New Jersey has an “excellent” forecast ahead, especially as more and more people leave New York for a change of pace in the suburbs. Both Berryman and Wainwright said this is because people are relocating from cities to the suburbs. “Demand was probably fueled more by the pandemic and people wanting more space, therefore moving to the suburbs – which was certainly the case for us moving away from [North Jersey],” Yotsuya explained. “It also helped that I didn’t have to commute to New York City daily, so I was able to move away and live in my desired location. Living in/near the city had benefits pre-pandemic (dining out, shopping) which no longer apply, so there was little motivation to stay in a smaller, pricier apartment. Some work colleagues have also stated the same motivations for shifting to the suburbs.” In offering advice, Berryman said “buyers need to be pre-approved before

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CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021

NEW BEGINNINGS for you and your loved one

Assisted Living • Memory Care • Respite Stays • • Emergency pendants • Restaurant style dining • Lifestyle & Wellness programs

• Nurse on call 24/7 • Regular COVID testing, vaccinations available, CDC/DOH guidelines followed

CALL THE CHELSEA NEAR YOU FOR A SAFE VISIT

THE CHELSEA

732-314-7084

732-858-0564

AT MANALAPAN

AT MARLBORO

chelseaforyou.com

THE CHELSEA

AT EAST BRUNSWICK

732-479-4916

NM-0045600

CENTRAL JERSEY REAL ESTATE MAGAZINE | SPRING 2021