DESIGNATED
REALTOR
®
ISSUE 4: August 2020
Preparing for What Comes Next
NJREALTOR.COM
I M P O R TA N T D AT E S & D E A D L I N E S
AUGUST
14
National Financial Awareness Day
SEPTEMBER
7 14
NJ Realtors® Office Closed—Labor Day NJ Realtors® Quarter Century Club Application Deadline
OCTOBER
2
RPAC New Jersey Realtors® Circle of Excellence Sales Award® Deadline
NOVEMBER
1
Daylight Saving Time Ends
3
Election Day
12
Columbus Day
11 13
15
Executive Committee Meeting
12
Indigenous Peoples’ Day
15
Board of Directors Meeting
16
Boss’s Day
18
Good Neighbor Award Application Deadline
31
Halloween
14 26
Veteran’s Day
Realtors® Conference & Expo Virtual Conference Begins Diwali
NJ Realtors® Office Closed—Thanksgiving Begins
WHAT’S BUZZING IN REAL ESTATE?
1
The three state associations which run Triple Play— New Jersey Realtors®, New York Association of Realtors®, and Pennsylvania Association of Realtors®—made the decision to cancel the 2020 Triple Play Realtor® Convention & Trade Expo. Click here to learn more.
4
2
Are you adjusted to working from home? Take this Work from Home Ergonomic Assessment from Herman Miller to check the health and productivity of your work from home setup. Once the quiz is completed, you’ll receive a score and recommendations to help make your space and yourself more productive throughout the workday.
3
The national association announced that the 2020 Realtors® Conference & Expo will be moved to a virtual platform due to the current health and safety concerns. This decision not only keeps members safe, but also allows for more conference participants. Learn more here.
According to realtor.com, video tours are quickly becoming the go-to alternative to in-person tours. Since buyers can’t be there in person, it’s good practice to include key points of the exterior such as landscaping, walkways, neighboring homes, and more. Read the article here.
5
With the Right Tools, Right Now program through the National Association of Realtors®, save 30 percent on all online courses now through August 31. Click here to view the courses available.
6
Roughly one-in-five Americans either have relocated due to the pandemic or know someone who has according to Realtor® Magazine. Young adults between the ages of 18 to 29 have been the most likely to move. 37 percent said they either moved, someone moved into their home, or they know someone who moved due to the pandemic. Read more here.
ARE YOU A
GOOD NEIGHBOR? LAST CHANCE!
APPLICATIONS DUE BY SEPT. 18, 2020 Visit njrealtor.com/awards to apply!
2019 GOOD NEIGHBOR AWARD
First Place Winner: Marrie-Rose Garbacz $2,500 for the Caribbean Medical Mission of New Jersey Garbacz is a Realtor® with RE/MAX House Values in Roxbury. Currently, she serves as Treasurer and Mission Coordinator for Caribbean Medical Mission of New Jersey a nonprofit organization that treats the underprivileged in the Caribbean. For the past 15 years Garbacz has planned the logistics of the organization’s medical missions, which includes traveling months before the trip to meet with government officials and assessing the conditions of local clinics. “The energy and happiness that I get from my volunteer work translates well into the enthusiasm and joy of helping others realize the dream of real estate ownership,” said Garbacz.
Designated REALTOR® | August 2020 | 1
New Listings, Pending Sales Back on Track for Summer BY COLLEEN KING OLIVER
P
ending home sales in June outpaced last June by more than 30 percent, a clear indication the housing market is returning to normal levels. Pent-up demand through the lockdown months have likely pushed normal spring activity into the summer.
to 14,958, 33.8 percent over last June, placing us far ahead of expectations. New listings were right on track with 16,954 in June, less than one percent off of last June. These are big jumps from May, which reported 12,822 new listings and 10,237 pending sales.
The median sales price for all properties is up 8.5 percent this year, but mortgage interest rates remain historically low, at 3.01 percent, as of July 24. Sellers are interested in the price they could receive for their home, and buyers are being tempted by the low mortgage interest rates. Outmigration from cities in surrounding states has continued to put pressure on suburban markets, specifically in Northern New Jersey.
“We’re getting back on track,” said 2020 New Jersey Realtors® President Angela Sicoli. “It’s been a hard few months for our agents, but seeing the numbers tick higher means that they are back out in the field working to help their clients and that’s all we can ask for right now.”
Closed sales are still below average, but the gap is narrowing. There were 8,967 closed sales in the market in June, a decrease of 21.8 percent from last June. However, for the entire year, closed sales are down just 14.1 percent. Pending sales jumped
Designated REALTOR® | August 2020 | 2
Inventory remains tight, with just 34,480 homes for sale in June, with 23,514 of them being single family homes. The number of days on the market increased 12.3 percent compared to last June to 64 days. For the full reports, visit njrealtor.com/data.
Pending Home Sales Pending home sales in June outpaced last June by more than 30 percent, a clear indication the housing market is returning to normal levels.
June 2019 | 8,053 June 2020 | 11,182
Median Sales Price The median sales price for all properties is up 8.5 percent this year.
YTD 2019 | $295,000 YTD 2020 | $320,000
Mortgage Interest Rates
%
Mortgage interest rates remain low, at 3.01 percent, as of July 24.
July 24, 2020 | 3.01%
Closed Sales Closed sales are still below average, but the gap is narrowing. There were 8,967 closed sales in the market in June, a decrease of 21.8 percent from last June. However, for the entire year, closed sales are down just 14.1 percent.
June 2019 | 11,468 June 2020 | 8,967
YTD 2019 | 54,373 YTD 2020 | 46,726
New Listings New listings were right on track with 16,954 in June, less than one percent off of last June.
June 2019 | 16,853 June 2020 | 16,954
Inventory Inventory remains tight, with just 34,480 homes for sale in June, with 23,514 of them being single family homes.
All Homes | 34,480 Single Family | 23,514
Number of Days on Market The number of days on the market increased 12.3 percent compared to last June to 64 days.
64 Days
Designated REALTORÂŽ | August 2020 | 3
Your Guide to Natural Disaster Preparedness D
uring the summer and into the fall, it’s hurricane season in the Garden State. In areas more prone to flooding, such counties towards the shore, it is vital to stay informed about pending weather conditions. However, the entire state is at risk of being impacted by hurricanes and tropical storms between June 1 and November 30. When it comes to natural disasters, preparation is the best way you can help your business and your clients.
oceans. They monitor active storms, marine forecasts, and provide two and five-day graphical tropical weather outlooks. For New Jersey specific information, visit ready.nj.gov. Sponsored by the State of New Jersey Office of Emergency Management, ReadyNJ is a one-stop-shop for you and your clients to be ready for hurricane season. Check out the ReadyNJ Hurricane Survival Guide for New Jersey here.
Have a Plan in Place For Your Home Stay Informed The Internet is filled with credible places where you can go to obtain the latest information about hurricane watches and hurricane warnings. The Federal Emergency Management Agency, FEMA, has an application you can download to your smartphone. With the FEMA app, you can receive real-time alerts from the National Weather Service. The app also features an array of preparation resources and emergency safety tips for natural disasters such as earthquakes, fires, hurricanes, and tornados. Additionally, the app can locate emergency shelters in your area and find disaster recovery centers. Download the app here. The National Weather Service covers weather advisories across the nation and filters by state and county for the most accurate weather statements for your area. Their U.S. weather map updates frequently and tracks severe weather, flash floods, heat advisory, high surf advisory, and more. The National Hurricane Center tracks tropical cyclone activity in the Atlantic, Eastern Pacific, and Central Pacific Designated REALTOR® | August 2020 | 4
Having a plan when disaster strikes is an essential asset to a family’s wellbeing. According to the National Weather Service, on average 12 tropical storms, six of which become hurricanes, form over the Atlantic Ocean, Caribbean Sea, or the Gulf of Mexico during hurricane season. Recommend to your clients what to do before a tropical storm or hurricane, what to do when a tropical storm or hurricane is in your area, and what to do after a hurricane. Recommend to your clients to make an emergency kit. Ready.gov recommends having basic supplies on hand such as gallons of water, non-perishable food, battery-powered radio, flashlight, and first aid kit. For the full list of recommended supplies click here. Financial preparedness for a natural disaster is a key point to keep in mind. Consider opening a separate savings account in case of emergency management and keeping small bills in case ATMs and credit cards are out of service.
Hurricane Glossary of Terms Courtesy of the National Hurricane Center and Central Pacific Hurricane Center for a full glossary of terms click here. Advisory: Official information issued by tropical cyclone warning centers describing all tropical cyclone watches and warnings. Best Track: A subjectively smoothed representation of a tropical cyclone’s location and intensity over its lifetime. Eye: The roughly circular area of comparatively light winds that encompasses the center of a severe tropical cyclone. Extratropical: A term used in advisories and tropical summaries to indicate that a cyclone has lost its “tropical” characteristics.
Have a Plan in Place For Your Business COVID-19 made it apparent to many businesses to have a plan in place so employees have the ability to work from home. The same goes for natural disaster preparedness when it comes to your business. Help your clients and protect your business against future events with this video from the National Association of Realtors®.
Gale Warning: A warning of one-minute sustained surface winds in the range 39 mph to 54 mph, either predicted or occurring and not directly associated with tropical cyclones. Hurricane/Typhoon: A tropical cyclone in which the maximum sustained surface wind is 74 mph or more. The term hurricane is used for Northern Hemisphere tropical cyclones east of the International Dateline to the Greenwich Meridian. The term typhoon is used for Pacific tropical cyclones north of the Equator west of the International Dateline. Hurricane Warning: An announcement that sustained winds of 74 mph or higher are expected somewhere within the specified area in association with a tropical, subtropical, or post-tropical cyclone. Hurricane preparedness activities become difficult once winds reach tropical storm force, so the warning is issued 36 hours in advance of anticipated tropical-storm-force winds.
The Internal Revenue Service, IRS, says “by taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event.” They recommend creating electronic copies of important documents such as bank statements, tax returns, and insurance policies. Having a paper copy of these documents is great but having a backup electronic format is even better. The IRS also recommends documenting valuables with photographs and even videos. Having valuable items documented will make it easier to claim insurance and tax benefits after disaster strikes. Click here to learn more.
Hurricane Watch: An announcement that sustained winds of 74 mph or higher are possible within the specified area in association with a tropical, subtropical, or post-tropical cyclone. Typically issued 48 hours in advance of anticipated tropical-stormforce winds. Storm Surge: The danger of life-threatening inundation from rising water moving inland from the shoreline somewhere within the specified area, generally within 36 hours, in association with an ongoing or potential tropical cyclone, a subtropical cyclone or a post-tropical cyclone. Tropical Storm: A tropical cyclone in which the maximum sustained surface wind speed ranges from 39 mph to 73 mph.
Designated REALTOR® | August 2020 | 5
New Jersey
It is with great disappointment that we announce
our members from December 7-10. We will be
the cancellation of the 2020 Realtors Triple Play
announcing details in the coming weeks.
®
Canceled
Convention & Trade Expo, set to take place in Atlantic City on Dec. 7-10. New Jersey Realtors®
We look forward to being back in 2021—Dec. 6-9—
have held a convention in Atlantic City for more
and hope you will join us.
than 100 years and we thank you for sticking with us for all those years of learning, growing, and
Stay safe and healthy.
building. The decision to cancel was made following careful consideration by our Tri-state Convention Committee on a variety of issues including preserving the health and safety of all our attendees, including our members, staff, sponsors, exhibitors, speakers and volunteers, the upward trend of COVID-19 cases across the country, restrictions in place in all three states and the uncertainty of what social distancing and other safety precautions may be necessary in December. We look forward to being back in 2021 and hope you will join us. Although we will not be meeting in person this year, New Jersey Realtors® is working toward bringing virtual convention sessions to
Designated REALTOR® | August 2020 | 6
SAVE THE DATE! Realtors® Triple Play Convention & Trade Expo
Dec. 6-9, 2021