Facebook
X
Pinterest
Copy Link
Housing Market Update for June 2018 & Impact of Federal Tax Reform on Housing Market
Orange & Sussex Counties – Housing Market Update for June 2018 and Impact of Federal Tax Reform on the Housing Market
The Green Team went live on Facebook Tuesday, June 12 with its monthly housing market update. Geoff Green, President of the Green Team, moderated the event. Panelists included sales associates Vikki Garby and Kim Leslie of the Warwick office and Keren Gonen and Joyce Rogers from the Vernon Office. Guest panelists were Dan Bounds, Senior Home-Lending Advisor with Chase Bank and Ed Mainland, Executive Director at JP Morgan Chase & Co. A special presentation was given by Thomas McGlynn, Managing Director of BDO Expatriate Services, on the impact of federal tax reform on the housing market.
Overview
Nationally there has been a 5.3% year-over-year increase in existing home prices. Low to middle-level houses are moving faster than higher-end homes. However, economists are concerned about the affordability of homes for the entry buyer level. The lack of inventory is driving home prices up. The West Coast has been moving at a greater pace than here in the North East. Supply and demand is taking hold. Foot traffic stats are very interesting. There has been more foot traffic this year than last year during the same time. On a national level, existing home sales are slightly down from where they were last year during the same period. This may be a reflection of inventory problems.
Orange County Update
Average Price
Average price has really taken off. There was a mixed bag of results until this year.
Units Sold
May saw the most units sold for this month since 2014. However, prior to May, this year is the first where we’ve seen more than one month at or less than the same month in previous years. There has been a steady increase year-over-year until 2018. We will continue to keep a watch on this analytic as it may be the most important indicator of when there will be a downturn.
Average Days on Market
The average days on market continues to decrease. This indicates the market is hot; a good seller’s market. For some who have been waiting a long time, now may be a good opportunity to sell their homes.
Sussex County Update
Average Price
The amount of distressed inventory (foreclosures, short sales, etc.) has stymied price growth and appreciation in Sussex. However, the average price in May of this year is the highest it has been for this month since 2014.
Units Sold.
There has been a substantial decrease in units sold, even with average price increasing and average days on market decreasing.
Average Days on Market
The average days on market keeps going down, indicating a hot market.
Market Q&A
Buyer Concerns – Price or Inventory?
Geoff Green asked Vikki Garby whether she got a sense that her buyers were more worried about current prices or not being able to find a home due to lack of inventory. Vikki responded that inventory was the biggest problem. However, once they found a home, buyers were concerned about going to contract quickly. People were getting stressed out about interest rates. Therefore, they want to get them locked in as soon as possible since rates are rising. Dan Bounds advised that their mortgage customers are able to get their rate locked in once they have a signed one-page purchase agreement.
Appraisals – On Point?
Geoff then asked Keren Goren if appraisals were coming in on point, or if there were still problems. Keren replied that appraisers were coming in on point in New Jersey. Geoff responded that in a solid, appreciated market appraisers seem to be more comfortable and confident coming in on valuation.
Inventory – Quality or Quantity?
Geoff’s question to Joyce was, “Everyone says there’s no inventory, but there are homes on the market. Is the physical nature of inventory not what buyers are looking for? Is it the condition of homes?” Joyce stated that there was not a lot in good shape in certain price points. Much is a total gut job. Buyers want what they want, and many don’t see the potential in getting a fixer-upper.
Geoff felt that money, time and ability can be a deciding factor. In addition, as a property owner himself, he knows how hard it can be to get good contractors. They’re busy, materials are costing more, and prices are coming up. Both Joyce and Keren said that they’ve seen flippers making mistakes and poor choices that are visible to buyers. Using lower grade materials, not putting finishing touches (outlets without covers, exposed wiring, etc.), they are hurting themselves in their rush to put the house on the market. The problem is then compounded by listing agents overpricing these homes.
The Luxury Home Market
There has been discussion about possible negative impact of the new tax laws on the luxury, hi-end real estate market. While too soon to know what the true impact will be, the luxury market is currently doing better on a year-over-year basis. Sales of high-end homes ($500-$750,000) are up in both Orange and Sussex Counties.
The Impact of Tax Reform on the Housing Market
Following the monthly market update, guest speaker Tom McGlynn of BDO spoke about the impact of tax reform on the Housing Market, as well as in general. The Tax Cuts and Jobs Act was signed on Dec 22, 2017, the President’s “gift” to the nation. There wasn’t time to process the impact as changes began Jan 1, 2018. The Legislation will expire for individuals on Dec 31, 2025.
Tax Rates for 2018
It had been expected that tax rates would be limited to 3 or 4 bands. However, the bands are dramatically expanded. Furthermore, there is a drop in rates from a high of 39.6% to a high of 37% in 2018, going forward. The expectation is that people with higher income levels will see a decrease in federal income tax liability.
Major Changes:
Above-the-line deductions:
Moving expense deductions: Only available for US military moving pursuant to military order. As a result, changes will impact US citizens who move for employment, whether in the US, abroad, or to the US.
Alimony: For Agreements entered into after Dec 31, 2018. the deduction for alimony or separate maintenance payments has been repealed. Furthermore, inclusion of money received for alimony as income is repealed. Existing agreements are grandfathered in.
Standard & personal exemptions: Standard deduction increased, almost doubled. Married filing jointly, is now $24,000. More taxpayers may end up claiming the standard as opposed to itemizing. Personal exemption is suspended through 2025.
Medical Expenses. Threshhold lowered to 7.5 percent from 10% for out-of-pocket expenses not covered by insurance.
Real Estate impacted regulations
State and local taxes: In our market this is the big item. Taxpayers are now only allowed to deduct a maximum $10,000 aggregate of state and local real property, personal property, and state and local income sales taxes.
Mortgage Interest: Amount of acquisition indebtedness applies to new loans. However, mortgages in place before 2017 grandfathered in up to $1,000,000 mortgage. For debt incurred after Dec 15, 2017, you can only deduct interest paid on indebtedness of up to $750,000. Furthermore, home equity interest deduction has been suspended.
Vikki asked for confirmation that limitations do not apply to real property taxes and personal property taxes paid or accrued in carrying on trade or business? Tom confirmed that this is correct; real estate traders/investors filing Schedule E are not subject to the new limits. In addition, properties held for investment are not effected by the mortgage limitation.
Changes in other deductions
Charitable contributions: Limitation on deduction for cash contributions increased to 60% of AGI. However, this cannot be in addition to Standard deduction. The deduction can only be taken if the taxpayer is itemizing. It is not known how or if this will affect charitable giving.
Casualty losses: Suspended through 2025, unless loss is attributable to a Federally declared disaster area.
Wagering Transactions: Limited to income offsetting expenses.
Miscellaneous itemized deductions: Suspended through 2025. Includes unreimbursed business expenses, investment fees, tax prep fees.
Pease limitation suspends limitation on itemized deductions. For 2018-2025, no limitation on itemizations exceeding standard deduction.
AMT (Alternative Minimum Tax): Put in place to make sure taxpayers weren’t able to reduce their tax liability by utilizing certain itemized deductions (income taxes, real property, state and local taxes) due to income. Congress minimized Corporate AMT. The individual AMT was expected to be eliminated. However, Congress decided to keep it in place but significantly increased exemption amounts and thresholds.
Selling Your Home – Tax Basics Relating to Closing Disclosure Statement
Nothing changes regarding home sale rules if you can show you owned and used home for principal use 2 out of 5 years. Hence, the first $500,000 of gain is exempt from federal and state tax. Basis is the amount home is worth for tax purposes. This includes what you paid for home, improvements, closing costs, etc. However, current year deductions may be subject to limitations.
The above are just highlights of the discussions and presentation. You can watch the entire video here.
We Keep You Informed:
The Green Team Shares this information and more each month during our Live Housing Market Update. Register to join the webinar and hear directly from our participating Green Team Sales Associates who share their personal take on how the marketplace is doing.
Industry experts join us each month to share insights into the currently financing environment, as well as broader economic issues affecting the housing market.
Check out our past Housing Market Updates. Then Register to get our Housing Market Updates.
Excitement is building at Green Team New Jersey Realty
Excitement is building at Green Team New Jersey Realty, which launched in September of 2016. In less than two years it has become one of the top 20 real estate agencies in all of Sussex County. Furthermore, it is now one of the top 5 agencies in Vernon. Its formula for success is simple. Follow the systems and training set up by Geoffrey Green, founder of the Green Team Home Selling System in Warwick, New York and a partner in the New Jersey Office. Then put together a dynamic team of realtors who take to heart the Green Team’s commitment to exceed client expectations.
JOYCE ROGERS – FIRST QUARTER SALES LEADER, GOING FOR BROKE(R)
For Joyce Rogers, the first quarter of 2018 has shown what can be accomplished when someone sets a goal and keeps going until it’s achieved.
Joyce became the Sales Leader at Green Team New Jersey Realty for the first quarter of 2018. For Joyce, there is a great deal of personal satisfaction in joining the ranks of those who taught her. And, in this case, surpassing their sales. It has meant a lot of hard work, something Joyce is used to. She makes herself available to her clients whenever they need her. She appreciates the ability the Green Team affords to be able to work from wherever you are. She’s even closed a deal in Shoprite’s parking lot. Joyce feels she is hitting her stride and, while this is her first time achieving this goal, it is most likely not her last.
What makes Joyce’s achievement even more laudable is that she was going for her broker’s license at the same time. She began in December 2017, taking classes twice a week and studying hard and in March got her broker’s license on her first try!
Geoff Green describes Joyce as “driven,” and as someone he knows can make happen whatever she wants. Joyce appreciates Geoff’s support and his vision of the telecommuting model, as well as the camaraderie that sales associates have with each other. They work well together and help each other. And we applaud and congratulate Joyce on her double achievement, looking forward to seeing what comes in the future.
Meet Jared Kunish
Every new sales associate who joins the Green Team brings a unique background and skill set. And Jared Kunish is no exception. With his background as a hedge fund trading manager, Jared’s professional knowledge of 
interest rates and housing market trends was a definite plus. But Jared was looking for more than the fast-paced, stress-filled life he’d been living in the financial world. Rather, he was looking for a quality driven life. One to share with his three children. He began following his passions, expanding his knowledge base. Woodworking, making furniture with his own hands, helped ground him. So did being an amateur chef.
Becoming a real estate sales agent in Sussex County and a resident of Crystal Springs seems like a natural progression to Jared. He’s far away from the rat race. And he enjoys working with people, helping them find the place that will bring them happiness. Jared enjoys making things as easy as he can for his clients
Sussex County Real Estate Market Report for May 2018
Green Team Business Review – May 2018
The numbers tell a story all their own. Despite the lack of inventory on the market, despite the specter of rising interest rates, loss of deductions due to new tax laws, etc., the Green Team is doing something very right and finding people buyers for their homes and finding homes for buyers! Both the Warwick and Vernon offices have more than doubled their sales volume from a year ago.
Sussex County, NJ Real Estate Market Report – April 2018 Results
The May Market Update was held on Tuesday, May 8 on Facebook Live. It was moderated by Geoff Green, Founder of Green Team Home Selling System. Panelists included sales agents Vikki Garby from the Warwick office, Keren Goren of the Vernon office, Michael Giannetto from Residential Home Funding and Ken Ford from Warwick Valley Financial Advisors.
If you missed the original live event, click here to watch. The discussion involved not only the housing market, but also perspectives on the economy. Our guest panelists have a great deal of knowledge and expertise, and the conversation was informative, educational and lively.
You can also sign up for monthly updates by email on the Green Team website.
We were experiencing technical difficulties:
Prior to the update going live, the following discussion took place:
The lack of inventory remains the biggest impediment to home sales, and the panel discussed the various reasons why people are reluctant to sell now. Vikki Garby stated that there were more buyers this winter than last spring, but that there is not a lot to buy. Cash buyers were coming in strong, with some people getting full asking price, or over. Keren Goren stated that many people she spoke to were just hanging on, waiting to see what would happen in the market.
Geoffrey Green told the panel that he is often asked, “Should I wait, because prices are going higher?” According to Vikki, sellers are worried about finding a home! People move up here from other places and swamp the market, and people who want to sell but stay in the area are concerned. Keren said that houses in Sussex are outdated, older than what buyers are looking for. Geoff said, “At the end of the day, if you’re moving and need to sell, try to sell and buy at the same time.”
The conversation turned to “fixer-uppers.” Geoff felt that most buyers don’t have the time, experience, and money to do renovation after buying a home. However, he asked the panel if they were seeing more buyers willing to take on a fixer-upper.
Keren cited a buyer who was willing to take out a loan to put a new roof on a house where everything else had been done. He was willing to go that step. Vikki stated there was not much to choose from and buyers trying to get into the area are having to be more flexible. Mike Giannetto stated that reno loans are now a big product and many people are taking the opportunity to fix up a house, put in new appliances, roof, etc., using equity.
Watch the video for more discussion, including a fascinating look into the world of economics and how the bond market impacts the interest rate that buyers may soon be paying.
Sussex County, NJ Real Estate Market Report – April 2018 Results
Average Days on the Market
The faster homes are selling, the hotter the market. Look for the lowest number on the graph, as opposed to the highest.
The average days on the market are slightly higher than April of 2017 but are way below the previous three years. The average number of days on the market is 92.57 for the first four months of 2018.
Average Price
The average price is just about where it was this time last year and is above the prior three years.
Average Sold to Asked Ratio
This is the percentage a house sold for under or over the last asking (not the original) price.
There was a jump in this number, with the percentage at 98.98% for this April, the highest point for any month in the past five years. Sellers were negotiating at approximately 2 points off the last asking price.
Homes that sold at 100% or more of last asking price
Here again there was a jump in the numbers, reaching the highest point for any month in the past 5 years.
Units Sold
There was a climb in the numbers here, as well, with April 2018 showing the most units sold for this month over the past four years.
We Keep You Informed:
The Green Team Shares this information and more each month during our Live Housing Market Update. Register to join the webinar and hear directly from our participating Green Team Sales Associates who share their personal take on how the marketplace is doing.
Each month we are also joined by industry experts who share insights into the current financing environment as well as broader economic issues affecting the housing market.
Check out our past Housing Market Updates. Then Register to join our next one on June 12th at 9am.
[embedyt] https://www.youtube.com/embed?listType=playlist&list=PL6MEM7EpyL0E5YdU249T_KsDQTukboj8E&v=AQYblgrxmIY[/embedyt]
Sussex County Real Estate Market Report for April 2018
Green Team Business Review – April 2018
There has been a lot of excitement at the Green Team lately. Much of it was generated by the Launch Competition, which was a tremendous success this year. You can read about this annual contest, its goals, the winners, and the prizes here. In addition, Joyce Rogers was named the recipient of the First Quarter Sales Leader Award for the Vernon office.
Making Market Updates More Informative and More Accessible
While it seems that would be enough to report, there’s more. The Green Team strives to bring its agents and its clients up-to-date market information as well as insights into the mortgage market, events that impact interest rates, and more. To provide all this information in an expanded, far-reaching format, the Green Team is going Live on Facebook!
Sussex County, NJ Real Estate Market Report – March 2018 Results
We are pleased to share with you the Housing Market Report for March 2018. We break down local real estate activities and provide you with stats, graphs, and analysis of our local and regional real estate markets. The April Market Update was held Tuesday, April 17 on Facebook Live. It was moderated by Geoff Green, the Broker/Manager of Green Team Home Selling System. Panelists included sales agents Barbara Tesa and Keren Gonen. In addition, Jeremy Miller of First Home Bank provided insights on mortgage and housing industry stats. Dan Habib, of MBS Highway, a firm that provides insight and analytics to industries, discussed where interest rates are headed and the topic of affordability. Watch the video on our Facebook page to hear what these experts had to share.
Also, you can sign up on the Green Team website to receive monthly updates by email.
Average Days on the Market
The faster homes are selling, the hotter the market. Look for the lowest number on the graph, as opposed to the highest.
We take a snapshot of the past 5 years and see how the current market compares. The average number of days on the market is the lowest it’s been for March since 2014, coming in at 92.51 days. This is great news for sellers, but not such good news for buyers.
Average Sold to Asked Ratio
The percentage a house sold for under or over the last asking price (not the original price).
The Average Sold to Asked Ratio has been closely tracking 2017 numbers and is above the prior three years.
Homes that sold at 100% or more of last asking price
The first 3 months of 2018 have consistently been higher than the previous four years. In March almost 35 percent of homes sold at 100% or more of their last asking price..
Average Price
There have been some interesting stats on average price. February 2018 was the lowest month in 5 years, but the March numbers are climbing up, higher than March 2016 and 2017, closing in on 2014, and and trying to close the gap with 2015’s numbers.
Barbara stated that so many homes are at or below the $200,000 mark that they’re dragging down the County average. There are also foreclosures below $100,000 that need so much work they’re just tear downs. Add the underwater inventory, short sales or foreclosures into the mix and that further brings down the average. According to Keren, banks are getting smarter, spending $20,000 to paint, put in new kitchen, flooring, or trying to make a house a little more acceptable. However, more often than not, the house is not in good enough condition for new buyers.. Buyers are willing to pay more, but don’t want to pay more when they see mold, etc. Banks are putting houses up at prices too high for flippers to purchase, flip and make a profit on. When a foreclosure does come up that is in good condition, intense bidding wars ensue.
Units Sold
March dipped below the number of units sold in 2017, though it remained higher than the previous three years.
Keren stated that the banks have been holding on to inventory, waiting to release foreclosures in the spring market for a higher return on their investment. They’re thinking things are bad right now, so let’s just hold on and wait for the spring market. Keren Goren has experience in real estate investment, flipping homes, etc., so she brings a valuable perspective to the conversation.
Next Market Update
Mark your calendars and join us on Tuesday, May 8 at 9:15 a.m. for our next Facebook Live Market Update. Our special guests will be Michael Giannetto of Residential Home Financing, who will be offering substantive updates on the mortgage market and Ken Ford of Warwick Valley Financial Advisors, who will discuss other economic factors impacting the housing market. If you can’t make it at 9:15, be sure to watch the video later!
Green Team’s 2018 Launch Competition was a blast!
Green Team’s Launch Competition is all about inspiring sales agents to get back to basics. It’s about enhancing those skills that lead to the exceptional client service that the Green Team is known for. This annual event, with agents competing individually and on teams, is both fun and energizing and sets the stage for success each year.
The CRM is one of the most important tools an agent can use
The Green Team’s custom-designed CRM (customer relationship management system) is one of the most important tools an agent can use. It provides a way to input and keep all needed information in one place. By keeping track of client information, activities pertaining to transactions and much more, the CRM can be an agent’s best friend. Most of all, it enables agents to refine their client appreciation programs, keep in touch with past, present and future clients, and maintain those relationships.
According to Geoff Green, agents who fully know and use the CRM can provide better service to their clients while getting better control of their businesses and their lives. The Launch Competition offers incentives for agents to really build outstanding client appreciation programs, using CRM as the mechanism.
First Place Winner, Third Place Winner and a Winning Team
For the first time, agents from both offices competed against, well, everyone for the top three places. And it was a “friendly,” albeit tight race, run by some very motivated participants.
Keren Gonen of the Vernon office started 2018 just as she finished 2017… on top. With the highest number of points, Keren won first prize in the individual category, and what a prize it is! Provided by Jeremy Miller of First Home Bank, she received a full conference pass to Inman ConnectNY 2019, along with a three-night hotel stay for the four-day conference. Keren is the first to admit she is highly competitive and motivated. However, there was another reason for her high score.
Last year Keren participated in Launch, competing only with her Vernon colleagues. She did well, coming in third place, then stopped using those basic skills she had learned. And found that stopping was affecting her business! Consequently, she went back to using the CRM. As a result, she says, “All the information is there! Instead of sorting through texts and emails, it’s easy to keep track of everything, including notes.”
Team work…
Furthermore, as captain of one of the Vernon office’s two teams, Keren worked with a group of highly motivated agents. She stressed to everyone the importance of using the system, updating their databases, and maintaining them. When newer agents hadn’t yet grasped how to best utilize their CRM, Keren did training sessions with them. Keren’s team went on to win the Vernon Office team competition and team members received gift certificates to a local florist. Congratulations to Keren Gonen, Heidi Hyland, Joyce Rogers, Cathie Witte, Kimberly Lasalandra, Ted Van Laar, Loida Claudio, Jamie Dalton, Yvette Saldana and Tom Shields. And thanks to Pam Zachowski’s team for their participation in the competition.
Heidi does it again…
Heidi Hyland was definitely a major asset to her team, but her participation and efforts led to another win, as well. She scored third in the individual competition and was presented by Geoff with a $100 gift certificate to her favorite restaurant! Heidi is another highly motivated agent. Last year she came in second place in the Vernon office’s individual competition, and who knows how high she’ll place next year!
Second Place … and another winning team!
From the look of delight on his face, it’s almost as though Dean Diltz of the Warwick office had strategized to come in second so that he could win this great 43” LCD TV. However, we know that’s not really the case. Right, Dean? And while he admits to using the CRM intermittently, during Launch his priority was to take stock of how it worked and update his records with the help of CSA Ali Yurchuck.
One of the things that kept Dean motivated during the competition was being fully vested in helping his team. Angela Murphy led Murphy’s Master Minds by being an upbeat motivator. She kept on top of the team members, organizing social gatherings so they would bond. And when agents needed help learning how to input data, there were CRM training sessions. As winners of the team competition in Warwick, Murphy’s Master Minds received gift certificates to a local car wash. Congratulations to team members Angela Murphy, Dean Diltz, Terry Gavan, Nancy Sardo, Tom Folino, Toni Kreusch, Pip Klein, Linda VanDeWeert, Jim Moser, June Cosgrove-Hays, Walter Ross and Jane Reilly. And thanks to Jacque Kraszewski and her team for their efforts and participation!
The bar is set high for next year
Each year there is an increased commitment to Launch as shown by the numbers. Winning scores have doubled since last year, and scores indicate that many agents have a better understanding of the CRM. In addition, prizes offered this year provided an added incentive. Most of all, no one loses when they participate in the annual Launch. Each agent finishes the competition with a better understanding of the CRM and the Customer Appreciation Program so they can better serve their clients… It’s a win-win for everyone!
What Should You Look for In Your Real Estate Team?
How do you select the members of your team who are going to help make your dream of owning a home a reality? What should you be looking for? How do you know if you’ve found the right agent or lender?
The most important characteristic that you should be looking for in your agent is someone who is going to take the time to really educate you on the choices available to you and your ability to buy in today’s market.
As the financial guru Dave Ramsey advises:
“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Do your research. Ask your friends and family for recommendations of professionals they’ve worked with in the past and have had good experiences with.
Look for members of your team who will be honest and trustworthy; after all, you will be trusting them to help you make one of the biggest financial decisions of your life.
Whether this is your first or fifth time buying a home, you want to make sure that you have an agent who is going to have the tough conversations with you, not just the easy ones. If your offer isn’t accepted by the seller, or they think that there may be something wrong with the home that you’ve fallen in love with, you would rather know what they think than make a costly mistake.
According to the Home Buyer and Seller Generational Trends Report:
“Buyers from all generations primarily wanted their agent’s help to find the right home to purchase. Buyers were also looking for help to negotiate the terms of sale and to help with price negotiations.” Additionally, “Help understanding the purchase process was most beneficial to buyers 37 years and younger at 75 percent.”
Look for someone to invest in your family’s future with you. You want an agent who isn’t focused on the transaction but is instead focused on helping you understand the process while helping you find your dream home.
Bottom Line
In this world of Google searches, where it seems like all the answers are just a mouse-click away, you need an agent who is going to educate you and share the information that you need to know before you even know you need it.
2018 Circle of Excellence Extravaganza and Expo
Green Team New Jersey Realty recently attended the 2018 Circle of Excellence Extravaganza and Expo. An annual celebration of Sussex County’s exceptional and excellent REALTORS who have achieved the prestigious Circle of Excellence and Distinguished Sales Club Awards. We had the pleasure of joining several of our agents as they accepted their awards.
Take a behind the scenes look at all the excitement as these top agents went on stage to receive their awards.
Keren Gonen | Charles Nagy | Barbara Tesa | Ted Van Laar | Joyce Rogers | Ann Nussberger
Congratulations to all of our Green Team New Jersey Associate Award Winners!
Sussex County Real Estate Market Report for March 2018
Green Team Business Review – March 2018
February’s numbers are in, we’re nearing the end of March, and the Scoreboards show the possible contenders for the first quarter sales leader awards. Based on actual numbers for January and February, the Warwick Scoreboard has Vikki Garby in the lead, followed by Nancy Sardo and Lucyann Tinnirello. In Vernon, Joyce Rogers leads Charles Nagy and Ted Van Laar. In Warwick, total sales volume is down slightly from January/February of 2017, while Vernon’s total sales volume is up by over $700,000 from the same period in 2017. However, if projections are correct, March will see sales volume increase in both Orange and Sussex Counties. March may also see shifts in the Scoreboard tallies.
This month’s business review meeting marked a Green Team first. The market stats were reviewed on Facebook Live (facebook.com/greenteamhq), giving agents and clients alike the opportunity to participate in real time. Geoff Green moderated the review, with panelists Angela Murphy and Terry Gavan commenting on the Orange County market and Pamela Zachowski providing commentary on the Sussex County market. Melissa Bressette, Green Team’s Marketing Director, also participated, with questions regarding the impact of rising interest rates on home sales.
Sussex County, NJ Real Estate Market Report – February 2018 Results
We are pleased to share with you a Housing Market Report from February 2018. We break down the local real estate activities and provide you with stats, graphs, and analysis of our local and regional real estate market. You can sign up on our website (www.greenteamhq.com) for monthly market updates. This month the market review was held on Facebook Live. You can visit our Facebook page to view the video, as well as informative posts. (www.facebook.com/greenteamhq/videos)
Average Days on the Market
The faster homes are selling, the hotter the market. Look for the lowest number on the graph as opposed to the highest.
At 90.89 average days on market, this is the lowest number for February since 2014. According to Pamela Zachowski, Green Team New Jersey Realty agent, if buyers don’t act quickly, they’re losing houses.
Average Price
The average price is still below every other year, despite the positive signs in the other categories. There is a tremendous amount of pre-foreclosure and foreclosure inventory and a lot of low priced homes. Banks are starting to unleash some of these homes that they had held on to, not wanting to take too big a loss. Pam finds there are a lot of foreclosures on the market, caught in a long process of investors buying and flipping them. Buyers see the low priced homes and expect turn-key homes to be available at the same low prices. Again, it’s important to use hyper-local comps to get a real sense of what homes are going for.
Average Sold to Asked Ratio
The percentage a house sold for under or over the last asking price (not the original price)
The higher the number, the better the market, and this number continues to rise. The average sold to ask ratio for February, at 96.82%, is higher than any February since 2014.
Homes that sold at 100% or more of last asking price
This number is rising quickly. The higher the number, the hotter the market!
Units Sold
Numbers are up over the last 5 years. In 2014 only 1700 homes sold in all of Sussex County. In 2017, that number has almost doubled. February 2018 numbers are higher than February in the previous four years.
Note
Melissa Bressette, Marketing Director for the Green Team, asked what impact rising interest rates were having. According to Angela Murphy of the Warwick NY office, despite rising interest rates, good connections with mortgage lenders can ease buyers’ minds and work with them on financing homes. Rates are still pretty low and affordable. If homes are priced correctly, there is usually a $10-$15,000 spectrum from asking price to where it’s sold. Comps of sold properties are more important than comps of properties that are for sale.
We Are Go For Launch
Green Team 2018 Launch
It’s Launch Time – that “friendly” little competition that inspires Green Team Sales Associates to start the new year off right by building on and enhancing the skills that will lead them to deliver excellent client service throughout the year.
Focused around essential daily activities that utilize the Green Team’s custom-designed CRM (customer relationship management) system, sales associates compete both on individual levels and as part of teams. The CRM features a unique gamification component that tracks competition activity and enables everyone to see real-time competition stats throughout the entire contest, giving associates that little “push” they might need.
The Launch Competition has been going on how for just over a month and it is something Green Team Associates take very seriously. Yes, they are having fun. Yes, they are enjoying strategizing. And yes, they definitely enjoy winning. But they also enjoy the possibility of winning some amazing gifts. Prizes are awarded to the top three individual sales associates and the top team!, and this year the prizes are HUGE!!
The agent with the highest overall points at the end of our Launch Competition will receive a full conference pass to Inman Connect NY 2019 and 3-night hotel stay in New York. This exceptional prize is being provided by Jeremy Miller of First Home Bank.
Additional prizes are awarded to individuals that achieve second and third place as well as the team with the highest overall points.
Green Team Agents News and Awards
[frontpage_news widget=”6589″ name=”Real Estate Agent Awards & News”]
Green Team New Jersey Realty Agents Recognized for Achievements and Excellence in Sales
Annually, the New Jersey Association of Realtors® (NJAR®) recognizes its members who have demonstrated distinction in sales with two coveted awards: the New Jersey Association® of Realtors Circle of Excellence Sales Award® and the New Jersey Association of Realtors® Distinguished Sales Club Award®.
The NJAR® Circle of Excellence Sales Award® is considered among the most prestigious honors awarded to Realtors in the Garden State. Highly regarded throughout the industry, the award recognizes members who have excelled in the field of salesmanship.
The NJAR® Distinguished Sales Club Award recognizes members who have achieved the Circle of Excellence Sales Award® for 10 or more years (which need not be consecutively earned)
The 2017 award levels are:
- Platinum: $20 million and 30 units minimum, or 125 units
- Gold: $12 million and 25 units minimum, or 90 units
- Silver: $6.5 million and 20 units minimum, or 70 units
- Bronze: $2.5 million and 15 units minimum, or 30 units
Achieving the New Jersey Realtors Circle of Excellence Sales Award at any level is no small accomplishment.
Congratulations to all the winners
We would like to recognize the Green Team New Jersey Realty agents who are 2017 recipients of this prestigious award.
