Four Reasons Why You Should List Your Home in Spring Market 2024

Sometimes, it’s not a great time to sell.  If prices are falling, inventory is high, and buyer demand is slackening, the market timing for selling is certainly not ideal.

But that’s not what’s happening in the Spring of 2024.  Right now, prices are at an all-time high, inventory is at an all-time low, and buyer demand is still very strong despite rising interest rates.  In this kind of market environment, it really is a very good time to consider listing your home for sale.

Here are four reasons why.

1. Your home is worth more than ever!
Home prices throughout the region are at an all-time high. It took some time for the market to recover following the Financial Crisis of 2008-09, but starting with the lifting of the “stay-at-home” COVID restrictions in mid-2020, the housing market shot up like a rocket.  As a result, average home prices are now up about 50% across the region in just the past five years.

Will they continue to go up?  Maybe.  But if you look at the graph, you can see that the trend seems to be topping out.  And if rates continue to go up, and inventory starts to recover, we will see a lot of downward pressure on housing prices.

GET AN INSTANT VALUATION FOR YOUR HOME

Takeaway: it’s better to get out a year too early than a year too late.

2. You have almost no market competition!
Why are prices going up? Basic supply-and-demand – we have so little inventory on the market that buyer demand is still driving prices up.

We measure housing inventory by taking the number of homes currently for sale, and then calculating how many months it would take to sell out that existing supply at the current rate of monthly sales. Historically, six months of inventory is considered a “balanced” market between buyers and sellers.

So where are we right now? Currently, most counties in the region have less than three months of inventory, and have been near a historical low for over three years. That drought of supply, coupled with continuing strong demand, has been pushing sales down but prices up. And that’s in the overall regional and county-wide market – if you were to look at just your own neighborhood, in your price point, you might not have any competition. That’s how you end up with bidding wars, which is exactly what you want as a home seller.

SEE RECENT HOME SALES IN YOUR NEIGHBORHOOD

Takeaway: when everyone else is zigging (not selling), it’s time to zag (sell).

3. The buyers are out there!
We all know that interest rates have been climbing, more than doubling from the 3% rates buyers were getting just two years ago. But even with rates rising about 7%, buyers are still out there? Why? Because the economy is extremely hot right now – GDP is way up, wages are up, the stock market is up, and unemployment is way down. People have jobs and money to spend. The problem is that we don’t have enough homes to sell to them.

This is what a seller’s market looks like. And it’s not just that prices are going up. You can also see the signs of a seller’s market by looking at how quickly homes are selling for (the “Days-on-Market”) and how much sellers are discounting their asking price to get them sold (the “Listing Discount”). By those metrics, homes are selling very quickly, and sellers are getting close to (or above) their asking prices.

Takeaway: When it’s a “seller’s market,” you should . . . sell!

4. You may not need to be so rate-sensitive.
Many homeowners want to sell their home, but they hate to give up their rate. They bought or refinanced their homes during the era of historically-low interest rates, and they’re loathe to give it up, especially if it means buying their next home with a 7% interest rate. We call these the “Golden Handcuffs” – interest rates that are locking homeowners into their current home even if they’d like to make a move.

Maybe that’s your situation. Maybe you have personal reasons why your current home no longer meets your needs: your family is getting bigger, or smaller, or you’ve got a new job, or you just want a change, or you want to be closer to or further from work/family/whatever.

So should you let those Golden Handcuffs keep you from moving? It depends on your situation, but many homeowners are too rate-sensitive in deciding whether to put their home on the market. For example, many homeowners have so much equity in their current home that they don’t even need a loan to buy their next home, so they won’t need to trade in their amazing rate for a higher one. And other homeowners owe so little on their home, and would need such a small loan, that the difference between a high rate and a low rate is pretty marginal. And that’s not even considering the estimated 30% of homeowners who own their homes outright!

Are you in any of those situation? If you’ve been in your current home for a while, you’ve probably paid down a lot of your principal of your home loan, and your home has probably appreciated significantly since you bought it. If that’s the case, it might make sense for you to make the move that you’ve been putting off for so long.

With our free online home valuation tool, you can see how much your home has appreciated since you purchased it. Now, of course, this is an “estimate”, and doesn’t take into consideration the details of your home. It’s no substitute for a “comparative market analysis” from a trained Howard Hanna real estate professional. But it will give you an idea of just how much equity you have in your home, and you might realize that you don’t need to be so rate sensitive.

GET A INSTANT ESTIMATE
OF THE EQUITY YOU HAVE IN YOUR HOME

Takeaway: Don’t let your “Golden Handcuffs” lock you into a home you don’t want anymore.

Conclusion: All decisions are personal
Listen, we don’t really know whether putting your home on the market is the right decision for you personally.  Every situation is different. That’s why you should meet with your Howard Hanna | Rand Realty agent to see whether selling right now makes sense for you.

So give them a call today, or call 1-800-431-3010 to get connected to someone great.

Plawker Real Estate, one of Bergen County’s leading brokers, is excited to announce that it has joined forces with real estate leader Howard Hanna Rand Realty. The Plawker Real Estate office will now operate as Howard Hanna Rand Realty – Plawker Group. Additionally, the Plawker Commercial office will now operate as Rand Commercial – Plawker Group.

“I have so much respect for Terry, Adam, and Barri Plawker, and we are thrilled to welcome them to the Howard Hanna Rand family,” said Matt Rand, CEO of Rand Realty. “Howard Hanna Rand Realty is currently well positioned as a Top 10 Bergen County broker, and we are looking forward to tremendous growth with the addition of the Plawker Group.”

Plawker Real Estate made this decision to further the ability of their agents to provide best in class service, local expertise, global exposure, and innovative technologies. Howard Hanna Rand Realty also prides itself on its one-stop shopping offerings and luxury portfolio marketing systems, which serve homeowners through their entire buying or selling experience. Programs such as the 100% Money Back Guarantee are also exclusively available through Howard Hanna Real Estate Services.

“We have been operating for over forty years in Englewood Cliffs and are looking forward to this exciting next chapter for our company and our family,” said Terry Plawker, founder of Plawker Real Estate. “Our clients will benefit from this new affiliation with the Rand and Hanna families. Their global marketing and technology tools are sure to enhance our unmatched service and local market knowledge.”

Adam Plawker, Managing Director of Plawker Real Estate, added, “I’m looking forward to heading up the North Jersey expansion of Rand Commercial – Plawker Group. I will continue to do what I love, dealing with people, while growing and managing a powerhouse commercial real estate office based in Englewood Cliffs.”

The September partnership of Howard Hanna and Rand Realty has added to the strength of both family-owned real estate companies throughout New Jersey and New York. Howard Hanna finished 2019 with a closed sales volume of more than $23 billion and over 100,000 homes sold in total, according to a research report produced by REAL Trends in March 2020.

“We’re so excited to have the Plawker Real Estate group join us as we work to consistently deliver an amazing real estate experience throughout the country,” said Howard W. “Hoby” Hanna, IV, President of Howard Hanna Real Estate Services. “Under Matt Rand’s leadership and direction in New Jersey and New York, this is the first of what we believe will be multiple mergers in the tri-state area in the coming months.”

Howard Hanna Rand Realty has more than 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and Hudson United Home Services, which provides residential mortgage lending, title services, and personal lines and commercial insurance. Its 28 offices serve Bergen County, Passaic County, Hudson County, Morris County, and Essex County in New Jersey, as well as Westchester County, Rockland County, Orange County, Dutchess County, Ulster County, and the Bronx in New York.

Howard Hanna | Rand Realty was recently awarded affiliate status in Leading Real Estate Companies of the World® and its luxury marketing division, Luxury Portfolio International®, CEO Matt Rand announced today. 

Leading Real Estate Companies of the World® (LeadingRE) is a global real estate community comprised of 550 real estate companies awarded membership based on rigorous standards for service and performance. With 4,600 offices and 135,000 sales associates in 70 countries, these firms represent 1.1 million global transactions annually. 

This distinction ensures that Rand’s clients are working with exceptional local professionals who also deliver connections to buyers and quality real estate companies across the country and around the world. The company also benefits from LeadingRE’s industry-leading international referral network, award-winning learning programs and events, professional marketing resources and more. 

Howard Hanna | Rand Realty also earned membership in Luxury Portfolio International® (LPI), an exclusive group of LeadingRE firms that hold significant luxury market share and demonstrate a commitment to the high-end. LPI attracts a global audience of visitors from over 200 countries/territories every month and markets approximately 50,000 luxury homes annually.

Based in the United States, LPI is backed by the experience of the most well respected and renowned experts in luxury real estate in markets worldwide. This group collectively has wide spans of experience in the high-end luxury real estate market.

Marsha Rand, the company’s founder notes that selection as a member of LeadingRE and LPI represents another step in the firm’s growth and its strength in the market.

“Becoming part of LeadingRE and LPI has long been a goal of ours.  They are clearly one of the most respected networks in the country. This affiliation allows us to expand our relocation services and luxury marketing programs beyond the already “five-star” service they’ve grown accustomed to when working with us” said Rand.

“We are delighted to have Howard Hanna | Rand Realty as part of our distinguished network of premier brokerages. The company has an impeccable reputation throughout the greater Hudson Valley and New Jersey, and we are committed to helping the firm achieve even greater success,” said Paul Boomsma, president and CEO of LeadingRE. “As a member of LeadingRE and LPI, Howard Hanna | Rand Realty combines authentic, local expertise with unparalleled global resources.”

On the heels of their recent announcement that they’ve formed a strategic partnership with Howard Hanna Real Estate, the newly created Howard Hanna | Rand Realty is announcing a new technology partner in RealScout.

RealScout provides a computer vision-enhanced technology that helps home shoppers zero-in on the properties that they would be most interested in purchasing.  In addition to robust search and new listing announcements, the RealScout platform provides agents and their clients with a unified communication platform to make the sharing of listing and shopping information effortless.

Howard Hanna | Rand Realty CEO Matt Rand explained “As part of our continued commitment to client service, adding RealScout as a tool for our agents and clients made perfect sense.  This unique system captures our clients’ lifestyle preferences (like open floor plans, natural light or chef’s kitchens) and even local points of interest (such as living near a park or the nearest Whole Foods) which makes for a very engaging search experience.  We also love that the system helps agents see what their clients are looking for in a home so they can more proactively suggest new and upcoming listings which adds tremendous value.”

In addition to providing valuable services to buyers, RealScout also provides unique benefits to home sellers.  Utilizing pooled and anonymized buyer data, new geographic heat maps can show in real time where buyer attention is most concentrated.  Data on buyer preferences, meanwhile, is analyzed to show how many  buyers may be searching in  a particular price range and in a particular location, helping sellers and listing agents sharpen pricing strategies.

“With continued uncertainty in the larger economy, we hear about sellers lacking confidence in putting their homes on the market, leading to tight inventory across the country,” said Andrew Flachner, President and Co-Founder of RealScout.  “When listing agents are able to gauge and share data about buyer demand, clients can build the confidence they need.”

Every Howard Hanna | Rand Realty agent now has access to RealScout and can immediately start providing these services to their clients.

With the ongoing safety of its staff and guests during COVID-19 a top priority, Howard Hanna-Rand Realty/Rand Commercial & Hudson United recently retained Montefiore Care Management Company – Employer Partnership Solutions to review its onsite policies and protocols.
After an extensive onsite audit, as well as a review of Rand Realty’s COVID-19 Safety Plan, Montefiore, at the time of the review, found it’s policies, practices, and protocols to be in compliance with the New York State Department of Health and federal CDC guidance for COVID-19 business reopening.

As Managing Partner, Matt Rand notes, “Our policies, processes and protocols have been reviewed by Montefiore Health System and, at the time of review; were found to be in compliance with New York State Department of Health and federal CDC guidance for COVID-19 business reopening.”

Matt Rand further commented, “Partnering with Greg Sandler, Director of Montefiore’s Employer Partnership Solutions, was critical to our goal to be a leader in COVID-19 onsite safety. The Montefiore audit team possessed the specific environmental safety knowledge that we do not. Both the review and results really allow our agents, staff, clients, and guests who come onsite to feel comfortable conducting business in our New City office.”

If you are interested in the employer COVID-19 audit and support services Montefiore offers, we invite you to contact: Greg Sandler in Employer Partnership Solutions at Montefiore Health System at 201.704.3768 or grsandler@montefiore.org

Everyone at Rand Realty is delighted to announce that we have now become part of the Howard Hanna Company. We are now Howard Hanna | Rand Realty.

For almost 40 years, the Rand family has built one of the most successful real estate brokerages in the northeast, and the largest family owned company in the New York City suburban region. Founded by Marsha Rand in 1984, and now managed by her sons Matt, Dan, and Joe, Rand Realty sold over 6,500 homes amounting to over $2.5B in value in the last year alone.

Now, we’ve partnered with the Hanna family, who have built the third-largest real estate company, and the largest family-owned company, in the country. With over 300 offices and 11,000 sales associates across 10 states, Howard Hanna is one of the premier real estate operations in the country.  And our partnership with them now creates a mega-brokerage network that is the largest in all of New York State, including New York City.

In the Hannas, we found the perfect partners. Like Rand Realty, the Howard Hanna Company is a family-owned and -operated brokerage managed by people who grew up in the real estate business, true professionals who are born-and-bred brokers.  And we share the same family values that animate our company philosophies: a dedication to our clients, and a commitment to integrity, professionalism, and our local communities. If you want to find out more about our families, we put together a video profile you might like.

We’re truly excited about this new partnership, and the host of programs and resources we will now bring to help our clients through the transactional process.  We’re also happy to tell you that the Rand family is going to continue to operate HH|RR, giving our clients the best of both world: the resources of one of the largest companies in the country, and the boutique touch of a local family company committed to our communities.

Our thanks to everyone for their support, particularly the wonderful agents at HH|RR who do such amazing work for our clients.  We have had almost 40 great years servicing our communities, and we look forward to many, many more.

If you’d like to see the related press release, click here.

Entry into the real estate profession takes preparation. As with other professions, licensing is required. Licensing requirements and costs vary from state to state, but generally range between $1,000-$2,000 for start-up costs such as pre-licensing classes, the state licensing exam, and real estate association memberships.

It is also recommended that you enter the business with enough cash flow to cover your short-term living expenses and be able to invest in personal promotion and advertising. For more information on how to obtain a real estate license in your state, click on the link below:

• Connecticut Real Estate License Requirements
• New Jersey Real Estate License Requirements
• New York Real Estate License Requirements

A career in real estate can be exciting and very rewarding both personally and financially. Real estate agents are experts in the process of buying and selling homes, and their interests extend beyond the transactions themselves into the enjoyment that comes from working with people, helping families, and assisting communities to grow and prosper.

When considering a real estate career, ask yourself the following questions:

• Do I have a good sphere of influence and visibility in the community?
• Do I possess good communications skills?
• Do I communicate well on the phone and using email?
• Am I willing to contact people daily to discuss real estate?
• Do I build rapport with strangers quickly and easily?
• Am I considerate?
• Do other people consider me honest and trustworthy?
• Am I willing to take required classes and training?
• Am I willing to invest time and effort now to gain income later?
• Do I want to be rewarded based on my efforts?
• Is my family prepared to accept a changing, busy schedule?
• Do I present myself with confidence and look professional?
• Am I a frequent user of the Internet?
• Am I motivated to succeed—whatever it takes?
• Can I handle setbacks and solve problems in a positive manner?
• Do I have a lot of physical and emotional stamina?
• Am I looking for a long-term career?
• Am I willing to be flexible and understanding about client needs?
• Do I believe in quick response to all customer inquiries?
• Am I an organized person who can handle details well?
• Do I set priorities and goals?
• Do I enjoy making decisions?

Do some research on becoming an agent now by trying our Real Estate Simulator, where you can:

• Play the role of an agent.
• Interact with virtual clients interested in buying or selling property.
• See how you measure up to the top performers in the industry.

Perhaps more than any other profession, real estate is the domain of the motivated entrepreneur. Real estate is led and dominated by people with talent, savvy, a commitment to personal service, and a need to succeed.

If doing things you enjoy each day and earning a great income while having control over your schedule and personal time equals a fabulous career to you, then you are in the right place. Explore the many tools on our site designed to help you make the right choices for your career.

Four Steps to Increase Your Success When Making a Career Change

1. Take a Look in the Mirror: If you’ve decided that it’s time for a career change but aren’t sure what direction to go in, start with some self-reflection. Evaluate your values, skills, personality, and interests. Think of your ideal day at work. What activities and tasks would excite you?
2. Match Them Up: Make a list of the professions that interest you and investigate them to see if they match up with the mirror test you gave yourself.
3. Research: Go on interviews and seek out people who are successful in those professions that you identified. The best source of information will come from people who have firsthand knowledge of the industry.
4. Develop a Plan: Once you’ve decided on your new career direction, you’ll need to develop a plan toward entering that profession. Write out exactly what you need to do, estimate the time frame for accomplishing these steps, and identify the related costs.

Do some research on becoming an agent now by trying our Real Estate Simulator, where you can:

• Play the role of an agent.
• Interact with virtual clients interested in buying or selling property.
• See how you measure up to the top performers in the industry.

Real estate sales can be a challenging and rewarding career.

The way business is conducted in the real estate industry has certainly changed with the advent of the Internet and new technologies and consumers now know more about the home buying and selling process than ever before.

You may be tech savvy but in order to be successful in real estate sales there are still certain basic skills you need to have. Take our Real Estate Simulator to see if you have the sales skills necessary to grow a successful real estate business.

During this 25 minute interactive assessment, a moderator will guide you through a typical sales process as you interact with a young couple looking to purchase a home. This assessment will tack the following key sales skills:

• Building Rapport and Acquiring Information – can you build a relationship and establish trust?
• Listening and Comprehension – can you consult and qualify your buyers?
• Managing the sales process – can you move the clients towards the right action at the right time and keep the sale moving?
• Closing Skills – can you close the sale and help your buyers find the right home?

Once you have completed the assessment, you will receive a personalized report outlining your skill set. Better Homes and Gardens Real Estate brokers and managers can use this information to put in place the right training and coaching programs to help you to launch or grow an existing real estate business.

Remember that sales skills can be learned so you might want to take our Personality Assessmentas well to find out if you have the right personality traits to be successful in a real estate career.