Rand Country Blog • April 10, 2018

Real Estate Market Report: 1st Quarter 2018 – Rockland County, NY

by Asia Cruz

Rockland’s housing market was absolutely stifled in the first quarter by a depleted inventory, which was drove sales down almost 19%. Rockland demand is high, which is why single‑family prices were up across the board: almost 6% on average, over 2% at the median, and a whopping 10% in the price‑per‑square‑foot. Average prices for the year are now up over 4% for single‑family and 1% for condos. If prices keep going up, more homeowners will be tempted into the market, which should help bring sales back up in what is likely to be a torrid spring.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter, Pinterest, and Instagram.

Rand Country Blog • April 10, 2018

Real Estate Market Report: 1st Quarter 2018 – Westchester County, NY

by Asia Cruz

Westchester’s activity was again stifled by a depleted inventory, which drove sales down in single‑family homes and held them flat for condos and coops. Prices were mixed, with average prices down 3% for single‑family homes and 4% for condos, even while the entry level coop market soared, rising almost 13%. Over the full year, though, average prices are trending up for all property types, rising 3% for single‑family, 2% for condos, and 5% for coops. We expect that low inventory and high demand will drive more price appreciation in a robust spring, and that eventually these rising prices will bring more sellers into the market.

Rand Country Blog • April 10, 2018

Real Estate Market Report: 1st Quarter 2018 – Lower Hudson Valley (NY)

by Asia Cruz

The housing market in the New York City northern suburbs of Westchester and the Hudson Valley has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region.

The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under five months of inventory in every county for single‑family homes, and down to under four months for the lower‑priced condo market. That’s significantly below the six‑month level that usually denotes a seller’s market.

This lack of inventory is holding back sales. Regional transactions were down over 6% from last year’s first quarter, and were down in every county except Putnam: falling 6% in Westchester, 19% in Rockland, 0.3% in Orange, and 13% in Dutchess. For the rolling year, the drop was more moderate, with sales down just 1.5% regionally. But this isn’t a demand problem—demand is strong everywhere in the region.

But with all this demand chasing fewer homes, prices are up significantly across the region. The average sales price was up for every county and property type except for Westchester single‑family homes and condos, which might be a reflection of stronger demand at more entry‑level price points. The longer‑term trend, though, indicates that prices are generally appreciating at a moderate but meaningful rate, with the rolling-year average sales price for single‑family homes up over 2% for the region, and up in each county: rising 3% in Westchester, 5% in Putnam, 4% in Rockland, 4% in Orange, and 5% in Dutchess.

Going forward, this is what a seller’s market looks like. Low levels of inventory will continue to hold sales back even while driving prices up. At some point in 2018, this price appreciation will attract more sellers into the market, which will increase supply, bring sales up, and maybe moderate price increases. But that will not happen right away, so we expect a spring market with even lower levels of inventory, which will stifle sales growth but continue to drive robust price appreciation.

Press Room • April 3, 2018

Better Homes and Gardens Rand Realty to Hold Open-House Event

by Asia Cruz

NANUET, NY – Better Homes and Gardens Rand Realty is excited to announce that they will be holding an open-house event, where attendees can receive advice on buying and selling homes. It will take place on Saturday, April 14, and Sunday, April 15, from 12:00-4:00 p.m. on both days.

“We’re a few weeks into spring, which means it’s the prime season for the housing industry,” said Denise Friend, Rand Realty’s regional manager for Westchester County. “Our brokerage receives many potential clients during this time of the year, and we would like to offer them guidance on how to achieve their real estate goals.”

All 27 of Rand Realty’s sales offices will be participating in the event, with listings located throughout the Lower Hudson Valley and Northern New Jersey. At these sites, attendees can engage with an agent for one-on-one assistance on how to conduct a home search or market their home for sale. They will also have the opportunity to enter a raffle to win a gift basket, with one being provided by each of the four regions that Rand Realty serves: Rockland, Orange, and Westchester Counties in New York, and Northern New Jersey.

“Being involved in a real estate transaction can be challenging, so it’s important for us to interact with buyers and sellers to make sure that their questions are being answered,” said Friend. “We want them to feel confident when they enter the market.”

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with 28 offices (including a corporate location), serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Better Homes and Gardens Rand Realty has over 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance.

These companies can be found online at www.RandRealty.com, www.RandCommercial.com, and www.HudsonUnited.com. Better Homes and Gardens Rand Realty can also be found and interacted with on Facebook, Twitter, Pinterest, and Instagram.

Press Room • March 29, 2018

Better Homes and Gardens Rand Realty Named Silver Award Winner by Cartus Broker Network

by Asia Cruz

From left: Monica Cooper, Relocation Services Manager, Rand Realty; Marsha Rand, Managing Partner, Rand Realty; Yvonne Regan, Relocation Director, Rand Realty; and Stefanie Bailey, Relocation Services Manager, Rand Realty

DANBURY, Conn., March 26, 2018 – Better Homes and Gardens Rand Realty has been named a Silver Award winner by the Cartus Broker Network for its outstanding performance during the past year. The award was presented at the 2018 Cartus Broker Network International Conference, held March 19-21 at The Boca Raton Resort & Club in Boca Raton, Florida. Cartus Corporation is a worldwide leader in employee relocation solutions.

The Silver Award is one of three Excellence Awards presented to principal brokers. Excellence Award recognition is based on performance results related to a wide variety of goals, including customer service, cost management, and effective analysis and marketing of homes.

“Every member of the Cartus Broker Network is distinguished by very high performance factors,” said Scott Becker, Cartus Interim CEO & Senior Vice President, Affinity & Broker Services. “This past year, Better Homes and Gardens Rand Realty went above and beyond in the areas of professionalism and dedication, so I am happy to recognize them for that superior performance. Their collaboration provides great value to our clients and their relocating employees.”

“We are proud to be a part of the Cartus Broker Network, and also to have earned a Silver Award for our successful year,” said Yvonne Regan, Relocation Director, Better Homes and Gardens Rand Realty. “This award allows us to look back with pride on our accomplishments, but it also encourages us to maintain a continued effort to deliver results for Cartus, its clients, and their transferring employees in the future.”

About Cartus Broker Network
The U.S. Cartus Broker Network includes 783 firms with over 3,000 offices and approximately 113,000 agents. The Cartus Broker Network in Canada is comprised of 343 firms with 582 offices and more than 11,200 agents.

About Cartus
For more than 60 years, Cartus has provided trusted guidance to organizations of all types and sizes that require global relocation solutions. Providing the full spectrum of relocation services, including language and intercultural training, Cartus serves more than half of the Fortune 50 and has moved employees into and out of 185 countries. Cartus is part of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. To find out how our greater experience, reach, and hands-on guidance can help your company, visit www.cartus.com; read our blog; or click www.realogy.com for more information.

About Better Homes and Gardens Rand Realty
Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with over 28 offices serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Press Room • March 29, 2018

Better Homes and Gardens Rand Realty Named Five-Star Award Winner by Cartus Broker Network

by Asia Cruz

DANBURY, Conn., March 26, 2018 – Better Homes and Gardens Rand Realty has been named a winner of the Five-Star Award, which recognizes Cartus Broker Network members who have met or exceeded their individual objectives for outgoing broker-to-broker referral closings during the calendar year. The award was presented at the 2018 Cartus Broker Network International Conference, held March 19-21 at The Boca Raton Resort & Club in Boca Raton, Florida. Cartus is a worldwide leader in employee relocation solutions.

“Better Homes and Gardens Rand Realty did far more than meet their objectives for outgoing broker-to-broker referral closings this past year. They surpassed them, thanks to hard work and dedication,” said Scott Becker, Cartus Interim CEO & Senior Vice President, Affinity & Broker Services. “We value our brokers who, as partners, share our commitment to mutual success and provide tremendous value to our clients and their relocating employees. We look forward to their continued collaboration and success in the future.”

“I’d like to thank our entire team for their ongoing efforts; their hard work and commitment are the reasons for our success,” said Yvonne Regan, Relocation Director, Better Homes and Gardens Rand Realty. “We’re very pleased to be a part of the Cartus Broker Network, and to have contributed to such positive broker-to-broker-referral results.”

In addition to the awards ceremony, the event included interactive workshops, roundtable and panel discussions, and executive presentations. Cartus Broker Network participants networked with other industry professionals and exchanged information and ideas regarding team-building, revenue generation, retention, new business strategies, and increasing customer service—all essential elements for continued success.

Press Room • January 30, 2018

Better Homes and Gardens Rand Realty’s Joseph Rand Has Book Published

by Asia Cruz

NANUET, NY – Better Homes and Gardens Rand Realty is thrilled to announce that their chief creative officer and managing partner, Joseph Rand, recently published his first book, “Disruptors, Discounters, and Doubters,” making an impassioned appeal for reforming the real estate industry to provide better client experiences.

“I’ve been preaching these ideas for years at conferences and events, and I’m excited to now have the opportunity to share these ideas more broadly,” said Joseph. “I’ve been involved with this business for most of my life, and believe the industry is in danger of disruption if we don’t find ways to provide our clients with a better service experience.”

Joseph has been honored by Inman News as one of the “Real Estate Influencers” for his work in spearheading the concept of C.O.R.E (Client-Oriented Real Estate). In his book, Joseph describes that real estate professionals and beginners can apply this practice to their clients by taking such efforts as modernizing their value proposition and improving the real estate transaction.

“I would like to thank my family, friends, business acquaintances, and everyone else who has helped me get this book out to the public,” said Rand. “This project wouldn’t have been possible were it not for their inspiration, guidance, and patience.”

“Disrupters, Discounters, and Doubters” is available on Amazon and the Kindle.

About Better Homes and Gardens Rand Realty

Better Homes and Gardens Rand Realty, founded in 1984, is the No. 1 real estate brokerage firm in the Greater Hudson Valley, with 28 offices serving Westchester, Rockland, Orange, Putnam, and Dutchess Counties in New York, as well as Bergen, Passaic, and Morris Counties in New Jersey.

Better Homes and Gardens Rand Realty has more than 1,000 residential real estate sales associates, as well as a commercial real estate company (Rand Commercial) and the Hudson United Group, which provides residential mortgage lending, title services, and commercial and residential insurance.

Rand Country Blog • January 18, 2018

Fourth Quarter 2017 Real Estate Market Report: Sussex County Overview

by Asia Cruz

Activity in the Sussex County housing market surged yet again in the fourth quarter of 2017, with sales up sharply even while prices continued to struggle.

Sales. Sussex sales were up yet again in the fourth quarter, rising over 18% from last year and now up over 22% for the year. And the 2,348 sales for the year represented the highest calendar year total in over 10 years. Indeed, Sussex sales have now more than doubled from the bottom of the market in 2011.

Prices. Even with these sustained increases in buyer demand, though, prices continued to struggle. Average prices were down every quarter in 2017 compared to the prior year quarter, falling 2% in the first, 2% in the second, 3% in the third, and now 3% in the fourth. Accordingly, the yearlong price trend was negative, down 2.5% on average and almost 5% at the median. We remain baffled by this, since rising sales and declining inventory would normally drive prices up, not down. But we’ve now seen this trend develop for over a year, so we are skeptical, if hopeful, that prices will turn around in the spring market.

Inventory. The Sussex inventory of available homes for sale fell again, dropping over 35% and now down to about seven months. That’s a significant decline, but inventory is still higher than in other Northern New Jersey counties, which are all below the six‑month inventory line that usually signals the beginning of a seller’s market. If inventory continues to go down, we would expect that to put some additional upward pressure on pricing.

Negotiability. The negotiability metrics indicated that sellers were gaining negotiating leverage with buyers. For the year, the days‑on‑market fell by 14%, dropping by about a month, and sellers were retaining a lot more of their asking price, with listing retention jumping almost two percentage points and now up to over 96%.

Going forward, we expect that Sussex is going to continue to see rising sales. The question is whether this will finally drive some meaningful price appreciation, or at least stem the decline we saw this year. But we remain hopeful that an improving economy, attractive pricing, and near‑historically‑low interest rates will eventually drive prices up in 2018.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

Rand Country Blog • January 18, 2018

Fourth Quarter 2017 Real Estate Market Report: Essex County Overview

by Asia Cruz

The Essex County housing finished 2017 strong, with solid increases in both sales and prices.

Sales. Essex sales activity was up again, rising almost 6% from the fourth quarter of last year. And for the full year, sales were up over 8%, hitting over 5,000 sales. This represented the largest yearly total since the height of the seller’s market over 10 years ago, and an increase of almost 70% from the bottom of the market in 2011.

Prices. Essex also started to show some signs of meaningful price appreciation. For the quarter, the average price rose over 5% and the median was up over 4%. More importantly, we saw the first meaningful yearly price appreciation in years, with the average and median both up about 2%. With inventory continuing to fall and buyer demand relatively strong, we would expect prices to gain some momentum throughout 2018.

Inventory. Essex inventory fell again, dropping over 41% from last year’s fourth quarter and now down to just over four months’ worth of available homes. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up. So, the fact that Essex is now well below six months would tend to indicate more price appreciation in 2018.

Negotiability. The negotiability indicators – the amount of time sold homes were on the market, and the rate at which sellers were able to retain their full asking price – suggested the sellers might be gaining significant negotiating leverage. Most notably, the listing retention rate crossed the 100% threshold for the third quarter in a row, meaning that Essex homes on average are selling for higher than the listed price. Similarly, the days‑on‑market fell about 11%, and is now down to well under four months of market time. Those are both positive signals of potential future appreciation.

Going forward, we expect that Essex County’s sales activity will continue to drive meaningful price appreciation. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that low inventory levels coupled with stable buyer demand will drive a strong market throughout 2018.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.

Rand Country Blog • January 18, 2018

Fourth Quarter 2017 Real Estate Market Report: Morris County Overview

by Asia Cruz

The Morris County housing market finished 2017 with strong signs of meaningful price appreciation, even while low levels of inventory continued to stifle sales growth.

Sales. Reduced inventory continued to hold back Morris sales growth, with transactions down almost 3% for the quarter, breaking a streak of 12 straight quarters of year‑on‑year sales growth. That said, sales were still up almost 2% for the year, and are now up almost 70% from the bottom of the market in 2011. More significantly, sales are falling not because of a lack of buyer demand, but a lack of available homes for eager buyers to purchase.

Prices. These sustained levels of buyer demand are finally having some modest impact on pricing. Prices were up again in the fourth quarter, rising almost 5% on average and 3% at the median. And we are starting to see long‑term price appreciation, with the 2017 full‑year average price up almost 3% and the median up almost 4%. Sustained levels of buyer demand coupled with falling inventory is likely to continue to drive prices up in 2018.

Inventory. Morris inventory fell again, dropping almost 39% from last year’s fourth quarter and now down to 4.5 months. We measure “months of inventory” by calculating the number of months it would take to sell all the available homes at the current rate of absorption, and generally consider anything below six months to signal a seller’s market that would normally drive prices up. So, the fact that Morris inventory is now well below that six‑month mark indicates that we could be in for some meaningful price appreciation throughout 2018.

Negotiability. The negotiability indicators showed that sellers are continuing to gain negotiating leverage with buyers. For the year, the days‑on‑market were down almost 8%, falling by about 10 days, and the listing retention rate was up almost a full point, now up to almost 98% of the last listed price.

Going forward, we expect that Morris County’s sales activity and low levels of inventory will continue to have a meaningful impact on pricing. With homes still at historically affordable prices, interest rates low, and a generally improving economy, we believe that Morris will enjoy a robust seller’s market in 2018.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on Twitter.