December 7th, 2020
Title Wise
The New Jersey Real Estate News You Can Use
Greetings!

Existing home sales continue their record trajectory, and businesses, such as law firms, are slowly reopening their offices. This is good news, as the economy's recovery is giving hope that the levels we have recently reached are not a bubble, but a base. It wasn't until this year that many regions reached the levels they had in 2007. For the last few weeks, we all have time to plan what is in store for the new 2021, and how we will make the adjustments necessary to maintain the health of our businesses and practices as well as our clients and employees.

Please feel free to email me at ralph@counsellorstitle.com if you have any questions or would like to follow up on any of this edition's articles.

Ralph Aponte
732.914.1400
Existing Home Sales Surge On

Existing home sales reported by the National Association of Realtors hit 6,850,000 units for the month of October. This figure came in almost 300,000 units above the September report, which increased by 21% from 2019's 6,540,000 units. This is not the highest recorded amount, which dates back to late 2005 when it reported 7,260,000 existing homes sold.

The housing market trajectory continues to escalate, creating a palpable economic gap between buyers' ability to pay and the number of properties for sale that are affordable.

Other important metrics supporting this market are reflected in the days-on-market figure, which has fallen from 36 days to 21 days on a year-over-year basis. In addition, the number of cash buyers continues to track in the percentage of sales overall, coming in at 19%.

The question remains, is this a housing bubble, a burst or a new benchmark?

In some cases the market will take years to fill in the gap that exists in inventory satisfying the buyer demand and the available inventory for sale including new homes.

As long as inventory is short and mortgage rates remain at these historic lows, we will continue to see a healthy number of buyers coming into the market.

The recent pandemic created both greater demand and also an economic choke-hold that seemed to force some buyers into the market and then hold others back from getting into the market. But as the economy continues to recover, new buyers will move and are moving into this very strong real estate economy.

As the unusual buyer demand created by the pandemic slows down and the number of buyers coming into the market refuse to pay higher prices, we will see the real estate market return to healthy levels as reflected in the days on market.

The available inventory for sale has hit an all-time low of 2.5 months supply. This is a 10% drop from the 2.7-month supply of September and from the 3.9-month supply reported in October of 2019. The shortage, along with the low interest rates, is encouraging builders to fill in this gap to be filled through new construction. The problems being faced by builders are the shortage of materials and the shortage of skilled labor.

What was clearly unsettling was the number of sales of existing homes, which caught everyone by surprise. But these numbers are clearly reflecting the frenzy of buyers being flushed out due to the pandemic and low mortgage rates.

Clearly the increase in home prices of 15.5% year-over-year from 2019 is unsustainable but it is explainable.

The tenure of homeowners living in their houses has risen to 10 years, which represents twice the time recorded back in 2007 and 1985. In addition, we will continue to see stronger demand due to the low mortgage rates that make home ownership possible to first-time buyers but not necessarily in locations that would be their first choice.
How Law Firms Are Reopening
Here are some tips for attorneys reopening their offices in the midst of this pandemic health crisis.
The Indiana State Bar Association Guide provides some quick takes when reopening a law office following the pandemic.

  • Prepare the building and workplace: Consider cleaning plans, pre-return inspections, HVAC, and mechanical checks.
  • Prepare the workforce: Develop plans to mitigate anxiety by creating policies for deciding when each employee returns and establishing an employee communications plan.
  • Control access points: Consider protocols for safety and health checks, building reception areas, shipping and receiving, elevators, and visitor policies.
  • Create a social distancing plan: Consider options to keep workers at a safe distance, which may include new seating arrangements and establishing office traffic patterns.
  • Reduce touch points and increase cleaning: Consider keeping doors open and develop protocols for cleaning work areas and common areas.
  • Communicate for confidence: Recognize that employees may have concerns about returning to work, so communicate transparently, and listen and survey regularly.

When reopening, consider these factors as well, as provided by the NYSBA guide:
  • Monitor oversight and implementation of the reopening plan.
  • Develop and update, as needed, internal policies and procedures for the transition from remote work to the workplace.
  • Communicate with legal and support staff with one voice regarding the transition process, set clear expectations, and offer firm-wide training, as needed.
  • Field questions or concerns.
  • Become familiar with federal and state statutes and programs governing office safety and human resource issues.
  • Develop a plan for testing employees for the virus.
  • Develop client and visitor policies.
  • Conduct business safely.

The Oregon Law Practice Management Guide stated:
  • Recommendations or requirements for face masks for employees and clients.
  • Procedures regarding any daily health assessments for employees. These can include self-evaluation by each employee, and if deemed necessary, an evaluation conducted by someone in your office, to determine if it’s safe for an employee to return to work each day.
  • Processes should be put in place to ensure that employees are maintaining good hygiene at all times, are regularly washing their hands, and are prioritizing physical distancing.
  • Plans that provide for the cleaning and sanitizing of the office throughout, and at the end of, the workday.
  • Rules that limit the maximum capacity of various rooms in the office in order to comply with distancing guidelines.

Note: these are tips and not exact protocols required by state authorities. Please check for information within your own state health departments.
7 Habits of Highly Effective People
Even in a Pandemic
How to Plan for 2021 - Even in a Pandemic!

So as we re-enter the new year, we could look at a great resource that is applicable no matter what is taking place externally.
Back in 1989, Dr. Stephen Covey published his now famous classic, The 7 Habits of Highly Effective People. This book transformed the concepts of business and management about the same time as the internet was taking hold of the world. Netscape, AOL and other companies were taking their places as the world began to globalize on a digital platform.

Covey’s book gives us seven principles that can be applied to both business and personal life management.

In doing leadership development training over the years, I have relied upon this book on a number of occasions, especially when there is a significant disruption in the economy, as in the case of the Great Recession of 2008. Here are the seven principles.

The 7 Habits
H1 Be Proactive
Our mental agility is critical when dealing with unfamiliar situations and can often produce a more favorable outcome. Decision making is a critical leadership skill that requires continual development. It is not so much taking control but rather being willing to explore options outside of a box of comfort that produces innovation.

H2 Begin with the End in Mind
Our vision and goals need to be the lens through which we move and act so that we don't veer off course. By consistently reviewing our goals, productivity is often enhanced.

H3 First Things First
One's capacity for mental organization to follow a set of actions that result in the goal to be achieved will result, more often than not, in the goal desired.

H4 Think Win-Win
Synergy and cooperation are the ingredients of any truly successful initiative. Any significant goal achieved is always achieved through the assistance and help of others. Learning how to engage with others for a common goal and a common good is also a learned leadership skill.

H5 Seek to Understand, Then to be Understood
Learning to listen with the acuity of an owl is critical when disruption is affecting the paradigm of the current business model. Good relationships are always the end and not just the means.

H6 Synergize
Synergy is based upon the law of multiplication, where two horses can pull the weight of four horses. Multiplication is always a high priority in every project.

H7 Sharpen the Saw
Improvement is always possible. Dr. Covey refers to this seventh habit as the habit of self-renewal. This is not only a principle based upon humility but integrity and transparency.
Power Mindset for 2021: Gratitude
#1. Don't Worry.
You can’t worry and be grateful in the same moment.
Don’t worry about overcoming worry. Just notice and acknowledge benefit or advantage every day.

#2. Don't Complain.
You can’t complain and practice gratitude with the same breath.
Tip: Breathe in deeply and breathe out ‘thank you’ like a silent meditation.

#3. Resist Anger.
You can’t be grateful and angry at the same time.
The next time you see red, look around for something to be grateful for.

#4. Kick Bitterness to the Curb.
You can’t be bitter and grateful at the same time.
How have painful relationships expanded your ability to contribute?

#5. Drop the Hate.
Hate can’t co-habit with healthy gratitude. (Gratitude can be unhealthy.)
If you hate your job, team, or boss, find something in each to be grateful for. Maybe you’re grateful your boss is out of town.

#6. Ignore Helplessness.
Helplessness runs horrified from gratitude.
Gratitude in turbulence is power.

#7. Evict Pessimism.
Pessimism cowers before gratitude.
I dare you to be pessimistic in the same moment you’re practicing gratitude.

Dan Rockwell
Appreciation is the BEST!!!
A.S.A.P. Attorney Settlement Assistance Program
Our real estate secretarial services are able to assist you in every aspect of the sale, purchase, refinance or loan closing process. We will directly communicate with all the parties involved in the transaction and coordinate and obtain all the items necessary to bring the matter to closing.

Our ASAP services can be individually customized to fit your needs. These services include:
  • Documentation Preparation
  • Disbursement of Funds
  • Attendance at Closing
  • HUD Preparation or
  • Post-Closing Matters
Our Commitment to Excellence
Counsellors Title Agency wants to thank you for the opportunity to work with you and your clients to grow your business. Please feel free to click the link above or here to leave us a review on Google. We appreciate your business.
Careers @ Counsellors
Sales: Leading NJ title insurance agency seeks experienced licensed salespersons to help expand its market share throughout the entire state. Benefits include health insurance, 401k with an employer match, flexible spending account, expense account, & marketing support. Send resumes by fax: 732-914-8898 or ralph@counsellorstitle.com
Free Online Title Insurance Calculator
Counsellors Title Agency announced its updated Title Calculator for New Jersey home purchases & refinances at: Title Calculator

Loan officers, real estate agents and home buyers can find out how much title insurance will cost for purchases made in New Jersey.

Easy-To-Use Functionality
This online tool includes many of the endorsements involved in calculating the cost of a title policy in New Jersey. CTA's Title Calculator is a great tool for real estate salespersons, loan officers, attorneys and those who are buying or refinancing their home.

It calculates the cost of title insurance based upon the purchase price of the home, the loan amount, and the various endorsements that can accompany the loan. The calculator provides the user the scalability of selecting the various endorsements involved in the transaction.
Handy Guide to Real Estate Sources
Here are some of the most widely used governmental websites for the real estate industry.


I look forward to being of service to you, providing you with outstanding real-time information and some humor to make doing business a pleasure.

Sincerely,
Ralph
Ralph Aponte
Counsellors Title
Counsellors Title Agency, Inc. specializes in providing title insurance, title search services and loan closing services serving attorneys, Realtors, banks and various mortgage companies throughout the State of New Jersey. CTA offers full search and insurance capabilities within all 21 counties of New Jersey for commercial, residential and new construction purchases in our Toms River, Freehold, Chatham, and Union locations.
CTA is equipped with the latest digital technologies to ensure a complete and timely transaction.
Mr. Ralph Aponte

Our Office: 504 Hooper Avenue,
Toms River, NJ 08753
Phone Number: (732) 914-1400
Fax: 732-914-8898

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