New Jersey Realtors believe in the value of owning a piece of the American Dream, according to results from a survey commissioned by the New Jersey Association of Realtors (NJAR).
The 2012 New Jersey Member Profile revealed that 90 percent of Realtors in New Jersey own their primary house. The survey also found that 46 percent of Realtors own an investment residence.
“This report demonstrates that Garden State Realtors truly believe in the value of being homeowners,” said NJAR 2012 President Gary Large. “Despite various market fluctuations, New Jersey Realtors not only help facilitate the American Dream, but they contribute to the housing market and overall economy.”
The 2012 New Jersey Member Profile also revealed that 67 percent of Realtors in New Jersey are very certain that they will stay in the industry. Ninety percent of Realtors are very certain or somewhat certain that they will remain active as real estate professionals during the next two years. This shows that in addition to believing in what they sell, Realtors are also very dedicated to their profession.
In addition, the 2012 New Jersey Member Profile revealed that New Jersey Realtors are more tech savvy than in previous years. According to the report, 72 percent of NJAR members are using some type of smart phone with Internet capabilities. Fifty-six percent of Realtors in New Jersey reported having a website for five or more years, one in 10 members reported having a real estate blog, and 58 percent report using social media. The social media findings showed a large increase from last year’s activity, when less than half of all Realtors in New Jersey reported using social networking websites.
Real estate challenges differed in New Jersey than on the national level. In New Jersey, it was found that the most limiting factor (at 36 percent) was the potential buyers’ expectation that prices might fall further. Nationally, the top concern was obtaining mortgage finance, which was reported as a concern among 30 percent of Realtors. In New Jersey, difficulty in obtaining financing was the second most popular challenge at 17 percent. The third limiting factor in completing a transaction in the state was reported to be low consumer confidence at 12 percent, although nationwide the third most limiting factor was difficulty finding the right property, coming in at 12 percent.
Prior full-time careers of Realtors were mostly in management/business/finance, as reported by the 2012 Profile. The typical Realtor has been in business for 12 years, compared to 11 years in 2011. Real estate is the only occupation for a large majority, 71 percent, of all New Jersey Realtors.
Over half of all Realtors in New Jersey hold a bachelor’s degree or higher. In addition to membership in the New Jersey Association of Realtors, real estate professionals have other ways of distinguishing themselves, including affiliate memberships, professional designations, and certifications. The survey found that 28 percent of New Jersey Realtors hold a professional designation, with Accredited Buyer Representative (ABR) being the most popular at 18 percent. Short Sales and Forecloses Resource (SFR) remains the most popular certification at 19 percent.
Additionally, the 2012 New Jersey Member Profile found that respondents typically work a median of 35 hours per week. The report also revealed that in New Jersey, 62 percent of Realtors are female, which is one percent higher than reported nationally, and the median age is 57, compared to the nationwide median of 52. The majority (78 percent) of Realtors in New Jersey primarily specialize in residential brokerage.
This survey reflects characteristics of NJAR members. The term Realtor identifies a real estate professional who is a member of the Realtor organization and pledges to uphold a strict Code of Ethics. The survey was conducted by the National Association of Realtors (NAR) on behalf of NJAR. In January 2012, NAR mailed a question survey to a random sample of 58,823 Realtors. An identical questionnaire was also distributed via e-mail to the same members to fill out a web-based online version if preferred. A total of 6,245 responses were received. There were 326 responses from New Jersey, yielding a response rate of 9.6 percent, which form the basis of the report. For more information or to view a summary of the 2012 New Jersey Member Profile, visit http://www.njar.com/story/189/.
The New Jersey Association of Realtors, with approximately 42,000 Realtor and Realtor associate members, is one of the largest trade organizations in the state. NJAR’s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local Realtor organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR is committed to protecting the dream of homeownership. For more information, visit www.njar.com.