Like most every residential real estate agent these days, Suzy Minken understands the absolute necessity of impressing potential homebuyers during the initial meet and greet, working to have them sign with her for representation. But like many others in the industry, she puts her market knowledge front and center—a report filled with data, local trends, charts and insights entitled, The Minken Housing Index.
While the blueprint of a local market report is something that many other agents and brokerages have leveraged in their own way, how to effectively utilize, format, present and strategically implement this kind tool is where it really matters, according to Minken.
Meaning to compile all the facts, figures and information from towns in your buying/selling area, along with expert insights, into a written and/or website narrative homebuyers can use to help guide them on their journey.
The index, she explains, showcases that she has her pulse on the market, and has often been what’s convinced people to choose her to lead them to a hoped-for successful closing. She encourages other agents to do something similarly innovative, whether it’s a written report or another idea.
“The index is what I do, and my clients love it,” she says. “I’m always thinking outside a box that would restrict my creativity. The key point to share with other agents is to find their lane. You don’t have to copy someone else. If you’re not a data person, don’t try to be.”
The Minken Housing Index focuses on Northern New Jersey, listing 14 sought-after towns in three counties that are in close proximity to New York City, also known as commuter towns.
The text of the report begins as such:
‘The vanishing or sparse housing inventory that has blanketed most areas across the country in recent years may be turning around. Based on The Minken Housing Index, the stark contrast in the percentage change in the number of homes sold in 2024 compared to 2023 is unmistakable.’
The report then revisits the 2023 market, with a chart that shows the decline in the number of homes sold in the 14 towns compared to the prior year.
‘The steep decline ranged from -8.4% in Madison up to -31.4% in New Providence, with virtually all of the towns seeing a double-digit percentage decrease in the number of homes sold in 2023. Indeed, 2023 was a challenging year to find one’s dream home in Northern New Jersey amidst such low housing inventory.’
Statistics and viewpoints for 2024 come next, supported with additional charts. The information gives buyers a clear picture of what has happened and what is happening in the town or towns they are considering. They’re able to understand the market even before they begin going to see homes for sale. It can impact offers they make and potentially save them time and money.
‘Choosing to buy or sell a home in 2025 will require you to navigate the market strategically to achieve success,’ Minken writes. ‘This applies to whether you live in New Jersey or elsewhere around the country. There are simply so many market variables that impact the availability of homes at any given price point. The 30-year fixed-rate mortgage, which averaged 7.03% per Freddie Mac as of January 16, will be a wild card in 2025.’
The Minken Housing Index goes on to list four must-knows about the market today.
- Know the market data trends for the local area. This includes, for example, how quickly (or not) homes are going under contract, what price point is attracting buyer traffic, and how sales prices are trending relative to the list price. And since buyers often look in multiple towns or areas, you will want to gain insight as to how these areas compare to each other.
- Evaluate the home’s longer-term potential. Buyers often stay in homes longer than they had initially planned. As home prices rise, evaluate whether the property can adapt to your changing needs, such as accommodating a growing household or offering flexibility for lifestyle changes, like a new work-from-home job. If you are a seller, you will want to highlight the versatility of your home’s existing floor plan or expansion potential. If you have architectural drawings to add a family room, an additional bathroom, enlarge the kitchen, etc., and did not proceed with the home renovation, you may want to dust them off and share them with potential buyers.
- Tap into the hidden housing inventory. When working with a professional REALTOR®, buyers can gain access to hidden inventory through private exclusives—listings not available on the open market (e.g., Multiple Listing Service). This exclusive access can provide buyers with unique opportunities to find their ideal home before it becomes widely available. For sellers, listing as a private exclusive can create a sense of excitement and exclusivity among serious buyers who are working with agents. This can often lead to a premium sales price, since some buyers may attach “value” to not having to compete in a bidding war. By leveraging a “rockstar” REALTOR®’s network and expertise, this strategy can benefit both buyers and sellers.
- Understand how the ‘new rules’ in real estate factor into your strategy. For buying or selling a home in 2025, understanding buyer-agent compensation is crucial for both buyers and sellers. For buyers, the compensation offered to their buyer agent can influence the competitiveness of their offer. If buyers, for example, are responsible for paying all or a portion of the buyer agent’s compensation, then this may lessen the purchase price the buyer can afford. On the seller’s side, strategically setting buyer-agent compensation can impact the attractiveness of their listing. Sellers who offer competitive buyer-agent compensation can incentivize buyers to make an offer on their property over another property where the seller may not be providing compensation to the buyer agent. This “buyer incentive” can make all the difference in generating offers.