Some Highlights from Multigenerational Housing Is Gaining Momentum
If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.
With benefits that include a combined homebuying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.
With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs.
According to Broker Manager Kim Lasalandra, Alison is a dedicated and busy wife, mother, and fabulous real estate agent. However, she also spends a lot of her time helping the school and the community. Alison is the current President of the SCA (School Community Association) at Vernon Township High School. Formerly, she was the treasurer for 2 years. Before that, the secretary.at Glen Meadow Middle School (2014-2015).
At the end of the 2020 school year, both the president and vice president vacated their positions. Alison stepped up to become President. What’s more, her retired mother stepped up to take on the role of treasurer.
What does the SCA do?
Basically, the SCA, as a whole, raises a lot of money through different programs to assist the children of the Vernon Township schools. In addition, the SCA recognizes teachers and staff, as well as the great people of their community. Of course, 2020 was a difficult year. The usual fundraisers are social events. Unfortunately, most could not be held due to COVID. Luckily, they were able to organize an online auction this spring to raise money for scholarships for high school seniors. Furthermore, the organization helps brighten the spirits of Vernon Township’s senior citizen members of the Senior Center, as well as local children through the Giving Tree Project.
Alison selected an organization very important to her
It is not surprising that Alison Miller donated her Citizen of the Year prize money to the Vernon Valley High School SCA. Furthermore, Alison specified that the donation is for the Senior Scholarship Awards. Accepting the donation was Ginger Wynne, Executive Treasurer, and Pam McCann, Executive Secretary of the SCA. According to Alison:
“As an Executive committee, annually our school SCA board volunteers raise money specifically for Vernon High School senior scholarships. We were unable to raise any money in 2020. And this year we were able to raise a good portion of funds by means of an online silent auction. The auction committee worked tirelessly and diligently on the organization of this event. Therefore, I wanted to donate the $500 for the Senior Scholarship Awards. I am especially grateful to this group of ladies/parents for their efforts. I am the only board member with a graduating senior in 2021. Therefore, this is also my final year serving on the Vernon SCA board.
In addition, I am grateful to Geoffrey Green and Green Team New Jersey Realty. The $500 award money for donation to the charity of my choice was an unexpected and welcome surprise.”
In photo Pam McCann, Executive SCA Secretary, on the right, Alison Miller in the center, and Ginger Wynne, Executive SCA Treasurer on the left .
In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to FSBO. As a result, some sellers think selling their house will be a breeze and see today’s market as an opportunity to FSBO. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.
According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, even in a sellers’ market, selling on your own likely means you’ll net a lower profit than when you sell with the help of an agent.
The NAR report explains:
“FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000…Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”
When the seller knew the buyer, that amount was even lower, coming in at $176,700 (See graph below):That’s a lot of money to risk losing when you FSBO – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have. An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.
If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent. Let’s connect to discuss how a trusted advisor can help you, especially in today’s market.
Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams. What’s your home’s value?
Carol Buchanan – Green Team New York Realty 2020 Citizen of the Year
Carol Buchanan donates Citizen of the Year Prize Money to local charities. She and her husband have always been involved in the community. They raised their children to give back. Now they are raising their grandchildren to do the same. For instance, Carol and her granddaughter were spotted ringing the bell for the Salvation Army at Shoprite.
“She has a dedicated heart. It takes a special person to be so kind. Furthermore, she’s a loving mother, devoted wife, doting grandmother, and busy real estate professional, However, Carol still makes time to give to her community.”
It’s no wonder Carol was recognized as Citizen of the Year. She has been a Meals on Wheels driver for the past 12 years. Moreover, she continues to deliver meals despite the pandemic. Unfortunately, Carol can’t chat with the seniors she delivers to. Consequently, she misses those conversations almost as much as they do. In addition, she is very involved with the Lions Club of Warwick and fundraising, including their 5K Labor Day Race.
Honoring Citizen of the Year with Donations to Local Charities
Geoff Green, President of Green Team Realty, believes in giving back to the community. In fact, Green Team’s core values include volunteerism and support of local charities. Geoff Green donated a total of $500 to the charities of Carol’s choosing in honor of her Citizen of the Year Award.
Carol graciously accepted the Award and announced the charities to receive donations:
“I’m honored to have received this award. I thank Geoff Green for his generous donation to the Warwick Area Migrant Committee and the Warwick Valley Humane Society. It is always my pleasure to give back to the Warwick community that has been so good to me and my family. I’ve always admired the work and dedication of Suzy Barron for the Humane Society, as well as Kathy Brieger for her generous support and wonderful programs for the children of migrant workers.
Warwick Area Migrant Committee
Kathy Brieger, Warwick Area Migrant Committee, shared these words::
“Carol, Congratulations on your recognition. I’m grateful to you for giving us this gift. We will be using the $250 to support our Safety Backpack Project. The bright orange bags will be given to 200 farmworkers who walk or ride their bikes to work.
These bags are packed with safety-related items like safety goggles and hand sanitizer. The intention of the safety backpacks is to allow drivers to see farm workers as they walk or ride their bikes to work. This is often a safety hazard during certain times of the harvest when farmworkers may be leaving for work and returning home when it is dark. The date for the distribution is April 17th at 12 pm. It will be organized by WAMC at the ALAMO.”
Warwick Valley Humane Society
Suzyn Barron of the WVHS sent the following message:
“Warwick Valley Humane Society is so honored to receive this donation from Carol for our Building Fund towards a new shelter facility. On behalf of our homeless pets, we thank her for her generosity in sharing her award of Citizen of the Year with our organization.
The current shelter facility is not up to today’s standards in animal sheltering. This new facility will offer a more spacious, healthier, safer, and well-ventilated building for the animals, staff, and visitors. Thanks, Carol, for helping us build a better safe haven for our community’s unwanted, abandoned, and neglected animals.
Carol Buchanan and Geoffrey Green present Suzyn Barron, Warwick Valley Humane Society, and Kathy Brieger, Warwick Area Migrant Committee with donation checks
Right now, the housing market is full of outstanding opportunities for both buyers and sellers. Whether you’re thinking of buying your first home, moving up to a bigger one, or selling so you can downsize this spring, there are perks today that are powering big moves for people across the country. Here are the top two to keep on the radar this season.
The Biggest Perk for Buyers: Low Mortgage Rates
Today’s most compelling buyer incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging just over 3%. While that’s slightly higher than the record-lows from 2020 and earlier this year, it’s still way lower than historic norms, making purchasing a home an ongoing perk for hopeful buyers (See graph below):This is a huge advantage for buyers and helps to make owning a home attainable for more households – and there’s good reason to strive for homeownership. The latest Homeowner Equity Report from CoreLogic shows how homeowners saw major gains in their net worth last year, all thanks to owning a home. Frank Martell, President and CEO of CoreLogic, explains:
“Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.”
Low mortgage rates are a plus for buyers right now, but experts forecast we’ll see them continue to rise as the year goes on. If you’re ready to purchase a home, it’s wise to get started on the process soon so you can secure today’s comparatively low rate.
The Biggest Perk for Sellers: Low Inventory
Today, there are simply not enough houses on the market for the number of buyers looking to purchase them, and it’s creating a serious sellers’ market. According to Danielle Hale, Chief Economist at realtor.com:
“Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline.” (See map below):
The lack of houses for sale continues to challenge the market, and with low mortgage rates fueling buyer demand, homes are hard for buyers to find today. According to the latest Realtors Confidence Index Survey by the National Association of Realtors (NAR), the average house is now receiving 4.1 offers and is on the market for only 20 days.
Buyers are clearly eager to purchase, and because of the shortage of inventory available, they’re often entering bidding wars. This is one of the factors keeping home prices strong and giving sellers leverage in the negotiation process.
Homeowners who are in a position to sell shouldn’t wait to make their move. There’s a light at the end of the tunnel for today’s inventory shortage, so listing this spring will get your house on the market when conditions are most favorable. With low inventory and high buyer demand, homeowners can potentially earn a greater profit on their houses and sell them quickly in the fast-paced spring market.
Whether you’re thinking about buying or selling a home, there are major perks available in today’s housing market. Let’s connect today to discuss how these favorable conditions play to your advantage in our local area.
Last Thursday, Freddie Macannounced that their 30-year fixed mortgage rate was over 3% (3.02%) for the first time since last July. That news dominated real estate headlines that day and the next. Articles talked about the “negative impact” it may have on the housing market. However, we should realize two things:
1. The bump-up in rate should not have surprised anyone. Many had already projected that rates would rise slightly as we proceeded through the year.
2. Freddie Mac’s comments about the rate increase were not alarming:
“The rise in mortgage rates over the next couple of months is likely to be more muted in comparison to the last few weeks, and we expect a strong spring sales season.”
A “muted” rise in rates will not sink the real estate market, and most experts agree that it will be “a strong spring sales season.”
What does this mean for you?
Obviously, any buyer would rather mortgage rates not rise at all, as any upward movement increases their monthly mortgage payment. However, let’s put a 3.02% rate into perspective. Here are the Freddie Mac annual mortgage ratesfor the last five years:
Though 3.02% is not as great as the sub-3% rates we saw over the previous seven weeks, it’s still very close to the all-time low (2.66% in December 2020).
And, if we expand our look at mortgage rates to consider the last 50 years, we can see that today’s rate is truly outstanding. Here are the rates over the last five decades:
Being upset that you missed the “best mortgage rate ever” is understandable. However, don’t throw the baby out with the bathwater. Buying now still makes more sense than waiting, especially if rates continue to bump up this year.
It’s true that you may not get the same rate you would have five weeks ago. However, you will get a better rate than what was possible at almost any other point in history. Let’s connect today so you can lock in a great rate while they stay this low.
The Green Team Realty March 2021 Housing Market Update was held on March 16 at 12:00 p.m. If you missed the live webinar or would like to watch it again, it’s available here:
Overview of the real estate market on the national level
Geoff Green, President of Green Team Realty, began the update with a quote from Lawrence Yun, Chief Economist at NAR:
“Home sales could possibly reach 8 million if we had more inventory… Mortgage rates should remain very low throughout 2021, although we may have seen the lowest already.”
As shown in this graphic, foreclosure activity is minimal.
Geoff pointed out that with the job loss and economic woes resulting from the pandemic, you would expect the number of foreclosures to be much higher. According to DS News,
“About 325,000 people will exit the forbearance program over the next six to nine months without a plan in place. Some – but probably not all – of those loans will likely default.”
The continuing saga of low inventory – and the Sellers Market
Year-over-year changes indicate that this is a great time to sell. Inventory is so low, if you are thinking about getting your house on the market, now is the time to do it!
Home Price Appreciation
For an in-depth discussion on home price appreciation, watch the housing market update here.
National and Local Housing Market Stats (Orange County NY and Sussex County NJ) are then discussed.
Meet our Panel
Geoff was joined by Keren Gonenof Green Team New Jersey Realty and Carol Buchanan of Green Team New York Realty. In addition, Ken Aulicino of Family First Funding added his expertise as a Mortgage Specialist.
The discussion began with the topic of buyers and possible issues in obtaining mortgages. In addition, whether appraisals were coming in, even with rising home prices. Geoff asked Ken Aulicino about whether rates were coming up. Even with rates coming up, historically they are still very low. Click here to watch the full panel discussion, including a question and answer session.
If you would like to get in touch with any of our panelists, their contact information is below:
We’ll see you on Tuesday, April 20 at 12 p.m. for our next Housing Market Update.
Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the homebuying process.
1. Listen to Your Real Estate Advisor
An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:
“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”
A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.
2. Understand Your Finances
Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.
3. Be Prepared to Move Quickly
According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.
4. Make a Fair Offer
It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:
“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”
5. Stay Flexible in Negotiations
After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Today’s competitive market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.