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Buying a home • Housing Market News • Selling a Home • March 4, 2022

Are Home Prices Continuing To Rise?

by Nicole McCormick

 

Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:

Are Home Prices Continuing To Rise? | MyKCM

To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.

Are Home Prices Continuing To Rise? | MyKCM

As the graph above reveals, last year, home price appreciation accelerated dramatically from January to July according to all three indices. Then, it began to decelerate in August when prices appreciated at a slower pace, but it didn’t decline. Many thought that would be the beginning of a rapid slowdown in the level of home price appreciation, but as the data shows, that wasn’t the case. Instead, prices began to level off for a few months before two of the three indices saw appreciation re-accelerate again in December.

To clarify, deceleration is not the same as depreciation. Acceleration means prices rise at a greater year-over-year pace than the previous month. Deceleration means home values continue to rise but at a slower pace of year-over-year appreciation. Depreciation means prices drop below current values. No one is forecasting that to happen.

In fact, the FHFA revealed that price appreciation accelerated in December in six of the nine regions it tracks. Case Shiller showed that appreciation accelerated in 15 of the 20 metros they report on. As Selma Hepp, Deputy Chief Economist at CoreLogic, explains:

“After some signs of slowing home price growth . . . monthly price growth re-accelerated again, indicating home buyers have not yet thrown in the towel.”

What Does This Mean for You?

Whether you’re a first-time purchaser or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:

  1. Mortgage rates are forecast to rise this year.
  2. Home prices should continue to appreciate at double-digit levels for some time.

If you wait, rising mortgage rates and high home price appreciation will have a dramatic impact on your monthly mortgage payment.

Bottom Line

Maybe the best thing to do is listen to the advice of Len Kiefer, Deputy Chief Economist at Freddie Mac:

“If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”

Buying a home • Mortgage and Home Loans • March 3, 2022

Down Payment Assistance Programs Can Help You Achieve Homeownership

by Nicole McCormick

 

For many homebuyers, the thought of saving for a down payment can feel daunting, especially in today’s market. That’s why, when asked what they find most difficult in the homebuying process, some buyers say it’s one of the hardest steps on the path to homeownership. Data from the National Association of Realtors (NAR) shows:

“For first-time home buyers, 29 percent said saving for a downpayment [sic] was the most difficult step in the process.”

If you’re finding that your down payment is your biggest hurdle, the good news is there are many down payment assistance programs available that can help you achieve your goals. The key is understanding where to look and learning what options are available. Here’s some information that can help.

First-Time and Repeat Buyers Are Often Eligible

According to downpaymentresource.com, there are thousands of financial assistance programs available for homebuyers, like affordable mortgage options for first-time buyers. But, of the many programs that are available, down payment assistance options make up the large majority. They say 73% of the assistance available to homebuyers is there to help you with your down payment.

And it’s not just first-time homebuyers that are eligible for these programs. Downpaymentresource.com notes:

“You don’t have to be a first-time buyer. Over 38% of all programs are for repeat homebuyers who have owned a home in the last 3 years.”

That means no matter where you are in your homeownership journey, there could be an option available for you.

There Are Local Programs and Specialized Programs for Public Servants

There are also multiple down payment assistance resources designed to help those who serve our communities. Teacher Next Door is one of those programs:

“The Teacher Next Door Program was designed to increase home ownership among teachers and other public servants, support community development and increase access to affordable housing free from discrimination.”

Teacher Next Door is just one program that seeks to help teachers, first responders, health providers, government employees, active-duty military personnel, and veterans reach their down payment goals.

And, most importantly, even if you don’t qualify for these types of specialized programs, there are many federal, state, and local programs available for you to explore. And the best way to do that is to connect with a local real estate professional to learn more about what’s available in your area.

Bottom Line

If saving for a down payment seems daunting, there are programs available that can help. And if you work to serve our community, there may be even more opportunities available to you. To learn more about your options, let’s connect so you can start your homebuying journey today.

Buying a home • Selling a Home • March 1, 2022

What’s Driving Today’s High Buyer Demand?

by Nicole McCormick

What’s Driving Today’s High Buyer Demand? [INFOGRAPHIC] | MyKCM

Some Highlights

  • There’s an influx of buyers looking for homes today, and that means your house is in high demand. Here are a few reasons why so many people are looking to buy a home.
  • Buyers are motivated to beat rising mortgage rates, and many want to escape rising rents. There’s also additional demand from millennials who are reaching peak homebuying age.
  • If you’re thinking about selling your house, today’s demand is great news. Let’s connect to begin the process of listing your house while buyers are ready to purchase.
Buying a home • Selling a Home • February 28, 2022

How Supply and Demand Can Impact Your Buying and Selling Goals

by Nicole McCormick
In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.How Supply and Demand Can Impact Your Buying and Selling Goals | MyKCM

Nationally, Demand Is High and Supply Is Very Low

The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.

How Supply and Demand Can Impact Your Buying and Selling Goals | MyKCM

What Does This Mean if You’re a Seller?

Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.

What Does This Mean if You’re a Buyer?

As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.

Bottom Line

Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your home-buying and selling goals this year. Contact Green Team Realty today! 

Agency News and Awards • February 28, 2022

Celebrating Five Years with Green Team

by Nicole McCormick

Like any family, Green Team likes to celebrate special occasions. And, celebrating five years with Green Team is indeed an important anniversary! Congratulations to:

Jaime Dalton

Jaime Dalton joined Green Team New Jersey Realty in January 2017. Raised in Vernon, NJ, Jaime graduated from Vernon Township High School in 1996. Jaime’s love of Sussex County and her deep roots in the area enable her to share her knowledge with clients. “I just can’t imagine not living here, “said Dalton. “It had the best of everything…living in the beautiful, peaceful mountains while having anything else you could want all within an hour.” Jaime ended 2021 by achieving a Bronze Award for a sales volume of $1.5-$3 Million.

Robert Valentine

Robert Valentine joined Green Team New York Realty in January 2017. Robert has even more to celebrate. He finished 2021 with the Bronze Award for sales volume between $1.5-$3 Million.

Theodore Van Laar  

Theodore Van Laar has been part of Green Team New Jersey Realty since February 2017. He has over 35 years of experience selling resort properties. In 1979, the amenities and beauty first attracted Ted and his wife, Rosanne, to the area. Through the years, they fell in love with the lifestyle and growth here in the Mountain Creek, Crystal Springs, and Great Gorge resort area. They enjoy and share their appreciation for the surrounding area with their three children, family, and friends. Ted is a seasoned professional with a record of achievement and a reputation for his honesty and integrity. He is enthusiastic about sharing his love of the Resort lifestyle with his clients, whether they are looking for an investment property, second home, or primary residence. Ted received the Gold award for $5-$10 Million sales volume for 2021.

Barbara Tesa

Barbara Tesa joined Green Team New Jersey Realty in April of 2017. She brought with her over 20 years of professional experience in both residential and commercial real estate management. Furthermore, Barbara has a successful history as a licensed real estate agent in New Jersey since 2009. In 2001, Barbara and her husband purchased a home in Crystal Springs. There, they enjoy a resort lifestyle and all the beauty that Sussex County has to offer. The ability to embrace the potential in each of their homes became second nature to Barbara giving her the confidence to inspire many of her clients to do the same.   In 2021, Barbara achieved the Gold award for $5-$10 Million in sales.

Lora Chandra

Lora Chandra joined Green Team Realty in April of 2017 as a CSA (Certified Sales Assistant). In 2018, she received the Team Player Award for being the most reliable,  positive, and dependable. Furthermore, the award states that she works well with others and is a great problem solver.  Ultimately, it’s no surprise that Lora has risen in the company to Operations Manager.

Pam Zachowski

Pam Zachowski joined Green Team New Jersey Realty in May of 2017. With diversified corporate experience, Pam pays great attention to detail and has a strong drive to find your next home. Additionally, her dedication to continued participation and growth within this industry has furthered her advancement. Pamela has a high level of motivation to continue advancing her professional skills and eagerly looks to utilize and challenge her abilities. She achieved the Gold award for 2021 sales volume of $5-$10 Million.

Kim Lesley Spaughton

Kim Lesley Spaughton joined Green Team New York Realty in May 2017. She was born in England and moved to New York City 28 years ago. There, she raised her daughter Jasmine, who is one of the original cast of ‘Hamilton the Musical’ on Broadway. Kim is a professional working musician, performing concerts, teaching singing locally. She also leads meditation workshops as the Spiritual Director of her own program in rehabs and outpatient facilities. Kim has a sublime understanding of the heart in others and in turn,  has dedicated herself to finding the perfect home for you. Negotiating is her passion, understanding that each transaction has its own unique quality. Kim achieved the Bronze award for sales of $1.5-$3 Million.

Jim Moser

Jim Moser joined Green Team New York Realty in June of 2017. He studied marketing at Dominican College and, throughout his career, he has had a great passion for customer service. While a native of Rockland County, Jim has lived in Orange County for over 25 years residing in Warwick for over five. And, while some consider it “country,” Jim loves the mixture of farmland, great neighborhoods, and quality restaurants and shops. Of course, there are also wineries, the drive-in theatre, and concerts in town. His knowledge of the area and his desire to create a positive customer experience is a plus for his clients.

Tom Folino

Tom Folino became a member of Green Team New York Realty in October of 2017. If Tom’s name sounds familiar, it’s probably because he taught at Warwick Valley Central School District, where he was highly respected as both a teacher and coach; formally the Head Coach of both  Boys Varsity Basketball  and Boys Varsity Golf for 20 years. After 37 years with the WVCS District, Tom retired from teaching in 2014 and coaching in 2017. He decided to pursue real estate full time, motivated by a desire to help people sell and buy homes they’d love within this community he knows so well. Tom received the Gold award for sales of $5-$10 Million in 2021..

Walter Ross

Walter Ross joined Green Team New York Realty in December 2017.   As a Warwick resident for over 40 years, Walter has knowledge of both the local and Orange County markets. Combined with over 35 years of business and marketing experience, he has the knowledge and experience needed to achieve a successful real estate transaction.   Walter received the Silver award for $3-$5 Million in sales in 2021.

 

Happy 5th Anniversary and Congratulations!

 

 

 

 

Agency News and Awards • February 25, 2022

Meet Michelle Spina

by Nicole McCormick

Michelle Spina is bringing her marketing expertise to Green Team New York Realty.

Michelle attended college at SUNY New Paltz where she earned her bachelor’s degree in Marketing. She spent the last 6 years working as a TV Media Buyer where she serviced a large variety of clients, some of which include movie studios, grocery stores, and kids’ toys. Michelle excels in sales, advertising, and has great communication skills.

For the past couple of years, Michelle had been interested in starting a profession in real estate. With her history in marketing, she knew it would be a great opportunity for her. In March of 2021, she decided it was time to start her real estate career. She obtained her license and now has started her new career with Green Team New York Realty.

Michelle has spent the last 3 years living in Wyckoff New Jersey. She comes from a big Italian family and her favorite thing is being with them for Sunday dinners. Cooking, working out, watching sports games, and doing activities outside in the sun are just some of the things she enjoys.”

Agency News and Awards • February 25, 2022

Brian Cisek Earns PSA designation

by Nicole McCormick

Green Team New York Realty’s Brian Cisek earns his PSA designation!

Whether you are buying or selling, working with an agent who is a Pricing Strategy Advisor can help ensure you are getting the best deal for your home. One of the most confusing parts of a real estate deal is the pricing. However, a PSA takes care of that for you. By building a thorough Comparative Market Analysis (CMA) they are able to help ensure you are getting what your home is worth. In today’s market that is one of the most valuable assets that you can have on your team.

Brian decided that he wanted to go above and beyond to make sure his clients received the best possible service. Growing up in Greenwood Lake and now living in Warwick Brian has great knowledge of the area. He is a member of the Warwick Lions Club and is dedicated to improving his community. His clients can feel confident knowing they have such a diligent agent on their side.

Selling a Home • February 22, 2022

More People Are Planning To Buy a Home Soon

by Nicole McCormick

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible.

 

The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):

More People Are Planning To Buy a Home Soon | MyKCM

As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.

While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com report, the average home sold faster this January than any January on record.

Danielle Hale, Chief Economist at realtor.com, notes:

“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”

What Does That Mean for You?

Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.

And because there are so few homes available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so sooner means you can take advantage of high buyer demand before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.

Bottom Line

With so many buyers eager to make a purchase, you could benefit by listing your house soon. To understand how strong buyer demand is in our area, let’s connect so you can start making your plans. Contact Green Team Realty today!  

Buying a home • February 22, 2022

Real Estate Voted the Best Investment Eight Years in a Row

by Nicole McCormick

In an annual Gallup poll, Americans chose real estate as the best long-term investment. And it’s not the first time it’s topped the list, either. Real estate has been on a winning streak for the past eight years, consistently gaining traction as the best long-term investment (see graph below):

Real Estate Voted the Best Investment Eight Years in a Row | MyKCMIf you’re thinking about purchasing a home this year, this poll should reassure you. Even when inflation is rising like it is today, Americans agree an investment like real estate truly shines.

Why Is Real Estate a Great Investment During Times of High Inflation?

With inflation reaching its highest level in 40 years, it’s more important than ever to understand the financial benefits of homeownership. Rising inflation means prices are increasing across the board. That includes goods, services, housing costs, and more. But when you purchase your home, you lock in your monthly housing payments, effectively shielding yourself from increasing housing payments. James Royal, Senior Wealth Management Reporter at Bankrate, explains it like this:

“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same.”

If you’re a renter, you don’t have that same benefit, and you aren’t protected from increases in your housing costs, especially rising rents.

History Shows During Inflationary Periods, Home Prices Rise as Well

As a homeowner, your house is an asset that typically increases in value over time, even during inflation. That‘s because, as prices rise, the value of your home does, too. And that makes buying a home a great hedge during periods of high inflation. Natalie Campisi, Advisor Staff for Forbes, notes:

“Tangible assets like real estate get more valuable over time, which makes buying a home a good way to spend your money during inflationary times.”

Bottom Line

Housing truly is a strong investment, especially when inflation is high. When you lock in a mortgage payment, you’re shielded from housing cost increases, and you own an asset that typically gains value with time. If you want to better understand how buying a home could be a great investment for you, let’s connect. Contact Green Team Realty today to schedule a consultation for your next real estate investment! 

Housing Market News • February 21, 2022

February 2022 Housing Market Update

by Nicole McCormick

Geoff Green, President of Green Team Realty and Co-Founder and CEO of NuOp welcomed viewers to the February 2022 Housing Market Update. If you haven’t yet seen the webinar or would like to see it again, it’s available below.

Inflation – and its impact on homeownership

It seems that the “I”s (inventory, interest rates and inflation) have it when it comes to some of the major factors affecting the housing market. First, we have been talking about inventory, at historic lows. Then, there were interest rates; again, at historic lows although we have begun to see them rise. And now, inflation is taking top billing:

According to Mark P. Cussen, Financial Writer for Investopedia,

“Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”

A look at the US inflation rate since 1920 shows that we have been through worse.  And, while current inflation is not as high as it was in the late 1970s, early 1980s, it is a serious problem.

US Inflation Rate from 1920s to 2020

 

 

 

 

 

 

Owning versus renting

According to James Royal, Senior Wealth Management Report, Bankrate,

“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same. That’s certainly not the case if you’re renting.”

In addition, rent increases have been greater than inflation most years.

Mortgage Rates 

Before the pandemic, the 30-year fixed rate was 3.70%. It reached historic lows during the pandemic, dipping just below 2.7%. The rate is now 3.55% but are no higher than we were pre-pandemic. Historically, current mortgage rates are the lowest they’ve been in five decades. In fact, in the 1980s, they rose as high as 12.70%.

According to Sam Khater, Chief Economist, Freddie Mac,

“As mortgage rates rise, we do expect some moderation n housing demand, causing house prices growth to temper. However, the combination of large number of entry-level homebuyers facing a shortage of entry-level inventory of homes for sale should keep the housing market competitive.”

National Stats

The average home sales price has gone up, very much due to inventory going down. Accordingly, it is very much a case of supply and demand.

Meet the Panel

Joining Geoff Green is Keren Gonen of Green Team New Jersey Realty, Carol Buchanan of Green Team New York Realty, and Chad Barris, Family First Funding.

The panel discussed the information presented by Geoff as it relates to their experiences in the field. To watch the webinar and see the panel discussion, click here.

Contact info for February 2022 Housing Market update

 

 

 

“Housekeeping Items”

Info on March 2022 Housing Market Update

 

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Office: 845.208.9928

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