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June 2021 Housing Market Update
Geoff Green, the host of the June 2021 Housing Market Update, welcomed viewers. Panelists for this month’s update include Keren Gonen, Green Team New Jersey Realty; Jennifer DiCostanzo, Green Team New York Realty, and Jessica Imparato, Loan Originator with Cardinal Financial
If you missed the webinar or would like to watch it again, it is available here:
The three “i’s” that will inform the housing market: inventory, interest rates, and inflation
According to Bill McBride at Calculated Risk,
“If inventory increases slowly, house prices will continue to rise rapidly, and if inventory increases sharply, house price growth will slow.”
J.P. Morgan Insights Report stated the following:
“Homebuyers – interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence… Those who remember the housing bubble of 2006-2007 may be nervous watching U.S. housing prices soar now. But the previous bubble was fueled by speculative buying, which we do not think is the case today.”
Robert Dietz, Chief Economist at NAHB states:
“The decline in single-family permits indicates that builders are slowing construction activity as costs rise… While housing starts were strong at the beginning of the year, due to home builders constructing houses that were sold pre-construction, higher costs and limited availability of building materials have now paused some projects.”
“Housekeeping” Items
Panel discussion:
Geoff and the panelists discussed the impact of the pandemic, and what may happen when people start being called back to work. In addition, the discussion addressed the status of appraisals, as well as buyers waiving appraisal contingencies and buying in cash. For the entire panel discussion, watch the webinar above.
To contact our panelists, their information is below.
Join us on July 20, 12 p.m. for our next housing market update. Click here to sign up.
Krissy Many Receives Broker’s License
Why pursue a broker’s license?
She goes on to explain, “Covid-19 brought many changes and uncertainties. I felt this was the perfect time to expand my knowledge and increase my education by pursuing a broker license. Although I prefer an “in classroom” experience, I had no choice but to attend class “online.”. The additional 45 hours of training took more commitment and determination on my part in the virtual learning method. However, it was important to me and it made me carve out time to dedicate to obtaining this goal of mine. This achievement was a personal goal I had set for myself when I became a full-time realtor in 2015. As a top producer, ranking in the top 10 the last few years, I felt it was my responsibility to always be learning and improving my craft to better serve my clients. So, knowledge and experience are the benefits that I will be able to offer my clients. I never considered myself a salesperson, but identified more as a consultant. This new achievement was a natural progression in my business. I love what I do and I look forward to helping families and investors achieve their real estate goals.
- Commercial & Investment Real Estate (CIREC) Certification’
- Military Relocation Professional (MRP) Certification; and
- Pricing Strategy Advisor (PSA) Certification
Becoming a Real Estate Broker
The New York State Division of Licensing Services states that certain qualifications must be met. First, an applicant must have at least two years of experience as a licensed real estate salesperson. In addition, the applicant must have successfully completed the 75-hour qualifying salesperson course. The final step is completion of the addition 45-hour real estate broker course, as approved by the Secretary of State. According to Geoff Green, President of Green Team Realty,
“This is a step in the right direction for Krissy as she is a leader in this industry. Her continued desire to advance her career in the Real Estate Industry is commendable”
Terry Gavan Earns SRS Designation
Terry Gavan of Green Team New York Realty earns her SRS (Seller Representative Specialist) Designation.
The SRS Designation ensures that the agent understands and applies methods, tools, and techniques to provide support and services that sellers want and need. Essentially, the SRS Designation provides a comprehensive foundation of skill development, training, and resources. Therefore, real estate professionals can better represent the interests of sellers in today’s marketplace. In addition, understanding, and compliance with state license laws when representing sellers is part of the SRS Designation.
Years of Experience
While living in Manhattan, Terry studied real estate appraisal at New York University and managed an International real estate appraisal firm. Then, in 1986, Terry, her husband Roger, and her son Sean moved to Warwick. She started her own company and served as co-owner and principal broker for 18 years. After selling the firm’s office and property, Terry joined Green Team as an Associate Broker. She focuses most of her energy on real estate. Terry has extensive knowledge of Orange County, and particularly Warwick and the surrounding communities. This knowledge is an asset to her clients, both buyers, and sellers. Add to this the SRS Designation, along with GRI (Graduate of the Real Estate Institute), SRES (Senior Real Estate Specialist), and numerous other awards and certifications.
Terry Gavan has the winning combination of experience, continuing knowledge, and love for her community.
A Commitment to Community
Terry finds ways to give back to the community she loves. Over the years, she has served as Vice President, then President of the St. Anthony Community Hospital Auxiliary (SACHA). In addition, she is one of the founding Trustees of the St. Stephens-St. Edwards Educational Trust. She has played a key role in its advancement for over 25 years. Furthermore, she has served as a member of the Winslow Therapeutic Center Fundraiser Committee.
According to Geoff Green, President of Green Team Realty,
“Terry’s commitment to learning is on display with this newest designation she has earned. Very few Realtors who are in the business for over 30 years show such a commitment to learning. Great job Terry!”
Three GTNYR Realtors among Hudson Valley’s Best Real Estate Agents in 2021
HVMag publishes its list of the Hudson Valley’s Best Real Estate Agents in 2021
The title in Hudson Valley Magazine says it all. Meet the Hudson Valley’s Best Real Estate Agents in 2021. Included in the directory are Associate Brokers Jennifer DiCostanzo, Dean Diltz, and Nancy Sardo. With only seven Warwick real estate agents listed in the directory, this is quite an accomplishment.
Methodology
Last year, Hudson Valley Magazine published its first Real Estate All-Stars directory.
Now in the directory’s second year, Hudson Valley Magazine states:
“We’ve heard it time and time again: Demand is high and inventory is low. Buyers need help finding their dream home and sellers need advice on getting the most for their property. Enter real estate agents. To identify the top real estate agents in the Hudson Valley, we enlisted DataJoe Research, whose research is a robust process that factors in sales volume (Oct 1, 2019–Oct. 1, 2020), peer nomination, consumer nomination, license/discipline status, and other factors. Agents are listed alphabetically by county.”
About Jennifer DiCostanzo
Jennifer DiCostanzo is ranked #13 in Orange County, in the top 1% of real estate sales in the county. She has been the yearly Green Team New York Realty sales leader for the past 5 years. In addition, she was the first sales associate to receive the MVP Circle Award for over $10 Million in sales. In fact, this is her third time receiving this award. Jen has also been a three-time Citizen of the Year award winner. This is Jen’s second year as a Real Estate All-Star. She is an Accredited Buyer’s Representative, as well as Sales Representative Specialist, Pricing Strategy Advisor, and Seniors Real Estate Specialist.
About Dean Diltz
Dean Diltz is a Green Team President’s Club award-winner (sales between $5 and $10 Million) for the third straight year. In 2020, he was one of the Top 3 producing agents at Green Team New York Realty, as well as a Hudson Valley Magazine Real Estate All-Star selection for the second straight year (awarded to the Top 1% of all agents in this 8-county region).
About Nancy Sardo
Nancy Sardo is a two-time Green Team Realty Presidents Club Award Winner. In 2020 she achieved $10.4 Million in sales volume and joined Green Team’s MVP Circle. She is in the top 1.5% of all agents in Orange County for 2020. Nancy is a new construction specialist, as well as Accredited Buyer’s Representative and Seniors Real Estate Specialist.
May 2021 Housing Market Update
Geoff Green, the host of the May 2021 Housing Market Update, welcomed viewers. Panelists for this month’s update include Keren Gonen, Green Team New Jersey Realty; Carol Buchanan, Green Team New York Realty, and Michael Giannetto, Cross Country Mortgage.
If you missed the webinar or would like to watch it again, it’s available here:
New Construction, Inventory, and Rising Rates
The overarching problem that has existed in the housing market for well over a year has been inventory. One of the main factors in that is the decline in the number of single-family housing units competed during the last decade (see below). We now have a situation where the pandemic has led to many people leaving urban areas. They are headed to suburban and rural areas, looking for larger homes and outdoor space. Thus we have a huge demand for housing, but not enough inventory.
However, rates are starting to rise. Thus, some of the demand may be stemmed.
.According to Sam Khater, Vice President and Chief Economist at Freddie Mac,
The main driver of the housing shortfall has been the long-term decline in the construction of single-family homes… That decline has resulted in the decrease in supply of entry-level single-family homes or, ‘starter homes.'”
With thoughts of what happened to the housing market not so many years ago, many are asking “When is the housing market going to crash?” However, according to Lawrence Yun, Chief Economist, NAR,
This “is not a bubble. It is simply lack of supply.”
Unfortunately, the lumber industry is at a crisis level and is impacting new builds. Hopefully, as that supply chain opens up, new builds and renovations will be up. In the meantime, this is a remarkable Seller’s market. In the first quarter of 2021, the average profit for home sellers increased 26% over the same quarter in 2020.
Hear from our panel of experts
Watch the May 2021 Housing Market Update to learn what Geoff and our panelists are seeing and experiencing in the current market.
Housekeeping Items
Contact our Panelists
We’ll see you on Tuesday, June 15 at 12 p.m.
Sign up for Housing Market Updates at
HMupdate.com
2020 Circle of Excellence Award Recipients
Green Team New Jersey Realty Award Recipients at the NJ Realtors® Circle of Excellence Sales Award presentations, May 19, 2021, at Perona Farms in Sparta NJ. Back row left to right Charles Nagy; Geoff Green, President, Green Team Realty; Kim Lasalandra, Broker Manager, Green Team New Jersey Realty; Ted Van Laar. Front Row, left to right Kristi Anderson, Keren Gonen, Pam Zachowski, Barbara Tesa, and Alison Miller. Not shown: Heidi Hyland.
Green Team New Jersey Realty congratulates its recipients of the NJ Realtors® Circle of Excellence Sales Award.
According to the New Jersey Realtors® website,
“New Jersey Realtors® is proud to have members who are experts in their fields, advocates in their communities and leaders amongst their peers. Throughout the year, New Jersey Realtors® honors the accomplishments of select members through prestigious awards…
The 2020 award levels are:
- Platinum: $20 million and 30 units minimum, or 125 units
- Gold: $12 million and 25 units minimum, or 90 units
- Silver: $6.5 million and 20 units minimum, or 70 units
- Bronze: $2.5 million and 15 units minimum, or 30 units”
Keren Gonen takes the Gold
Keren Gonen is in the top 20 of all agents in Sussex County, with $17.8 Million in sales in 2020. In addition to receiving the 2020 Gold Circle of Excellence Sales Award, Keren also became a member of the Green Team MVP Circle, for over $10 Million in sales.
Kristi Anderson takes the Silver
Kristi Anderson joined Green Team New Jersey Realty in 2019. That year, she became a Captains Club award winner with $3-$5 Million in sales. Now, with $10.8 Million in sales, she is in the top 1.7% of all agents in Sussex County for 2020. In addition, she was named to the Green Team MVP Circle.
And the Bronze goes to…
Since opening its doors in September 2016, Green Team New Jersey Realty has had a steady showing at the Circle of Excellence award ceremonies. In fact, most of the 2020 recipients have received awards in past years.
And this year, Charles Nagy, Ted Van Laar, Alison Miller, Barbara Tesa, and Heidi Hyland are joined by Pam Zachowski.
According to Geoff Green, President of Green Team Realty,
“It was inspiring to sit back and watch all of these great Realtors receive their awards. When you put 2020 into perspective in terms of the pandemic, the stop caused by the pandemic, then the massive influx of NYC residents to our market territory, it’s really an exhausting picture. These people were not only able to survive it but to thrive in it. I would take this team into the fox hole with me at any time for sure. You will not find a more capable group of Real Estate professionals.”
Is Home Price Appreciation Accelerating Again?
At the beginning of the year, industry forecasts called for home price appreciation to slow to about half of the double-digit increase we saw last year. The thinking was that inventory would increase from record-low levels and put an end to the bidding wars that have driven home prices up over the past twelve months. However, that increase in inventory has yet to materialize. The National Association of Realtors (NAR) reports that there are currently 410,000 fewer single-family homes available for sale than there were at this time last year.
This has forced those who made appreciation forecasts this past January to amend those projections. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, the National Association of Realtors, and Zelman & Associates have all adjusted their numbers upward after reviewing first quarter housing data. Here are their original forecasts and their newly updated projections:
Even with the increases, the updated projections still don’t reach the above 10% appreciation levels of 2020. However, a jump in the average projection from 5.3% to 7.7% after just one quarter is substantial. Demand will remain strong, so future appreciation will be determined by how quickly listing inventory makes its way to the market.
Bottom Line
Entering 2021, there was some speculation that we might see price appreciation slow dramatically this year. Today, experts believe that won’t be the case. Home values will remain strong throughout the year.
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