2023

by Better Homes and Gardens Green Team

Weekly Market Update from Cross Country Mortgage for the Week Ending 7/28/2023

Helping you navigate the market

Fed Hikes Rates

If the goal of Fed officials was to avoid any surprises at the meeting on Wednesday, they succeeded, completely sticking to the expected script.

They raised the federal funds rate by 25 basis points to a target range of 5.25% – 5.50%, the highest since 2001, and the statement was essentially unchanged from the one released after the prior meeting. Officials simply repeated that they will continue to make future policy decisions based on incoming economic data and provided no precise guidance of any sort. According to Chair Powell, significant progress has been made in bringing down inflation, but there is still a long way to go and the labor market remains very tight. Investors are split about whether there will be another 25 basis point rate hike later this year.

While there were no surprises from the Fed meeting and inflation was in line with expectations, most of the other economic data continued to exceed the forecasts of economists. As a result, mortgage rates ended the week higher.

The PCE price index is the inflation indicator favored by the Fed. In June, Core PCE, which excludes food and energy to reduce volatility, was up 4.1% from a year ago, matching the consensus forecast. This was down sharply from an annual rate of 4.6% last month and the smallest since September 2021. Costs of services continued to increase more than prices for goods.

Gross Domestic Product (GDP) is the broadest measure of economic activity. During the second quarter, GDP rose at an annualized rate of just 2.4%, above the consensus forecast and up from 2.0% during the first quarter of 2023. Strength was seen in consumer and government spending, business investment, and inventory growth. Despite tighter monetary policy, the economy has remained surprisingly resilient and has shown few signs that it will enter a recession.

Week ahead

Investors will continue to watch for Fed officials to elaborate on their plans for future monetary policy. For economic reports, the JOLTS report, measuring job openings and labor turnover rates, will be released on Tuesday. The ISM national manufacturing index also will come out on Tuesday and the ISM national services sector index on Thursday. The key Employment report will be released on Friday, and these figures on the number of jobs, the unemployment rate, and wage inflation will be some of the most highly anticipated economic data of the month.

Tue	8/1	ISM Manufacturing
Tue	8/1	JOLTS
Thu	8/3	ISM Services
Fri	8/4	Employment

Mortgage Rates	Rose	0.15%
Dow	Rose	200
NASDAQ	Rose	200

We would like to thank our partner, MBSQuoteline for their insightful information.

Housing Market News • Mortgage and Home Loans • Weekly Market Report • July 22, 2023

Weekly Market Update for Week Ending 7/21/2023

by Better Homes and Gardens Green Team

Weekly Market Update from Cross Country Mortgage for the Week Ending 7/21/2023

Helping you navigate the market

CONSUMER SPENDING RISES

Mortgage markets were relatively quiet over the past week. There were no significant surprises in the economic data, and Fed officials refrained from any speaking appearances ahead of the meeting next week. As a result, rates ended nearly unchanged.

Since consumer spending accounts for over two-thirds of U.S. economic activity, the retail sales data is a closely watched measure of the health of the economy. In June, retail sales rose just 0.2% from May, far below the consensus forecast for an increase of 0.5%. However, upward revisions to the results for the prior month mostly offset the shortfall in June, making the report roughly neutral for mortgage rates overall. Looking at the details, online sales surged 1.9% and might be even stronger in the July report given the early readings seen for Amazon Prime Day. Furniture stores and appliance dealers also posted strong gains, while spending on building materials and garden equipment dropped sharply.

In housing news, sales of existing homes in June fell 3% from May and were 19% lower than last year at this time. This was the slowest sales pace for June since 2009. Inventory levels stand at just a 3.1-month supply nationally, far below the 6-month supply typical in a balanced market. The median existing-home price of $410,200 was slightly below the record high seen in June 2022. Homes purchased by first-time buyers fell to just 26% of total sales, the lowest level ever recorded.

With a severe shortage of previously owned homes available for sale in many regions, additional inventory is badly needed, but the latest data contained mixed news. After a huge surge last month, housing starts in June dropped 8% from May, falling short of the consensus forecast. More encouragingly, single-family building permits, a leading indicator, increased 2%. In addition, a separate survey of home builder sentiment from the NAHB rose to the highest reading since June 2022. Nevertheless, builders continue to list tight credit conditions for loans and high prices for land, labor, and materials as obstacles to a faster pace of construction.

WEEK AHEAD

The next US Fed meeting will take place on Wednesday. Investors anticipate that there will be a 25 basis point increase in the federal funds rate, but there is a much wider split about what will happen later in the year. The next European Central Bank meeting will follow on Thursday. For economic reports, New Home Sales will be released on Wednesday. Second quarter GDP, the broadest measure of economic activity, will come out on Thursday. Personal Income and the PCE price index, the inflation indicator favored by the Fed, will be released on Friday.

Weekly Market Report 7/21/2023

Information above was provided by Cross Country Mortgage.

We would like to thank our partner, MBSQuoteline for their insightful information.

Agency News and Awards • Agent Tips • July 27, 2022

Better Homes and Gardens Real Estate Green Team Social Media Training

by Better Homes and Gardens Green Team

When joining Better Homes and Gardens Real Estate Green Team you will receive the latest training on everything relevant including social media.

What was once an additional means of connecting and advertising, social media has become a must-have for all real estate agents. That is why we offer different forms of training to help agents establish their pages and content.

Join our Team so we can help you grow your business!

Agency News and Awards • February 7, 2022

Welcome Nerette Lewis to Green Team New Jersey

by Better Homes and Gardens Green Team

The Green Team is proud to announce that Nerette Lewis has decided to join our Vernon, NJ office. We’re excited to have her on our team in both New York and New Jersey and look forward to helping her continue to grow!

Please join us in Welcoming Nerette Lewis to The Green Team New Jersey!

Selling a Home • January 3, 2022

2021 Average Homeowner Gained $56k in Home Equity

by Better Homes and Gardens Green Team

When you think of homeownership, what’s the first thing that comes to mind? Chances are you might focus on the non-financial benefits, like the security or stability a home provides. But what about equity? While it can be overlooked, a homeowner’s equity helps build long-term wealth over time. Here’s a look at what home equity is and why it matters.

For a homeowner, your equity is the current value of your home minus what you owe on the loan. So, as home values climb, your equity does too. That’s exactly what’s happening today. There aren’t enough homes on the market to meet buyer demand, so bidding wars and multiple offers are driving prices up. That’s because people are willing to pay more to buy a home. Right now, this low supply and high demand are giving current homeowners a significant equity boost.

Dr. Frank Nothaft, Chief Economist at CoreLogic, explains it like this:

“Home price growth is the principal driver of home equity creation. The CoreLogic Home Price Index reported home prices were up 17.7% for the past 12 months ending September, spurring the record gains in home equity wealth.”

To find out just how much rising home values have impacted equity, we turn to the latest Homeowner Equity Insights from CoreLogic.According to that report, the average homeowner’s equity has grown by $56,700 over the last 12 months.

Curious how your state stacks up? Check out the map below to find out the average equity gain for your area.

How Rising Equity Impacts You

If you’re already a homeowner, equity not only builds your wealth, it also opens doors for you to achieve your goals. It works like this: when you sell your house, the equity you built up comes back to you in the sale. You can use those proceeds to fuel your next move, especially if you’ve decided your needs have changed and you’re looking for something new.

If you’re thinking about becoming a homeowner, understanding the importance of equity can help you realize why homeownership is a worthwhile goal. It builds your wealth and gives you peace of mind that your investment is a wise one, not just from a lifestyle perspective, but from a financial one too.

Bottom Line

Whether you’re a current homeowner or you’re ready to become one, it’s important to know how equity works and why it matters.

Find out what your home is worth with our quick and easy Home Value Estimate Tool.

Buying a home • January 3, 2022

5 Tips for Making Your Best Offer on a Home

by Better Homes and Gardens Green Team

As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.

1. Know Your Budget

Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:

“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”

Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.

2. Be Ready To Move Fast

Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):

“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”

When houses are selling this fast, staying on top of the market and moving quickly are key. Your agent can help you put together and submit your best offer as soon as you find the home you want to buy.

3. Lean on a Real Estate Professional

No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac also notes:

“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”

Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.

4. Make a Strong, but Fair Offer

According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area.

5. Be a Flexible Negotiator

When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains:

“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.”

Bottom Line

Today’s competitive landscape makes it more important than ever to make a strong offer on a home.

Agency News and Awards • August 2, 2021

Congrats to Kristine (Krissy) Many For Reaching the Cap!

by Better Homes and Gardens Green Team

Congratulations From Geoffrey Green, President Of Green Team Realty, To Kristine (Krissy) Many for reaching the commission cap for Company Dollar Contribution in 2021!

“Krissy is a rising star in the Orange County NY real estate market. Her rise has been very consistent and I fully expect her to keep on her deliberate pace as she rises through the ranks. Krissy has a tremendous work ethic, is very intelligent, and truly goes above and beyond for her clients. Her “can do” attitude is what keeps her clients very satisfied with her service. Congrats Krissy on reaching the cap, and enjoy the fruits of your labor for the balance of 2021!”

Kristine (Krissy) Many dedication to her clients and hard work has allowed her to reach the cap on her commission with Green Team Realty. This is an outstanding accomplishment and means Kristine (Krissy) Many will now receive a 100% commission split on any deal he closes during 2021.

Kristine (Krissy) Many thoughts on hitting the cap:

“I am blessed and so very grateful to have reached CAP at Green Team NY Realty!
One of my goals for 2021 was to reach this milestone by June 30th; goals are such an important aspect to make sure you are running your business efficiently and to your potential.
I missed the mark by 1 month; but that is OK! Without goals and metrics; I would not have a way to gauge my professional and business growth.

There are other brokers in our area that offer a CAP program; but not all are created equal. I feel the CAP & commission structure at Green Team to be superior. Not only does Green Team offer an obtainable CAP, but they offer company leads, Inside Sales and a referral app called NuOp that has allowed me to send and receive referrals across the country! All of these funnels have helped grow my business. The support & encouragement I receive year round from my broker and the support staff are invaluable to me.

I am a problem solver by nature and love what I do. I wouldn’t be able to support my family in this challenging, 100% commission, profession if it wasn’t for the wonderful clients I work with! It is because of their trust and investment in me, that I am able to serve them in obtaining their real estate goals. Nothing is better than being a part of the process that makes my client’s dreams come true. So to all of my clients; past, present and future; thank you, I am honored and look forward to continuing to serve you & your referrals.”

Green Team Realty’s commission structure is, no doubt, one of the finest in the industry, but it doesn’t end there. Our lead generation platform, certified sales assistant program, and dynamic training systems are just a few other things worth mentioning.

To learn more about Green Team Realty and why you should join our team click here.

Congratulations, Kristine (Krissy) Many!

Buying a home • August 1, 2021

Key Questions To Ask Yourself Before Buying a Home

by Better Homes and Gardens Green Team

Sometimes it can feel like everyone has advice when it comes to buying a home. While your friends and loved ones may have your best interests in mind, they may also be missing crucial information about today’s housing market that you need to make your best decision.

Before you decide whether you’re ready to buy a home, you should know how to answer these three questions.

1. What’s Going on with Home Prices?

Home prices are one factor that directly impacts how much it will cost to buy a home and how much you stand to gain as a homeowner when prices appreciate.

The graph below shows just how much experts are forecasting prices to rise this year:Continued price appreciation is great news for existing homeowners but can pose a significant challenge if you wait to buy. Using these forecasts, you can determine just how much waiting could cost you. If prices increase based on the average of all forecasts (12.46%), a median-priced home that cost $350,000 in January of 2021 will cost an additional $43,610 by the end of the year. What does this mean for you? Put simply, with home prices increasing, the longer you wait, the more it could cost you.

2. Are Today’s Low Mortgage Rates Going To Last?

Another significant factor that should inform your decision is mortgage interest rates. Today’s average rates remain close to record-lows. Much like prices, though, experts forecast rates will rise over the coming months, as the chart below shows:Your monthly mortgage payment can be significantly impacted by even the slightest increase in mortgage rates, which makes the overall cost of the home greater over time when you wait.

3. Why Is Homeownership Important to You?

The final question is a personal one. Before deciding, you’ll need to understand your motivation to buy a home and why homeownership is an important goal for you. The financial benefits of owning a home are often easier to account for than the many emotional ones.

The 2021 National Homeownership Market Survey shows that six of the nine reasons Americans value homeownership are because of how it impacts them on a personal, aspirational level. The survey says homeownership provides:

Stability
Safety
A Sense of Accomplishment
A Life Milestone
A Stake in the Community
Personal Pride

The National Housing & Financial Capability Survey from NeighborWorks America also highlights the emotional benefits of homeownership:Clearly, there’s a value to homeownership beyond the many great financial opportunities it provides. It gives homeowners a sense of pride, safety, security, and accomplishment – which impacts their lives and how they feel daily.

Bottom Line

Homeownership is life-changing, and buying a home can positively impact you in so many ways. With any decision this big, it helps to have a trusted advisor by your side each step of the way. If you’re ready to begin your journey toward homeownership, let’s connect to discuss your options and begin your journey.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

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?

Buying a home • July 30, 2021

Waiting to Buy a Home Could Cost You

by Better Homes and Gardens Green Team

Waiting To Buy a Home Could Cost You [INFOGRAPHIC] | MyKCM

Some Highlights

If you’re thinking of buying a home but wondering if waiting a few years will save you in the long run, think again.
The longer the wait, the more you’ll pay, especially when mortgage rates and home prices rise. Even the slightest change in the mortgage rate can have a big impact on your buying power no matter your price point.
Don’t assume waiting will save you money. Let’s connect to set the ball into motion today while mortgage rates are hovering near historic lows.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

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?

Buying a home • July 29, 2021

Home Sellers: There Is an Extra Way to Welcome Home Our Veterans

by Better Homes and Gardens Green Team

Some veterans are finding it difficult to obtain a home in today’s market. According to the National Association of Realtors (NAR):

“Conventional conforming mortgages (mortgages that conform to guidelines set by Fannie Mae and Freddie Mac), accounted for 74% of mortgages obtained by homebuyers in May 2021, an increase from about 65% during 2018 through 2019…The share of VA-guaranteed loans has also decreased to 7% in May 2021 from about 10% in past years.”

Recent data in the latest Origination Insight Report from Ellie Mae sheds light on the continuation of this trend. Below, we can see just how small of a share of total financing VA loans made up in June of 2021, according to that Ellie Mae report:The drop in VA loan usage can be attributed to the difficulties veterans continue to face when buying a home. The NAR article elaborates:

“It is extremely difficult for FHA/VA buyers to get accepted in a multiple offer situation. They are on the bottom of the hierarchy.”

One contributing factor is that buyers with VA loans can’t waive certain contingencies. However, just because a certain contingency must be present for a particular buyer doesn’t mean that buyer’s offer shouldn’t be considered.

What Should Sellers Do To Help Create a Level Playing Field?

As a seller, it’s important to consider every offer in front of you regardless of loan type. If you’re selecting an offer because some contingencies are waived, keep in mind that it doesn’t always mean the offer is what’s best for you.

Buyers who can’t waive specific contingencies may adjust other terms in their offer to make it more appealing to sellers. This may depend on several factors, including their loan type and location, but a motivated buyer and their agent will do everything they can to present an offer that’s as appealing to you as possible.

Ultimately, you should make sure you take time to really understand the terms of their offer and see the big picture. Working with a driven buyer who’s motivated to purchase your house may provide a better opportunity for you to reach your overall best option and what’s most important to you.

Bottom Line

If you’re ready to sell, let’s connect. Together, we can make sure you understand the terms of all offers so you can give each one fair consideration, including those buyers using a VA loan. Our veterans sacrifice so much for our country. They’ve earned our gratitude and should have the same opportunity to obtain the home of their dreams.

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