How Homeownership Can Bring You Joy

How Homeownership Can Bring You Joy

If you’re trying to decide whether to rent or buy a home, you’re probably weighing a few different factors. The financial benefits of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.

If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, it might be time to consider the perks of owning your home.

A Little Change Can Bring Lots of Joy

There’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.

recent report from the National Association of Realtors (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR:

There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.

The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space (see graph below):

How Homeownership Can Bring You Joy | MyKCM

And while many of the items NAR highlights are larger tasks, some, like painting rooms, are much smaller. Even those quicker projects can still bring you a greater sense of joy and accomplishment. Not to mention when you make upgrades in your home, you could be increasing its value which also gives your net worth a boost if you invest your time and effort wisely.

You’re Free To Update Your Home to Your Heart’s Content

These types of updates can result in additional happiness when you complete them, but there’s another reason you can feel good as a homeowner. In most situations, you’re free to renovate or update the interior of your home without needing additional permission. But as Business Insider points out, renters may not have the same freedom:

“Your landlord won’t always approve changes when you rent. But you have the power to update the home when you’re the owner. (Just make sure any big changes are approved by your homeowner’s association, if necessary.)”

If you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out. That’s one major benefit of owning your own home. Unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.

How Homeownership Can Bring You Joy | MyKCM

Bottom Line

Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market

While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.

When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time.

1. There Are Fewer Homeowners in Trouble

Today’s data shows that most homeowners are exiting their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The graph below depicts those findings from the Mortgage Bankers Association (MBA):

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market | MyKCM

The same MBA report mentioned above estimates there are approximately 525,000 homeowners who remain in forbearance today. Thankfully, those people still have the chance to work out a suitable repayment plan with the servicing company that represents their lender.

2. Most Homeowners Have Enough Equity To Sell Their Homes

For those who are exiting the forbearance program without a plan in place, many will have enough equity to sell their homes instead of facing foreclosures. Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home.

Marina Walsh, CMB, Vice President of Industry Analysis at MBA, says:

“Given the nation’s limited housing inventory and the variety of home retention and foreclosure alternatives on the table across various loan types, . . . Borrowers have more choices today to either stay in their homes or sell without resorting to a foreclosure.”

3. There Have Been Fewer Foreclosures over the Last Two Years

One of the seldom-reported benefits of the forbearance program was it gave homeowners facing difficulties an extra two years to get their finances in order and work out a plan with their lender. That helped prevent the foreclosures that normally would have come to the market had the new forbearance program not been available.

Even as people leave the forbearance program, there are still fewer foreclosures happening today than before the pandemic. That means, while there are more foreclosures now compared to last year (when foreclosures were paused), the number is still well below what the housing market has seen in a more typical year, like 2017-2019 (see graph below):

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market | MyKCM

4. The Current Market Can Easily Absorb New Listings

When the foreclosures in 2008 hit the market, they added to the oversupply of houses that were already for sale. It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:

“Total housing inventory at the end of March totaled 950,000 units, up 11.8% from February and down 9.5% from one year ago (1.05 million). Unsold inventory sits at a 2.0-month supply at the present sales pace, up from 1.7 months in February and down from 2.1 months in March 2021.”

A balanced market would have approximately a six-month supply of inventory. At 2.0 months, today’s housing market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.

What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market | MyKCM

Bottom Line

If you see headlines about the increasing number of foreclosures today, remember context is important. While it’s true the number of foreclosures is higher now than it was last year, foreclosures are still well below pre-pandemic years.

If you have questions, let’s connect to talk through the latest market conditions and what they mean for you.

Green Team Realty is Proud to Announce the Promotion of Vikki Garby to President 

Green Team Realty is Proud to Announce the Promotion of Vikki Garby to President 

Established in 2005 by Warwick-native, Geoffrey Green, Green Team Realty began as a locally owned and operated full-service agency.  Since opening, Geoff and his team have developed revolutionary operations for Realtors and their buyers and/or sellers from across the region allowing it to soar the ranks; currently in the top 1% of all Real Estate offices in both Sussex County, NJ and Orange County, NY.

 

“It is time for us to take the next step in terms of growing our organization” says Green.  “We have proven over the course of time that we can deliver a great environment for Real Estate Agents to thrive, and for them to, in turn, deliver an exceptional experience to all of their clients.  Promoting Vikki Garby to President of Green Team Realty will allow us to seek out new opportunities for more Sales Associates in new locations.  Vikki is definitely the right person to help us achieve the intended growth we are seeking.”

 

Geoff Green has dedicated his professional career to building great businesses; he is also the co-Founder and CEO of Nuop, Inc.  NuOp is a digital marketplace where Members make money by exchanging business opportunities with one another.  With more growth for NuOp on the horizon, Geoff is appointing Vikki Garby as President of Green Team Realty which will provide him with more time and energy to focus on building a second business. Vikki Garby will not only continue what has been created with Green Team Realty, but will focus on enhancement and grow its influence in the region. Geoff will remain as the Real Estate Broker of record for all Green Team agencies  and continue to oversee all related operations.

 

 “I am extremely excited to take on this new and challenging role. Geoff has big shoes to fill. I have learned so much from him since joining his brokerage and I intend to exceed his expectations with this incredible opportunity.” Garby stated.  

 

Vikki Garby is a successful career woman, happily married and a mother of two, thriving children. She graduated from Cornell University in 1997 with a focus on Finance. After graduation, she began her career in Investment Banking as an Analyst with Deutsche Bank. With a drive for success, she worked up the ranks to Associate and soon after, Vice President of the Structured Capital Markets division.  In 2007, still with Deutsche Bank, she shifted over to their Longevity Derivatives Group where she joined as a Vice President and was soon promoted to Director. Here she structured, negotiated and executed multi-dimensional programs for the origination of premium finance loans and annuities which led the team in obtaining approval to sell longevity/mortality products in over a dozen countries. 

 

The financial crisis of 2008, left many companies with no other option than to downsize; Deutsche Bank was no exception. Upon closing the Longevity Derivatives Group, Vikki was laid off. She didn’t allow that to stop the path she was on. With connections from her previous employer, Vikki began her own consulting firm called VAG Consulting acting as CEO/Founder. 

 

In the meantime, Vikki and her husband pursued Real Estate Investments. With multiple properties purchased and subsequently rented, they decided it would make the most financial sense for Vikki to obtain her real estate license.  With that, Vikki entered the Real Estate world. 

 

Since joining Green Team Realty, Vikki has become a top salesperson, developed a desired reputation and is the recipient of many sales awards. She has been a top 10 finisher for the past 6 years at Green Team New York Realty. She is also the most prolific commercial real estate producer in the history of Green Team Realty.  

 

In addition to her career success, Vikki has dedicated her free time to the community. Her volunteer experience is extensive and includes acting roles as:  a board member of the Warwick Foundation for Excellence in Learning, First Lego League Coach, Cub Scout Den Leader, Sunday School Teacher, Treasurer of Kings Elementary PTA, and Treasurer then President of the Warwick Crew Booster Club.  

 

Upon her transition into presidency, Vikki will continue to work with current and past clients to ensure their real estate needs are met. 

 

“She is clearly a rising star in this industry and she is ready to take on the role of President at Green Team Realty.  We are just thrilled to see how far Vikki can lead our organization.”, said Green. 

 

“My goals are to make sure our agents continue to be well supported as they work towards their career goals. I will also seek new tools and opportunities to keep our agency one step ahead so we can continue to provide the very best service to our clients. Growing Green Team Realty will occur strategically and in a controlled manner such that our level of service and the quality of our agents shall not waver.”  said Garby.

The Dream of Homeownership Is Worth the Effort

The Dream of Homeownership Is Worth the Effort

If you’re in the market to buy a home this season, stick with it. Homebuyers face challenges in any market, and today’s is no exception. But if you persevere, your decision to purchase a home will be worth the effort in the end. In fact, a recent survey from Bankrate shows homeownership is so powerful that:

Nearly three in four homeowners say they would still buy their current home if they had it to do [sic] all over again.”

That means the results – owning a home and the benefits that come with it – outweigh the effort needed to achieve their goal. If you’re a homebuyer, let that provide you with the confidence to know the work you’re putting in today will pay off for years to come. Here are a few reasons to stick with your search and focus on the outcome.

The Dream of Homeownership Is Worth the Effort | MyKCM

Homeownership Contributes Significantly to Your Financial Well-Being

The National Association of Realtors (NAR) lists several motivations to consider if you’re thinking about buying a home. One of the top financial reasons is the equity you build. As NAR says:

“Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity . . . Building equity in your home is a ready-made savings plan.”

Your equity is a powerful tool you can leverage in a number of ways. And with recent home price appreciation, homeowners are seeing record levels of equity today. That may be one reason why so many people view owning a home as a great investment and a top indicator of financial well-being. As the survey from Bankrate mentioned above shows:

“. . . Americans place a higher value on homeownership than on any other indicator of economic stability, . . .”

Owning a home ranks above other major accomplishments like retirement, having a successful career, and getting a college degree. That indicates just how impactful the financial benefits of homeownership truly are.

The Emotional Benefits of Owning a Home Are Powerful

Of course, homeownership is more than an investment. In their list of top reasons to buy a home, NAR also highlights some of the powerful, non-financial aspects of homeownership. Among them is the opportunity to customize your home to reflect your personality and needs. As they say:

“The home is yours. You can decorate any way you want and choose the types of upgrades and new amenities that appeal to your lifestyle.”

Another benefit homeowners enjoy is the stability it provides. Homeowners typically stay put longer than renters. According to NAR, when you remain in one place longer than a few years, you can grow closer to your community. And that can enhance your sense of pride and lead to better relationships.

What Does That Mean for You?

The benefits of homeownership are powerful, as Leslie Rouda Smith, President of NAR, says:

“From building personal wealth and fostering communities, to strengthening social stability and driving the national economy, the value of homeownership is indisputable.”

Even if you face challenges in today’s market, the payoff when you succeed and purchase a home will be worth it.

Bottom Line

If you’re planning to buy a home this year, there are incredible benefits waiting for you at the end of your journey. Let’s connect to discuss everything homeownership has to offer.

Keren Gonen Reached the Cap!

Keren Gonen Reached the Cap!

Congratulations From Geoffrey Green, President Of Green Team Realty, to Keren Gonen for reaching the commission cap for Company Dollar Contribution in 2022!

Geoff Profile Web

“Keren Gonen is off to another fast start here in 2022 as she has reached the cap in short order.  This of course comes as no surprise as she never stops building her business through hard work, attention to detail, and top notch client service.  Enjoy the fruits of your labor for the rest of 2022 Keren!”

 

 

Keren Gonen‘s 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 Keren will now receive a 100% commission split on any deal she closes during 2022.

Keren Gonen’s thoughts on hitting CAP:

“2022 has so far been a great year! In this competitive market,  it is important to work with a professional! I am grateful that so many have chosen me & my team to accompany them on this buying/selling journey. Here’s to all of you 🥂. Please stay safe and be kind to each other.

 

 

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, Keren Gonen!

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