While many people across the U.S. have traditionally enjoyed the perks of an urban lifestyle, some who live in more populated city limits today are beginning to rethink their current neighborhoods. Being in close proximity to everything from the grocery store to local entertainment is definitely a perk, especially if you can also walk to some of these hot spots and have a short commute to work. The trade-off, however, is that highly populated cities can lack access to open space, a yard, and other desirable features. These are the kinds of things you may miss when spending a lot of time at home. When it comes to social distancing, as we’ve experienced recently, the newest trend seems to be around re-evaluating a once-desired city lifestyle and trading it for suburban or rural living. George Ratiu, Senior Economist at realtor.com notes:
“With the re-opening of the economy scheduled to be cautious, the impact on consumer preferences will likely shift buying behavior…consumers are already looking for larger homes, bigger yards, access to the outdoors and more separation from neighbors. As we move into the recovery stage, these preferences will play an important role in the type of homes consumers will want to buy. They will also play a role in the coming discussions on zoning and urban planning. While higher density has been a hallmark of urban development over the past decade, the pandemic may lead to a re-thinking of space allocation.”
The Harris Poll recently surveyed 2,000 Americans, and 39% of the respondents who live in urban areas indicated the COVID-19 crisis has caused them to consider moving to a less populated area.Today, moving outside the city limits is also more feasible than ever, especially as Americans have quickly become more accustomed to – and more accepting of – remote work. According to the Pew Research Center, access to the Internet has increased significantly in rural and suburban areas, making working from home more accessible. The number of people working from home has also spiked considerably, even before the pandemic came into play this year.
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If you have a home in the suburbs or a rural area, you may see an increasing number of buyers looking for a property like yours. If you’re thinking of buying and don’t mind a commute to work for the well-being of your family, you may want to consider looking at homes for sale outside the city. Connect with one of our Sales Agents today to discuss the options available in our area.
For Cara Dumond, education was the starting point
Meet Cara Dumond, an accomplished MBA Graduate. She comes to Green Team New York Realty with a proven record of success. Cara is a motivated, dynamic and innovative business professional. And she is equipped with articulate communication and presentation skills. She loves being around people. Furthermore, her ability to spark a conversation is a definite assets to her real estate business.
Cara graduated from Monroe-Woodbury High School. She went on to major in Business Administration at Marist Business School at Marist College. With a minor in Fashion Merchandising, Cara achieved her Bachelor of Science Degree. She then went on to receive her Masters of Business Administration with a concentration in Marketing, with high honors.
From Masters degree to project support manager to management/retail positions
For over 10 years Cara was a project support manager for a manufacturing consulting company. They deployed tailored training, implantation and consulting services that helped customers create an organizational culture of continuous sustainable improvement.
For the last 5 years she worked in management/retail positions for Ann Taylor (Loft), Levis Strauss and Company, and Lafayette 148. While at Lafayette 148, she became a top achiever in commission sales in the first 5 months. Through email, personal outreach and social media, Cara developed hundreds of personal relationships with clientele. Her networking and sales abilities are additional assets for a real estate professional.
The transition to real estate and family time
When Cara and her husband Eric built their home in Greenville, New York 15 years ago, she was involved in every step of the process and loved it. She was selling her town home at the same time. While it was extremely stressful and overwhelming, she loved the excitement and challenges. And, she began to see the potential for a career as a real estate professional.
Cara loves working with people. And she wanted a more flexible schedule to fit her family’s lifestyle. Further, she wanted to get away from the hustle and bustle of the corporate world. As a people person who enjoys being out in the world, Cara delights in meeting new people and helping them find their dream home. Born and raised in Orange County, she loves the area and shares her local knowledge with her clients. For Cara, the entire business is exciting and fascinating. From helping a client navigate the purchase of their first home, to finding a distressed property and seeing its potential to be brought back to life or high-end luxury, she loves it all. But beyond that, she is all about putting her clients needs, wants and desires first and forefront.
Real Estate, family and community
Cara and Eric have twins, a boy and a girl, and a Yorkie named Gucci. The twins attend Minisink High School and are active in sports. They play basketball, football, wrestling, lacrosse and snowboarding. Naturally, Cara enjoys watching them play. And she volunteers when needed.
Cara enjoys home decorating and has a passion for home staging, She also enjoys yoga, reading and trying out different restaurants in the Hudson Valley. Cara also volunteers at Mini Wellness Retreats. The company is based in the local community. It offers events that help attendees feel a renewed sense of prioritization for their health and wellness. Additionally, Cara loves being able to support a cause that has such a positive impact on her community.
Cara’s unique skill set and experience combine to make her a wonderful addition to the Green Team family.
The 2020 Millennial Home Buyer Report shows how this generation is not really any different from previous ones when it comes to homeownership goals:
“The majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream.”
Unfortunately, the myths surrounding the barriers to homeownership – especially those related to down payments and FICO® scores – might be keeping many buyers out of the arena. The piece also reveals:
“Millennials have to navigate a lot of obstacles to be able to own a home. According to our 2020 survey, saving for a down payment is the biggest barrier for 50% of millennials.”
Millennial or not, unpacking two of the biggest myths that may be standing in the way of homeownership among all generations is a great place to start the debunking process.
Myth #1: “I Need a 20% Down Payment”
Many buyers often overestimate what they need to qualify for a home loan. According to the same article:
“A down payment of 20% for a home of that price [$210,000] would be about $42,000; only about 30% of the millennials in our survey have enough in savings to cover that, not to mention the additional closing costs.”
While many potential buyers still think they need to put at least 20% down for the home of their dreams, they often don’t realize how many assistance programs are available with as little as 3% down. With a bit of research, many renters may be able to enter the housing market sooner than they ever imagined.
Myth #2: “I Need a 780 FICO® Score or Higher”
In addition to down payments, buyers are also often confused about the FICO® score it takes to qualify for a mortgage, believing they need a credit score of 780 or higher.
Ellie Mae’s latest Origination Insight Report, which focuses on recently closed (approved) loans, shows the truth is, over 50% of approved loans were granted with a FICO® score below 750 (see graph below):Even today, many of the myths of the homebuying process are unfortunately keeping plenty of motivated buyers on the sidelines. In reality, it really doesn’t have to be that way.
If you’re thinking of buying a home, you may have more options than you think. Let’s connect to answer your questions and help you determine your next steps.
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained how this is good news for the housing market – especially for those looking to buy:
“More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.”
How will this impact sellers?
More inventory means more competition. Yun continues to say:
“As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.”
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
- A great sale price on their house as buyers engage in potential bidding wars.
- A quick sale as buyers have little inventory to choose from.
- Fewer hassles as buyers want to smoothly secure a contract.
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.