Agency News and Awards • April 14, 2022

Green Team’s 2021 Awards Ceremony

by Nicole McCormick

A night to remember after a year we won’t forget!

Green Team’s 2021 Awards Ceremony was held on Friday evening, April 1, at Crystal Springs Resort in Vernon. Celebrating together was especially meaningful, after two years of virtual events. COVID-19 created challenges, however, it also created opportunities. Green Team Sales Associates worked non-stop throughout the pandemic. Furthermore, they had to adhere and adjust to ever-changing COVID regulations while meeting the demands of the market; in so doing, many Green Team Associates achieved their personal best in sales. Thus, new categories of Sales Volume Levels were created. For all categories, Green Team New York/ New Jersey Realty recognizes the dedication, determination, and excellent client service that resulted in these sales volumes. These sales volumes resulted in Green Team New York Realty being #1 In Warwick NY. And Green Team New Jersey Realty #1 in Vernon NJ.

Top 3 Producers of Green Team Realty at 2021 Awards Ceremony

Geoff Green, President, Green Team Realty, with the Top Three Producers of 2021: (From l to r) Jennifer DiCostanzo, Keren Gonen, and Tiffany Megna.

And the Sapphire and GTNJR Yearly Sales Leader Awards go to… Keren Gonen

The Green Team New Jersey Realty 2021 Yearly Sales Leader has been in this category several times before. Not only is Keren Gonen the 2021 Yearly Sales Leader, but with over $22 Million in sales, Keren is the first Sales Associate to reach the Sapphire level. This new level was created to recognize those with a sales volume of $20 to 30 Million. It is no surprise that Keren has earned this recognition.

Keren works hard, and it shows. She has been the sales leader at GTNJR for the past 8 quarters. In fact, Keren was the Yearly Sales Leader when she joined Green Team New Jersey Realty in 2017. Then, in 2020 she joined the MVP Circle with over $10 Million in sales volume. In addition, Keren received the 2021 NJ Realtors® Gold Circle of Excellence Award. Not surprisingly, she is in the top 20 agents in Sussex County.

Keren has been featured in Top Agent Magazine and recognized in a National Honors Program by Broker★Agent Advisor.

And the Diamond, GTNYR Yearly Sales Leader, and Momentum Builder Awards go to… Jennifer DiCostanzo

Jennifer DiCostanzo has been the yearly sales leader every year since joining Green Team New York Realty in 2016. In addition, she became the first Green Team Sales Associate to receive the MVP award for over $10 million in sales. In fact, Jen has achieved MVP status three times to date. She even surpassed these achievements with a sales volume, for the 3rd Quarter of 2021, of over $10 Million; she is now the first to achieve the Diamond level, for a sales volume of $15 to $20 Million.

Jen is among the top 20 selling agents in Orange County for 2021, which puts her in the top 1%. She is a Sales Representative Specialist and Accredited Buyer’s Representative. In addition, she has achieved Pricing Strategy Advisor and Seniors Real Estate Specialist designations. Jen has been featured in Top Agent Magazine. Furthermore, Jen has been named a Real Estate All-Star by Hudson Valley Magazine for the past two years.

In addition, Jen received the Momentum Builder Award, which reads:

” In recognition of her ability to create the most positive and consistent momentum in her professional career while maintaining the same impetus reflected in many aspects of her personal life.”

Platinum Awards for $10 to $15 Million in Sales were presented to:

Tiffany Megna, Green Team New York Realty, was Green Team Realty’s 3rd Top Producer of 2021. Kristi Anderson, Green Team New Jersey Realty, was the 4th Top Producer. And Nancy Sardo, Green Team New York Realty, was Top Producer #5.

Gold Awards for $5 to $10 Million in Sales were presented to:

Tammy Scotto (GTNYR); Charles Nagy (GTNJR), Theodore Van Laar (GTNJR); Carol Buchanan (GTNYR); Kimberly Lasalandra (GTNYR/GTNJR); Karen Gauvin (GTNYR); Kristine Many (GTNYR); Tom Folino (GTNYR); Vikki Garby (GTNYR); Pip Klein (GTNYR); Pam Zachowski (GTNJR); Angela Murphy (GTNYR); and Barbara Tesa (GTNJR).

Silver Awards for $3 to $5 Million in Sales were presented to:

Lucyann Tinnirello (GTNYR); Toni Vogel (GTNYR); Walter Ross (GTNYR); Toni Kreusch (GTNJR/GNYR), and Kasey Decker (GTNYR)

Bronze Awards for $1.5 to $3 Million in Sales were presented to:

From Green Team New York Realty, Linda Vandeweert; Rebecca Hundley; Cara Dumond; Guillermina “Gidget” Tavares; Chris Kimiecik; Robert Valentine; Ed Sattler; Kim Lesley, and, from Green Team New Jersey Realty, Jaime Dalton.

Team Players, Mentor of the Year, and Citizens of the Year:

Team Players are chosen by their peers, “in recognition of their reliability, positivity, and dependability, while exhibiting dedication and devotion to the agency and team.” The sales associates of Green Team New York Realty selected Britanni Gaucher as their Team Player and Green Team New Jersey Realty sales associates selected Charles Nagy as theirs!

Tammy Scotto earned her award for Mentor of the Year “in recognition of her dedication, dependability, and devotion to Her mentees.”

Finally, Citizens of the Year are selected in recognition of their valuable contributions and outstanding support to our community. This is a very special award, in that each winner will have $500 from Green Team Realty to be donated to the charity of their choice. Green Team New York Realty selected Wayne Patterson as their Citizen of the Year. Kristi Anderson was selected by Green Team New Jersey Realty as their Citizen of the Year.

Thank you to our sponsors!

We could not have held such a fantastic awards event without our wonderful sponsors!

First of all, a special thank you to Amy Green, Guaranteed Rate, our Diamond Sponsor. Next, thanks to our Platinum Sponsors! They are Michael Giannetto, CrossCountry Mortgage; Douglas Stage, Stage Law Firm; Gregory Romaine, Homestead Funding Corp., and Daniel Bounds, Chase Bank. Our thanks go to Gold Sponsors Chad Barris, Family First Funding; William Askin, Askin & Hooker LLC; Gary S. Goldstein, Esq., and Micaela Gandarinho, Seely & Durland Insurance. Finally, we thank our Silver Sponsor, George Tsakanias, VHT Studios.

Wait! There are more acknowledgments…

Inside Sales Associates

The Inside Sales Associates play an integral part in providing leads to sales associates. The Green Team ISA Team is Giovanni Lasalandra, Director of Business Development; Kevin Many, Sandra Medina, and Jimmy Cosenza.

In addition, Kevin Many received an award in recognition of great achievement for exchange opportunities for the NuOp platform, with over 500 Ops exchanged in 2021.

And where would we be without our phenomenal support staff…

Behind-the-scenes support is essential to providing our sales associates with the resources, training, tools, and services they need to best conduct their businesses. Geoff Green acknowledged the hardworking Green Team HQ support staff: Broker Managers Lucyann Tinnirello, Carol Buchanan, and Kim Lasalandra; Lora Chandra, Director of Operations; Andy Clough, Digital Marketing Support; Diana Clough, Controller; Nicole McCormick, Director of Marketing. In addition, we have Morgan Beattie and Natalee DiMichele, Agent Service Managers; Linda Vandeweert, Sign Installation Manager; Susan Wynn, Copywriter; Jane Tuomala, Marketing Assistant; and Brittani Gaucher, Agent Service Representative.

Team Up for Hope

Geoff asked the Board of Team Up for Hope, a non-profit organization he co-founded and chairs, to talk about what the organization has accomplished. Team Up for Hope is made up of an all-volunteer group of Green Team sales associates and staff. Locally, the organization addresses the challenges of mental health, drug use, and suicide by raising money for non-profit volunteer organizations at the forefront of addressing these issues. Team Up for Hope also produces webinars that bring in experts and advocates to provide knowledge, resources, and answer questions on these issues.

Globally, as the invasion of Ukraine began, Team Up for Hope began raising money for a relief organization in Poland assisting the refugees and will continue to do so. A webinar is planned with that organization so that we can all see the many needs that exist. Please visit the Team Up for Hope website and Facebook page for updates, to learn more about our organization, how you can help, and how to donate.

After the award presentations, the party got started…

DJ Chris Paul got the party started and kept it going as Green Teamers hit the dance floor. After a year of challenges, hard work, and dedication, it was wonderful to be able to celebrate with friends.

The Future of Home Price Appreciation and What It Means for You

by Nicole McCormick

Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15 years ago.

However, experts say the market is totally different today. For example, Odeta Kushi, Deputy Chief Economist at First American, tweeted just last week on this issue:

“. . . We do need price appreciation to slow today (it’s not sustainable over the long run) but high price growth today is supported by fundamentals- short supply, lower rates & demographic demand. And we are in a much different & safer space: better credit quality, low DTI [Debt-To-Income] & tons of equity. Hence, a crash in prices is very unlikely.”

Price appreciation will slow from the double-digit levels the market has seen over the last two years. However, experts believe home values will not depreciate (where a home would lose value).

To this point, Pulsenomics just released the latest Home Price Expectation Survey – a survey of a national panel of over 100 economists, real estate experts, and investment and market strategists. It forecasts home prices will continue appreciating over the next five years. Below are the expected year-over-year rates of home price appreciation based on the average of all 100+ projections:

2022: 9%
2023: 4.74%
2024: 3.67%
2025: 3.41%
2026: 3.57%

Those responding to the survey believe home price appreciation will still be relatively high this year (though half of what it was last year), and then return to more normal levels over the next four years.

What Does This Mean for You as a Buyer?

With a limited supply of homes available for sale and both prices and mortgage rates increasing, it can be a challenging market to navigate as a buyer. But buying a home sooner rather than later does have its benefits. If you wait to buy, you’ll pay more in the future. However, if you buy now, you’ll actually be in the position to make future price increases work for you. Once you buy, those rising home prices will help you build your home’s value, and by extension, your own household wealth through home equity.

As an example, let’s assume you purchased a $360,000 home in January of this year (the median price according to the National Association of Realtors rounded up to the nearest $10K). If you factor in the forecast for appreciation from the Home Price Expectation Survey, you could accumulate over $96,000 in household wealth over the next five years (see graph below):

Bottom Line

If you’re trying to decide whether to buy now or wait, the key is knowing what’s expected to happen with home prices. Experts say prices will continue to climb in the years ahead, just at a slower pace. So, if you’re ready to buy, doing so now may be your best bet for your wallet. It’ll also give you the chance to use the future home price appreciation to build your own net worth through rising equity. If you want to get started, let’s connect today.

Buying a home • Housing Market News • April 7, 2022

Remote Work Trends Mean Flexibility for First-Time Homebuyers

by Nicole McCormick

Today’s low inventory can be challenging for homebuyers, especially if you’re looking to purchase your first home. But if you’re one of many people who work remotely, you may have a great opportunity to use the flexibility you have at work to achieve your homebuying goals this year.

In a recent report, Arch Capital Services explains how the ongoing trend of remote work can open up more options for homebuyers:

“. . . This will enable those who are able to work from home on a part-time or hybrid basis to move slightly farther away from job centers. . . . For workers who secure full-time remote jobs, their place of residence will be determined by affordability and personal preferences.”

Basically, working from home is great news if you’re a first-time buyer trying to find a home that meets your needs and budget. Here’s a deeper look at how it could benefit you.

Extra Flexibility in Your Career Means Extra Flexibility in Your Home Search

If your job is 100% remote, you don’t have to be tied to a specific location or office. So, if you’ve been having a hard time finding what you want in your local area, it may be time to expand your search.

One option you could consider is moving to a place where you’ve always wanted to live, like the mountains, beach, or closer to loved ones. When you broaden your search radius to include those locations, it’ll give you additional homes to consider.

It could also allow you to search for a more affordable location where you have more options in your price range. This can help you achieve two goals – saving money and finding additional features that meet your needs. To truly highlight this benefit, a recent First American article discusses the great ways remote work can really help you with your homebuying goals. Ksenia Potapov, Economist at First American, says:

“For potential first-time home buyers, leveraging their house-buying power in more affordable markets can also help them buy more attractive homes – more square footage and rooms, more options for different home styles and neighborhood amenities – increasing the opportunity to find a home that suits their preferences.”

That means you can use your work flexibility to search for homes with the amenities you need at a lower price point.

Bottom Line

Remote work doesn’t just give you expanded flexibility for your career. If you’re no longer tied to a location because of your office, you have a great opportunity to expand your housing search. Let’s connect to explore how this can open up your options.

Buying a home • Mortgage and Home Loans • April 7, 2022

What You Need To Budget for When Buying a Home

by Nicole McCormick

When it comes to buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process.

To get you started, here are a few things experts say you should plan for along the way.

1. Down Payment

As you set your savings goal for your purchase, your down payment is likely already top of mind. And, like many other people, you may believe you need to set aside 20% of the home’s purchase price for that down payment – but that’s not always the case. The National Association of Realtors (NAR) says:

“One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership. Having this knowledge is critical to know what to save . . .”

The good news is, you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted professional who can go over the various loan types, down payment assistance programs, and what each one requires.

2. Earnest Money Deposit

Another item you may want to plan for is an earnest money deposit. While it isn’t required, it’s common in today’s highly competitive market because it can help your offer stand out in a bidding war.

So, what is it? It’s money you pay as a show of good faith when you make an offer on a house. This deposit works like a credit. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. It’s not an added expense, it’s just paying some of that up front. First American explains what it is and how it works:

“The deposit made from the buyer to the seller when submitting an offer. This deposit is typically held in trust by a third party and is intended to show the seller you are serious about purchasing their home. Upon closing the money will generally be applied to your down payment or closing costs.”

In other words, an earnest money deposit could be the very first check you’ll write toward your purchase. The amount varies by state and situation. Realtor.com elaborates:

“The amount you’ll deposit as earnest money will depend on factors such as policies and limitations in your state, the current market, what your real estate agent recommends, and what the seller requires. On average, however, you can expect to hand over 1% to 2% of the total home purchase price.”

Work with a real estate advisor to understand any requirements in your local area and what they’ve recommended for other buyers in your market. They’ll help you determine if it’s something that could be a useful option for you.

3. Closing Costs

The next thing to plan for is your closing costs. The Federal Trade Commission (FTC) defines closing costs as:

“The upfront fees charged in connection with a mortgage loan transaction. …generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.”

Basically, your closing costs cover the fees for various people and services involved in your transaction. NAR has this to say about how much to budget for:

“A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense…Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage. But buyers will need to budget for these added costs ahead of time to avoid sticker shock days before closing.”

The key takeaway is savvy buyers plan ahead for these expenses so they can come into the process prepared. Freddie Mac sums it up like this:

“If you’re in the market to buy a home, your down payment is probably top of mind. And rightly so – it’s likely the biggest cost of homebuying. However, it is not the only cost and it’s critical you understand all your expenses before diving in. The more prepared you are for your down payment, closing and other costs, the smoother your homebuying journey will be.”

Bottom Line

Knowing what to budget for in the homebuying process is essential. To make sure you understand these and any other expenses that may come up, let’s connect so you have reliable expertise on what to expect when you buy a home.

Buying a home • Housing Market News • Mortgage and Home Loans • April 7, 2022

Balancing Your Wants and Needs as a Homebuyer Today

by Nicole McCormick

Since the number of homes for sale is low today, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice bonuses, you can land a home that fits your needs.

Danielle Hale, Chief Economist for realtor.com, explains it like this:

“Focus on the goal you set out for yourself, like your list of must-haves and nice-to-haves and your budget, . . . Stick to that. Be persistent.”

So how do you go about creating your list of desired features? The first step is to get pre-approved for your mortgage. Pre-approval helps you better understand your budget, and that plays an important role in how you’ll craft your list. After all, you don’t want to fall in love with a home that’s too far out of reach.

Once you have a good grasp of your budget, you can begin to list all the features of a home you would like. Here’s a great way to think about them before you begin:

Must-Haves – If a house doesn’t have these features, it won’t work for you and your lifestyle (examples: distance from work or loved ones, number of bedrooms/bathrooms, etc.).
Nice-To-Haves – These are features that you’d love to have but can live without. Nice-To-Haves aren’t dealbreakers, but if you find a home that hits all the must-haves and some of the these, it’s a contender (examples: a second home office, garage, etc.).
Dream State– This is where you can really think big. Again, these aren’t features you’ll need, but if you find a home in your budget that has all the must-haves, most of the nice-to-haves, and any of these, it’s a clear winner (examples: farmhouse sink, multiple walk-in closets, etc.).

Finally, once you’ve created your list and categorized it in a way that works for you, discuss it with your real estate advisor. They’ll be able to help you refine the list further, coach you through the best way to stick to it, and find a home in your area that meets your needs.

Bottom Line

Crafting your home search checklist may seem like a small task, but it can save you time and money. It’s also one of the keys to being successful in today’s competitive market. Let’s connect so we can work together to find a home that fits your wants and needs.

Housing Market News • Selling a Home • April 7, 2022

It’s Still a Sellers’ Market [INFOGRAPHIC]

by Nicole McCormick

Some Highlights

Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen.
Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. There’s a reason why 72% of people believe it’s a good time to sell.
Don’t miss out on this unique opportunity. Let’s connect so you can take advantage of this hot sellers’ market.

Buying a home • Housing Market News • Mortgage and Home Loans • April 7, 2022

How an Energy Efficient Home Can Be a Bright Idea [INFOGRAPHIC]

by Nicole McCormick

Some Highlights

With inflation driving up the cost of everyday items, seeking out an energy-efficient home can be a great way to decrease the expenses you can control.
Energy efficiency can help lower your utility bills and possibly even save you money on your taxes. Options to look for include efficient appliances, windows, and solar panels.
If you’re planning to buy a home this year, consider energy efficiency in your search. Let’s connect so you can better understand features that can save you money for years to come.

Agency News and Awards • April 4, 2022

Agent Spotlight on Charles Nagy

by Nicole McCormick

This month the Green Team Realty Agent Spotlight is on Charles Nagy.

Charles Nagy resides in Crystal Springs with his wife Lynne. He enjoys playing golf and being involved in many of the other activities in the community. Through his pursuit of continuing real estate education, he obtained his certification as a Short Sale and Foreclosure Resource. Charles has been involved with different aspects of the real estate business for over 40 years. This includes the creation and sale of real estate tax-sheltered investment offerings; real estate management of high rises and garden apartment complexes; the development of raw land for the construction of residential homes and for 18 years, as a builder of residential properties. Consequently, it is no surprise that Charles decided to involve himself in the marketing and sale of real estate to prospective homeowners. With the wealth of knowledge and experience that Charles brings with him to the team of Agents at Green Team New Jersey Realty, he is able to deal with any issues that may arise in the course of selling homes which enables him to better assist buyers with their decisions.

Charlie is one-half of Green Team New Jersey Realty’s Dynamic Duo!

Their experiences in the real estate industry differ, yet they complement each other. The other member of the Duo is Ted Van Laar. Ted’s specialty is resort properties. Back in 1979 Ted and his wife, Rosanne, became attracted to the beauty, lifestyle, and amenities offered in Vernon’s resorts. Through the years they have shared their love and enjoyment of Mountain Creek, Crystal Springs, and Great Gorge resort area with their three children. They’ve also shared it with friends, family, and Ted’s many clients. Ted has a reputation for integrity and honesty, as well as appreciation and understanding of the resort lifestyle. Therefore, his clients like and trust his expertise, whether they’re looking for a private residence, second home, or investment property.

For some reason, these two diverse backgrounds meld together to form a productive, successful team. Charles and Ted have also been recipients of the New Jersey Realtors ® Circle of Excellence Award multiple times between 2014 to 2021. In fact, in 2021 they each received the Silver Award for sales between $6.5 and $12 million. In addition, the duo has been quarterly sales leaders several times, as well as Yearly Sales Leaders. Most recently, in 2021, they each achieved their personal best in sales, earning them Green Team Realty Gold Awards.

We asked Charlie the following questions:

Before entering the real estate profession, what did you do?

I was a home builder, for 18 years. Before that, I was an owner of a small ocean freight shipping company. And before that, I formulated and sold tax shelter investments.

How and why did you become a real estate agent?

When I bought my home in Crystal Springs to retire, the realtor was an office manager for the company I purchased through. He recruited me. I already had my license from being a builder so decided it might be fun and keep me busy. I enjoy working with people.

What do you like best about being a real estate agent?

The diversity. For instance, the number of moving parts in this business is so varied there’s never time to get bored. Each day is a new adventure. I thought for my background it was the perfect fit. It also gives you the freedom to run your own business. Besides, I love meeting and working with people to help them with their housing needs. It’s very gratifying to see their excitement when they finally close on their née home.

What do you like least about being a real estate agent?

The disappointment you see in your client when you lose a house to a higher bid or due to some problem your client encounters.

What was your most memorable/unusual real estate transaction?

My first sale. I was competing with a broker/manager for the listing because he thought the seller was his client. I held my position that it was my listing which was backed up by the seller. Therefore, I wound up with the deal and successfully closed and earned my first commission. From there I never looked back. A less experienced realtor would have given in with pressure being applied. I held my ground. No one should ever allow themselves to be bullied.

What is it like being part of the Green Team?

I love it. We treat each other as teammates. You never have to concern yourself with others in the company trying to steal your clients. Everyone helps each other. The camaraderie is great. There’s a goodly amount of social events where we can let our hair down and have fun away from the work. There is as much training as anyone can need and lead opportunities for all. It’s just totally different than what I see from other companies I engage with.

How would family and friends describe you?

Happy, driven, successful, personable, honest, and fun to be with. A good husband, father, Grampa and friend.

What is your proudest accomplishment?

My family.

What does “home” mean to you?

Home is my personal retreat to a loving environment.

What advice would you give to someone thinking about selling their home?

I would tell them to be sure of the company they select to list with. Of course, I would give them all the reasons they should select us above the competition. Furthermore, I would give them references and testimonials, and examples of how we would market it. Essentially, I would walk them through the home selling process, because knowledge is power. An educated client is the easiest to work with.

What advice would you give to someone thinking about buying a home?

All of the above plus an overview of the market itself so they know what to expect and not get upset if they lose out on an offer. I would tell them patience is definitely a requirement when searching for the right home.

What advice would you give to your younger self?

Get into the real estate business.

Buying a home • Housing Market News • Mortgage and Home Loans • March 31, 2022

There Are Several Great Reasons To Consider Buying a Condo Today

by Nicole McCormick

If you’re a first-time buyer looking to break into the housing market but struggling to find a home to buy, condominiums (or condos) could be a great alternative for you.

Here are a few reasons condos may be something you’ll want to consider.

Exploring Condos Could Add Options That Fit Your Budget

Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans.

In a recent article, Bankrate covers some of these differences:

“Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”

But if the size of a condominium meets your needs, they could match your budget as well. Data from the National Association of Realtors (NAR) shows the difference in the median price for both housing types. For single-family homes, the median price is $363,800. And for condominiums, the median price is lower at $305,400.

So, if budget is top of mind for you, a condominium could be a great fit within your target price range.

Not to mention, buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stairstep that can help you buy your dream home later on.

Find Out if Condo Living Is Right for You

In addition, owning and living in a condo is also a lifestyle choice. While it’s true they may be smaller than single-family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.

To understand if condo life is for you, Bankrate recommends asking yourself a few simple questions:

“Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.”

Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you.

Bottom Line

Condominiums are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, let’s connect so you have an expert in the condo-buying process on your side.

Buying a home • Housing Market News • Mortgage and Home Loans • Selling a Home • March 31, 2022

What’s Happening with Mortgage Rates, and Where Will They Go from Here?

by Nicole McCormick

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year:

Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed those projections.

Sam Khater, Chief Economist at Freddie Mac, explained in a press release last week:

“This week, the 30-year fixed-rate mortgage increased by more than a quarter of a percent as mortgage rates across all loan types continued to move up. Rising inflation, escalating geopolitical uncertainty and the Federal Reserve’s actions are driving rates higher and weakening consumers’ purchasing power.”

Where Are Mortgage Rates Going from Here?

In a recent article by Bankrate, several industry experts weighed in on where rates might be headed going forward. Here are some of their forecasts:

Greg McBride, Chief Financial Analyst, Bankrate:

“With inflation figures continuing to surprise to the upside, mortgage rates will remain above 4.0% on the 30-year fixed.”

Nadia Evangelou, Senior Economist and Director of Forecasting, National Association of Realtors (NAR):

“While higher short-term interest rates will push up mortgage rates, I expect some of this impact to be mitigated eventually through lower inflation. Thus, I expect the 30-year fixed mortgage rate to continue to rise, although we aren’t likely to see the big jumps that occurred over the past few weeks.”

Len Kiefer, Deputy Chief Economist, Freddie Mac:

“Mortgage rates are likely to continue to move higher throughout the balance of 2022, although the pace of rate increases is likely to moderate.”

In a recent realtor.com article, another expert adds to the conversation:

Danielle Hale, Chief Economist, realtor.com:

“. . . As markets digest the Fed’s updated economic projections, I anticipate a continued increase in mortgage rates over the next several months. . . .”

What Does This Mean for You if You’re Looking To Buy a Home?

With both mortgage rates and home values expected to increase throughout the year, it would be better to buy sooner rather than later if you’re able. That’s because it’ll cost you more the longer you wait. But, there is a possible silver lining to buying a home right now. While you’ll be paying a higher price and a higher mortgage rate than you would have last year, rising prices do have a long-term benefit once you buy.

If you purchase a home today valued at $400,000 and put 10% down, you would be taking out a $360,000 mortgage. According to mortgagecalculator.net, at a 4.42% fixed mortgage rate, your mortgage payment would be $1,807 a month (this does not include insurance, taxes, and other fees because those vary by location).

Now, let’s put that mortgage payment into a new perspective based on the substantial growth in equity that comes with the escalation in home prices. Every quarter, Pulsenomics surveys a panel of over 100 economists, investment strategists, and housing market analysts about their expectations for future home prices in the United States. Last week, Pulsenomics released their latest Home Price Expectation Survey. The survey reveals that the average of the experts’ forecasts calls for a 9% increase in home values in 2022.

Based on those projections, a $400,000 house you buy today could be valued at $436,000 by this time next year. If you break that down, that means the equity in your home would increase by $3,000 a month over that period. That’s greater than the estimated monthly payment above. Granted, the increase in your net worth is tied to the home, but it is one way to put the home price appreciation to use in a way that benefits you.

Bottom Line

Paying a higher price for a home and a higher mortgage rate can be a difficult pill to swallow. However, waiting will just cost you more. If you’re ready, willing, and able to buy a home, now will be a better time than a year, or even six months from now. Let’s connect to begin the process today.

A night to remember after a year we won’t forget!

And the Sapphire and GTNJR Yearly Sales Leader Awards go to… Keren Gonen

And the Diamond, GTNYR Yearly Sales Leader, and Momentum Builder Awards go to… Jennifer DiCostanzo

Platinum Awards for $10 to $15 Million in Sales were presented to:

Silver Awards for $3 to $5 Million in Sales were presented to:

Bronze Awards for $1.5 to $3 Million in Sales were presented to:

Team Players, Mentor of the Year, and Citizens of the Year:

Thank you to our sponsors!

Wait! There are more acknowledgments…

Inside Sales Associates

And where would we be without our phenomenal support staff…

Team Up for Hope

After the award presentations, the party got started…

What Does This Mean for You as a Buyer?

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Extra Flexibility in Your Career Means Extra Flexibility in Your Home Search

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1. Down Payment

2. Earnest Money Deposit

3. Closing Costs

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Some Highlights

Some Highlights

Charlie is one-half of Green Team New Jersey Realty’s Dynamic Duo!

We asked Charlie the following questions:

Before entering the real estate profession, what did you do?

How and why did you become a real estate agent?

What do you like best about being a real estate agent?

What do you like least about being a real estate agent?

What was your most memorable/unusual real estate transaction?

What is it like being part of the Green Team?

How would family and friends describe you?

What is your proudest accomplishment?

What does “home” mean to you?

What advice would you give to someone thinking about selling their home?

What advice would you give to someone thinking about buying a home?

What advice would you give to your younger self?

Exploring Condos Could Add Options That Fit Your Budget

Find Out if Condo Living Is Right for You

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<img decoding="async" class="attachment-entry size-entry wp-post-image" src="https://files.mykcm.com/2022/03/29163529/20220330-KCM-Share.jpg" alt="What’s Happening with Mortgage Rates, and Where Will They Go from Here? | MyKCM" width="750" height="410" data-eio="l" />

Where Are Mortgage Rates Going from Here?

Greg McBride, Chief Financial Analyst, Bankrate:

Nadia Evangelou, Senior Economist and Director of Forecasting, National Association of Realtors (NAR):

Len Kiefer, Deputy Chief Economist, Freddie Mac:

Danielle Hale, Chief Economist, realtor.com:

What Does This Mean for You if You’re Looking To Buy a Home?

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