Buying a home • November 24, 2021

How Smart Buyers Are Approaching Rising Mortgage Rates

by Nicole McCormick

Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022:

“The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.”

If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise.

Taking Time Off Can Be Costly

Mortgage rates play a significant role in your home search. As rates go up, your monthly mortgage payment increases if you’re buying a home, directly affecting how much you can afford. And even the smallest increase can have a large impact on your monthly payment (see chart below):With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of waiting and hoping rates will fall, today’s rates should motivate you to purchase now before rates increase more.

Smart Buyers Can Succeed by Planning Ahead

You can use your newfound motivation to energize your search and plan your next steps accordingly so you’re prepared to act no matter what happens with mortgage rates. One way to do that: take rising rates into consideration as part of your budget.

Danielle Hale, Chief Economist at realtor.com, puts it best, saying:

“Smart buyers should consider calculating a monthly payment not only at today’s rates, but also at rates that are a bit higher so that they won’t be derailed by a sudden upward move. . . .”

You should also be ready to act when you find the home that meets your needs. That means getting pre-approved with a lender so there won’t be any delays when the time arrives.

The best way to prepare is to work with a trusted real estate advisor now. An agent can connect you with a lender, help you adjust your search based on your budget, and be ready to act quickly when it’s time to make an offer.

Bottom Line

Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let’s connect today so you can better understand your budget and be prepared to buy your home even before rates climb higher.

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Agency News and Awards • November 24, 2021

Agent Spotlight Thomas Folino

by Nicole McCormick

A little about Tom…

From a young age, Tom combined his love for community and sports by coaching teams in Little League Baseball, the Youth Recreation Soccer program, and the Youth Basketball League. For the past 14 years, Tom has run a summer basketball camp. In addition, he was the founder and director of the Warwick AAU Basketball program. It is also no surprise that Tom chose to teach in the Warwick Valley Central School District, where he was highly respected as both a teacher and coach. He was the Boys Varsity Basketball Head Coach for 20 years, and the Boys Varsity Golf Head Coach.

Tom’s interest in real estate came from his own personal experiences. When buying and selling his own homes throughout the years, Tom found that he actually enjoyed the process – from obtaining financing to negotiating the best deals, and everything else involved! After retiring from teaching, Tom decided to pursue real estate full time, motivated by a desire to help people sell their houses and find homes they’d love within this community he knows so well. From his long and distinguished career in Education, he brings the same enthusiasm, dedication, and professionalism to his real estate career. His main goal is to place his clients’ needs and desires first. And his first-hand knowledge of the importance of a quality school system to a community, as well as his knowledge of Warwick and its many neighborhoods and villages, are definite assets.

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

Taught Physical Education and was the Varsity Basketball and Golf Head Coach in the Warwick Valley School District where I taught and coached for 34 years. Taught at the Elementary and High School level. Retired from teaching in 2014 and coaching in 2017

How and why did you become a real estate agent?

After retiring from coaching basketball at Warwick High School in 2017 I was looking for something else to do to keep me busy and on the move. Geoff Green the owner of Green Team NY Realty approached me about becoming involved in real estate. I was Geoff’s high school football coach at Warwick High School as well. I had bought and sold many properties before on my own and I loved helping and working with people. It seemed like a great fit for me!

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

The most satisfying part of real estate is seeing a satisfied and happy client. I love the entire process of working with a client from its beginning until closing and then being there for them in any way to help them after the process.

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

The disappointment when a client makes an offer and doesn’t get the deal. The market with its lack of inventory and high buyer demand has made this a very tough market for buyers.

What was your most memorable/unusual real estate transaction?

Selling the home of two of my high school teachers, Tom and Tricia Lorgan. Working with them throughout the process and helping them was very satisfying and rewarding. But every transaction that I have been involved with has been special for me.

What is it like being part of the Green Team?

One of the best decisions I have made in my life was working for the Green Team. We have an outstanding leader and teacher in Geoff Green. The entire team of real estate agents and support staff is second to none. We truly are a team where everybody looks out for each other and always is there to help a colleague in any way needed.

How would family and friends describe you?

Caring, will always go above and beyond to help somebody, organized and detail-oriented and somebody who puts others needs ahead of his own. Also a great sense of humor and somebody who loves to have fun.

What is your proudest accomplishment?

My Family. I have a beautiful, intelligent, caring, and hardworking wife along with my two sons who I’m extremely proud of the men they have become.

Green Team Agent Spotlight on tom Folino

What does “home” mean to you?

Warwick, NY, and being with family.

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

Selling your home is a very emotional process. Make sure you have clear goals on what you expect and most importantly choose a qualified real estate agent that can navigate you through the process so that its enjoyable and rewarding for everybody involved.

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

Do your homework on exactly what you are looking for in a home. That would include location, style, and what you can afford, to name a few. Have all your ducks in order before starting the process. But always remember that though we want to find the perfect home there will always be something that you don’t particularly like about a property. Have a checklist on what is important in a home and hopefully you can check off most of the boxes when you do find that home.

What advice would you give to your younger self?

Don’t always be so hard on yourself. Strive for perfection but make sure you enjoy the process as you go through it!

Agency News and Awards • November 23, 2021

Welcome Jeffrey Parmigiani to Green Team New York

by Nicole McCormick

The Green Team is proud to announce that Jeffrey Parmigiani has decided to join our Warwick, NY office. We’re excited to have him on our team and look forward to helping him grow!

Please join us in Welcoming Jeffrey Parmigiani to The Green Team New York!

Housing Market News • November 23, 2021

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

by Nicole McCormick

There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise.

With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year.

There are already alarmist headlines starting to appear. Here are two recent topics you may have seen in the news.

1. Foreclosures Are Spiking Today

There are a number of headlines circulating that call out the rising foreclosures in today’s real estate market. Those stories focus on an overly narrow view on that topic: the current volume of foreclosures compared to 2020. They emphasize that we’re seeing far more foreclosures this year compared to last.

That seems rather daunting. However, though it’s true foreclosures have been up over the 2020 numbers, it’s important to realize that there were virtually no foreclosures last year because of the forbearance plan. If we compare this September to September of 2019 (the last normal year), foreclosures were down 70% according to ATTOM.

Even Rick Sharga, an Executive Vice President of the firm that issued the report referenced in the above article, says:

“As expected, now that the moratorium has been over for three months, foreclosure activity continues to increase. But it’s increasing at a slower rate, and it appears that most of the activity is primarily on vacant and abandoned properties, or loans in foreclosure prior to the pandemic.”

Homeowners who have been impacted by the pandemic are not generally the ones being burdened right now. That’s because the forbearance program has worked. Ali Haralson, President of Auction.com, explains that the program has done a remarkable job:

“The tsunami of foreclosures many feared in the early days of the pandemic has not materialized thanks in large part to the swift and decisive foreclosure protections put in place by government policymakers and the mortgage servicing industry.”

And the government is still making sure homeowners have every opportunity to stay in their homes. Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), issued this statement just last week:

“Failures by mortgage servicers and regulators worsened the impact of the economic crisis a decade ago. Regulators have learned their lesson, and we will be scrutinizing servicers to ensure they are doing all they can to help homeowners and follow the law.”

2. Rising Mortgage Rates Will Slow the Housing Market

Another topic that’s generating frequent headlines is the rise in mortgage rates. Some people are expressing concern that rising rates will negatively impact the housing market by causing home sales to dramatically decline. The resulting headlines are raising unneeded alarm bells. To counteract those headlines, we need to take a look at what history tells us. Looking at data over the last 20 years, there’s no evidence that an increase in rates dramatically forces sales to come to a halt. Nor does home price appreciation come to a screeching stop. Let’s look at home sales first:The last three times rates increased (shown in the graph above in red), sales (depicted in blue in the graph) remained rather consistent. It’s true that sales fell rather dramatically from 2007 through 2010, but mortgage rates were also falling at the time. The next two instances showed no meaningful drop in sales.

Now, let’s take a look at home price appreciation (see graph below):Again, we see that a rise in rates didn’t cause prices to depreciate. Outside of the years following the crash, prices continued to appreciate, just at a slower rate.

Bottom Line

There’s a lot of misinformation out there. If you want the best advice on what’s happening in the current housing market, let’s connect.

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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Agency News and Awards • November 23, 2021

Congrats to Thomas Folino For Reaching the Cap!

by Nicole McCormick

Congratulations From Geoffrey Green, President Of Green Team Realty, To Thomas Folino for reaching the commission cap for Company Dollar Contribution in 2021!

“Coach Tom, as many of us know him, did it again. Two years in a row reaching the cap means that he is here to stay! Everyone in the Warwick area knows how great of a guy Tom is and he simply has carried that through to his Real Estate Career. Tom is a very easy guy to choose as your Realtor because he does a great job, always responds in a timely fashion, and he knows his stuff. Great job Coach. Keep going!”

Tom Folino’s dedication to his clients and hard work has allowed him to reach the cap on his commission with Green Team Realty. This is an outstanding accomplishment and means Tom Folino will now receive a 100% commission split on any deal he closes during 2021.

Tom Folino’s thoughts on hitting the cap:

“I’m very thankful for the trust that my clients have placed in me to be their real estate agent and I take that responsibility very seriously. My #1 priority is to help my clients achieve their goal of selling, buying, or renting .. Without my clients, reaching the cap once again this year wouldn’t have been possible, So a big heartfelt Thank you to all of you who have placed that trust in me!

Reaching the cap is something all agents should be very proud of. In this business, it’s all about getting the job done for your clients while making the process as enjoyable and stress-free as possible for them. When you “cap out” it gives you a sense of accomplishment and is a reward for all of the hard work and commitment you have given to the process and more importantly to your clients.

The commission plan that Geoff Green has implemented for the Green Team Realty gives you the incentive and motivation to work hard and then ultimately rewards all of that hard work.”

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, Tom Folino!

Buying a home • November 22, 2021

4 Ways Homeowners Can Use Their Equity

by Nicole McCormick

Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest Equity Insights Report from CoreLogic, homeowners gained an average of $51,500 in equity over the past year.

If you’re looking for the best ways to use your growing equity, here are four options:

1. Use Your Equity To Buy a Home That Fits Your Needs

If you’re finding you no longer have the space you need, it might be time to move into a larger home. Or, it’s possible you have too much space and would like something smaller. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle. Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home.

2. Move to the Location of Your Dreams

If the size of your home isn’t a challenge but your current location is, it could be time to relocate to a new area. Maybe you enjoy vacationing in the mountains, at the beach, or another area, and you’re dreaming of living there year-round. Or perhaps the distance between you and your loved ones is greater than you’d like, and you want to close the gap. No matter what, your home equity can fuel your move to the location where you really want to live.

3. Start a New Business

If you’re not ready to move into a new home, you can use your equity to invest in a new business venture. As the U.S. Small Business Administration Office of Advocacy says:

“There is an estimate of 31.7 million small business owners in the United States, many of them started their business with the equity they had in their home.”

While it’s not recommended that homeowners use their equity for unnecessary spending, leveraging your equity to start a business that you’re passionate about can potentially grow your nest egg further.

4. Fund an Education

Whether you have a loved one preparing to head off to college or you’re planning to go back to school yourself, the thought of paying for higher education can be daunting. In either situation, using a portion of your growing equity can help with those costs, so you can make an investment in someone’s future.

Bottom Line

Your equity can help you achieve your goals. If you’re unsure how much equity you have in your home, let’s connect today so you can start planning your next move.

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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Buying a home • November 20, 2021

Your Journey to Homeownership

by Nicole McCormick

Your Journey to Homeownership [INFOGRAPHIC] | MyKCM

Some Highlights

When it comes to buying a home, there are a number of key milestones along the way.
The process includes everything from building your team and understanding your finances to going house hunting, making an offer, and more.
When you’re ready to start your journey, let’s connect so you have trusted guidance at every milestone in the process.

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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Selling a Home • November 18, 2021

Home Sales About To Surge? We May See a Winter Like Never Before

by Nicole McCormick

Like most industries, residential real estate has a seasonality to it. For example, toy stores sell more toys in October, November, and December than they do in any other three-month span throughout the year. More cars are sold in the U.S. during the second quarter (April, May, and June) than in any other quarter of the year.

Real estate is very similar. The number of homes sold in the spring is almost always much greater than at any other time of the year. It’s even labeled as the spring buying season. Historically, the number of buyers and listings for sale significantly increase in the spring and remains strong throughout the summer. Once fall sets in, the number of buyers and sellers typically drops off.

Last year, however, that seasonality didn’t happen. The outbreak of the virus and subsequent slowing of the economy limited sales during the spring market. These sales were pushed back later in the year, and last fall and winter saw a dramatic increase in home sales over previous years. The only thing that held the market back was the extremely limited supply of homes for sale.

What About This Winter?

Some experts thought we’d return to the industry’s normal seasonality this winter with both the number of purchasers and houses available for sale falling off. However, data now shows that neither of those situations will likely occur. Buyer demand is still extremely strong, and it appears we may soon see a somewhat uncharacteristic increase in the number of homes coming to the market.

Buyer Demand Remains Strong

The latest Showing Index from ShowingTime, which tracks the average number of monthly showings on available homes, indicates buyer activity was slightly lower than at the same time last year but much higher than any of the three previous years (see chart below):A report from realtor.com confirms buying activity remains strong in the existing home sales market:

“New housing data shows 2021’s feverish home sales pace broke a yearly record in October, . . . with last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years. . . .”

Buyer activity for newly constructed homes is also very strong. Ali Wolf, Chief Economist for Zonda, recently reported that Stuart Miller, the Executive Chairman of Lennar, one of the nation’s largest home builders, said this about demand:

“There is still a great deal of demand at our sales centers with people lining up and not enough supply.”

The only question heading into this winter is whether the number of listings available could come close to meeting this buyer demand. We may have just received the answer to that question.

Sellers Are About To List – Right Now

Instead of waiting for the normal spring buying market, new research indicates that homeowners thinking about selling are about to put their homes on the market this winter.

Speaking to the release of a report on this recent research, George Ratiu, Manager of Economic Research for realtor.com, said:

“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”

Here are some highlights in the report:

Of homeowners planning to enter the market in the next year:

65% – Have just listed (19%) or plan to list this winter
93% – Have already taken steps toward listing their home, including working with an agent (28%)
36% – Have researched the value of their home and others in their neighborhood
36% – Have started making repairs or decluttering

The report also discusses the reasons sellers want to move:

33% – Have realized they want different home features
37% – Say their home no longer meets their family’s needs
32% – Want to move closer to friends and family
23% – Are looking for a home office

Data shows buyer demand remains unusually strong going into this winter. Research indicates the supply of inventory is about to increase. This could be a winter real estate market like never before.

Bottom Line

If you’re thinking of buying or selling, now is the time to have a heart-to-heart conversation with a real estate professional in your market, as things are about to change in an unexpected way.

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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Agency News and Awards • November 17, 2021

Green Team Realty is Climbing in the Rankings

by Nicole McCormick

The Little Brokerage That Could

Geoff Green founded Green Team Home Selling System 16 years ago. At that time, the housing market was booming. He created a program to provide the best possible training for his sales associates Understanding the power of technology, he created innovative ways to apply it to his brokerage. As a result, his agents were provided with innovative tools and services. Green Team provided support from marketing to technology, to training, and full broker support. Certainly, Green Team Home Selling Systems was doing great.

And then, the housing market crashed, taking 8 years to recover. As a result, many real estate agencies did not survive the Great Recession. However, Green Team Home Selling System not only survived the crash. It came back stronger than ever.

The name has since been changed to Green Team Realty. Today, Green Team, has 100+ agents, with offices in Warwick, NY, and Vernon, NJ. Green Team Realty’s new rankings reflect Geoff Green’s vision.

What makes Green Team Realty so special?

Green Team is aptly named. It’s about teamwork, even in a business as competitive as real estate. For example, the sales associates are supported by a team of dedicated office and marketing staff. They also receive experienced brokerage support. Furthermore, new agents are encouraged to enter the mentorship program, where they can learn from more experienced real estate professionals. Not only is up-to-date technology provided, training and support are also available. The atmosphere at Green Team is warm and welcoming, and you will find agents supporting each other, Green Team agents are part of our local communities and are involved in volunteering with local organizations and charities.

Green Team Realty’s New Rankings in Orange County, NY and Sussex County, NJ

The systems that Geoff Green created have stood the test of time. With amazing sales agents providing great service to clients, Green Team has risen in the ranks competing with large, franchise-backed offices.

Green Team New York Realty

The housing market was strong before the pandemic manifested in lock-down for most New Yorkers. Then, it skyrocketed as people from urban areas sought homes that provided more privacy, and room for work and school in place. Outdoor space also became a priority. Green Team sales associates worked tirelessly to meet the demands of the market. Based on year-to-date sales volume, Green Team New York Realty is 5th out of 587 in the Orange County rankings.

Green Team New Jersey Realty

Green Team New Jersey Realty saw that same dramatic uptick in real estate transactions during the lockdown and beyond. GTNJR is 8th out of 520 in the Sussex County Rankings, based on year-to-date sales volume.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Interested in Joining Green Team Realty? Learn More here!

Buying a home • November 17, 2021

Retirement May Be Changing What You Need in a Home

by Nicole McCormick

The past year and a half brought about significant life changes for many of us. For some, it meant entering retirement earlier than expected. Recent data shows more people retired this year than anticipated. According to the Schwartz Center for Economic Policy Analysis, 2021 saw a retirement boom:

“At least 1.7 million more older workers than expected retired due to the pandemic recession.”

If you’ve recently retired, your home may not fit your new lifestyle. The good news is, you’ve likely built-up significant equity that can fuel your next move. According to the latest Homeowner Equity Insights report from CoreLogic, homeowners gained more than $50,000 in equity over the past 12 months alone. That, plus today’s sellers’ market, presents a great opportunity to sell your house and address your evolving needs.

You Can Move Closer to the Ones You Love

The 2021 Home Buyers and Sellers Generational Trends report from the National Association of Realtors (NAR) provides a look at the reasons people buy homes. For those reaching retirement age, the number one reason to buy is the opportunity to be closer to loved ones, friends, or relatives.

If you find yourself farther from your loved ones than you’d like to be, retirement and the equity you’ve built in your home may enable you to move closer to the people in your life who matter most.

You Can Find the Right Home for Your Needs

Not only can your equity power a move to a new location, but it can also help you purchase the right size home. Lawrence Yun, Chief Economist at NAR, says many homebuyers 55 and older choose to downsize – or buy a smaller home – when they make a purchase:

“Clearly from the age patterns, young people want to upsize, and the older generation is looking to downsize. . . .”

Whatever your home goals are, a trusted real estate advisor can help you to find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one while you move into this new phase of life.

Bottom Line

If you’ve recently retired and your needs are changing, you’re not alone. Let’s connect so you can get a better sense of how to find a home that will match your situation.

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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Taking Time Off Can Be Costly

Smart Buyers Can Succeed by Planning Ahead

Bottom Line

A little about Tom…

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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?

1. Foreclosures Are Spiking Today

2. Rising Mortgage Rates Will Slow the Housing Market

Bottom Line

1. Use Your Equity To Buy a Home That Fits Your Needs

2. Move to the Location of Your Dreams

3. Start a New Business

4. Fund an Education

Bottom Line

Some Highlights

What About This Winter?

Buyer Demand Remains Strong

Sellers Are About To List – Right Now

Bottom Line

The Little Brokerage That Could

What makes Green Team Realty so special?

Green Team Realty’s New Rankings in Orange County, NY and Sussex County, NJ

Green Team New York Realty

Green Team New Jersey Realty

You Can Move Closer to the Ones You Love

You Can Find the Right Home for Your Needs

Bottom Line

Our Offices

Ringwood, NJ

Goshen, NY Real Estate

Pine Island, NY Real Estate