Buying a home October 25, 2021

Knowledge Is Power When It Comes to Appraisals and Inspections

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. That’s because high buyer demand and low housing supply are driving intense competition and leading some buyers to consider waiving those contingencies to stand out in the crowded market.

But is that the best move? Buying a home is one of the most important transactions in your lifetime, and it’s critical to keep your best interests in mind. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road.

Home Appraisal

The home appraisal is a critical step for securing a mortgage on your home. As Home Light explains:

“. . . lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed-upon payments.”

Put simply: when you apply for a mortgage, an unbiased appraisal – typically required by your lender – is the best way to verify the value of the home. That appraisal ensures the lender doesn’t loan you more than what the home is worth.

When buyers are competing like they are today, bidding wars and market conditions can push prices up. A buyer’s contract price may end up higher than the value of the home – this is known as an appraisal gap. In today’s market, it’s common for the seller to ask the buyer to make up the difference when an appraisal gap occurs. That means, as a buyer, you may need to be prepared to bring extra money to the table if you really want the home.

Home Inspection

Like the appraisal, the inspection is important because it gives an impartial evaluation of the home. While the appraisal determines the current value of the home, the inspection determines the current condition of the home. As the American Society of Home Inspectors puts it:

“Home inspections are the opportunity to discover major defects that were not apparent at a buyer’s showing. . . . Your home inspection is to help you make an informed decision about the house, including its condition.”

If there are any concerns during the inspection – an aging roof, a malfunctioning HVAC system, or any other questionable items – you have the option to discuss and negotiate any potential issues with the seller. Your real estate advisor can help you navigate this process and negotiate what, if any, repairs need to be made before the sale is finalized.

Keep in mind – home inspections are critical because they can shed light on challenges you may face as the new homeowner. Without an inspection, serious, sometimes costly issues could come as a surprise later on.

Bottom Line

Both the appraisal and the inspection are important steps in the homebuying process. They protect your best interests as a buyer by providing unbiased information about the home’s value and condition. Let’s connect so you have an expert guiding you throughout the entire process.

Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams.
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Agency News and Awards October 24, 2021

3rd Quarter 2021 Sales Leaders

Green Team Realty has announced its 3rd Quarter Sales Leaders. Jennifer DiCostanzo is the 3rd Quarter 2021 sales leader for Green Team New York Realty. Kim Lasalandra was in second place, followed by Nikki GrzegorzewskiKeren Gonen is the 3rd Quarter Sales Leader for Green Team New Jersey Realty. Kristi Anderson was in second place, followed by Alison Miller.

Jennifer DiCostanzo and Keren Gonen are no strangers to achieving quarterly and yearly sales leader status.

Jennifer DiCostanzo

Jen 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 Agent to receive the MVP award. In fact, Jen has achieved MVP status 3 times to date. However, she surpassed even these achievements, with a sales volume for the 3rd Quarter with over 10 Million dollars Therefore, It’s not surprising that Jen was among the top 1% of selling agents in Orange County for 2020.

 

“The ability to provide a targeted approach, with strategic planning and pricing in this pandemic-driven market, was essential. To best serve my clients, customizing a comprehensive and intuitive approach yields extraordinary results. While there have been many challenges due to the pandemic, being astute at providing solutions and transparency is a vital key factor, Facilitating a seamless transaction is part of what I love about this business.”

Jen is a Sales Representative Specialist and Accredited Buyer’s Representative. In addition, she has achieved Pricing Strategy Advisor and Seniors Real Estate Specialist designations. Further, Jen has been named a Real Estate All-Star by Hudson Valley Magazine for 2 consecutive years.

According to Geoff Green, President of Green Team Realty,

“Jen does it again!  This is the 4th Q3 sales leader award in 6 years by Jen.  Additionally, Jen is ranked #12 among all Realtors in Orange County.  These are truly amazing accomplishments.  That said, It should come as no surprise as to why Jen is so successful.  Her work ethic is top-notch, she values client relationships above all else, and consistently follows through.  Jen will no doubt be at the top of the production charts for many years to come.  Congrats Jen!”
Keren Gonen

Keren Gonen

Keren Gonen has been working hard, and it shows. She has been the quarterly sales leader for Green Team New Jersey Realty for the first, second, and third quarters of 2021. Keren joined Green Team in 2017 and became Yearly Sales Leader for that year. Subsequently, she earned that title again for 2020. In addition, Keren received the NJ Realtors® Gold Circle of Excellence Award, a Green Team MVP Award, and was in the top 20 of all agents in Sussex County.

According to Geoff Green,

“To say that Keren Gonen is on a tear is an understatement.  Not only has Keren won our Quarterly Sales Leader award each quarter of this year, but she is also in the top 20 of all Realtors in Sussex County. I can comfortably state that no one works harder than Keren Gonen.  But, perhaps the best news of all is that Keren recently expanded her business with more administrative help so that she can keep pace and deliver exceptional customer service to all of her clients.  Congrats once again Keren.”

Keren had this to say:
” As we continue to be in these uncharted waters of The Pandemic, possibly post-pandemic times, I am humbled by all the business and support that I continue to receive from my peers and clients.  I am grateful to be able to help so many people in their search for relocation and changing of lifestyle. Thank you to all my clients, buyers and sellers alike, who have allowed me to support them and assist. Wishing us all an easy end of 2021 and let’s see what 2022 has in store for us.”
Buying a homeMortgage and Home LoansSelling a Home October 22, 2021

Your Home Equity Is Growing

Your Home Equity Is Growing [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re a homeowner, today’s rising equity is great news. On average, homeowners have gained $51,500 in equity since this time last year.
  • Whether it’s funding an education, fueling your next move, or starting a business, your home equity is a great tool you can use to power your dreams.
  • Ready to sell? Let’s connect to talk about how you can take advantage of your rising equity to reach your goals.

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
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Buying a home October 21, 2021

Important Distinction: Homes Are Less Affordable, Not Unaffordable

It’s impossible to research the subject of buying a home without coming across a headline declaring that the fall in home affordability is a crisis. However, when we add context to the most recent affordability statistics, we soon realize that, though homes are less affordable than they have been over the last few years, they are more affordable than they historically have been.

Black Knight, a premier provider of data and analytics for the mortgage industry, just released their latest Monthly Mortgage Monitor which includes a new analysis of the affordability situation. Here’s what the report reveals:

“The monthly payment required to purchase the average priced home with a 20% down 30-year fixed rate mortgage increased by nearly 20% (+$210) over the first nine months of 2021, . . . It now requires 21.6% of the median household income to make the monthly mortgage payment on the average home purchase, the least affordable housing has been since 30-year rates rose to nearly 5% back in late 2018.”

Basically, the report shows that homes are less affordable today than at any other time in the last three years. However, in a previous report earlier this year, Black Knight calculated that the percentage of the median household income to make the monthly mortgage payment on the average home purchase over the last 25 years was 23.6% (see graph below):Important Distinction: Homes Are Less Affordable, Not Unaffordable | MyKCMToday’s payment-to-income ratio is more affordable than the average over the last 25 years. Given that context, we can see that American households still have the same ability to be homeowners as their parents did 20 years ago.

This confirms the recent analysis of ATTOM Data resources where Todd Teta, Chief Product and Technology Officer, explains:

“The typical median-priced home around the U.S. remains affordable to workers earning an average wage, despite prices that keep going through the roof. Super-low interests and rising pay continue to be the main reasons why.”

Bottom Line

It’s true that it’s less affordable to buy a home today than it has been the last few years. However, it’s more affordable to buy today than the average over the last 25 years. In other words, homes are less affordable, but they’re not unaffordable. That’s an important distinction.

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?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
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Buying a home October 20, 2021

Looking To Move? It Could Be Time To Build Your Dream Home.

While today’s supply of homes for sale is still low, the number of newly built homes is increasing. If you’re ready to sell but have held off because you weren’t sure you’d be able to find a home to move into, newly built homes and those under construction can provide the options you’ve been waiting for.

The latest Census data shows the inventory of new homes is increasing this year (see graph below):Looking To Move? It Could Be Time To Build Your Dream Home. | MyKCMWith more new homes coming to the market, this means you’ll have more options to choose from if you’re ready to buy. Of course, if you do consider a newly built home, you’ll want to keep timing in mind. The supply shown in the graph above includes homes at various stages of the construction process – some are near completion while others may be months away.

According to Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy for the National Association of Home Builders (NAHB):

28% of new home inventory consists of homes that have not started construction, compared to 21% a year ago.”

Buying a home near completion is great if you’re ready to move. Alternatively, a home that has yet to break ground might benefit you if you’re ready to sell and you aren’t on a strict timeline. You’ll have an even greater opportunity to design your future home to suit your needs. No matter what, your trusted real estate advisor can help you find a home that works for you.

Bottom Line

If you want to take advantage of today’s sellers’ market, but you’re not sure if you’ll be able to find a home to move into, consider a newly built home. Let’s connect today so you have a trusted real estate advisor to guide you through the sale of your house and discuss your homebuying options.

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?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
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Housing Market News October 19, 2021

What Does the Future Hold for Home Prices?

If you’re looking to buy or sell a house, chances are you’ve heard talk about today’s rising home prices. And while this increase in home values is great news for sellers, you may be wondering what the future holds. Will prices continue to rise with time, or should you expect them to fall?

To answer that question, let’s first understand a few terms you may be hearing right now.

It’s important to note home prices have increased, or appreciated, for 114 straight months. To find out if that trend may continue, look to the experts. Pulsenomics surveyed over 100 economists, investment strategists, and housing market analysts asking for their five-year projections. In terms of what lies ahead, experts say the market may see some slight deceleration, but not depreciation.

Here’s the forecast for the next few years:What Does the Future Hold for Home Prices? | MyKCMAs the graph above shows, prices are expected to continue to rise, just not at the same pace we’ve seen over the last year. Over 100 experts agree, there is no expectation for price depreciation. As the arrows indicate, each number is an increase, which means prices will rise each year.

Bill McBride, author of the blog Calculated Risk, also expects deceleration, but not depreciation:

“My sense is the Case-Shiller National annual growth rate of 19.7% is probably close to a peak, and that year-over-year price increases will slow later this year.”

Ivy Zelman of Zelman & Associates agrees, saying:

“. . . home price appreciation is on the cusp of flipping to a decelerating trend.”

recent article from realtor.com indicates you should expect:

“. . . annual price increases will slow to a more normal level, . . .”

What Does This Deceleration Mean for You?

What experts are projecting for the years ahead is more in line with the historical norm for appreciation. According to data from Black Knight, the average annual appreciation from 1995-2020 is 4.1%. As you can see from the chart above, the expert forecasts are closer to that pace, which means you should see appreciation at a level that’s aligned with a more normal year.

If you’re a buyer, don’t expect a sudden or drastic drop in home prices – experts say it won’t happen. Instead, think about your homeownership goals and consider purchasing a home before prices rise further.

If you’re a seller, the continued home price appreciation is good news for the value of your house. Work with an agent to list your house for the right price based on market conditions.

Bottom Line

Experts expect price deceleration, not price depreciation over the coming years. Let’s connect to talk through what’s happening in the housing market today, where things are headed, and what it means for you.

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
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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?

Selling a Home October 18, 2021

Sellers: Your House Could Be an Oasis for Buyers Seeking More Options

 

Sellers have a great opportunity this season as buyer demand still heavily outweighs the current supply of homes for sale. According to the National Association of Realtors (NAR), today’s housing inventory sits at only a 2.6-month supply. To put that into perspective, a neutral market typically features a 6-month supply. That places today’s market firmly in the sellers’ market category.

That same NAR data also shows today’s inventory of single-family homes is trailing behind the level we saw last year (see graph below):Sellers: Your House Could Be an Oasis for Buyers Seeking More Options | MyKCMBecause of the ongoing supply challenges, buyers can feel like they’re wandering across a vast, empty desert when searching for their next home. That means your house could provide an oasis for buyers thirsty for options – and it could increase the chances of buyers entering a bidding war for your home.

The latest Realtors Confidence Index Survey from NAR shows houses are receiving an average of 3.8 offers. A multiple-offer scenario lets you select the best offer and gives you incredible leverage when you sell this fall.

Bottom Line

Buyers today are looking for relief as they wander today’s inventory desert. Listing your house this fall – before more options appear – gives your house the best chance to be noticed by multiple buyers. Let’s connect today so your house can stand out as the oasis it truly is.

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?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
Start Here!

Community Support October 16, 2021

TUH is Making a Difference

Geoff Green and Amy Green Morris founded Team Up for Hope in early 2020, with a small all-volunteer group of Green Team sales associates and staff. The mission statement was clear. The 501(c)(3) non-profit would seek to address the impact of mental health, substance use, and suicide in our communities. In order to accomplish this, TUH would raise funds and awareness for local nonprofit organizations at the forefront of these crises. The Green Team had previously raised money for its local NAMI affiliates. Thus, TUH decided to continue supporting the amazing work these volunteer organizations do. Now, just a year into its mission, TUH is making a difference!

Raising Funds

On October 15, 2021, checks were presented to NAMI Orange and NAMI Sussex in the amount of $3,000 each. This was in addition to the $2,000 presented to each of these NAMI affiliates in November 2020. What is truly remarkable is the use these organizations have made of these donations. In response to the loss of in-person support and treatment, these organizations stepped up. Zoom became the platform for support groups, classes, and training. The amazing NAMI volunteers became proficient at the tech necessary to reach those in need.  Additionally, printing, mailing, phone, and other expenses were incurred to provide needed resources.

Team Up for Hope freed these same volunteers from having to raise necessary funds. And, together with our TUH Sponsors, we were able to provide funding for most of their overhead and program costs. Furthermore, Team Up for Hope provided donations to other local non-profits.

Raising Awareness

TUH’s method of raising awareness was shaped by the Pandemic. Team Up for Hope was unable to hold a planned in-person event. Therefore, TUH decided to create a series of webinars.  Importantly, the first webinar discussed the impact of the pandemic on mental health and substance use. Subsequent webinars covered topics related to the TUH mission statement. For a list of, and to view these webinars, click here.

TUH collaborates on its webinars with local experts and advocates to provide education, resources, and support.

Join us for our next Webinar

Join Team Up for Hope on Thursday, November 4 at 7..pm. for a special webinar. Geoff Green will be interviewing author Bobi Conn. Bobi’s book is In the Shadow of the Valley: A Memoir, an extraordinary tale of survival and hope.

Become a Sponsor

Sponsorships are for a 12-month period and are a way of showing your community that you care. Moreover, you can become a sponsor at any time. Donations are tax-deductible as allowed by law. Team Up for Hope is an all-volunteer organization. Sponsorship money is donated to NAMI Orange County, NY, and NAMI Sussex County, NJ. Furthermore, In addition, TUH makes donations to other local non-profit organizations. Recipients include local artist and mental health advocate, Dan McQuade, Moreover, donations went to the Center for Evaluation and Counseling, Family Partners of Morris & Sussex County, and the American Foundation for Suicide Prevention.

Our Diamond Sponsors 

Platinum Sponsors 

  • NuOp – The Business Opportunity Exchange;
  • Thomas & Tina Herceg, and
  • Kristin Hess.

Gold Sponsors 

  • Spring Brook Farm;
  • Olinski Law, LLC; Executive Insurance Services;
  • Lexington Avenue Capital Management LLC;
  • NJ Home Check Home Inspections;
  • Pamela Zachowski, Green Team New Jersey Realty, and
  • Edward Sattler, Green Team New York Salesperson, and Deborah Sattler.

You can make a difference, too!

What can you do to help?   Firstly, make a donation or become a sponsor (Click here).  Secondly, don’t be afraid to talk about mental health, substance use, and suicide. Ultimately, together we can help end the stigma and the silence, 

 

Buying a home October 15, 2021

Homebuyer Tips for Finding the One

Homebuyer Tips for Finding the One [INFOGRAPHIC] | MyKCM

Some Highlights

  • The best advice carries across multiple areas of life. When it comes to homebuying, a few simple tips can help you stay on track.
  • Because of increased demand, you’ll need to be patient and embrace compromises during your search. Then, once you’ve fallen in love, commit by putting your best offer forward.
  • If you’re looking to buy a home this year, let’s connect so you have a dedicated partner and teammate to help you find the one.
Buying A Home?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
Start Here!

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?

Housing Market News October 14, 2021

What Do Past Years Tell Us About Today’s Real Estate Market?

As you follow the news, you’re likely seeing headlines discussing what’s going on in today’s housing market. Chances are high that some of the more recent storylines you’ve come across mention terms like cooling or slowing when talking about where the market is headed.

But what do these terms mean? The housing market today is anything but normal, and it’s still an incredibly strong sellers’ market, especially when compared to the few years leading up to the pandemic. With that in mind, what can previous years tell us about today’s real estate market and if it’s truly slowing?

We’re Still Seeing an Above Average Number of Sales

You may see headlines about a drop in home sales. But are those headlines telling the full story? The most recent Existing Home Sales Report from the National Association of Realtors (NAR) does show a drop of about 2% from July to August. But the month-over-month decline doesn’t provide the full picture (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAs the graph shows, historical context is key. Today’s home sales are well ahead of some of the more normal years that led up to the health crisis. That means buyers are still in the market, which is great news if you’re planning to list your home.

Houses Are Selling Faster Than Usual

When headlines mention the market is slowing, sellers may naturally wonder if their house will sell as quickly as they’d like. According to the most recent Realtors Confidence Index from NAR, homes are still selling at record speed (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAgain, if we look back at data from previous years, we can see the average time on market – 17 days –  means homes are selling faster than a normal pace.

Bidding Wars Are Still the Norm

The Realtors Confidence Index from NAR also shows a drop in the average number of offers homes are receiving in August, and many headlines may simply focus there without providing the important context (see graph below):What Do Past Years Tell Us About Today’s Real Estate Market? | MyKCMAgain, it’s important to compare today’s market to trends from recent years. Currently, the average number of offers per listing is higher than 39 of the previous 45 months. That means the likelihood of a bidding war on your home is still high. And the number of offers your house receives can have a major influence on the final sale price.

So, Is the Market Slowing Down?

While there are slight declines in various month-to-month data, it’s important to keep historical context in mind when determining what’s happening in today’s market. Odeta Kushi, Deputy Chief Economist at First American, put it best recently, saying:

“It’s not the white-hot market from earlier in the year & it’s not the 2020 market benefiting from a wave of pent-up demand but make no mistake this is still a hot housing market.”

Bottom Line

Don’t let headlines make you rethink listing your home this fall. Selling today means you can still take advantage of high buyer demand, multiple offers, and a quick sale. If you’re thinking of selling your house, let’s connect and discuss why this fall is the perfect time to do so.

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!