Agency News and Awards • October 26, 2021

Congrats to “Pip” Julie Klein For Reaching the Cap!

by Nicole McCormick

Congratulations From Geoffrey Green, President Of Green Team Realty, To “Pip” Julie Klein for reaching the commission cap for Company Dollar Contribution in 2021!

Geoff’s thought on hitting the cap:

“Pip is an excellent example of someone who always keeps her work life in balance with her personal life. She loves to travel and does so frequently, but she also works hard and delivers exceptional service to her clients. Pip has been with us as a Realtor for 10 years now and we certainly hope she continues this profession for at least another 10! Congrats on reaching the cap Pip!”

“Pip” Julie Klein dedication to her clients and hard work has allowed her to reach the cap on her commission with Green Team Realty. This is an outstanding accomplishment and means “Pip” Julie Klein will now receive a 100% commission split on any of her own client transactions that she close’s during 2021.

“Pip” Julie Klein‘s thoughts on hitting the cap:

“2021 was a banner year for me — celebrating my ten year anniversary with the Green Team, getting quoted in the NY Times and now achieving CAP status!

Truly, I could not have achieved these milestones without the enthusiastic encouragement and support of my many clients and friends over the years who continue to help my career grow. I sincerely appreciate their contribution to my success and I also want to thank our Broker Geoff Green for offering this generous agent commission incentive. It is just one reason that I have enjoyed my decade at this wonderful local brokerage where we truly feel like family.”

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, “Pip” Julie Klein!

Buying a home • October 26, 2021

There Are More Homes Available Now than There Were This Spring

by Nicole McCormick

There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale as we move into the end of the year.

The Number of Homes for Sale Usually Peaks in the Fall

In the residential real estate market, trends generally follow a predictable and seasonal pattern. Typically, the number of homes available for sale (or active monthly listings) peaks in the fall. But in a chapter where so little feels normal, the question becomes: should we expect a fall peak this year?

If we look at the active monthly listings for 2021 (shown in the chart below), we’ll see that the number of homes on the market has increased fairly steadily since spring this year. The realtor.com data shows we’re still seeing an increase in active inventory month-over-month. While that gain is a bit smaller month-to-month (see August to September in the chart), September numbers are still up from the month prior.The important takeaway here is the latest monthly numbers show growth. At the end of September, buyers had more options to pick from than they did this spring. That’s encouraging for buyers who may have paused their search months ago because they had trouble finding a home. Danielle Hale, Chief Economist at realtor.com, sums this up nicely:

“Put simply, this September buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020. Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.”

As Hale says, a fall peak in inventory is in line with typical seasonal trends. While it’s impossible to say for certain what the future holds for housing inventory, we do know both buyers and sellers have opportunities this season based on the latest data.

What Does That Mean for You?

If you’re thinking of buying a home, rest assured you do have more options now than you did earlier this year – and that’s a welcome relief. That said, today’s market is still highly competitive. This isn’t the time to slow your search. It’s actually the season when the number of homes available for sale tends to peak. Focus on the additional options with renewed energy this season and be prepared for ongoing competition from other buyers.

If you’re considering selling your house, realize that while growing, inventory is still low. Selling now means you’ll be in a great position to negotiate with buyers – and competition among buyers is good news for your bottom line. Eager buyers will likely be motivated to act before the holidays, giving you the benefit of a fast sale.

Bottom Line

Whether you’re buying or selling, there’s still a chance to make your goals a reality this season. Let’s connect so we can discuss what’s going on with the local market and current trends and what they mean 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.
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?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Housing Market News • October 25, 2021

October 2021 Housing Market Update

by Nicole McCormick

The October 2021 Housing Market Update was held on October 19 at 12 p.m. If you missed the live webinar or would like to watch it again, it is available below.

Home Price Appreciation

Geoff Green, the host of the event, jumped right into the stats. First, there has been an amazing amount of appreciation taking place in the U.S. housing market. For example, the year-over-year average appreciation as of July 2021 was +19.2%. Of course, the pandemic has greatly impacted the market. In other words, many people decided to leave metropolitan areas and move to suburban and rural areas. Consequently, the lack of inventory, low mortgage rates, and a robust economy created a “feeding frenzy” of potential buyers.

The map below shows price appreciation by states and regions.

However, according to Ivy Zelman of Zelman & Associates,

“Closings are set to decline roughly 10% year over year in the 2nd half of 2021 and home price appreciation is on the cusp of flipping to a decelerating trend.”

Geoff stressed that decelerating means a slower amount of appreciation, and not a depreciation of value.

Mortgage rates and the impact on purchasing power

From January of 2020, rates plummeted down and bottomed out at beginning of 2021. They have been rising since. Mortgage rates have now jumped above 3%. Historically, these rates are still very low.

However, the chart below demonstrates how rising rates can impact your buying power.

More factors discussed

Geoff presented data on factors impacting the economy and the housing market. For instance, the rate of inflation, the high price of food, supply chain issues, oil prices, and more may impact the decision to buy or sell a home.

National Housing Market Stats

Existing home sales are starting to come down after last year’s numbers, but they are coming down softly. Average home sale price is appreciating at a lower rate. The months’ supply of inventory is actually starting to come up, but nowhere near the levels it has been or needs to be to meet demand.

Meet our Panel

Panelists for the October 2021 Housing Market Update are Tiffany Megna, Green Team New York Realty, Keren Gonen, Green Team New Jersey Realty, and Jessica Imparato, Cardinal Financial.

They discussed what they are seeing from their perspective, with “boots on the ground,” Despite stats showing the market softening, they have not seen a decline in their businesses. Jessica discussed how prospective buyers can be impacted by an increase in mortgage rates.

To see the entire presentation and panel discussion, click here To sign up for Housing Market Updates, click here.

“Housekeeping” Details

Buying a home • October 25, 2021

Knowledge Is Power When It Comes to Appraisals and Inspections

by Nicole McCormick

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.
What’s your home’s value?

Agency News and Awards • October 24, 2021

3rd Quarter 2021 Sales Leaders

by Nicole McCormick

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 Grzegorzewski. Keren 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 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 home • Mortgage and Home Loans • Selling a Home • October 22, 2021

Your Home Equity Is Growing

by Nicole McCormick

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.

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 • October 21, 2021

Important Distinction: Homes Are Less Affordable, Not Unaffordable

by Nicole McCormick

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):Today’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?

Buying a home • October 20, 2021

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

by Nicole McCormick

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):With 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?

Housing Market News • October 19, 2021

What Does the Future Hold for Home Prices?

by Nicole McCormick

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.

Appreciation is an increase in the value of an asset.
Depreciation is a decrease in the value of an asset.
Deceleration is when something happens at a slower pace.

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:As 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.”

A 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.

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

by Nicole McCormick

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):Because 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?

The Number of Homes for Sale Usually Peaks in the Fall

What Does That Mean for You?

Bottom Line

Home Price Appreciation

Mortgage rates and the impact on purchasing power

More factors discussed

National Housing Market Stats

Meet our Panel

“Housekeeping” Details

Home Appraisal

Home Inspection

Bottom Line

Jennifer DiCostanzo

Some Highlights

Bottom Line

Bottom Line

What Does This Deceleration Mean for You?

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Bottom Line

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