Agency News and Awards • February 24, 2021

Green Team Realty 2020 Sales Awards

by Nicole McCormick

Geoff Green, President, welcomed everyone to the Green Team Realty 2020 Sales Awards. Normally, the annual sales award event is held at the Warwick Valley Country Club, with a band or D.J., plenty of food and drink, and lots of good spirits and comradery. However, the pandemic has required creative alternatives. Therefore, Geoff and Green Team Marketing Director Andrew Clough decided to put together an event on Zoom. The Awards Ceremony was divided into three webinars, with Sales Awards being the first, on February 10. The following night celebrated the Team Player and CItizen of the Year Award Winners. Finally, on February 12, Geoff announced the recipient of the Momentum Builder Award.

Geoff shared his appreciation for Green Team sales associates, as well as one of his favorite quotes:

“Great salespeople are relationship builders who provide value and help their customers win.” Jeffrey Gitomer

2020 was a challenging year for all, but Green Team sales associates faced some unique situations. As independent contractors, they do not receive salaries or benefits, such as health insurance. Further, they have had to adapt to ever-changing state restrictions and regulations on the real estate industry. As the pandemic wore on, many city-dwellers decided to move to suburban and rural areas, including Orange and Sussex Counties. Sales associates had to adjust to different ways of helping clients buy or sell homes while making sure that everyone stayed safe. Many of our sales associates rose to the occasion, and we honor them here.

The MVP Circle Award

This year four sales associates became members of the MVP Circle, each achieving over $10+ Million in sales volume.

Keren Gonen is in the top 20 of all agents in Sussex County, with $17.8 Million in sales in 2020. She is a three-time Citizen of the Year award winner, as well as 2017 Team Player award winner.

Jennifer DiCostanzo is ranked #13 in Orange County. She has been the yearly sales leader for the past 5 years. In addition, she was the first sales associate to receive the MVP Circle Award. In fact, this is her third time receiving this award. Jen has also been a three-time Citizen of the Year award winner.

Kristi Anderson joined Green Team New Jersey Realty in 2019. She became a Captains Club award winner in 2019. Now, with $10.8 Million in sales, she is in the top 1.7% of all agents in Sussex County for 2020.

Nancy Sardo joined the Green Team in 2015. She is a two-time Presidents Club Award Winner. With $10.4 Million in sales volume for 2020, she is in the top 1.5% of all agents in Orange County for that year.

Presidents Club Awards

This award was given to those who had a sales volume of $5 to $10 Million in calendar year 2020.

The following sales associates from Green Team New York Realty achieved Presidents Club: Dean Diltz, Tammy Scotto, Vikki Garby, and Tiffany Megna. Nikki Grzegorzewski joined Green Team in 2020. With $6.2 Million in sales volume, she is in the top 4% of all agents in Orange County.

The following sales associates from Green Team New Jersey Realty achieved Presidents Club: Theodore Van Laar, Charles Nagy, Barbara Tesa, and Alison Miller.

Captains Club Awards

This award was given to those who had a sales volume of $3 to $5 Million in calendar year 2020.

The following sales associates from Green Team New York Realty achieved Captains Club: Carol Buchanan, Kristine “Krissy” Many, Terry Gavan, Tom Folino, Karen Gauvin, Kim Lesley, Lucyann Tinnirello, and Pip “Julie” Klein.

The following sales associates from Green Team New Jersey Realty achieved Captains Club: Kimberly Lasalandra, Pamela Zachowski, and Camilia “Cami” Cielo.

Honorable Mention Awards

This award was given to those who had a sales volume of $1.5 to $3 Million in calendar year 2020.

The following sales associates from Green Team New York Realty achieved Honorable Mention: Chris Kimiecik, Mary Pearsall, Angela Murphy, Guillermina “Gidget” Tavares, Dana Green, Toni Vogel, Kathleen Eubanks, Cara Dumond, and Toni Kreusch

The following sales associates from Green Team New Jersey Realty achieved Honorable Mention: Catherine L. Johnson-Witte, Heidi Hyland, and Yvette Saldana.

Housing Market News • February 24, 2021

February 2021 Housing Market Update

by Nicole McCormick

Geoff Green, President of Green Team Realty, welcomed everyone to the February 2021 Housing Market Update. The webinar, held on February 16 at 12 p.m.. examined the housing market on both national and local levels.

If you missed the webinar or would like to view it again, it is available here.

Meet our Panel

Geoff was joined by panelists Keren Gonen, Kristi Anderson, Barbara Tesa, and Pam Zachowski, all of Green Team New Jersey Realty. In addition, Michael Giannetto of Cross Country Mortgage joined the panel, sharing his expertise.

Let’s Get National

“Existing home sales totaled 5.64 million in 2020, up from 5.6% from 2019 and the most since before the Great Recession.” – NAR

“Home seller profits skyrocketed in 2020. Seller profit on typical sale in 2020: $68,843. Up from $53,700 in 2019 and $48,500 in 2018.” – Atom Data

As Geoff has pointed out throughout 2020, sellers were the ones benefitting from that market. The amount of money made by sellers in 2020 was historic. Furthermore, price projections for 2021 signal an average of 5%. Historically, the housing market appreciates by approximately 3.8%.

Low mortgage rates have been driving the sustained market and affordability. The projections are showing that rates will start to climb from 2021 into 2022. However, the increases are not major. Predictions are a gradual increase to 3.2%.

Inventory at a historical low point

“Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.” – NAR

Working from home

According to this 2020 Panel Consensus Forecast from NAR, there is a shift towards working from home since 2019. While down from 2020, the forecasts for 2021 and 2022 are at least twice as much as 2019. Geoff sees a restructuring of business models as employees and businesses see benefits of working from home.

What else are we talking about?

We’re talking about the price of lumber and new home sales activity. Also, exiting forbearance plans, housing affordability, and equity benefit of price appreciation

All of these topics are discussed in the February 2021 Housing Market Update.

Housing Market stats on national and local levels

Existing home sales and prices were up, with inventory way down, making for a true supply and demand marketplace.

“Housekeeping” Items

Hear from our Panelists

Finally, the realtors, all from Green Team New Jersey Realty this month, and Michael Giannetto of Cross Country Mortgage, discussed what they are seeing “on the ground.”

Again, if you missed the webinar, you can watch it now to hear the panel discussion. Just click here. And below is the contact information for this month’s panelists.

We’ll see you on Tuesday, March 15 at 12 p.m.

Sign up for Housing Market Updates at GreenTeamRealty.com/HMU

Buying a home • February 23, 2021

Do I Really Need a 20% Down Payment to Buy a Home?

by Better Homes and Gardens Green Team

Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don’t have that much saved yet. The reality is, whether you’re looking for your first home or you’ve purchased one before, you most likely don’t need to put 20% down. Here’s why.

According to Freddie Mac:

“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”

If saving that much money sounds daunting, potential homebuyers might give up on the dream of homeownership before they even begin – but they don’t have to.

Data in the 2020 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) indicates that the median down payment actually hasn’t been over 20% since 2005, and even then, that was for repeat buyers, not first-time homebuyers. As the image below shows, today’s median down payment is clearly less than 20%.

What does this mean for potential homebuyers?

As we can see, the median down payment was lowest for first-time buyers with the 2020 percentage coming in at 7%. If you’re a first-time buyer and putting down 7% still seems high, understand that there are programs that allow qualified buyers to purchase a home with a down payment as low as 3.5%. There are even options like VA loans and USDA loans with no down payment requirements for qualified applicants.

It’s important for potential homebuyers (whether they’re repeat or first-time buyers) to know they likely don’t need to put down 20% of the purchase price, but they do need to do their homework to understand the options available. Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.

Bottom Line

Don’t let down payment myths keep you from hitting your homeownership goals. If you’re hoping to buy a home this year, let’s connect to review your options.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Buying a home • February 22, 2021

Want to Build Wealth? Buy a Home This Year.

by Better Homes and Gardens Green Team

Every year, households across the country make the decision to rent for another year or take the leap into homeownership. They look at their earnings and savings and then decide what makes the most financial sense. That equation will most likely take into consideration monthly housing costs, tax advantages, and other incremental expenses. Using these measurements, recent studies show that it’s still more affordable to own than rent in most of the country.

There is, however, another financial advantage to owning a home that’s often forgotten in the analysis – the wealth built through equity when you own a home.

Odeta Kushi, Deputy Chief Economist for First American, discusses this point in a recent blog post. She explains:

“Once you include the equity benefit of price appreciation, owning made more financial sense than renting in 48 out of the 50 top markets, with the only exceptions being San Francisco and San Jose, Calif.”

What has this equity piece meant to homeowners in the past?

ATTOM Data Solutions, the curator of one of the nation’s premier property databases, just analyzed the typical home-price gain owners nationwide enjoyed when they sold their homes. Here’s a breakdown of their findings:The typical gain in the sale of the home (equity) has increased significantly over the last five years.

CoreLogic, another property data curator, also weighed in on the subject. According to their latest Homeowner Equity Insights Report, the average homeowner gained $17,000 in equity in just the last year alone.

What does the future look like for homeowners when it comes to equity?

Here are the seven major home price appreciation forecasts for 2021:The National Association of Realtors (NAR) just reported that today, the median-priced home in the country sells for $309,800. If homes appreciate by 5% this year (the average of the forecasts), the homeowner will increase their wealth by $15,490 in 2021 through increased equity.

Bottom Line

As you make your plans for the coming year, be sure to consider the equity benefits of home price appreciation as you weigh the financial advantages of buying over renting. When you do, you may find this is the perfect time to jump into homeownership.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Selling a Home • February 22, 2021

Is Right Now the Right Time to Sell?

by Better Homes and Gardens Green Team

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Some Highlights

If you’re on the fence about selling your house, now is a great time to take advantage of sky-high demand, low supply, and fierce buyer competition.
With buyer demand rising and historically low inventory for sale, if you’re in a position to move, your house may really stand out from the crowd.
Let’s connect today to get your listing process underway.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

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Buying a home • February 20, 2021

47% of New Buyers Surprised by How Affordable Homes Are Today

by Better Homes and Gardens Green Team

Headlines matter. Right now, it’s hard to read about real estate without seeing a headline that suggests homes have become unaffordable for most Americans. In reality, there’s hard evidence that shows how owning a home is more affordable than renting in most parts of the country, as record-low interest rates are keeping monthly mortgage payments about 23% lower than the typical payment of 20 years ago. Despite the facts, misleading headlines persist, and they impact how hopeful homebuyers perceive the market.

In a recent survey by realtor.com, home shoppers indicated they were surprised by what they could actually afford when buying their first home. In fact, 47% discovered their budget was larger than they expected. George Ratiu, Senior Economist at realtor.com, explains:

“For first-time buyers, especially, the drop in the 30-year mortgage rate…has provided unexpected leverage. Lower rates allowed many buyers to stretch and buy more expensive homes while keeping their monthly budget the same.”

So why do these negative headlines that cast doubt on affordability continue to exist?

Most analysts only look at two of the three elements that make up the affordability equation: price and income. It’s true that incomes haven’t kept up with the price of houses. However, affordability is about the cost of the home, not just the price. For that reason, mortgage rates, the third element of the affordability equation, are important to consider.

For example, here’s the typical mortgage payment for assorted dates going back to 2000, as calculated by CoreLogic:Outside of the housing crash (when short sales and foreclosures drove prices down), it’s more affordable to buy a home today when you consider all three elements of the affordability equation: price, income, and mortgage rate.

Bottom Line

Whether you’re a first-time buyer or a move-up buyer, don’t let the headlines scare you away from your dream of homeownership. Instead, connect with mortgage and real estate professionals to determine what you can afford and what’s available at that price. Like almost half of the buyers in the survey, you may be pleasantly surprised.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Mortgage and Home Loans • February 19, 2021

What Happens When Homeowners Leave Their Forbearance Plans?

by Better Homes and Gardens Green Team

According to the latest report from Black Knight, Inc., a well-respected provider of data and analytics for mortgage companies, 6.48 million households have entered a forbearance plan as a result of financial concerns brought on by the COVID-19 pandemic. Here’s where these homeowners stand right now:

2,543,000 (39%) are current on their payments and have left the program
625,000 (9%) have paid off their mortgages
434,000 (7%) have negotiated a repayment plan and have left the program
2,254,000 (35%) have extended their original forbearance plan
512,000 (8%) are still in their original forbearance plan
116,000 (2%) have left the program and are still behind on payments

This shows that of the almost 3.72 million homeowners who have left the program, only 116,000 (2%) exited while they were still behind on their payments. There are still 2.77 million borrowers in a forbearance program. No one knows for sure how many of those will become foreclosures. There are, however, three major reasons why most experts believe there will not be a tsunami of foreclosures as we saw during the housing crash over a decade ago:

Almost 30% of borrowers in forbearance are still current on their mortgage payments.
Banks likely don’t want to repeat the mistakes of 2008-2012 when they put large numbers of foreclosures on their books. This time, many will instead negotiate a modification plan with the borrower, which will enable households to maintain ownership of the home.
With the significant equity homeowners have today, many will be able to sell instead of going into foreclosure.

Will there be foreclosures coming to the market? Yes. There are hundreds of thousands of foreclosures in this country each year. People experience economic hardships, and in some cases, are not able to meet their mortgage obligations.

Here’s the breakdown of new foreclosures over the last three years, prior to the pandemic:

2017: 314,220
2018: 279,040
2019: 277,520

Through the first three quarters of 2020 (the latest data available), there were only 114,780 new foreclosures. If 10% of those currently in forbearance go to foreclosure, 275,000 foreclosures would be added to the market in 2021. That would be an average year as the numbers above show.

What happens if the number is more than 10%?

If we do experience a higher foreclosure rate from those in forbearance, most experts believe the current housing market will easily absorb the excess inventory. We entered 2020 with 1,210,000 single-family homes available for purchase. At the time, that was low and problematic. The market was experiencing high buyer demand, and we needed more houses to meet that demand. We’re now entering 2021 with 320,000 fewer homes for sale, while buyer demand remains extremely strong. This means the housing market has the capacity to soak up a lot of inventory.

Bottom Line

There will be more foreclosures entering the market later this year, especially compared to the record-low numbers in 2020. However, the market will be able to handle the increase as buyer demand remains strong.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Buying a home • February 18, 2021

Thinking about Building a New Home? Your Agent Is Critical.

by Better Homes and Gardens Green Team

Some Highlights

A real estate professional is an expert who can advocate on your behalf throughout the process when building a home.
Agents help you understand key steps, like choosing upgrades and managing negotiations, while staying within your budget from start to finish.
If building is the right option for you, let’s connect so you have a trusted real estate professional who can help you successfully navigate the path to your dream home.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Buying a home • February 18, 2021

Will Low Mortgage Rates Continue through 2021?

by Better Homes and Gardens Green Team

With mortgage interest rates hitting record lows so many times recently, some are wondering if we’ll see low rates continue throughout 2021, or if they’ll start to rise. Recently, Freddie Mac released their quarterly forecast, noting:

“The average 30-year fixed-rate mortgage hit a record low over a dozen times in 2020 and the low interest rate environment is projected to continue through this year. We expect interest rates to average below 3% through the end of 2021. While this is a modest rise from 2020 averages, the recent vote by the Federal Reserve to keep interest rates anchored near zero should keep rates low.”

As shown in the graph below, Freddie Mac is projecting low rates going forward with a modest rise that’s expected to continue through 2022.Freddie Mac isn’t the only authority forecasting low rates with a slight rise. Fannie Mae, The Mortgage Bankers Association (MBA), and the National Association of Realtors (NAR) also anticipate low rates with a small increase as 2021 continues on. Here’s the quarterly breakdown of their projections and how they’re expected to play out over the next year:It’s important to note that, while a small change in interest rates can have a substantial impact on monthly mortgage payments, these rates are still incredibly low compared to where they were just a couple of years ago.

What does this mean for buyers?

Low mortgage rates are creating an outstanding opportunity for current homebuyers to get more for their money while staying within their budget. As the economy gets stronger and we recover from the challenges of 2020, it’s natural for rates to potentially rise in response to a healthier economy. Mark Fleming, Chief Economist at First American, reminds us:

“Rising interest rates reduce house-buying power and affordability, but are often a sign of a strong economy, which increases home buyer demand. By any historic standard, today’s mortgage rates remain historically low and will continue to boost house-buying power and keep purchase demand robust.”

With low rates fueling activity among hopeful buyers, there are a lot of people who are highly motivated and looking for homes to purchase right now. In this environment, it can be challenging to find a home to buy, so a local real estate agent will be key to your success if you’re thinking of buying too. Working with a trusted real estate professional to navigate the process while rates are in your favor might be the best move you can make.

Bottom Line

If you’re ready to buy a home, it may be wise to make your move before mortgage rates begin to rise. Let’s connect to discuss how today’s low rates can create more opportunities for you this year.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Housing Market News • February 17, 2021

Turn to an Expert for the Best Advice, Not Perfect Advice

by Better Homes and Gardens Green Team

As we approach the anniversary of the hardships we’ve faced through this pandemic and the subsequent recession, it’s normal to reflect on everything that’s changed and wonder what’s ahead for 2021. While there are signs of economic recovery as vaccines are being issued, we still have a long way to go. It’s at times like these we want exact information about anything we’re doing. That information brings knowledge, and this gives us a sense of relief and comfort in uncertain times.

If you’re thinking about buying or selling a home today, the same need for information is very real. But, because it’s such a big step in our lives, that desire for clear information is even greater in the homebuying or selling process. Given the current level of overall anxiety, we want that advice to be truly perfect. The challenge is, no one can give you “perfect” advice. Experts can, however, give you the best advice possible.

Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to her office, she won’t immediately tell you how the case is going to end or how the judge or jury will rule. If she could, that would be perfect advice. What a good attorney can do, however, is discuss with you the most effective strategies you can take. She may recommend one or two approaches she believes will be best for your case.

She’ll then leave you to make the decision on which option you want to pursue. Once you decide, she can help you put a plan together based on the facts at hand. She’ll help you achieve the best possible resolution and make whatever modifications in the strategy are necessary to guarantee that outcome. That’s an example of the best advice possible.

The role of a real estate professional is just like the role of a lawyer. An agent can’t give you perfect advice because it’s impossible to know exactly what’s going to happen throughout the transaction – especially in this market.

An agent can, however, give you the best advice possible based on the information and situation at hand, guiding you through the process to help you make the necessary adjustments and best decisions along the way. An agent will lead you to the best offer available. That’s exactly what you want and deserve.

Bottom Line

If you’re thinking of buying or selling this year, let’s connect to make sure you get the best advice possible.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

The MVP Circle Award

Presidents Club Awards

Captains Club Awards

Honorable Mention Awards

Meet our Panel

Let’s Get National

Inventory at a historical low point

Working from home

What else are we talking about?

Housing Market stats on national and local levels

“Housekeeping” Items

<img decoding="async" class="wp-image-33694 aligncenter" src="https://assets.agentfire3.com/uploads/sites/77/2021/02/Housekeeping-Feb-2021-HMU.png" alt="Green Team Realty Feb 2021 Housing Market Update" width="876" height="493" data-eio="l" />

Hear from our Panelists

We’ll see you on Tuesday, March 15 at 12 p.m.

Sign up for Housing Market Updates at GreenTeamRealty.com/HMU

What does this mean for potential homebuyers?

Bottom Line

What has this equity piece meant to homeowners in the past?

What does the future look like for homeowners when it comes to equity?

Bottom Line

Some Highlights

So why do these negative headlines that cast doubt on affordability continue to exist?

Bottom Line

What happens if the number is more than 10%?

Bottom Line

Some Highlights

What does this mean for buyers?

Bottom Line

Bottom Line

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