Buying your first home can seem overwhelming. Thankfully, there’s a lot of great information out there to help you feel more confident as you learn about the process. For those in younger generations who aspire to buy, here are three things to consider sooner rather than later in your journey:
1. Understand What it Takes to Purchase a Home
Overall, Millennials make up the largest group of homebuyers in today’s real estate market, and Gen Z is not too far behind. A recent study shared by Freddie Mac shows, however, that Generation Z isn’t as confident in the homebuying process as Millennials. The best thing potential young buyers can do is understand what it takes to buy a home. Learn as much as you can about the mortgage process, down payment options, and the overall steps to take along the way.
2. Realize Your Opportunity to Build Wealth
Homeownership allows you the chance to put a small portion of the home’s value down when you buy, and then watch your appreciation grow on the full value of the home – not just on the down payment. It’s one of the best investments you can make, and a form of ‘forced savings’ working in your favor over time. The added bonus? You get to live there, too.
3. Find Someone You Trust to Help You Through the Process
Having someone you trust to guide you through this process is invaluable. Finding a local real estate expert to help you navigate through the transaction and feel more confident as you make important decisions could be the best choice you make.
For Millennials and Gen Z’ers thinking about buying, today’s historically low interest ratescombined with the outlook for future home appreciation is a big win. This means whatever you buy today, you’ll be bragging about 10 years from now. You can feel confident about that!
Bottom Line
If you’re ready, buying your first home sooner rather than later is one of the best decisions you can make. But there are many things to consider before taking that step, so let’s work together to help you confidently navigate the full journey.
The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.
With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?
“At the very least, the coronavirus could cause some people to put home sales on hold.”
While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.
For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.
“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”
This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.
Bottom Line
The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.
There was a lot to celebrate at the NJ Realtors Awards luncheon on March 4, 2020. New Jersey Realtors® Circle of Excellence® Sales Award® recognizes members who have demonstrated excellence in salesmanship. And, just as in years past, several members of Green Team New Jersey Realty were recognized.
GTNJR Award Recipients
Green Team New Jersey Realty’s Circle of Excellence Award Recipients were all smiles as they accepted their awards.
Silver
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Charles Nagy and Theodore Van Laar received Silver Awards for $6.5 million and 20 units minimum. This is not Charlie and Ted’s first time receiving Circle of Excellence Awards. Since 2014 they have been in the Circle of Excellence multiple times. And since the creation of Green Team New Jersey Realty, this is their 3rd consecutive year.
Bronze
Further, receiving the Bronze Award for $2.5 million and 15 units minimum, were: Barbara Tesa, Kristi Anderson, Keren Gonen, Alison Miller,and Heidi Hyland. Unfortunately, Heidi was unable to attend the awards luncheon, but her co-workers/friends made sure that she received her award.
A History of Achievement
Most of these Sales Associates from Green Team New Jersey Realty have received Circle of Excellence Awards in the past. In addition, this group of high achievers received additional awards at Green Team Realty’s 2019 Awards Ceremony. Charles Nagy, Ted Van Laar and Karen Gonen received the President’s Club Award. That was given for achieving a sales volume of $5 to $10 Million. And the team of Charlie and Ted was awarded Yearly Sales Leader. Alison Miller, Barbara Tesa, Heidi Hyland and Kristi Anderson received the Captain’s Club Award, for $3 to $5 Million in sales volume. Ann Nussberger and Cathie Witte, also shown in the photo below, received Honorable Mention for sales of $1.5 to $3 Million. It’s not surprising that Green Team New Jersey Realty is #1 in Vernon. And this is the result of both sales volume and units sold.
Pride at the Green Team New Jersey Realty Table
Geoff Green, President of Green Team Realty, and Amy Green, Vice President of Mortgage Lending, Guaranteed Rate, celebrated with the award recipients. And the pride they took in the Circle of Excellence award recipients was obvious. This was an occasion to celebrate achievement – and friendship. A true circle of excellence.
Vikki Garby of Green Team New York Realty will be featured in Top Agent Magazinein the April 20, 2020 National and International issues. This premier real estate magazine has been presenting producing, accomplished professionals in the real estate industry for almost 20 years. Candidate evaluations are based on production, professionalism, industry and community involvement.
Vikki’s Top Agent Profile
Vikki began her real estate career back in 2005, investing in properties with her husband. At the time she was working in the finance industry. However, after moving back to her hometown of Warwick, she made the transition to full-time real estate agent. Vikki serves residential and commercial clients in Orange County, NY. Her business is almost exclusively repeat and referral clients. Additionally, she often works with investors to purchase multiple properties. Her prior finance experience is quite useful, especially when it comes to commercial transactions. Vikki establishes credibility with her clients through honesty, transparency and straightforward communication.
Vikki’s approach to listing properties
Each property is approached individually. And each campaign is tailored accordingly. Every listing is accompanied by professional photography and immersive documentation. However, commercial and residential properties may require alternative marketing techniques. All properties have online exposure, which can result in buyers. In 2019, Vikki closed over $8.8 million in sales volume. Further, that is based on average property prices ranging from $300,000 to $500,000.
The importance of community
Vikki believes in giving back to her community. She supports and participates in the local Educational Foundation and is President of the Booster Club for her son’s crew team. Furthermore, she contributes to the local high school’s Career Development Program. There Vikki helps with the Job Shadow Program and annual Career Fair. Free time is for spending with her family.
Looking towards the future
Vikki plans on keeping the growth of her real estate business steady. And she looks forward to expanding her presence in the local commercial market. Most importantly, she wants to keep helping people achieve their real estate goals. Because, according to Vikki, “It’s not about the house or the building itself. A home is so much more than four walls and my goal is for my clients to be happy long after they close.”
Geoff Green, President of Green Team Realty, welcomed everyone to the February 2020 Housing Market Update held on Tuesday, February 18 at 2 p.m.. Topics to be discussed include the coronavirus and its potential impact, as well as the upcoming elections and local stats. If you missed the webinar, click here to watch it now.
National Stats
Recession Talk
The above graphic reflects the views of economists surveyed by the Wall Street Journal. In 2018, 67% of economists thought that by the end of 2020 there would be a recession. As early as October of 2019, that number was 34.2%. However, in January of 2020, that number was down to 14.3%.The economy seems to be outpacing the expectations of many who are watching a variety of analytics very closely.
Shrinking supply, rising prices
There is no question that the housing market did end red-hot in 2019.. Prices are continuing to rise, inventory is still low. While builders are more optimistic, they are still not meeting demand. Later, Geoff and David Willner, a home inspector, will be sharing thoughts on why more new construction houses aren’t happening.
2019 Home Sales in every region
In 2019 existing home sales were increasing year-over-year in every region. There was also an increase in new construction in 2019 over 2017 and 2018. Everything was increasing throughout 2019, and is expected to continue through 2020.
Inventory shrinking
Inventory continues to be a problem. This is the lowest level of inventory in at least three decades. The months inventory of homes for sales is 3 months. A normal market is 6 months. a buyer’s market is 9 months. A seller’s market is below 6 months. There is nothing to indicate that this number will increase. It may actually decrease. The only thing that could possible turn that around would be new construction picking up in big ways. However, it is not that easy to bring new houses online with zoning ordinances, etc.
Strong Pricing
Back in the summer of 2018 we started to see different numbers and wondered if the market would rebound. It has rebounded strongly and price increases are anticipated for 2020. Every state is labeled in blue, indicating prices increasing. Corologic and other companies are predicting price appreciation.
The economy – where is it headed?
According to Jay Bryson, chief economist for Wells Fargo Economics Group, the economy is growing well and the expansion still has room to run. While slowing down a little, the economy is not showing signs of a recession. There is growth of approximately 2.1%. Unemployment rates are steady. We’re at a relatively low rate of inflation. Job growth is good. It does not seem as though anything is poised enough to stop the growth.
Local Stats
Units Sold
2020 numbers for January show units sold at its highest number in the last five years.
Average Sales Price
Average Sales Price is way up. January is showing a remarkable jump. It will be interesting to see how this plays out the rest of the year.
Ask-to-Sold Ratio
This is the last asking price versus what the property sold for. Again, the number is high. Sellers are only having to negotiate about 2% off the asking price. These are strong numbers. And they mean that buyers don’t have too much leverage in this market.
Days on Market
The lower the number of days, the stronger the seller’s market it is. There has been a downward trend, year-over-year, and we’re starting 2020 at the same low mark as 2019. This is a strong number.
Units Sold
Units sold is same number as 2017. While not starting out at the highest level, it is still a pretty good level for Sussex County.
Average Price
Average price is up over the last five years, so that’s a good sign for people looking to sell their homes in Sussex County.
Ask-to-Sold Ratio
This is the last asking price versus what the property sold for. Again, the number is high. Sellers are only having to negotiate about 2% off the asking price. These are strong numbers. And they mean that buyers don’t have too much leverage in this market.
Days on Market
Again, this is the lowest level in five years in Sussex County. Things are going quickly.
Housekeeping Items
Join us for the next Housing Market Update, Tuesday March 17 (St. Patrick’s Day) at 2 p.m. Stay informed. Sign up for our Housing Market Updates at: GreenTeamRealty.com/HMU.
Thanks to our sponsor, REALLY, the Real Estate Referral Community. REALLY is where Professionals who serve the Real Estate Industry can connect, communicate, and securely exchange referrals with speed and ease. The best part? No fees on commissions exchanged between Agents. Join for free at ReallyHQ.com
Geoff introduced Dave Willner and began the discussion with:
Do you foresee anything slowing down the 2020 housing market?
The simple answer was “No!” Dave believes that 2020 is going to be a big year. January started off with a big bang. In January 2020 his company reported its highest earnings in three years. The number of inspections are up. They are seeing a niche in the under $500,000 market. Higher-end homes are not moving as quickly as those selling for $500,000 or less.
Geoff agreed that is definitely true for our area. While in some places, such as New York City and certain areas on the West Coast, $500,000 wouldn’t even buy a “fixer-upper.” Dave said that it definitely depends on the market, but that is what they’re finding here. Geoff also agreed that he doesn’t see anything to indicate that 2020 won’t be a big year. However, he does think that there are some interesting things happening economically on a macro scale that everyone should be aware of.
Economics – the Macro and the Micro
How might the coronavirus on the granular level, impact economics? Geoff shared some of the things he’s learned.
In addition to the coronavirus, there is something happening regarding travel. The Boeing 737 Max was grounded last year. That has had a major impact on the airline industry, which further impacts overall travel spending. There is a “double whammy” happening within the travel industry. Further, travel is a significant segment of the U.S. economy; not something to be dismissed. A micro example would be Corning in Upstate New York. A lot of their revenue is received from people traveling from New York City up to Niagara Falls. As it’s a midway point, a lot of international travelers go to the Corning plant to see how glass is manufactured. So many people have traveled there from China that they have tours in Mandarin. Thus, the coronavirus and the Boeing 737 Max have impacted this local economy.
As real estate is local, there could be a locally impacted market while the nation is booming. Those in travel-related economies should keep an eye on these developments. Dave asked if vacation housing in Orange and Sullivan Counties might be affected as a result of these issues. For example, would more people seek a summer retreat? Geoff didn’t think that market would be especially impacted, since much of the tourism in the area is people traveling from other countries. Second homes are more for people in the NYC/metro area who want to get away for a weekend. He doesn’t necessarily see the coronavirus as impacting that end of the travel spectrum. However, the idea is not to be dismissed. It’s an interesting dynamic to keep an eye on.
The Coronavirus and the Impact of Quarantines
Another aspect of the coronavirus is quarantine. China is literally quarantining cities, shutting down transportation, etc. Not only can people not leave their city. They can’t travel. But many also cannot go to work. Stores are being closed, factories shut down and unable to operate. You are now seeing headlines about Apple revising its earnings. They’re saying the supply chain is being affected because much of their manufacturing is done in China. Not only is demand being impacted by the economy in China, which has been affected by the virus. The supply chain is being impacted as well in terms of production. Further, you have to think about commodities. If factories are not running, you don’t need iron, heavy metals. Commodity prices, such as oil, are dropping.
Globally a lot of things are happening now that many people seem to overlook. Right now, things are good in the United States. However, globally many economies have not been doing so well for the last few years. Hopefully the coronavirus will have reached its peak and begin to dissipate.
The Presidential Election
It will be interesting to see what evolves in this election year. There are candidates who are at the opposite economic spectrum of the Trump administration. And if elected, what would the impact be? It would probably not affect 2020 as the election is not till November. However, needless to say, it’s an issue that should not be dismissed.
Trade agreements with Canada and Mexico and China will also impact the economy. Again, it will be interesting to see the impact of global factors.
Keren Gonen joins the conversation
Keren Gonen of Green Team New Jersey Realty joined the panel discussion. Having just arrived from a closing, Geoff filled Keren in on what had been discussed regarding the 2020 market stats. He asked if she agreed with their prediction that 2020 would be a big year. Geoff also talked about inventory pressure and problems. Then he asked what she is seeing now. Keren stated that she’s seeing the same things, and that Spring Market has already started. She’s as busy now as she should be at the end of April. This month alone she has 3 closings. And she’s projecting another 5 closings for next month.
Geoff said that the mild winter might also be a factor. Many people just don’t want to go out and look at homes when it’s raining, snowing, etc. While it has been cold, there has not been a lot of snow to deal with, which helped catapult things. More importantly, interest rates are really low. And that is something that can help offset the high price of homes for some buyers. While the price may be on the high end, it’s what fits the monthly budget that really counts. If that low rate can be locked in buyers can set themselves up for success as home owners.
Wrapping it up
Geoff asked Dave and Keren if they could think of anything that might stop this market from churning as fast as they think it’s going to in 2020. Dave replied it’s about managing the inventory out there. It is definitely a limited-inventory market, and the good deals have been had. Dave has seen a strong influx of people coming up to more rural communities from the city. That’s where many of the buyers are coming from, looking to get out of renter-ship. As long as interest rates stay low, people will continue to buy.
According to Geoff, the Fed is in a holding pattern, neither raising or lowering the federal funds rate that they use to manipulate the economy. It’s interesting that in the last 10-15 years that lever they had, that once meant so much, has little meaning now. Needless to say, it looks like the Fed will hold in place, which just provides more information to consider.
Home Ownership vs. Renting
Keren added that there are plenty of people renting, even in Sussex County, that could actually afford to be home owners. They would pay less for a mortgage than they pay for rent right now. That’s something important to remember. A lot of renters don’t realize they can afford to be homeowners, so they should get in touch with a mortgage broker to see what their options are. In our area, you can pay $800 in a mortgage payment opposed to $1,200 in rent. It’s important to educate people as to what their options are.
Geoff agreed, saying that many people got caught in the downturn of the market 10 or 12 years ago.To them he says, don’t be afraid. Research. Talk to a mortgage professional to see if your income and credit is where it needs to be, and get in the game. Banks who have been renting homes are starting to sell those homes, leaving renters in the lurch. They can’t find other rentals and are in a bad spot. It’s in their best interest to own a home.
Dave remarked that there has been more of a trend for FHA loans. They are no money down essentially. There are lots of options available. Geoff stated that another great thing for this recovery is that you are not seeing a lot of sub-prime lending. That means this recovery is true.
Contact the panelists
Dave Willner, Pillar to Post Home Inspection, 732-647-5231 or email dave.willner@pillartopost
Keren Gonen, Call or text 551-262-4062
Join us at 2 p.m. on St. Paddy’s day for our next Housing Market Update.
The Green Team is proud to announce that Britanni Gaucher has decided to join our Warwick, NY team.
As a lifelong resident, Britanni has spent her time enjoying all this area has to offer and this is where she chose to stay with her husband, 4 kids, dogs, cats, and chickens and build their own little homestead. Growing up on a dairy farm, Britanni appreciates the history of this area which can be found in the beautiful pieces of property, old barns, and farmhouses of the area.
Britanni is excited to share her love of real estate with her clients and lead them on their path to the perfect home.
It’s an annual “start the year off right” tradition for Green Team Sales Associates. And so Green Team Realty’s Launch 2020 is about to take off . Launch is a “friendly little competition” designed to enhance skills that will lead to excellent client service throughout the year. Therefore, even for those not on a winning team, it’s still a win-win situation.
It’s a new kind of competition this year!
This year Geoff Green, President of Green Team Realty, has created a totally new format. There are still two teams in each office (Warwick and Vernon) battling it out for first place. However this year’s Launch requires team members to attend training sessions, one a week, for ten weeks. After each session there will be a ten question quiz. The team in each office with the highest cumulative score will earn a place on the Launch perpetual plaque. In addition, they’ll receive a prize budget to be spent on a team event of their choosing. Of course, we’ll also have a blog post and press release created for our winning teams.
Keren and Cathie’s team’s had a tight competition during 2019 Launch, but Witte’s Wonders took the prize. We can expect another very close race and great results from these teams.
Five… four… three… two… one
Launch 2020 is taking off, providing Green Team’s Sales Associates with up-to-date knowledge about the industry, marketing, social media, technology tools and training and more. And that is definitely a win-win situation. For our Sales Associates and for their clients.
Green Team Realty is #1 in Warwick and Vernon for 2019!
There is a lot to celebrate over at Green Team Realty. The numbers are in for 2019. And Green Team New York Realty is #1 in sales volume and units sold versus all other real estate offices based in Warwick. Green Team New Jersey Realty is #1 in sales volume and units sold versus all other real estate offices based in Vernon. Further, this is the second year that GTNJR was #1 in Vernon.
Thenumbers are great county-wide, too
Green Team New York Realty did great versus all other real estate offices in Orange County:
We were #8 out of 385 in terms of sales volume
And we were #9 out of 385 in terms of units sold
Green Team New Jersey Realty had similar success compared to all other real estate offices in Sussex County:
We were #8 out of 388 in terms of sales volume
And we were #6 out of 388 in terms of units sold.
Geoff Green, President of Green Team Realty, says:
“It’s a team effort. Everyone from support staff to our highest ranking Sales Associates has a stake in this success. No matter where you are on planet Earth you will not find a better team than the women and men who make up the Green Team. I am humbled to play my part, but the success definitely lies in the team. God willing, our climb to the top will not only sustain, but will continue to further advance.”
Congratulations from Geoff Green, President of Green Team Realty, to our 4th Quarter 2019 Sales Leaders
I am thrilled to see that Nancy Sardo of Green Team New York Realty has won the 2019 Q4 Sales Leader Award. This is no small accomplishment as there are many top producers in our Warwick Office. Nancy is an exceptional Realtor, a great businesswoman and a good friend to myself and many others in our community.
And we are very excited to announce Kristi Anderson for her first Quarterly Sales Leader award with Green Team New Jersey Realty. Kristi has been an outstanding Realtor and citizen in Sussex County for many years, and we are just thrilled to see her rising to the top of the production ranks. This will be the first of many for Kristi.
Nancy Sardo has been listing and selling homes in Orange County, New York since 2005. Her experience and eye for detail allow her to see potential in resales. And her knowledge as a new construction broker offers building as another option for the buyer who has exhausted the limited resale market.
Nancy has earned her Associate Broker’s License, Seniors Real Estate Specialist (SRES) designation. She is also an Accredited Buyer’s Representative (ABR).
I am grateful for achieving 4th Quarter Sales Leader at Green Team New York Realty. It’s a great group of professionals to work with, even in an independent, competitive industry.We’re in a business that changes day to day. However, “setting goals is the first step in turning the invisible into the visible.” This small but valuable quote from Tony Robbins goes a long way. I had a great year and most of all thank my family, friends, and the clients who are now friends, I have a “dream team” of colleagues to work with. Your referrals are the heart and soul of my business. I promise integrity, commitment, communications and trust.
Kristi Anderson, Green Team New Jersey Realty
When Kristi Anderson joined Green Team New Jersey Realty she brought with her over 18 years of experience. The Broker-Realtor® is an Accredited Buyer’s Representative (ABR) and has Short Sale and Foreclosure Resource Certification.
In addition, as a Vernon resident of 15 years she has a thorough knowledge of the area and local market. This busy mom of four still finds time to volunteer with the Vernon Township School District’s SCA. And she is also a dedicated and hardworking volunteer board member of the Vernon Chamber of Commerce. But perhaps most importantly, she brings a desire to help people make their real estate dreams come true.
I am so happy to be part of a team with the passion, energy and commitment to client service that I have. I do whatever it takes to get the home SOLD! Thank you to all of my clients. You are the reason I love my job!
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