Buying a homeHousing Market NewsMortgage and Home Loans March 17, 2022

Key Factors That Impact Affordability Today

 

You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable.

There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components.

Key Factors That Impact Affordability Today | MyKCM

1. Home Prices

The most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one reason affordability declined over the past year.

2. Mortgage Rates

While the current global uncertainty makes it difficult to project mortgage rates, we do know current rates are almost one full percentage point higher than they were last year. According to Freddie Mac, the average monthly rate for last February was 2.81%. This February it was 3.76%. That increase in the mortgage rate also contributes to homes being less affordable than they were last year.

3. Wages

The one big, positive component in the affordability equation is an increase in American wages. In a recent article by RealtyTrac, Peter Miller addresses that point:

“Prices are up, but what about wages? ADP reports that job holder incomes increased 5.9% last year but rose 8.0% for those who switched employers. In effect, some of the higher cost to buy a home has been offset by more cash income.”

The National Association of Realtors (NAR) also recently released information that looks at income and affordability. The NAR data provides a comparison of the current median family income versus the qualifying income for a median-priced home in each region of the country. Here’s a graph of their findings:

Key Factors That Impact Affordability Today | MyKCM

As the graph shows, the median family income (shown in blue on the graph) is greater than the qualifying income needed to buy a median-priced home (shown in green on the graph) in all four regions of the country. While those figures may vary in certain locations within each region, it’s important to note that, in most of the country, homes are still affordable.

So, when you think about affordability, remember that the picture includes more than just home prices and mortgage rates. When prices rise and rates rise, it does impact affordability, and experts project both of those things will climb in the months ahead. That’s why it’s less affordable to buy a home than it was over the past two years when prices and rates were lower than they are today. But wages need to be factored into affordability as well. Because wages have been rising, they’re a big reason that, while less affordable, homes are not unaffordable today.

Bottom Line

To find out more about affordability in our local area, let’s discuss where home prices are locally, what’s happening with mortgage rates, and get you in contact with a lender so you can make an informed financial decision. Remember, while less affordable, homes are not unaffordable, which still gives you an opportunity to buy today.

Buying a homeHousing Market NewsSelling a Home March 4, 2022

Are Home Prices Continuing To Rise?

 

Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:

Are Home Prices Continuing To Rise? | MyKCM

To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.

Are Home Prices Continuing To Rise? | MyKCM

As the graph above reveals, last year, home price appreciation accelerated dramatically from January to July according to all three indices. Then, it began to decelerate in August when prices appreciated at a slower pace, but it didn’t decline. Many thought that would be the beginning of a rapid slowdown in the level of home price appreciation, but as the data shows, that wasn’t the case. Instead, prices began to level off for a few months before two of the three indices saw appreciation re-accelerate again in December.

To clarify, deceleration is not the same as depreciation. Acceleration means prices rise at a greater year-over-year pace than the previous month. Deceleration means home values continue to rise but at a slower pace of year-over-year appreciation. Depreciation means prices drop below current values. No one is forecasting that to happen.

In fact, the FHFA revealed that price appreciation accelerated in December in six of the nine regions it tracks. Case Shiller showed that appreciation accelerated in 15 of the 20 metros they report on. As Selma Hepp, Deputy Chief Economist at CoreLogicexplains:

“After some signs of slowing home price growth . . . monthly price growth re-accelerated again, indicating home buyers have not yet thrown in the towel.”

What Does This Mean for You?

Whether you’re a first-time purchaser or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:

  1. Mortgage rates are forecast to rise this year.
  2. Home prices should continue to appreciate at double-digit levels for some time.

If you wait, rising mortgage rates and high home price appreciation will have a dramatic impact on your monthly mortgage payment.

Bottom Line

Maybe the best thing to do is listen to the advice of Len Kiefer, Deputy Chief Economist at Freddie Mac:

If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”

Buying a homeSelling a Home February 28, 2022

How Supply and Demand Can Impact Your Buying and Selling Goals

In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.How Supply and Demand Can Impact Your Buying and Selling Goals | MyKCM

Nationally, Demand Is High and Supply Is Very Low

The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.

How Supply and Demand Can Impact Your Buying and Selling Goals | MyKCM

What Does This Mean if You’re a Seller?

Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.

What Does This Mean if You’re a Buyer?

As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.

Bottom Line

Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your home-buying and selling goals this year. Contact Green Team Realty today! 

Agency News and Awards February 25, 2022

Meet Michelle Spina

Michelle Spina is bringing her marketing expertise to Green Team New York Realty.

Michelle attended college at SUNY New Paltz where she earned her bachelor’s degree in Marketing. She spent the last 6 years working as a TV Media Buyer where she serviced a large variety of clients, some of which include movie studios, grocery stores, and kids’ toys. Michelle excels in sales, advertising, and has great communication skills.

For the past couple of years, Michelle had been interested in starting a profession in real estate. With her history in marketing, she knew it would be a great opportunity for her. In March of 2021, she decided it was time to start her real estate career. She obtained her license and now has started her new career with Green Team New York Realty.

Michelle has spent the last 3 years living in Wyckoff New Jersey. She comes from a big Italian family and her favorite thing is being with them for Sunday dinners. Cooking, working out, watching sports games, and doing activities outside in the sun are just some of the things she enjoys.”

Agency News and Awards February 21, 2022

GTNYR – Achieving Personal Best

COVID-19 created both challenges and opportunities

For those in the real estate industry, COVID-19 has presented many unique challenges. However, it has also presented many opportunities.  And, for many sales associates of GTNYR, it meant achieving their personal best.  Despite the shutdowns and ever-changing regulations, the pandemic created a housing market with a life of its own. Ultimately, many city dwellers found themselves wanting homes with outdoor space, room for remote working and learning, and private spaces. And,  Orange County attracted many of these buyers. Fueled by historically low interest and inventory rates, sellers have been experiencing multiple offers and bidding wars. And, the expertise and dedication enabled Green Team New York Realty Sales Associates to meet the challenges head-on.

GTNYR achieving personal best in 2021

While the housing market soared, so did many of our real estate associates! Therefore, Green Team New York Realty would like to congratulate our sales associates who had their best-selling year in 2021! 

Agency News and Awards February 10, 2022

Green Team 2021 Awards

Geoff Green, President of Green Team Realty, summed up the unique challenges of 2021.

“It was a culmination of two of the most difficult years in the history of our industry and our Agency.  Yes, the market has been sizzling, and yes lots of our Sales Associates had their best years of production ever. However, it all came at a cost.   Our Sales Associates worked boldly through a pandemic.  They endured countless bidding wars, many of which they didn’t win.  They counseled their clients through an endless amount of phone calls to help them not be deterred from attaining their vision of becoming a homeowner.  Despite the challenges put in front of them, they all endured and succeeded at new heights.  A sincere congratulations to all of Green Team Realty’s Sales Leaders for their success in 2021.”

2021 resulted in the creation of new sales level awards, to ensure that the dedication and hard work of Green Team Sales Associates are recognized. Due to that dedication, Green Team New York Realty is #1 out of 149 offices in the Town of Warwick, based on sales volume and number of transactions in 2021. Furthermore, Green Team New York Realty is #5 of 585 offices in Orange County. Green Team New Jersey Realty is #1 of 206 offices in Vernon Township,  based on sales volume and number of transactions in 2021. Furthermore, Green Team New Jersey Realty is #9 of 506 offices in Sussex County.

Yearly Sales Leaders and new sales level awards, setting the bar higher

Keren Gonen,, Green Team New Jersey Realty Sales Leader, and Sapphire Level. ($20-30 Million)

Jennifer DiCostanzo, Green Team New York Realty Sales Leader, Diamond Level ($15-20 Million)

Platinum  ($10-15 Million)

Green Team New York Realty: Tiffany Megna, Nancy Sardo, Dean Diltz

Green Team New Jersey Realty: Kristi Anderson

Gold ($5-$10 Million)

Green Team New York RealtyTammy Scotto, Carol Buchanan, Kimberly Lasalandra, Karen Gauvin, Kristine Many, Tom Folino, Vikki Garby, Pip Klein, Mary Pearsall, Angela Murphy.

Green Team New Jersey Realty: Charles Nagy, Theodore Van Laar, Pam Zachowski, Barbara Tesa.

Silver ($3-5 Million)

Green Team New York Realty: Cami Cielo, Lucyann Tinnirello, Toni Vogel, Walter Ross, Kasey Decker

Green Team New Jersey Realty: Cami Cielo, Toni Kreusch

Bronze ($1.5-$3 Million)

Green Team New York Realty: Linda Vandeweert, Toni Kreusch, Rebecca Hundley, Cara Dumond, Guillermina Tavares, Chris Kimiecik, Robert Valentine, Ed Sattler, Kim Lesley

Green Team New Jersey Realty: Jaime Dalton

 

 

 

Agency News and Awards December 12, 2021

Green Team Supports Its Community

 

Being local real estate professionals means that we are your neighbors, friends, and family. Of course, Green Team believes in providing the best service to our clients. However, we also believe in being of service. As such, Green Team sales associates support their communities in many ways. We asked Green Team agents about what they do within their communities. Here is what some of them are doing:

Fundraising

Keren Gonen, GTNJR, raises money for Team Up for Hope, and for NAMI Sussex and NAMI Orange Counties. In addition, she participates in NAMI Walks. Alison Miller, GTNJR, fundraises for Vernon Township SCA (School & Community Association). Also, she participates in the annual Vernon 5k, dedicated to one person or family. In addition, Kristi Anderson is involved with the fundraising efforts of the Vernon Chamber of Commerce.

Vikki Garby, NTNYR, fundraised and organized meals for hospital workers during early COVID days. Carol Buchanan serves as Warwick Lion Club‘s Chairperson to raise funds for Thanksgiving and Christmas Gift Baskets. Furthermore, Carol is involved with their 5K Labor Day Race, Salvation Army Bell Ringing, and Food pantry donations. Terry Gavan helps raise funds for Winslow Therapeutic Riding Center.

Tiffany Megna, GTNYR, raises funds for Team Up or Hope, and for the local food pantry. Erica Grundfast fundraises for the Warwick Valley Middle School PTA.

Volunteering – From Schools to Helping Seniors, and more

Green Team New Jersey Realty, Vernon NJ

Keren Gonen was a volunteer at the Vernon Senior Citizen Center (pre-COVID) and volunteers at Upper Passaic Chabad Center. In addition, she joined the Vernon Beautification Committee and Chamber of Commerce. Furthermore, she is a director at the Sussex Board of Realtors. Heidi Hyland serves as the Government Affairs Director for the Sussex County Association of Realtors.  Alison Miller, formerly Treasurer of the Vernon Township High School SCA, went on to become President. And, Kristi Anderson volunteers as Director for the Vernon Chamber of Commerce. Furthermore, Kristi is also a sub to deliver lunches to seniors.

Green Team New York Realty, Warwick NY

Vikki Garby and her daughter collect used glasses for the Lion’s Club each month, for people in need.  In addition, Vikki is President of the Booster Club for the Warwick Crew Team. Carol Buchanan distributes Meals On Wheels every month to seniors. Terry Gavan volunteers for several programs at St. Stephen’s Church. These include Meals on Wheels, food pantry, and Mary’s Meals 9children in other countries. Additionally, she volunteers to help single mothers with baby supplies, collect clothing for local migrant workers, and meal trains for local cancer patients and their families. Tammy Scotto also volunteers for Meals on Wheels.

Krissy Many has  been the President of Burke Catholic 12th Man. As such, she helps organize community service opportunities for the football players to participate in. While limited due to COVID, prior events incljuded: Turn the Town Teal in Goshen; Gshen Food pantry; inspire pajama drive, and more. Erica Grundfast volunteers for the WVMS as an Event Chair and Board Member. Additionally, Erica is a Religious Education Catechist teaching at St. Stephen’s Church since 2006. Rebecca Hundley volunteers at the Warwick Valley Humane Society. Although timed out due to the pandemic, Edward Sattler volunteered as a church vocalist and for the Saturday Community Breakfast.

Toni Kreusch volunteers at Stand Up for Parks, helping clean trails, etc., and has also volunteered at Habitat for Humanity.  Dean Diltz volunteers as a coach for the Warwick Track Club and as occasional meet manager for WVHS Cross Country and Outdoor Track. In addition, he does food delivery as a driver for BackPack Snack Attack. He is also a volunteer for many events at St. Stephen’s Church. Tom Folino volunteers as Director of WVHS Boys Basketball Hall of Fame, and at the Warwick Boys’ Basketball Camp.

Citizen of the Year Awards

Every year at our Annual Awards Ceremony, a sales agent from each office is awarded Citizen of the Year. Recipients of this award have made outstanding contributions to our local communities. As many of the sales associates in each office are very involved in the community, the decision is a difficult one. However, in the end, there were two very deserving individuals who received this award for 2020. And in keeping with Green Team’s core values of volunteerism and support of local charities, Geoff Green donated a total of $500 to the charities chosen by each recipient.

Carol Buchanan, Citizen of the Year for Green Team New York Realty, selected Warwick Area Migrant Committee and the Warwick Valley Humane Society.  Alison Miller, the recipient of the Citizen of the Year Award for Green Team New Jersey Realty, selected the Vernon Valley High School SCA. Furthermore, Alison specified that the donation is for the Senior Scholarship Awards.

Team Up for Hope

Moreover, in 2020 Geoff Green and Amy Green created Team Up for Hope, a non-profit organization that supports local nonprofit organizations at the forefront of mental health, drug use, and suicide prevention. We are an all-volunteer organization comprised of Green Team sales associates and staff members. Sponsorship money is donated to NAMI Orange County, NY, and NAMI Sussex County, NJ, as well as to other local non-profit organizations. Recipients to date include local artist and mental health advocate, Dan McQuade, Center for Evaluation and Counseling, Family Partners of Morris & Sussex County, the American Foundation for Suicide Prevention, Wounded Warriors, and Project Healthy Minds. Since November of 2020, Team Up for Hope has donated over $13,000 total to these organizations. 

In addition, Team Up for Hope produces webinars that address mental health, drug use, suicide, and suicide prevention. We bring together local experts to talk about related issues, including the impact of the pandemic.  The organization believes that by talking about the issues and bringing them out into the open, we can start breaking the stigma and ending the silence.

Team Up for Hope welcomes individuals and businesses to become sponsors. Donations are tax-deductible as allowed by law.

Green Team Realty supports local organizations and charities

Our Sales Associates donate to the local and national charities that are important to them. Likewise, Green Team Realty has made donations and sponsorships to many local organizations, including:

 

Agency News and Awards July 22, 2021

2nd Quarter Sales Leaders

Green Team Realty has announced its 2nd Quarter Sales Leaders. They are Keren Gonen, of Green Team New Jersey Realty, and Kasey Malone, Green Team New York Realty.

Keren Gonen

Since joining Green Team New Jersey Realty in 2017, Keren has been a quarterly sales leader many times. In addition, she has twice been the yearly sales leader. Geoff Green, President of Green Team Realty, had this to say about Keren:

“What is most amazing about Keren is not her continued success as a top-producing Realtor, but rather her devotion to people.  Keren donates time out of her very busy day to organizations such as Team Up for Hope, and the Sussex County Association of Realtors on top of being a great Mom and Realtor.  Congratulations once again Super Star.  Keep up the good work.”

Keren stated:

“Being able to assist buyers, sellers, and investors in this market has proven to be a test of my craft. I love Real Estate and hope that each and every one of my clients has felt my passion and desire to serve others. Learning how to serve my clients best in this crazy Market has been the biggest learning curve for me. I’ve had to get creative and definitely think outside the box. I am so grateful that I have been able to assist so many clients in finding or selling their homes or investment. Thank you, to all of you who have chosen me to accompany you on this journey. Be safe and let’s make 2021 the best year we’ve ever had!”

Kasey Malone

Geoff Green congratulated Kasey on being the 2nd Quarter Sales Leader for the New York office:

“A big congratulations to Kasey who is a first-time Quarterly Sales Leader.  Kasey lives out the phrase, “work by referral”.  Kasey’s friends, neighbors, and relatives all know how honest and hard-working she is. Now the rest of the world does too.  Great job Kasey, and keep up the good work.”

Kasey shared her thoughts on being the Q2 Sales Leader at Green Team New York Realty:

“Doing real estate part-time and strictly by word of mouth has made me solely rely on building my reputation as a real estate agent. Each year I set a goal for myself to beat last year’s sales, this year has been my best so far! I had the distinct opportunity to work with famous clients who were referred to me through a close friend and I am grateful that they chose me for their real estate needs. I love my Green Team! They give you all the tools you need to succeed and we get to build great business relationships with each other along the way! This is a huge milestone for me in my real estate career and I am so excited to receive this award!”

Community Support July 18, 2021

2021 Summer Social

Green Team Summer Social – A Time to Celebrate

It’s been a while since our Green Team family has been able to be together. The 2020 Green Team Summer Social was canceled due to the pandemic. The annual Awards Ceremony took place on Zoom.  COVID-19 has had the world adjusting to a new normal.  In addition to the physical effects of COVID-19, many small businesses and industries have been impacted negatively.  However, the impact on the real estate market was just the opposite. Sheltering-in-place led many to reconsider what their needs were in terms of home. Remote learning, remote working, and the need for privacy as well as communal space had many urban dwellers seeking homes that would accommodate their needs. Many decided to move to suburban and rural areas, including here in Orange and Sussex Counties.  Despite all of the regulations and restrictions governing the real estate industry in New York and New Jersey, business was booming and our Green Team sales associates rose to the challenges.

Now, it is a time to come together once again as the Green Team Family. On July 24 at 4 p.m. we’re gathering at beautiful Spring Brook Farm in Warwick, NY.  We’ll have a chance to reconnect with colleagues and meet new members of the Green Team family, as well as some of our sponsors. Of course, we’ll get to meet their family members, too! There will be lots of food, and games, as well as fun with a purpose.

Team Up for Hope with us!

For those of you not familiar with Team Up for Hope, it is a 501(c)(3) non-profit organization created by Geoff Green and Amy Green. It is an all-volunteer organization with a team of Green Team Sales Associates and staff lending their time, efforts, ideas, and passion for its mission.  TUH seeks to address the impact of mental illness, drug use, and suicide in our communities. We do that by raising funds for and awareness of the local non-profit organizations at the forefront of these crises. However, we also want to do our part in ending the stigma that goes along with mental health diagnoses, drug use, and suicide. We do this by collaborating with experts from organizations and private practice who share their knowledge and expertise through the webinars we produce.

The 2021 Summer Social is also a fundraiser for Team Up for Hope.  There will be a 50/50 raffle – and the winner must take the cash! We’ll have t-shirts for sale. Perhaps best of all, there will be a dunk tank. And, Geoff Green has graciously volunteered to be dunked to raise money for Team Up for Hope. We’ll have representatives from the National Alliance on Mental Illness (NAMI) Orange and Sussex County affiliates, who will talk to us about the important work being done by their organizations.  Daniel McQuade, local artist, sculptor, photographer, and mental health advocate will also be joining us.  Donations to Team Up for Hope are distributed to NAMI Orange and NAMI Sussex, as well as to other local organizations.  So, come prepared, cash in hand, to support Team Up for Hope.

Thanks to our Sponsors

We would not be able to do events like the Green Team Summer Social without the generous support of our sponsors. They are:

Diamond Sponsor ($1,000 level)

Platinum Sponsors ($500 level)

Gold Sponsors ($250 level)

And thank you to the local vendors

It’s important to us to utilize the services of local businesses and vendors whenever possible.  These are some of the vendors that we’re working with to make the Summer Social a big success:

Check back with us for our Summer Social Recap

We’ll have photos, stories, and a grand total of the amount raised for Team Up for Hope.

We’ll see you on July 24th!

Agency News and Awards July 11, 2021

Toni Vogel Celebrates 10 Years with the Green Team

Congratulations to Toni Vogel as she celebrates 10 years with the Green Team!

Back in the day

Antonette “Toni” Vogel started working at Green Team in 2011, as an Agent Service Manager. However, she knew Geoff Green and his wife Laura from their high school days. Toni not only worked in the Green Team office; she and her husband also own a reputable local construction company, Harvest Valley Construction. Inc. Thus, her education in the real estate industry was very hands-on. 

Flexibility and changing goals

When Toni first started at the Green Team, her biggest goal was hitting a million in sales. Now she far exceeds that every year! In the early days of her career, Toni was busy raising her three sons. As of this year, they are all in school. Thus, she is able to set higher sales goals. One of her biggest accomplishments was making Captains Club in 2019, for meeting $3 to $5 million in sales.

A few of her favorite (and least favorite) things

What Toni likes most about being part of the Green Team is the camaraderie and support that she gets from her colleagues and the admin staff. Needless to say, her favorite part of the job is closings!  In contrast, Toni’s least favorite aspect of real estate is something we’ve been hearing a lot about: the lack of inventory. 

Toni’s biggest “lesson learned?” Check all information, recheck it, and check it again!  Don’t assume that all the information you’re provided with is accurate. It’s important to do your due diligence and go above and beyond for all of your clients!

Memories

“Denise Schmidt will forever be a huge part of my success in the industry. She took me under her wing after I got my license and helped me grow professionally. Also, I took my real estate course, as well as the real estate exam, with Pip Klein. She will forever be my classmate and dear friend!”

Toni Vogel with Denise Schmidt

Denise Schmidt and Toni Vogel

Green Team Goals for the future

Forever growing as a professional, Toni’s current goal is to focus on listing more properties. 

We have no doubt that Toni will reach that goal and we’ll be reporting it when her next Green Team anniversary rolls around.