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Another Successful Applefest!
Warwick’s Most Anticipated Event
The charming village of Warwick welcomed people for another very successful Applefest. An estimated 30,000 people come every year to enjoy the many treats Warwick has to offer.
Taking part in the Excitement
Better Homes and Gardens Real Estate Green Team was excited to join in on the fun. Our booth included the perfect photo opp with a beautiful faux house, courtesy of Valentine Home Builders, complete with branded pumpkins and fabulous fall decor. Clearly many others were also impressed as we had hundreds of people stop by to take photos throughout the day.
Many people jokingly asked, “Can you come to my house and decorate my front door?” BHGRE Green Team’s Marketing Director, Nicole McCormick, who organized the event took that as a huge compliment. “As a lifestyle brand, Better Homes and Gardens Real Estate offers many staging tips and guides for the home. I wanted to bring that to life at Applefest. With the help of the brand, our agents and Valentine Home Builders, that thought came to fruition. We will be using the same Door Front Display at our Furever Homes for Pets: Pet Portrait Fundraiser this weekend; all proceeds benefit the Warwick Valley Humane Society.” said Nicole.
Showing their devotion to their Community
Our sales associates were front and center to enjoy the festivities. They handed out brochures about the area, balloons to little ones, and goody bags they created themselves. Our agents love to go above and beyond; an ideal that is shown in the care that they take with their clients every day. Being able to meet new people and spread the love during Applefest was a great experience for everyone.
“It was a great event; it felt really good being a part of the team.” stated Brian Cisek.
“Me too!” Replied Nancy Sardo, “It was a great day spent with great people! Here’s to next year!”
A Rewarding Experience
In addition, Green Team was excited to have the opportunity to host a raffle to win a brand new Apple Watch SE. We had many people enter but the lucky winner was Linda Zappala!
We love having the opportunity to get to know our community on a personal level. Better Homes and Gardens Real Estate Green Team strives to ensure that everyone we have the honor to work with receives the best possible experience.
Apple Fest 2022 was a huge success and we look forward to participating again next year!
Barbara Tesa Reached The Cap!
Congratulations From Geoffrey Green, President Of Better Homes and Gardens Realty Green Team, to Barbara Tesa for reaching the commission cap for Company Dollar Contribution in 2022!
“I am very happy for Barabara as she once again reaches the cap. If you know Barbara you would agree that she is a true professional. She takes her work in this industry very seriously. She is responsive, intelligent, and fun to be around. That is why she continues to excel as one of BHGRE Green Team’s top producers. Congrats Barabara, keep up the good work!”
Barbara Tesa‘s dedication to her clients and hard work has allowed her to reach the cap on her commission with Better Homes and Gardens Realty Green Team. This is an outstanding accomplishment and means Barbara will now receive a 100% commission split on any deal she closes during 2022.
Barbara Tesa’s thoughts on hitting CAP:
“The sales I’ve completed this year, whether for buyers or sellers, always came down to making the client feel THEY were the priority. No matter how the market is performing, the best I try to give all my clients is my attention to their real estate needs/goals…because if I don’t do that, I know someone else will. And that’s why my motto is: Your Property, My Priority!”
Better Homes and Gardens Realty Green Team’s commission structure is undoubtedly 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.
Click here to learn more about Better Homes and Gardens Realty Green Team and why you should join our team.
Congratulations, Barbara Tesa!
Agent Spotlight on Tammy Scotto
“It will all work out in the end”.
Tammy Scotto is a big believer that even when there are some bumps in the road throughout a transaction, it will all work out in the end.
Having many players at the table throughout a deal can sometimes be challenging but staying on top of everything can definitely contribute to a smoother transaction.
What separates Tammy from other realtors is her communication and responsiveness to clients. She is big on communication; whether there is information to be relayed or a period of time while under contract she always keeps the line of communication open.
23 Years and Still going strong!
Tammy obtained two licenses in 1999; her real estate license and her marriage license. She is happy to report that both are still thriving. Tammy initially became a real estate agent as she had always had a passion for sales and working with people. With her marriage and the thought of children on the horizon, she knew this career enabled her to be a stay-at-home mom while working part-time. As her children grew, so did her business moving into full-time real estate.
Now with two children off to college, she has ample time to dedicate to her clients. Tammy works long days and always tries to be available for calls, from early morning right through after dinner time. Regardless of whether a client is buying or selling, it’s stressful; Tammy feels that having the ability to connect with her clients and answer questions or concerns as they arise is “priceless” and helps ease their worries.
A memorable deal.
When Tammy was asked about her most memorable real estate transaction this is what she told us:
“I recently worked with a single woman moving to Warwick from another area. We met during the summer of 2020, in the midst of covid, with a home price range of $350-450K. When we finally found a home, we had inspections done and it turned out there were structural concerns that made her uncomfortable with moving forward. My client then saw a house for 700K and asked me to show it to her. She wound up closing on that home and said to me ” See what happens when you double your budget?””
-Tammy Scotto
Pride in her work.
Tammy is proud to be able to say that each year her sales volume grows. She loves to set goals for herself every year and while she might not hit every goal, each one helps her improve her business. Tammy has her CIREC (Commercial & Investment Real Estate Certification) and while she may not have one specific specialty she does work a lot with first-time home buyers as well as many sellers. Tammy has lived in Orange County her entire life and has a vast knowledge of the Greenwood Lake and Warwick areas as well as the surrounding towns. Working with an agent who knows the area as well as Tammy does comes as a huge advantage.
While Tammy has been in the business for over 23 years she attributes the success of her current business to all the training and support given by Geoff Green. Now that we are affiliated with Better Homes & Gardens she is excited to grow her business even further.
Should I Rent or Should I Buy? [INFOGRAPHIC]
![Should I Rent or Should I Buy? [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2022/07/14124050/20220715-MEM-1046x2129.png)
Some Highlights
- It’s worth considering the many benefits of homeownership before you make the decision to rent or buy a home.
- When you buy, you can stabilize your housing costs, own a tangible asset, and grow your net worth as you gain equity. When you rent, you face rising housing costs, won’t see a return on your investment, and limit your ability to save.
- If you want to learn more about the benefits of homeownership, let’s connect today.
Housing Experts Say This Isn’t a Bubble
With so much talk about an economic slowdown, some people are asking if the housing market is heading for a crash like the one in 2008. To really understand what’s happening with real estate today, it’s important to lean on the experts for reliable information.
Here’s why economists and industry experts say the housing market is not a bubble ready to pop.
Today Is Nothing Like 2008
The 2008 housing crash is still fresh in the minds of many homebuyers and sellers. But today’s market is different. Odeta Kushi, Deputy Chief Economist at First American, says:
“This is not the same market of 2008. . . . It’s no secret the housing market played a central role in the Great Recession, but this market is just fundamentally different in so many ways.”
Natalie Campisi, Advisor Staff for Forbes, explains how today’s lending standards are different than those during the lead-up to the housing market crash:
“Among the differences between today’s housing market and that of the 2008 housing crash is that lending standards are tighter due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period.”
Another reason today’s housing market is nothing like 2008 is that the number of people looking to buy a home still outweighs the supply of homes for sale. As realtor.com notes:
“. . . experts don’t believe the market is in a bubble or a crash is in the cards, like during the Great Recession. The nation is still suffering from a housing shortage that has reached crisis proportions at a time when many millennials are reaching the age when they start to consider homeownership. That’s likely to keep prices high.”
Bottom Line
Experts say the housing market isn’t a bubble, and we’re not heading for a crash. Let’s connect so you can have a full picture of today’s housing market in our local area.
Expert Housing Market Forecasts for the Second Half of the Year
The housing market is at a turning point, and if you’re thinking of buying or selling a home, that may leave you wondering: is it still a good time to buy a home? Should I make a move this year? To help answer those questions, let’s turn to the experts for projections on what the second half of the year holds for residential real estate.
Where Mortgage Rates Will Go Depends on Inflation
While one of the big questions on all buyers’ minds is where will mortgage rates go in the months ahead, no one has a crystal ball to know exactly what’ll happen in the future. What housing market experts know for sure is that the record-low mortgage rates during the pandemic were an outlier, not the norm.
This year, rates have climbed over 2% due to the Federal Reserve’s response to rising inflation. If inflation continues to rise, it’s likely that mortgage rates will respond. Greg McBride, Chief Financial Analyst at Bankrate, explains it well:
“Until inflation peaks, mortgage rates won’t either. Without improvement on the inflation front, we don’t know where the interest rate ceiling will be.”
Whether you’re buying your first home or selling your current house to make a move, today’s mortgage rate is an important factor to consider. When rates rise, they impact affordability and your purchasing power. That’s why it’s crucial to work with a team of professionals, so you have expert advice to help you make an informed decision about your best move.
The Supply of Homes for Sale Projected To Continue Increasing
This year, particularly this spring, the number of homes for sale has grown. That’s partly due to more homeowners listing their houses, but also because higher mortgage rates have helped ease the intensity of buyer demand. Moderating buyer demand slows down the pace of home sales, which in turn helps inventory rise.
Experts say that growth will continue. Recently, realtor.com updated their 2022 inventory forecast. In the latest release, they increased their projections for inventory gains dramatically, going from a 0.3% increase at the beginning of the year to a 15.0% jump by the end of 2022 (see graph below):
More homes to choose from is great news if you’re craving more options for your home search – just know that there isn’t a sudden surplus of inventory on the horizon. Housing supply is still low, so you’ll need to partner with an agent to stay on top of what’s available in your market and move fast when you find the one. It’s not going to be easy to find a home, but it certainly won’t be as difficult as it has been over the past two years.
Home Price Forecasts Call for Ongoing Appreciation
Due to the imbalance between the number of homes for sale and the number of buyers looking to make a purchase, the pandemic led to record-breaking increases in home prices. According to CoreLogic, homes appreciated by 15% in 2021, and they’ve continued to rise this year.
Even though housing supply is increasing today, there are still more buyers than there are homes for sale, and that’s maintaining the upward pressure on home prices. That’s why experts are not calling for prices to decline, rather they’re forecasting they’ll continue to climb, just at a more moderate pace this year. On average, homes are projected to appreciate by about 8.5% in 2022 (see graph below):
Selma Hepp, Deputy Chief Economist at CoreLogic, explains why the housing market will see deceleration, but not depreciation, in prices:
“The current home price growth rate is unsustainable, and higher mortgage rates coupled with more inventory will lead to slower home price growth but unlikely declines in home prices.”
For current homeowners looking to sell, know your home’s value isn’t projected to fall, but waiting to make your purchase does mean your next home could cost more as home prices continue to appreciate. That’s why, if you’re thinking about buying your first home or you’re ready to make a move, it may make sense to do so now before prices climb higher. But rest assured, once you buy a home, that price appreciation will help grow the value of your investment.
Bottom Line
Whether you’re a homebuyer or seller, you need to know what’s happening in the housing market, so you can make the most informed decision possible. Let’s connect to discuss your goals and what lies ahead, so you can determine the best plan for your move.
The Drop in Mortgage Rates Brings Good News for Homebuyers
Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news.
Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):
But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains:
“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”
That’s because when rates go up (as they have for the majority of this year), they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power.
The chart below shows how a half-point, or even a quarter-point, change in mortgage rates can impact your monthly payment:
Bottom Line
If your home doesn’t meet your needs, this may be the opportunity you’ve been waiting for. Let’s connect to see how you can benefit from the current drop in mortgage rates.
Why Growing Home Equity Is Great News if You Plan To Move [INFOGRAPHIC]
![Why Growing Home Equity Is Great News if You Plan To Move [INFOGRAPHIC] | MyKCM](https://files.mykcm.com/2022/07/07152642/20220708-MEM-1046x1851.png)
Some Highlights
- According to the latest data from CoreLogic, the average homeowner gained $64,000 in home equity over the past 12 months.
- That much equity can be a game-changer when you move. When you sell, it could be some (if not all) of what you need for a down payment on your next home.
- To find out how much equity you have in your home and how you can use it, let’s connect today.
What Does an Economic Slowdown Mean for the Housing Market?
According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy.
All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how could this next slowdown affect real estate and the cost of financing a home?
According to Mortgage Specialists:
“Throughout history, during a recessionary period, interest rates go up at the beginning of the recession. But in order to come out of a recession, interest rates are lowered to stimulate the economy moving forward.”
Here’s the data to back that up. If you look back at each recession going all the way to the early 1980s, here’s what happened to mortgage rates during those times (see chart below):
As the chart shows, historically, each time the economy slowed down, mortgage rates decreased. Fortune.com helps explain the trend like this:
“Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.”
And while history doesn’t always repeat itself, we can learn from it. While an economic slowdown needs to happen to help taper inflation, it hasn’t always been a bad thing for the housing market. Typically, it has meant that the cost to finance a home has gone down, and that’s a good thing.
Bottom Line
Concerns of a recession are rising. As the economy slows down, history tells us this would likely mean lower mortgage rates for those looking to refinance or buy a home. While no one knows exactly what the future holds, you can make the right decision for you by working with a trusted real estate professional to get expert advice on what’s happening in the housing market and what that means for your homeownership goals.
If You’re Selling Your House This Summer, Hiring a Pro Is Critical
It can be tempting, especially with how hot the housing market has been over the past two years, to consider selling your home on your own. But today’s market is at a turning point, making it more essential than ever to work with a real estate professional.
Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current market trends, but they’re also experts in managing the many aspects of selling your house.
Here are five key reasons why working with a real estate professional makes sense today.
1. A Professional Follows the Latest Market Trends
With higher mortgage rates, rising home prices, and a growing number of homes for sale, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of new information is crucial when you sell.
That makes working with an expert real estate advisor critical today. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your best decision.
2. A Professional Helps Maximize Your Pool of Buyers
Your agent’s role in bringing in buyers is important. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house is viewed by the most buyers. Investopedia explains why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.”
3. A Professional Understands the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) explains it best, saying:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.
4. A Professional Is a Trained Negotiator
If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:
- The buyer, who wants the best deal possible
- The buyer’s agent, who will use their expertise to advocate for the buyer
- The inspection company, which works for the buyer and will almost always find concerns with the house
- The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
5. A Professional Knows How To Set the Right Price for Your House
If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high. Pricing a house requires expertise. NAR explains it like this:
“A great real estate agent will look at your home with an unbiased eye, providing you with the information you need to enhance marketability and maximize price.”
Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your home. These steps are key to making sure it’s set to move quickly while still getting you the highest possible final sale price.
Bottom Line
Whether it’s following local and national trends and guiding you through a shifting market or pricing your house right, a real estate agent has essential insights you’ll want to rely on throughout the transaction. Don’t go at it alone. If you plan to sell, let’s connect so you have an expert on your side.
