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March 2021 Housing Market Update
The Green Team Realty March 2021 Housing Market Update was held on March 16 at 12:00 p.m. If you missed the live webinar or would like to watch it again, it’s available here:
Overview of the real estate market on the national level
Geoff Green, President of Green Team Realty, began the update with a quote from Lawrence Yun, Chief Economist at NAR:
“Home sales could possibly reach 8 million if we had more inventory… Mortgage rates should remain very low throughout 2021, although we may have seen the lowest already.”
As shown in this graphic, foreclosure activity is minimal.
Geoff pointed out that with the job loss and economic woes resulting from the pandemic, you would expect the number of foreclosures to be much higher. According to DS News,
“About 325,000 people will exit the forbearance program over the next six to nine months without a plan in place. Some – but probably not all – of those loans will likely default.”
The continuing saga of low inventory – and the Sellers Market
Year-over-year changes indicate that this is a great time to sell. Inventory is so low, if you are thinking about getting your house on the market, now is the time to do it!
Home Price Appreciation
For an in-depth discussion on home price appreciation, watch the housing market update here.
National and Local Housing Market Stats (Orange County NY and Sussex County NJ) are then discussed.
“Housekeeping” Items
Meet our Panel
Geoff was joined by Keren Gonen of Green Team New Jersey Realty and Carol Buchanan of Green Team New York Realty. In addition, Ken Aulicino of Family First Funding added his expertise as a Mortgage Specialist.
The discussion began with the topic of buyers and possible issues in obtaining mortgages. In addition, whether appraisals were coming in, even with rising home prices. Geoff asked Ken Aulicino about whether rates were coming up. Even with rates coming up, historically they are still very low. Click here to watch the full panel discussion, including a question and answer session.
If you would like to get in touch with any of our panelists, their contact information is below:
We’ll see you on Tuesday, April 20 at 12 p.m. for our next Housing Market Update.
You can sign up for Housing Market Updates at GreenTeamRealty.com/HMU
2020 Team Player and Citizen of the Year Awards
Thursday, February 11, was the second night of Green Team Realty’s 2020 Awards Celebration. Like many events occurring in 2020, it took place on Zoom! The first night celebrated Sales Awards. The third and last night was for the Momentum Builder Award. And this night was to announce the Team Player and Citizen of the Year Awards.
Team Player Award
Geoff Green, President of Green Team Realty, stresses the importance of elevating those around you. .Focusing on winning each day creates a winning culture, a Green Team Core Value. The recipients of this award do all that. In addition, they are deemed most reliable, and positive. Furthermore, they are dependable, work well with others, and have great problem-solving skills.
Before the winners are announced, a word from our Broker Managers
The Broker Managers were instrumental in selecting the Team Player Award Recipients. Lucyann Tinnirello, Broker Manager of the Warwick office, said this about her selection:
“The person selected has a lot of the attributes described above. Furthermore, sales associates in the office had a say in the selection and hit the nail right on the head!”
Kim Lasalandra, Broker Manager of the Vernon office, had this to say:
“This person is always very reliable and always seems to be around at the right time. If not out with clients, then she’s in the office helping other agents.”
And the Team Players of the Year are…
Tiffany just celebrated her second year with Green Team. She had set business goals for herself, which she achieved for 2020. However, she had no idea that she would be named Team Player of Green Team New York Realty. When Lucyann called to tell her, she was overwhelmed with emotion. Tiffany summed up her feelings on teamwork with one of her favorite quotes:
“Teamwork divides the tasks and multiplies the success.”
Cathie loves the truly positive attitude that exists at Green Team New Jersey Realty. She has found a sense of comradery at Green Team that was missing in other offices she has been with. Cathie loves being part of the Green Team and is grateful to be here.
Geoff, in turn, told Cathie how much he appreciates her positive attitude and willingness to help others. He stressed how important connection with others is, especially now. The team players are the ones that help provide that connection, something he is grateful for.
Citizen of the Year Award
Geoff began the presentation of this award with a quote by George Elliston, American Journalist and Poet, 1883-1946:
“How beautiful a day can be when kindness touches it.”
Recipients of this award have made outstanding contributions to our local communities. Many of the sales associates in each office are very involved in the community, making the decision a difficult one. However, in the end, there were two very deserving individuals who received this award.
According to Lucyann, Carol has a dedicated heart. It takes a special person to be so kind. In addition to being a loving mother, devoted wife, doting grandmother, and busy real estate professional, Carol makes time to give to her community. Carol has been a driver for Meals on Wheels for over 12 years now. It’s been hard during COVID since she hasn’t been able to chat with the seniors she is delivering to. She misses that connection with them as much as they do.
Carol and her husband have always been involved in the community. They raised their children to give back, and are now raising their grandchildren to do the same. Lucyann commented that at Christmas, Carol was at Shoprite, ringing the bell for the Salvation Army with her granddaughter. As Carol says,
“Volunteering is good for the soul.”
Another Green Teamer who believes in the power of volunteering is:
Kim stated that Alison is also a dedicated wife, mother, and fabulous real estate agent. She also spends a lot of her time helping the school and the community. Alison is currently the current President of SCA (School Community Association) at Vernon Township High School. She was the treasurer for 2 years. Before that, the secretary. Last year, both the president and vice president vacated their positions. Alison stepped up to become President. What’s more, her mother stepped up to take on the treasurer role.
Basically, the SCA raises a lot of money through different programs to assist the school. 2020 was a difficult year. The usual fundraisers are social events. Therefore, they could not be held due to COVID. An online auction is being planned to raise money for scholarships for high school seniors. The organization also helps senior citizens, and local children through the Giving Tree project.
A surprise ending to the evening…
Geoff was moved by the work that these volunteers and their organizations are doing. Furthermore, upon hearing the difficulties that non-profits were facing raising funds due to COVID, he decided right then to do something special. Each Citizen of the Year Award recipient will receive $500 to be donated to the charities of their choice. Geoff went on to say, when all is said and done, these are the things that will matter most. Family, and helping others.
Congratulations to our Team Players and Citizens of the Year!
Green Team Realty 2020 Sales Awards
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.
February 2021 Housing Market Update
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
Housing Market Update January 2021
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Geoff Green, President of Green Team Realty, welcomed everyone to the first Housing Market Update of 2021. Held on January 19 at 12 p.m., the webinar 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 the Panel
Geoff was joined by Jennifer DiCostanzo and Tiffany Megna of Green Team New York Realty. Keren Gonen and Kristi Anderson of Green Team New Jersey Realty shared their knowledge of the Sussex County, NJ market. Finally, Kenneth Aulicino, Senior Loan Officer at Family First Funding LLC shared his expertise.
Where we were and where we are
The above image shows the contrast between the years leading up to the housing market crash of the Great Recession, compared to the past 6 years. Geoff pointed out that, even though we are in a recession, it doesn’t necessarily mean that home prices will come down. In fact, in four out of six recessions, home prices actually increased. That is true for 2020. Furthermore, it is anticipated that home prices will continue to rise.
In fact, the impact of Covid-19 has impacted the real estate market in many ways. According to David Mele, President at Homes.com
“The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence…”
A survey by Redfin shows that 34% of homebuyers have already moved to a different city or area since the pandemic began. Furthermore, another 33% would consider moving if given the opportunity to work remotely on a permanent basis.
Unemployment, interest rates, and more
Discussion ensued on unemployment projections and how long it might take for unemployment rates to return to near pre-crisis level. Job loss and its impact on renters may make it difficult for them to become future homeowners.
Housing Market Stats – National and Local
National existing home sales have increased, accompanied by a major increase in home price and major decrease in supply of inventory. These trends reflect what is happening on the local level, too.
“Housekeeping” Items
Contact our Panelists
The panelists discussed the impact of the pandemic on the local Orange and Sussex County real estate markets. Covid-19 and the necessity of (and possibility for) many people to work from home has changed priorities, needs, and wants of many perspective home buyers, particularly those from New York City. To view the panel discussion, click here.
We’ll see you on Tuesday, February 16, 2021, at 12 p.m.
Click here to register.
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Housing Market Update December 2020
Geoff Green, President of Green Team Realty, welcomed everyone to the December 2020 Housing Market Update. This webinar, held on Tuesday, December 15, at 2 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 the Panel
Panelists included Keren Gonen and Pam Zachowski of Green Team New Jersey Realty, Toni Kreusch, and Karen Gauvin of Green Team New York Realty. Michael Giannetto of CrossCountry Mortgage LLC joined them.
2020 – The Year in Review
What a year it has been! The real estate industry has had a strong year. The housing market has experienced a “V-shaped” recovery. Furthermore, according to Realtor.com, it continues to ascend based on demand, supply, price, and time on market.
There are no signs of an impending foreclosure increase. In fact, the number of mortgages in forbearance is decreasing.
Are prices going up too fast?
Geoff Green addresses this question, using actual and historic appreciation factors. However, it all comes back to supply and demand, as shown below. The less inventory you have, the more demand and prices go up.
Lawrence Yun, Chief Economist at NAR, explained why there is no comparison between today’s market and the frenzy of activity seen in 2006, which led to the recession. You can view his full quote in the December 2020 HMU video. Also, the good news is mortgage affordability based on household debt service as a percentage of disposable personal income. Furthermore, mortgage rates are projected to remain low in 2021, and home prices continue to increase.
The new Winter 2021 Buyer and Seller Guides are now available on the Green Team Realty website.
Click here and scroll halfway down the screen to request your guide.
Housing Market Stats – Nationwide and Local
Existing home sales have risen, and home prices continue to soar. Of course, inventory continues to plummet. Locally, average prices have soared. The panelists discussed the impact of current market conditions on both buyers and sellers, and what they are seeing in their businesses. You can see the panel discussion here.
“Housekeeping” Items
Contact our Panelists
We’ll see you on Tuesday, January 29, 2021, at 12 p.m.
Click here to register.
November 2020 Housing Market Update
Geoff Green, President of Green Team Realty, welcomed everyone to the November 2020 Housing Market Update. The webinar, held on Tuesday, November 17 at 2 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’s available here:
Meet the Panel:
Panelists included Keren Gonen and Barbara Tesa, of Green Team New Jersey Realty and Carol Buchanan, with Green Team New York Realty. Also joining the discussion were Ken Ford of Warwick Valley Financial Advisors, and Laura Moritz with Classic Mortgage LLC.
First, let’s talk about the economy
In January, the economy was strong, there were no signs of the housing market slowing down. It took a major global event to slow down a roaring economy.
So, what did people do with stimulus checks?
35% used it to pay down debts. 36% saved the money, and 29% spent the money. U.S. Consumer spending since January 1, 2020, is down by -3.7%. Changes in consumer spending by state is shown below:
Unemployment filings and benefits
Weekly unemployment filings have been steadily coming down. However, unemployment does remain at a high number. The number of people receiving unemployment benefits is also trending downwards.
Mortgage Forbearance, Home Inventory, Home Appreciation, and Mortgage Rates
The number of mortgages in active forbearance is decreasing dramatically. As of Oct 20, out of 2,397,000 families granted forbearance, some have extended it, However, 44% came out of the program while paying on time. In addition, 500,000 people paid off their mortgage.
Moreover, stats show the decrease in inventory over the last 12 months. According to Zillow, the top reasons for people not putting their homes on the market now are financial uncertainty, uncertainty about life in general, and COVID-19 health concerns.
Most experts are bullish on home price appreciation. However, Mortgage Bankers’ Association is predicting rising mortgage rates over the next 3 years.
Learn more. Watch the Webinar.
For updates on what is happening in commercial real estate, the crisis facing renters at the end of moratoriums, and national and local market stats, click here.to watch the webinar. You’ll also be hearing from the sales associates, and financial and mortgage experts on what they are seeing in the market.
Furthermore, you can compare this month’s stats with those in the October Housing Market Update.
“Housekeeping” Items
Contact our Panelists
Join us for the last Housing Market Update of 2020 on Tuesday, December 15 at 2 p.m.
Sign up for updates now at GreenTeamRealty.com/HMU
Welcome James “Jimmy” Cosenza
The Green Team is proud to announce that James “Jimmy” Cosenza has decided to join our Warwick, NY office. We’re excited to have him on our team and look forward to helping him grow!
Please join us in Welcoming James to The Green Team New York!
To learn more about James and his business visit his website here.
October 2020 Housing Market Update
Geoff Geen, President of Green Team Realty, welcomed everyone to the October 2020 Housing Market Update. The webinar, held on Tuesday, October 20 at 2 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’s available here.
Meet the Panel
October Housing Market Update panelists were Nancy Sardo, and Tammy Scotto of Green Team New York Realty, and Keren Gonen of Green Team New Jersey Realty. Also joining the discussion was Ken Aulicino, Mortgage Loan Originator at Family First Funding.
Can the housing market recovery be sustained?
The U.S housing market has been a “V-shaped” Recovery. However, inventory continues to decline and is a big challenge. So, can the housing market keep it up?
Pros
US Consumer Spending is almost in a V-shaped recovery. Unemployment has been coming down the last 6 to 7 months. The number of mortgages in active forbearance is decreasing. Prior to the Great Recession, it was a buyers market, due to the number of homes on the market. In the early 2000s, there was also a lot of new construction happening. Now, we are firmly in a sellers’ market. There are just not enough homes to satisfy the needs of the current market.
Cons
The shortage of inventory remains a major issue. According to Realtor.com,
“Since the beginning of the COVID pandemic in March, nearly 400,000 few homes have been listed compared to last year, leaving a gaping hole in the U.S. housing inventory…
As a result, home prices are accelerating at double last year’s pace.”
According to the National Association of Realtors, Existing Home Sales are up by 10.5%. However, listings are down 39%. Listings for New Homes are down by 31%. However, sales of new homes have increased by 43%.
This really shows the inventory story.
Local Stats
In Orange County, NY, there are increases in units sold and in average sales price. Sussex County, NJ is now showing strong increases in average sales price, as well as in units sold.
Learn More, Watch the Webinar
Watch Geoff’s full presentation on national and local economic and real estate trends. In addition, our expert panel discusses their experiences in this market, including new construction. Click here to view the webinar.
Furthermore, you can compare prior statistics and trends. Click here for the September 2020 Housing Market Update.
“Housekeeping” Items
Contact our Panelists
