Facebook
X
Pinterest
Copy Link
The #1 Reason To Sell Your House Today
Almost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply.
Purchaser demand is very strong right now. The National Association of Realtors (NAR) just released their latest Existing Home Sales Report which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge.
Inventory Is at an All-Time Low
Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say:
“The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.”
Earlier this month, realtor.com released their inventory data for January. It helps confirm this point. Here’s a graph comparing inventory levels for January over the last six years:
As the graph shows, new listings coming on the market have decreased over the last four years (shown in blue in the graph). The graph also reveals that carry-over inventory has plummeted in recent years. This is because listings are now sold so quickly, they don’t stay on the market long enough to carry over month-to-month (shown in green in the graph). In other words, homes are not staying on the market for months as they had prior to the pandemic. In the report mentioned above, NAR reveals that:
“Seventy-nine percent of homes sold in January 2022 were on the market for less than a month.”
Odeta Kushi, Deputy Chief Economist at First American, explains it like this:
“A higher velocity of sales (lower [Days on Market]) helps to explain a housing market characterized by both higher sales & lower inventory. Many resale transactions are happening so quickly that they ‘flow’ in & then out of the ‘stock’ between the fixed monthly measurement of inventory.”
What Does This Mean for Sellers?
Anyone thinking of putting their home on the market shouldn’t wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Later this year, inventory (and by extension, your competition) will increase as many homeowners are waiting to put their homes on the market in the spring and early summer.
In addition, Len Kiefer, Deputy Chief Economist at Freddie Mac, says:
“Housing starts start off 2022 strong, just edging out 2021 for most in January since 2006.”
As these newly built homes are completed, they will also become competition for your house. This gives you a tremendous opportunity right now. Don’t wait for that increase in competition in your area. If you want to sell in 2022 and are ready to start the process, today is the day to list your house.
Bottom Line
If you’re ready to sell, let’s connect to get your house on the market while today’s inventory situation is in your favor.
This Spring Presents Sellers with a Golden Opportunity
If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one.
If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.
1. The Number of Homes on the Market Is Still Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available. That means purchasers are eagerly waiting for your house.
Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.
2. Your Equity Is Growing in Record Amounts
According to the most recent Homeowner Equity Insight report from CoreLogic, homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.
3. Mortgage Rates Are Increasing
While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in recent decades. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.
For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent global uncertainty caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, says:
“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….”
When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.
4. Home Prices Are Climbing Too
Home prices have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.
What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.
And, once you make your purchase, you can find peace of mind in knowing ongoing home price appreciation is growing the value of your new investment.
Bottom Line
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market.
Why It’s Critical To Price Your House Right
When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand, many homes are selling for more than asking price. Data from the National Association of Realtors (NAR) shows 46% of homes are selling above list price today.
But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here’s why.
Pricing Your House Right Is Crucial Even in a Sellers’ Market
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.
On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
Lean on a Professional’s Expertise To Price Your House Right
There are several factors that go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. A local real estate advisor is knowledgeable about:
- The value of homes in your neighborhood
- The current demand for houses in today’s market
- The condition of your house and how it affects the value
A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Bottom Line
Even in a sellers’ market, pricing your house right is critical. Don’t rely on guesswork. Let’s connect to make sure your house is perfectly priced.
Celebrating Five Years with Green Team
Like any family, Green Team likes to celebrate special occasions. And, celebrating five years with Green Team is indeed an important anniversary! Congratulations to:
Jaime Dalton
Jaime Dalton joined Green Team New Jersey Realty in January 2017. Raised in Vernon, NJ, Jaime graduated from Vernon Township High School in 1996. Jaime’s love of Sussex County and her deep roots in the area enable her to share her knowledge with clients. “I just can’t imagine not living here, “said Dalton. “It had the best of everything…living in the beautiful, peaceful mountains while having anything else you could want all within an hour.” Jaime ended 2021 by achieving a Bronze Award for a sales volume of $1.5-$3 Million.
Robert Valentine
Robert Valentine joined Green Team New York Realty in January 2017. Robert has even more to celebrate. He finished 2021 with the Bronze Award for sales volume between $1.5-$3 Million.
Theodore Van Laar
Theodore Van Laar has been part of Green Team New Jersey Realty since February 2017. He has over 35 years of experience selling resort properties. In 1979, the amenities and beauty first attracted Ted and his wife, Rosanne, to the area. Through the years, they fell in love with the lifestyle and growth here in the Mountain Creek, Crystal Springs, and Great Gorge resort area. They enjoy and share their appreciation for the surrounding area with their three children, family, and friends. Ted is a seasoned professional with a record of achievement and a reputation for his honesty and integrity. He is enthusiastic about sharing his love of the Resort lifestyle with his clients, whether they are looking for an investment property, second home, or primary residence. Ted received the Gold award for $5-$10 Million sales volume for 2021.
Barbara Tesa
Barbara Tesa joined Green Team New Jersey Realty in April of 2017. She brought with her over 20 years of professional experience in both residential and commercial real estate management. Furthermore, Barbara has a successful history as a licensed real estate agent in New Jersey since 2009. In 2001, Barbara and her husband purchased a home in Crystal Springs. There, they enjoy a resort lifestyle and all the beauty that Sussex County has to offer. The ability to embrace the potential in each of their homes became second nature to Barbara giving her the confidence to inspire many of her clients to do the same. In 2021, Barbara achieved the Gold award for $5-$10 Million in sales.
Lora Chandra
Lora Chandra joined Green Team Realty in April of 2017 as a CSA (Certified Sales Assistant). In 2018, she received the Team Player Award for being the most reliable, positive, and dependable. Furthermore, the award states that she works well with others and is a great problem solver. Ultimately, it’s no surprise that Lora has risen in the company to Operations Manager.
Pam Zachowski
Pam Zachowski joined Green Team New Jersey Realty in May of 2017. With diversified corporate experience, Pam pays great attention to detail and has a strong drive to find your next home. Additionally, her dedication to continued participation and growth within this industry has furthered her advancement. Pamela has a high level of motivation to continue advancing her professional skills and eagerly looks to utilize and challenge her abilities. She achieved the Gold award for 2021 sales volume of $5-$10 Million.
Kim Lesley Spaughton
Kim Lesley Spaughton joined Green Team New York Realty in May 2017. She was born in England and moved to New York City 28 years ago. There, she raised her daughter Jasmine, who is one of the original cast of ‘Hamilton the Musical’ on Broadway. Kim is a professional working musician, performing concerts, teaching singing locally. She also leads meditation workshops as the Spiritual Director of her own program in rehabs and outpatient facilities. Kim has a sublime understanding of the heart in others and in turn, has dedicated herself to finding the perfect home for you. Negotiating is her passion, understanding that each transaction has its own unique quality. Kim achieved the Bronze award for sales of $1.5-$3 Million.
Jim Moser
Jim Moser joined Green Team New York Realty in June of 2017. He studied marketing at Dominican College and, throughout his career, he has had a great passion for customer service. While a native of Rockland County, Jim has lived in Orange County for over 25 years residing in Warwick for over five. And, while some consider it “country,” Jim loves the mixture of farmland, great neighborhoods, and quality restaurants and shops. Of course, there are also wineries, the drive-in theatre, and concerts in town. His knowledge of the area and his desire to create a positive customer experience is a plus for his clients.
Tom Folino
Tom Folino became a member of Green Team New York Realty in October of 2017. If Tom’s name sounds familiar, it’s probably because he taught at Warwick Valley Central School District, where he was highly respected as both a teacher and coach; formally the Head Coach of both Boys Varsity Basketball and Boys Varsity Golf for 20 years. After 37 years with the WVCS District, Tom retired from teaching in 2014 and coaching in 2017. He decided to pursue real estate full time, motivated by a desire to help people sell and buy homes they’d love within this community he knows so well. Tom received the Gold award for sales of $5-$10 Million in 2021..
Walter Ross
Walter Ross joined Green Team New York Realty in December 2017. As a Warwick resident for over 40 years, Walter has knowledge of both the local and Orange County markets. Combined with over 35 years of business and marketing experience, he has the knowledge and experience needed to achieve a successful real estate transaction. Walter received the Silver award for $3-$5 Million in sales in 2021.
Happy 5th Anniversary and Congratulations!
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.”
Brian Cisek Earns PSA designation
Green Team New York Realty’s Brian Cisek earns his PSA designation!
Whether you are buying or selling, working with an agent who is a Pricing Strategy Advisor can help ensure you are getting the best deal for your home. One of the most confusing parts of a real estate deal is the pricing. However, a PSA takes care of that for you. By building a thorough Comparative Market Analysis (CMA) they are able to help ensure you are getting what your home is worth. In today’s market that is one of the most valuable assets that you can have on your team.
Brian decided that he wanted to go above and beyond to make sure his clients received the best possible service. Growing up in Greenwood Lake and now living in Warwick Brian has great knowledge of the area. He is a member of the Warwick Lions Club and is dedicated to improving his community. His clients can feel confident knowing they have such a diligent agent on their side.
February 2022 Housing Market Update
Geoff Green, President of Green Team Realty and Co-Founder and CEO of NuOp welcomed viewers to the February 2022 Housing Market Update. If you haven’t yet seen the webinar or would like to see it again, it’s available below.
Inflation – and its impact on homeownership
It seems that the “I”s (inventory, interest rates and inflation) have it when it comes to some of the major factors affecting the housing market. First, we have been talking about inventory, at historic lows. Then, there were interest rates; again, at historic lows although we have begun to see them rise. And now, inflation is taking top billing:
According to Mark P. Cussen, Financial Writer for Investopedia,
“Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”
A look at the US inflation rate since 1920 shows that we have been through worse. And, while current inflation is not as high as it was in the late 1970s, early 1980s, it is a serious problem.
Owning versus renting
According to James Royal, Senior Wealth Management Report, Bankrate,
“A fixed-rate mortgage allows you to maintain the biggest portion of housing expenses at the same payment. Sure, property taxes will rise and other expenses may creep up, but your monthly housing payment remains the same. That’s certainly not the case if you’re renting.”
In addition, rent increases have been greater than inflation most years.
Mortgage Rates
Before the pandemic, the 30-year fixed rate was 3.70%. It reached historic lows during the pandemic, dipping just below 2.7%. The rate is now 3.55% but are no higher than we were pre-pandemic. Historically, current mortgage rates are the lowest they’ve been in five decades. In fact, in the 1980s, they rose as high as 12.70%.
According to Sam Khater, Chief Economist, Freddie Mac,
“As mortgage rates rise, we do expect some moderation n housing demand, causing house prices growth to temper. However, the combination of large number of entry-level homebuyers facing a shortage of entry-level inventory of homes for sale should keep the housing market competitive.”
National Stats
The average home sales price has gone up, very much due to inventory going down. Accordingly, it is very much a case of supply and demand.
Meet the Panel
Joining Geoff Green is Keren Gonen of Green Team New Jersey Realty, Carol Buchanan of Green Team New York Realty, and Chad Barris, Family First Funding.
The panel discussed the information presented by Geoff as it relates to their experiences in the field. To watch the webinar and see the panel discussion, click here.
“Housekeeping Items”
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!
- Jennifer DiConstazo
- Tiffany Megna
- Nancy Sardo
- Dean Diltz
- Tammy Scotto
- Carol Buchanan
- Kimberly Lasalandra
- Karen Gauvin
- Kristine Many
- Tom Folino
- Pip Klein
- Mary Pearsalli
- Angela Murphy
- Rebecca Hundley
- Cami Cielo
- Toni Vogel
- Walter Ross
- Toni Kreusch
- Kasey Decker
- Cara Dumond
- Robert Valentine
- Ed Sattler
- Melissa Annucci
- Kathy Eubanks
- Sol Perry
- Julianna Green
- Mary Lynch
- Brittani Gaucher
- Kathryn Vega
- James Colgan
- Alan Norberg
- Wayne Patterson
- Kathy Moran
- Isy Lopez
- James Cosenza
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 Realty: Tammy 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
4th Quarter 2021 Sales Leaders
Green Team Realty has announced its 4th Quarter 2021 Sales Leaders. Tiffany Megna is the Green Team New York Realty 4th Quarter 2021 Sales Leader. Rounding out the top three are Dean Diltz and Jennifer DiCostanzo. Keren Gonen of Green Team New Jersey Realty is once again Quarterly Sales Leader, Rounding out the top three are Kristi Anderson and the team of Charles Nagy and Ted Van Laar.
Tiffany Megna, Green Team New York Realty
Tiffany is most often described by clients as honest and passionate. She combines that passion with her tenacity, and work ethic to benefit her clients. . Tiffany has sold homes in all price ranges. For instance, she’s sold starter homes and high-dollar estate properties to condominiums and investment properties. Most importantly, as a Realtor, her first priority is to make her clients happy. She listens to her client’s wants and needs to achieve the best outcome in every transaction. And, she strives to ensure that the buying or selling process is fun, easy, and stress-free. In 2021, Tiffany earned a spot in Top Agent Magazine for her stellar example of being a prominent leader in real estate. Furthermore, Tiffany achieved Green Team’s Platinum Award, for $10 to $15 million in sales volume for 2021.
Geoff Green, President of Green Team Realty, had this to say about Tiffany:
“2021 was a banner year for Tiffany Megna. Not only did she win the Green Team New York Realty 4th Quarter Sales Leader Award, but she also finished 2021 in second place, which means she climbed 4 spots from 2020. Remarkably, this is the first time that Tiffany has won the quarterly sales leader award. That said, I am sure this will not be her last! Great job Tiffany. Here is to a very bright future!”
When Tiffany was asked what she thought about being the 4th quarter sales leader, she responded
..Do the extras! “The difference between ordinary and extraordinary is that little extra! “.
Keren Gonen, Green Team New Jersey Realty
Born in Israel, Keren moved to the USA in her early teens. She has a true passion for living a balanced life and helping others. For instance, she has been a foster parent for animal rescues. Furthermore, she volunteers for different charities. Keren firmly believes your location directly affects your happiness and enjoyment of life. She also believes that moving should not be looked at as an obstacle but as a new adventure. And, because of this belief, Keren enjoys assisting others in buying or selling their home. Thus, she helps them to achieve the type of lifestyle they desire and require to lead a balanced and happy life.
This is the 7th consecutive quarterly sales leader award for Keren Gonen. Not surprisingly, Keren is the first to obtain Green Team’s newly created Sapphire Award for $20 to $30 million in sales volume. When asked about how she had accomplished this, she replied:
“I truly care about my clients and their well-being. That’s why they keep coming back and giving me referrals. I treat buyers and sellers the way I would want to be treated. And, it’s also because I believe in hard work. Of course, I couldn’t accomplish all this without a great support system at home. My partner and my sons are fabulous, helping out any way they can.”
Geoff Green had the following words for Keren:
“A true professional who never lets up. If Keren Gonen was a term listed in the dictionary that would be her definition. This is the 7th straight quarterly sales leader award for Keren. Quite an accomplishment, but not a surprise. Way to go Keren. Keep up the great work!”
