Housing Market NewsSelling a Home March 31, 2022

The Best Week To List Your House Is Just Around the Corner

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to realtor.com, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says:

“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly. The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”

If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of opportunity is coming up. If you’re able to get your house ready quickly, here’s what you can expect from that week.

The Best Week To List Your House Is Just Around the Corner | MyKCM

You Should See More Buyer Activity

The article expects higher buyer demand based on what’s happened in previous years. This could result in increased competition among buyers and ultimately a bidding war over your house. And since mortgage rates recently ticked up over 4%, chances are good that analysis is right. When rates rise, experts say buyers often hurry to make their purchase before rates climb higher. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), says:

“. . . Buyers are rushing to lock in lower rates as the outlook is for even higher mortgage rates in the following months.”

Your House Is Expected To Sell Quickly

Additionally, the realtor.com analysis shows houses sell even faster during this week of the year, likely due to the heightened buyer demand. If you work with a trusted real estate professional to price your house right, it should sell quickly. And when homes are already selling in just 18 days according to NAR, that could set you up for a big win.

Your House Will Be in the Spotlight

Since the beginning of the year, the number of homes available for sale has been at or near record lows. According to the realtor.com study, the typical trend for this week of the year is that there will be even fewer sellers on the market. If you list when inventory is low, your house will be the center of attention for eager buyers craving options.

If you’re ready to move fast, you may want to shoot for April 10th-16th as your target goal. Just remember, even if you’re not ready to list within the next couple of weeks, rest assured this is still a hot sellers’ market. If you list later in April, you’ll still be in the driver’s seat.

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps. In the meantime, make a checklist of things you need to tackle to get your house ready. When we talk, we can prioritize your to-do list and get you on the road to selling your house.

Housing Market News March 16, 2022

March 2022 Housing Market Update

Welcome to the March 2022 Housing Market Update. Geoff Green, President of Green Team Realty and Co-Founder and CEO of NuOp, is the host of the March 15 webinar. If you missed it, the video of the webinar is available below.

 

Price appreciation

Price Appreciation Acceleratin from Jan 2021 to Jan 2022

 

 

 

 

As shown here, there is an acceleration again in price appreciation. For a while, we were talking about it decelerating (not depreciating). According to Geoff, inventory is just so low that pricing has nowhere to go but up.

In addition. the major forecasting agencies show an average of 6.1% increase for 2022. The average annual home price forecast has usually been around 4% per year.

Supply and Demand

Basically, inventory is a subject that the Housing Market Update has discussed for several years.  A Sellers’ Market is defined as having less than 6 months’ inventory. Home prices will appreciate. A neutral market, during which prices appreciate with inflation, is 6-7 months inventory. A  Buyers’ Market, with over 7 months of inventory, will see home prices depreciating.

In addition, worries of a housing bubble persist among 77% of consumers and 44% of agents. However, there is a big difference in factors, including inventory supply as shown below.

Inventory of Homes Nothing Like Last Time

Keeping an eye on other factors…

According to Mark Zandi, Moody’s Analytics Chief Economist,

“Recession risks later this year and into next are now uncomfortably high.” “The odds that the Fed missteps and tightens too aggressively are material and rising. Landing the economic plane on the tarmac was already going to be difficult for the Fed because of the pandemic and high inflation, but Russia’s invasion makes it more likely the economic plane hits the tarmac hard or even crashes.”

The Housing Market Update will continue to keep an eye on this. However, Geoff reminded viewers that a recession does not necessarily lead to a bad housing market.

Meet the Panel

Joining Geoff for this March 2022 Housing Market Update are Keren Gonen, Green Team New Jersey Realty, and Peter Mallon, Americana Mortgage Group, Inc. The panel discussed the issues and data presented by Geoff as it relates to what they are experiencing in their own businesses.  To watch the webinar and view the panel discussion, click hereYou’ll find contact information for the panelists below:

Contact info for panel on Housing Market Update for March 2022

 

 

 

 

 

 

 

 

 

 

“Housekeeping” Items

Housekeeping items for HMU

 

Housing Market NewsSelling a Home March 15, 2022

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.

Why It’s Critical To Price Your House Right | MyKCM

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:

Why It’s Critical To Price Your House Right | MyKCM

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.

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! 

Selling a Home January 27, 2022

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers

If you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when you’re negotiating the sale. Home sellers are in that exact situation right now. Here’s why.

Demand Is Very Strong

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:

“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”

Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.

Supply Is Very Limited

The same sales report from NAR also reveals the months’ supply of inventory just hit the lowest number of the century. It notes:

“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”

The reality is, inventory decreases every year in December. That’s just how the typical seasonal trend goes in real estate. However, the following graph emphasizes how this December was lower than any other December going all the way back to 1999.

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers | MyKCM

Right Now, Sellers Have Maximum Leverage

As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. In the case of homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.

Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:

  • Competitive sales price
  • Flexible closing date
  • Potential for a leaseback to allow you more time to find a home
  • Minimal offer contingencies

Bottom Line

If you’re thinking of selling your house this year, now is the optimal time to list it. Let’s connect to discuss how you can put your house on the market today.

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams.
What’s your home’s value?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
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Agency News and Awards January 20, 2022

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!”

Housing Market News January 20, 2022

January 2022 Housing Market Update

The January 2022 Housing Market Update took place on January 18 at 12 p.m. Geoff Green, President of Green Team Realty and Co-founder and CO of NuOp, hosts the monthly market updates. If you missed the live FaceBook and Zoom event, or you’d like to watch the webinar again, it is available below.

It all comes down to inventory – and the lack thereof

Geoff started the discussion with this quote from Bill McBride, Founder, Calculated Risk:

“It is possible that rising mortgage rates will slow the housing market… or the Fed might raise rates sooner than expected due to the recent pickup in inflation… but I believe one thing is certain: inventory will tell the tale!”

Inventory is at an all-time low throughout the U.S., down an average of 27% compared to December of 2020. As the industry survives on turnover, this is not good news. A normal market has 6 months’ inventory, while we are currently at less than 2 months.

Buyer demand remains strong

According to Michael Lane, VP & General Manager of ShowingTime,

“Showings traditionally lag during the holiday season, but the data remains strong. The fact that every region showed a year-over-year increase indicates that buyers are undeterred… It speaks to their desire to keep searching for their next home.”

Homeowner equity still strong, still surging

According to CoreLogic’s Q3 Homeowner Equity Report,

“This summer, home price growth reached the highest level in more than 45 years, pushing equity gains to another record high.”

Mortgage rate projections

Mortgage rate projections show rates slowly rising, but still remaining at historic lows. Maiclaire Boltonk-Smith, Senior Leader of Research, CoreLogic, says:

“So overall I do think that 2022 will be another strong year for housing. All be it a little bit higher mortgage rates and we do think home sales will continue to rise and actually  reach a 16 year high in 2022.”

Other factors impacting the housing market

The discussion included Gen Z, a massive population in their late 20’s, with many looking to buy homes. Some people migrate back to cities following moving to suburbs and rural areas. Geoff predicts that many people who left the City due to the pandemic will be moving back as the commute and home maintenance are more difficult than anticipated.

Nationally, existing homes sales are still strong, as is average home price, though showing signs of deceleration (not decrease) of prices.

Meet the panel

Joining Geoff is Terry Gavan of Green Team New York Realty and Kristi Anderson of Green Team New Jersey Realty. Also joining in is Michael Giannetto of CrossCountry Mortgage, to lend his expertise to the discussion.

A lively discussion ensued regarding what these real estate professionals are seeing on the ground, and their take on Geoff’s prediction about homeowners returning to the cities, appraisal valuations, etc..

To watch the webinar, including current stats and the panel discussion, click here:

Jan 2022 Housing Market Update Panelist Contact Info

“Housekeeping” Items

Jan 2022 Housing Market Update Housekeeping Items

 

 

Housing Market News January 2, 2022

December 2021 Housing Market Update

The December 2021 Housing Market Update took place on December 21 at 12 p.m. Geoff Green, President of Green Team Realty and co-founder and CEO of NuOp, hosts the monthly market updates. If you missed the live Zoom and Facebook event, or you’d like to watch it again, it’s available below:

Will there be a slowdown? 

This seems to be the question on everyone’s mind. According to the National Association of Realtors,

“…the pandemic likely spurred occupants to shorten their homestay, as tenure in the home decreased to eight years from 10 years, according to the report. This is the largest single-year change in home tenure since NAR began collecting such data.”

Infographic showing majority of sellers entering the Market in the next year plan to list in next 6 months.

 

 

 

 

 

 

Where are interest rates headed? Some historical perspective on today’s mortgage rates…

We are heading back to a more normal interest rate environment after enjoying historically low rates.

Impact of Interest Rates on Home Sales

House price appreciation, inventory of homes for sale; home sales forecast

According to Mark Fleming, Chief Economist of First American,

“House price appreciation is resistant to rising mortgage rates primarily because most home sellers would rather withdraw from the market than sell at lower prices – a phenomenon we refer to as ‘downside sticky.'”

Fannie Mae, Freddie Mac, MBA, Zelman, and NAR all project that home prices are going to appreciate over the next five years.

Inventory is still very low, so we remain in a Seller’s market.

What are the National Stats telling us?

While 2021 sales dipped below 2020 numbers, year over year they were still higher than the previous 3 years. Home sale prices are decelerating, not depreciating. Prices are still increasing, just not at the rate they were increasing in years prior. The month’s supply of inventory is still very, very low..

Meet the Panel

Joining Geoff are Keren Gonen of Green Team New Jersey Realty, and Vikki Garby of Green Team New York Realty. In addition, Chad Barris, of Family First Funding shares his knowledge and expertise with our viewers.

Geoff asked if Keren had noted any changes in appraisals lately. Keren has experienced issues with appraisals. Some issues are stemming from appraisers not being local to the area, coming in much lower than the asking price. Vikki hasn’t had any problems with appraisals in the Orange County market. However, she has found that the bidding wars aren’t happening like they were. She’s seen some sellers now needing to drop their price, with buyers now gaining some control. Keren has also seen fewer bidding wars in Sussex County.

Geoff asked Chad Barris if there is subprime lending happening. An interesting discussion followed on this and other current issues impacting the current housing market. To view the panel discussion, click here.

Contact information for Dec 2021 HMU Update Panelists

 

“Housekeeping” Details

 

Housing Market Dec 2021 Housekeeping Details

Buying a home December 16, 2021

Homebuyers Are Going on a Shopping Spree This Winter

Black Friday and Cyber Monday are over, which means some shoppers have wrapped up their holiday buying. But there’s still a group of buyers that are very active this holiday season – homebuyers.

Experts anticipate the real estate market will see a flurry of activity this winter, and that’s great news for today’s sellers. If you’re planning on listing your home, there’s no need to wait until the spring for better conditions – today’s real estate market is already heating up.

Buyers Have Warmed Up to the Idea of Purchasing This Winter

The past 18 months brought about significant lifestyle changes for many of us, including the rise in remote work, job changes, and even early retirement for some. For many people, it’s prompting a search for their next home now rather than waiting for warmer months.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), points out how this winter may see a significant number of sales:

“Compared to other past winter seasons, this winter season’s sales activity will be stronger. . . . This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”

You might be wondering: what does strong sales activity mean for you? It means there are likely to be more buyers active in the market this winter – far more than more normal, pre-pandemic years.

In the same article, Danielle Hale, Chief Economist for realtor.com, puts it in these simple terms:

Sellers can expect to see plenty of buyers.”

The more buyers there are in the market, the more likely it is your home will get noticed. That can lead to a multiple-offer scenario or a potential bidding war. Receiving multiple offers on your home means you can select the right offer and terms for your situation – so you can truly win as a seller when you list your house this winter.

Bottom Line

If you’re thinking about selling your house, you don’t need to wait until the spring. Buyers are ready now. Let’s connect to discuss why selling this holiday season could be the gift that keeps on giving.

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
Start Here!

Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams.
What’s your home’s value?

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!

Housing Market News December 15, 2021

What Everyone Wants To Know: Will Home Prices Decline in 2022?

If you’re thinking of buying a home in today’s housing market, you may be wondering how strong your investment will be. You might be asking yourself: if I buy a home now, will it lose value? Or will it continue to appreciate going forward? The good news is, according to the experts, home prices are not projected to decline. Here’s why.

With buyers still outweighing sellers, home prices are forecast to continue climbing in 2022, just at a slower or more moderate pace. Why the continued increase? It’s the simple law of supply and demand. When there are fewer items on the market than there are buyers, the competition for that item makes prices naturally rise.

And while the number of homes for sale today is expected to improve with more sellers getting ready to list their houses this winter, we’re certainly not out of the inventory woods yet. Thus, the projections show continued appreciation, but at a more moderate rate than what we’ve seen over the past year.

Here’s a look at the latest 2022 expert forecasts on home price appreciation:What Everyone Wants To Know: Will Home Prices Decline in 2022? | MyKCMWhat’s the biggest takeaway from this graph? None of the major experts are projecting depreciation in 2022. They’re all showing an increase in home prices next year.

And here’s what some of the industry’s experts say about how that will play out in the housing market next year:

Brad Hunter of Hunter Housing Economics explains:

“. . . the recent unsustainable rate of home price appreciation will slow sharply. . . . home prices will not decline. . . but they will simply rise at a more sustainable pace.”

Danielle Hale from realtor.com agrees:

Price growth is expected to move back toward a normal range, but this is on top of recent high prices, . . . So prices will [still] hit new highs. . . . The pace of price growth is going to slow notably . . . ”

What Does This Mean for the Housing Market?

While home price appreciation is expected to continue, it isn’t projected to be the record-breaking 18 to almost 20% increase the market saw over the past 12 months. Overall, it’s important to note that price increases won’t be as monumental as they were in 2021 – but they certainly won’t decline anytime soon.

What Does That Mean for You?

With motivated buyers in the market and so few homes available to purchase, the imbalance of supply and demand will continue to put upward pressure on home prices in 2022. And when home price appreciation is in the forecast, that’s a clear indication your investment in homeownership is a sound one.

Bottom Line

It’s important to know that home prices are not projected to decline in the new year. Instead, they’re forecast to rise, just at a more moderate pace. Let’s connect to make sure you’re up to date on what’s happening with home price appreciation in our market, so you can make an informed decision about your next move.

Maybe with the leverage you currently have, you can negotiate a deal that will allow you to make the move of your dreams.
What’s your home’s value?

Put an experts eye on your home search! You’ll receive personalized matches of results delivered directly to you. We’ll take into account your goals, criteria, and preferences to find properties that are exactly what you were always dreaming of.
Start Here!

Contact one of Our Agents today!

See out Complete Inventory of Available Properties!