Selling a Home • October 4, 2021

4 Tips To Prep for Your Home Sale This Fall

by Nicole McCormick

Even in a hot sellers’ market like today’s in which homes are selling so quickly, it’s still important to make a good first impression on potential buyers. Taking the time upfront to prep your house appropriately can bring in the greatest return on your investment.

Here are four simple tips to make sure you maximize the sale of your house this fall.

1. Price It Right

One of the first things buyers will notice is the price of your house. That’s why it’s important to price it right. Your goal in pricing your house is to draw attention from competing buyers and let bidding wars push the final sales price up. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer.

Your trusted real estate advisor can help you find the price for your home that reflects the current market value. Lean on your agent to help you with this crucial first step.

2. Keep It Clean

It may sound simple, but keeping your house clean is key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:

“When selling your home, it’s important to keep everything tidy for buyers. . . . Remember to take special care with the bathroom, making sure the tile, counters, shower, and floors shine.”

Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any toys. Doing these simple things can reduce any potential distractions for buyers.

3. Make It Easy To Visit

Giving buyers the opportunity to see your house on their schedule can be a true game-changer. Buyers are less likely to make an offer if it’s difficult to plan a tour or they can’t easily fit it into their schedule. Making your house available as often as possible helps create opportunities for more buyers to fall in love with your house.

Rest assured your trusted real estate advisor will keep your health and safety top of mind when buyers tour your home. Agents use the latest guidance to stay up to date on any protocols and sanitization recommendations.

4. Help Buyers Feel at Home

Finally, it’s important for buyers to see all the possible ways they can make your house their next home. As the realtor.com article puts it:

“The goal is to create a blank canvas on which buyers can project their own visions of living there, and loving it.”

An easy first step to create this blank canvas is removing personal items – pictures, awards, and sentimental belongings – from your space. If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run, as the 2021 Profile of Home Staging from the National Association of Realtors notes:

“Eighteen percent of sellers’ agents said home staging increased the dollar value of a residence between 6% and 10%.”

Bottom Line

To make the most of today’s sellers’ market, avoid the temptation to skip over the essential preparation steps. Let’s connect today to discuss all the ways you can maximize your home sale.

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Housing Market News • August 21, 2021

August 2021 Housing Market Update

by Nicole McCormick

The August 2021 Housing Market Update, hosted by Geoff Green, was held on August 7 at 12 p.m. One focus of the webinar was the possibility of a housing bust, with the market imploding. The overall consensus is that it is not going to happen. Geoff presented several reasons why it won’t, including this quote from Dr. Frank Nothaft, Chief Economist at CoreLogic:

“There are marked differences in today’s run-up in prices compared to 2005, which was a bubble fueled by risky loans and lenient underwriting. Today, loans with high-risk features are absent and mortgage underwriting is prudent.”

The entire presentation is available below if you missed the live webinar or would like to watch it again,

Forbearance

The original projection of forbearance was 30%. It has been nowhere near that. Today the actual percentage is 3.5%. The number of mortgages in active forbearance is now under 2 million.

Housing Market Update for August 2021

44.1% of those in forbearance have paid in full. Another 38.7% worked out repayment plans. However, 17.2% have remained in trouble. Because of the inventory shortage, foreclosures through the forbearance program could easily be absorbed by the market.

Headlines in the news

We’re starting to see headlines in news media:

“Home sales drop in June as prices continue to rise.” CNN

“Pending home sales drop in June – more evidence of a housing turnaround.” CNBC”

“The Housing Boom is officially over.” YahooFinance

However…

According to the ShowingTime Index, in June there was more showing traffic than at any time in 2020.

While the fever pitch of the market is fading, the market is still extremely strong. The sellers’ market does not appear to be ending any time soon. And, the main reason? Lack of inventory. However, sellers must be careful in how they price their homes. According to Lawrence Yun, Chief Economist, NAR,

“… given that the sales activities are coming down, we may be sensing some turn in the market. We are seeing less prevalence of multiple offers. It is still a seller’s market, no doubt… Still a seller’s market, but people need to be very cautious how they price their home to attract buyers. knowing that these sales activities are declining somewhat.”

National Stats

Year-over-year existing home sale numbers are similar to those of past years. However, the average home sale price is much higher than any year since 2017. Months supply of inventory is still extremely low. There are many people who bought homes during the pandemic and have since been called back to work in cities. Some of them may find the commute too difficult and put those homes on the market.

“Housekeeping” Details

Housing Market Update for August 2021

Meet our panel:

Two very experienced realtors joined Geoff Green for the panel discussion. Keren Gonen, Green Team New Jersey Realty. operates in the New York metro area, North Jersey. Realtor Pete Galyon, United Real Estate Experts, is based in Chattanooga, Tennessee. They discussed the softening of the market and a return to “normalcy.” They also discussed the importance of using an experienced local realtor for both buyers and sellers.

To view the entire presentation and panel discussion, click here.

Housing Market Update for August 2021

Sign up for local updates at

http://HMupdate.com

Selling a Home • August 13, 2021

Sellers Are in a Sweet Spot

by Nicole McCormick

Some Highlights

In today’s sellers’ market, you’re set up to win big when you list your house.
That’s because homes are selling fast, receiving 4.4 offers on average and often selling above the asking price. Then, when you buy your next home, you’ll also win by addressing your changing needs and taking advantage of near historic-low mortgage rates.
If you’re ready to make a move, let’s connect so you can capitalize on today’s market and find your next dream home.

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!

Selling a Home • August 4, 2021

Sellers: Make Today’s Home Price Appreciation Work for You

by Nicole McCormick

Home prices continue to rise as we move through the summer, and that’s good news for sellers who are looking to maximize their home’s potential. If you’re on the fence about whether to list your house now or later, the question you should really ask is: will this price appreciation last?

Here’s what three leading industry experts have to say about what lies ahead:

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year.”

Selma Hepp, Deputy Chief Economist, CoreLogic:

“The imbalance between robust demand and dismal availability of for-sale homes has led to a continual bidding over asking prices, which reached record levels in recent months . . . . Nevertheless, with more new listings and new home construction, home price acceleration that has built momentum, and continues to reach new highs, will likely slow later this summer but remain in double digits.”

George Ratiu, Chief Economist, realtor.com:

“Many sellers are going to take advantage of higher prices. This summer is going to signal the move to the next chapter, and this will very much be the year they’re going to put their home on the market.”

What It Means for You:

The experts agree that the summer months give sellers a great opportunity to capitalize on today’s home prices. And while prices aren’t expected to depreciate, the rise in prices is forecast to moderate over the next few years. That means selling your house today could set you up for a bigger win.

Bottom Line

Listen to the experts. If you’re ready to make a move, let’s connect to discuss selling your house sooner rather than later so you can take advantage of today’s home price appreciation before it moderates.

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 • July 28, 2021

July 2021 Housing Market Update

by Nicole McCormick

Geoff Green, host of the July 2021 Housing Market Update, welcomed viewers. Panelists for this month’s update were Keren Gonen and Kristi Anderson, both with Green Team New Jersey Realty, and Laura Moritz, Director of Sales at Classic Mortgage.

If you missed the July 20 webinar or would like to view it again, it is available here:

Is now a good time to buy a home?

According to J.P. Morgan Insights Report,

“Homebuyers – interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six to nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence…”

However, record price appreciation, extremely low inventory, record high percent of sales over list price, and record low days on market are all contributing to buyer fatigue.

Buyer Perspective

Advice for Sellers

Even though we are in a Seller’s Market, here are some talking points for Sellers:

Don’t be (too) unrealistic
Wait and you’ll miss out on an extremely attractive market
It’s never been a better time to sell
Price appreciation will moderate as rates and inventory rise later this year

“Housekeeping” Items

Announcement of next HMU Webinar

July 2021 Housing Market Update Panel Discussion

Geoff Green and panelists Keren Gonen, Kristi Anderson, and Laura Moritz discussed what they were seeing in their day-to-day experience with both buyers and sellers. To view the data and panel discussion, click here.

Contact the Panelists

Panelist Contact Information

We’ll see you at the next Housing Market Update Tuesday, August 17, 2021 at 12:00 p.m.

To sign up for Housing Market Updates, click here.

Selling a Home • July 12, 2021

4 Major Incentives To Sell This Summer

by Nicole McCormick

While the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Here are four things to consider if you’re trying to decide if now’s the right time to make a move.

1. Your House Will Likely Sell Quickly

According to the most recent Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly. The report notes homes are selling in an average of just 17 days.

Average days on market is a strong indicator of buyer competition, and homes selling quickly is a great sign for sellers. It’s one of several factors that indicate buyers are motivated to do what it takes to purchase the home of their dreams.

2. Buyers Are Willing To Compete for Your House

In addition to selling fast, homes are receiving multiple offers. NAR reports sellers are seeing an average of 5 offers, and these offers are competitive ones. Shawn Telford, Chief Appraiser at CoreLogic, said in a recent interview:

“The frequency of buyers being willing to pay more than the market data supports is increasing.”

This confirms buyers are ready and willing to enter bidding wars for your home. Receiving several offers on your house means you can select the one that makes the most sense for your situation and financial well-being.

3. When Supply Is Low, Your House Is in the Spotlight

One of the most significant challenges for motivated buyers is the current inventory of homes for sale, which while improving, remains at near-record lows. As NAR details:

“Total housing inventory at the end of May amounted to 1.23 million units, up 7.0% from April’s inventory and down 20.6% from one year ago (1.55 million). Unsold inventory sits at a 2.5-month supply at the present sales pace, marginally up from April’s 2.4-month supply but down from 4.6-months in May 2020.”

There are signs, however, that more homes are coming to market. Odeta Kushi, Deputy Chief Economist at First American, notes:

“It looks like existing inventory is starting to inch up, which is good news for a housing market parched for more supply.”

If you’re looking to take advantage of buyer demand and get the most attention for your house, selling now before more listings come to the market might be your best option.

4. If You’re Thinking of Moving Up, Now May Be the Time

Over the past 12 months, homeowners have gained a significant amount of wealth through growing equity. In that same period, homeowners have also spent a considerable amount of time in their homes, and many have decided their house doesn’t meet their needs.

If you’re not happy with your current home, you can leverage that equity to power your move now. Your equity, plus current low mortgage rates, can help you maximize your purchasing power.

But these near-historic low rates won’t last forever. Experts forecast interest rates will increase in the coming months. Nadia Evangelou, Senior Economist and Director of Forecasting at NAR, says:

“Nevertheless, as the economic outlook for the United States looks brighter for the rest of the year, mortgage rates are expected to rise in the following months.”

As interest rates rise, even modestly, it could influence buyer demand and your purchasing power. If you’ve been waiting for the best time to sell to fuel your move up, you likely won’t find more favorable conditions than those we’re seeing today.

Bottom Line

With supply challenges, low mortgage rates, and extremely motivated buyers, sellers are well-positioned to take advantage of current market conditions right now. If you’re thinking about selling, let’s connect today to discuss why it makes sense to list your home sooner rather than later.

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?

Housing Market News • June 22, 2021

June 2021 Housing Market Update

by Nicole McCormick

Geoff Green, the host of the June 2021 Housing Market Update, welcomed viewers. Panelists for this month’s update include Keren Gonen, Green Team New Jersey Realty; Jennifer DiCostanzo, Green Team New York Realty, and Jessica Imparato, Loan Originator with Cardinal Financial

If you missed the webinar or would like to watch it again, it is available here:

The three “i’s” that will inform the housing market: inventory, interest rates, and inflation

According to Bill McBride at Calculated Risk,

“If inventory increases slowly, house prices will continue to rise rapidly, and if inventory increases sharply, house price growth will slow.”

J.P. Morgan Insights Report stated the following:

“Homebuyers – interest rates are still historically low, though they are inching up. Housing prices have spiked during the last six-to-nine months, but we don’t expect them to fall soon, and we believe they are more likely to keep rising. If you are looking to purchase a new home, conditions now may be better than 12 months hence… Those who remember the housing bubble of 2006-2007 may be nervous watching U.S. housing prices soar now. But the previous bubble was fueled by speculative buying, which we do not think is the case today.”

Robert Dietz, Chief Economist at NAHB states:

“The decline in single-family permits indicates that builders are slowing construction activity as costs rise… While housing starts were strong at the beginning of the year, due to home builders constructing houses that were sold pre-construction, higher costs and limited availability of building materials have now paused some projects.”

“Housekeeping” Items

Panel discussion:

Geoff and the panelists discussed the impact of the pandemic, and what may happen when people start being called back to work. In addition, the discussion addressed the status of appraisals, as well as buyers waiving appraisal contingencies and buying in cash. For the entire panel discussion, watch the webinar above.

To contact our panelists, their information is below.

Join us on July 20, 12 p.m. for our next housing market update. Click here to sign up.

Agency News and Awards • June 21, 2021

Meet Nerette Lewis

by Nicole McCormick

Nerette Lewis brings a unique skill-set with her to Green Team New York Realty. She received her Bachelor’s Degree in Psychology, with a minor in sociology, from Lehman College, City University of New York. For the past 8 years, she has worked as a Registrar in Healthcare. Prior to that, she worked in various customer service jobs at Call Centers in Pennsylvania and in California. Her education and work experience honed her skills in listening to clients, and in problem solving and resolution.

In 2018, Nerette and her husband Juan purchased a home in Westtown. That major life event, purchasing a home, led to another. Nerette and Juan had worked with a Green Team realtor, and that experience was so positive that Nerette was inspired to enter the real estate profession herself.

Nerette has a personal philosophy that impacts her real estate business. As a society, we can ensure that everyone has a better life. And with a little help, everyone can obtain the American Dream. There are programs, such as SONYMA, which may provide grant money to some first-time homeowners in New York State. There are many programs and opportunities that people are not aware of, and Nerette would like to help as many people as she can achieve homeownership.

In her spare time, Nerette has taken up gardening and is looking forward to this season’s yield. It looks like Nerette, Juan, and their dog, Oreo, are living their American Dream!

Agency News and Awards • June 5, 2021

Edward Sattler Earns NAR’s Green Designation

by Nicole McCormick

Photo: Edward Sattler displays his NAR GREEN certificate with Lucyann Tinnirello, Green Team Associate Broker/Manager

Edward Sattler was awarded an NYS Real Estate Education Foundation (NYSREEF) Scholarship at the end of 2020. The program’s goal is to enhance clients’ real estate transaction experience. Accordingly, scholarships for high-level, national designation courses foster greater knowledge and professionalism among REALTORS®.

Ed used the scholarship to earn NAR’s GREEN Designation. It is designed for agents who want to learn about issues of energy efficiency and sustainability in real estate. Therefore, the course provides a comprehensive understanding of homes with green features.

A lifetime of environmental study – as both student and teacher

This designation is a continuation of Ed’s interest in and study of environmental issues. He graduated magna cum laude with a B.S. in biology from Iona College. Ed then went on to earn his MS in zoology from Rutgers University. He taught sciences for 30 years at Warwick Valley High School. For one year, Ed was a grant-funded district-wide teacher on special assignment for Environment, Conservation, and Energy Education. In addition, he has been honored twice by STANYS, first as Outstanding Science Teacher of the Year, and then as Outstanding Environmental Science Teacher of the Year. He’s also been named Orange County Conservation Teacher of the Year and NYS Conservation Teacher of the Year.

The Green designation combines his love of real estate and green living

Ed’s love of real estate is a passion first recognized by his parents when he was in fourth grade. By age 12, junior working papers in hand, he was saving for a down payment. As a 22-year-old, his wife’s navigation brought them to the Warwick Valley. Within eight months they had purchased land and completed construction of their first home. Ten years later, they welcomed two sons, were employed locally, completed a minor subdivision, and built 2 more houses. Practicing what he teaches, they relocated from the Warwick countryside into the Village of Warwick and completed an energy-saving renovation of a 1971 ranch. This was mentioned in the January 2016 Edition of Realtor Magazine.

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