Facebook
X
Pinterest
Copy Link
April 2019 Housing Market Update
The April 2019 Housing Market Update was held on Facebook Live Tuesday, April 16 at 2 p.m. If you missed the live webinar, you can view it at your convenience by clicking here. You can also sign up for updates at GreenTeamRealty.com/HMU.
Geoff Green, President of Green Team Realty, began the update with some national statistics. Discussions have been going on for months as to what the 2019 would look like. And, for the most part, it’s roaring. At least that is the case in our area, the northeast.
National Housing Market Statistics
Total Existing Home Sales
This chart shows the total existing home sales for every two months, year over year. There was a dip, with things trending down, from the end of 2017 through 2018 nationally. But there is a bump at the beginning of 2019. And it seems to be busy for everyone right now. The thinking is that this may be another banner year.
Median Price of Existing Home Sales
Prices have very consistently increased over the last 3 to 4 years. And there doesn’t seem to be a reason to anticipate any change in that trajectory any time soon.
Existing Home Prices by Region
Breaking down existing home prices in terms of regions, this shows where we are now versus last year. The Midwest is leading home prices increases, followed by the Northeast.
% Change in Sales
As prices have risen, there are fewer homes across the nation in the $0-$100,000 range. This low inventory has resulted in the change in sales for that price range. However, it is also interesting that on the very high end, transactions of $1 Million+ have faltered and slowed down. When you start to get into those metro areas where $1+ Million is not unusual, people may be starting to find it’s a little out of reach.
Housing Supply at the National Level
The lack of inventory has been seen as a reason for why the number of transactions was softening for the last 12, 14 months; The supply level peaked in 2018 and then came down towards the end of 2018. But it now looks like it may be coming up again. We really need this to happen to keep the transactions going.
Projected Home Price Appreciation
A panel of over 100 economists, real estate experts and investment and market strategists were interviewed for the most recent Home Price Expectations Survey. These experts have raised the projections they made in the 4th quarter of 2018 for 2019 and 2020. They are anticipating a better year than they first thought.
Mortgage Rate Projections
Despite a zooming market and a very solid economy, rates in Geoff’s view are still remaining low. Someone who was looking for a home a year and a half ago may now see rates up a point and think that they are now “high.” However, Geoff says that rates are still historically low. 
Local Housing Market Update
Orange County, NY – Units Sold
We seem to be holding even compared to last year. Perhaps a tick better. This is good news.
Orange County, NY – Average Sales Price
So far this year we’re basically even with last year.
Orange County, NY – Ask to Sold Ratio
Ratio at which a home sells versus the last asking price. The ratio seems to be trending higher which means that demand is still very high. People are willing to pay at or near asking, if not over asking. Bidding wars are still continuing.
Orange County, NY – Days on Market
The days on market continue to drop consistently. Homes are still selling fast, selling quicker each year. All signs point to a continued Seller’s Market.
Sussex County, NJ – Units Sold
Units sold in January and February were lower than in 2018. However, in March the number rose, coming in a tick higher than March 2018.
Sussex County, NJ – Average Price
Sales prices in Sussex have been a bit of a conundrum. Price hasn’t taken hold and there has been a significant one month drop from February to March. This will be an interesting analytic to watch as the year goes on.
Sussex County, NJ – Ask to Sold Ratio
Again, the higher the number, the closer things are selling towards the asking price and the less sellers are having to negotiate off those prices. We’re looking at some very strong numbers here.
Sussex County, NJ – Days on Market
Again, here the lower the number the stronger the market. Here was have a steady pattern of fewer days on the market. Homes are selling faster and faster.
Meet our Sponsor
This Webinar is sponsored by REALLY – A real estate referral network for Agents. REALLY Easy Referrals are as Easy as 1, 2, 3…
- Enter your referral in 5 minutes or less
- REALLY notifies you of all willing Agents
- YOU choose the Agent and legally bind with one tap!
The best part – No fees on commissions exchanged between Agents. Join for FREE.
Meet the Panel
Geoffrey Green, Moderator
President, Green Team Realty
Vikki Garby,
Green Team
New York Realty
Keren Gonen,
Green Team
New Jersey Realty
Laura Moritz,
Classic Mortgage
aura Moritz has been with Classic Mortgage for 18 years.
Geoff Green began the panel discussion by asking about the trends they’ve been seeing in the Housing Market Updates and in the market itself. Geoff recalled that the numbers were softening during 2018. Therefore, there was a lot of uncertainty about how the market would be in 2019. However, the numbers seem to be indicating a very good year.
He asked Vikki and Keren what their experiences were in the field. Vikki said that the general market conditions she sees in Orange County, specifically the Warwick, Goshen, Middletown area, indicate a really strong market. There is still a shortage of inventory, which feeds the demand. She has received several new buyers recently coming from outside the area. Plus, many sellers are staying in the area, adding to the number of prospective buyers.
She has noticed more For Sale by Owner signs lately, and has had buyers request to see some of those. Vikki noted that that’s fine; she’s able to show her clients the homes and guide them through the home purchasing process. She then asked if Keren was seeing the same thing in Sussex County and if it’s a new trend. Keren said they are seeing the same thing in New Jersey. With today’s technology, some sellers are thinking they can do it on their own. And as Vikki mentioned, there are no issues approaching a FSBO and arranging a showing for their buyers.
In regard to home prices plummeting in Sussex, Keren said a new wave of REO’s has been released. This hasn’t happened in a while. They’re also being more logical in their pricing. That may be why we’re seeing that drop. In addition, there is that same problem of inventory. Recently Keren had buyer request to see a newly listed home over the weekend. However that home had an accepted offer on it before her clients could see it 4 days later. It’s still a seller’s market.
New Construction
Geoff agreed that there is clearly an inventory shortage. There is real, organic growth in the market. There are many people who can afford a home, and qualify. Yet there are more prospective buyers like this out there than there are suitable homes. In Warwick, in particular, there is a lot of new construction going on. He wondered if around our local counties there is enough new construction yet. He asked what the panelists were seeing. Had they noticed new subdivisions offering more options for their buyers?
Keren said in Sussex, there was Crystal Springs. A large halted construction site there had just been bought up, and there is new things going up. And there are a lot of people interested in them because there is not that much construction around. They also have those houses that have burnt down and had to be totally gutted. Those houses are getting a lot of activity as well.
Vikki is seeing a lot of new construction in the Warwick area specifically, and also in Goshen, Cornwall. She feels it’s a result of the lack of inventory. Geoff noted that he reads a lot of articles from economists, etc. He received an email from a loan company which urged homeowners to become more reasonable in their pricing. There has also been a lot of talk by economists about the importance of municipalities needing to loosen up their zoning requirements and do what they can to speed up municipalities.
Geoff’s response to these? “Welcome to my world!” Planning boards have gotten tighter and tighter and people are concerned about their communities growing too fast. Regulations have gotten tighter, rather than loosening up. And while Geoff doesn’t believe these things are bad, he’s just saying it’s harder to develop in today’s day and age than it was 50, 60 years ago. There’s just a lot more red tape involved.
Geoff said it will be really interesting to see. America is the place to be. Globally, our economy is far outpacing any other country out there. We’re the “shining city on the hill” again and many people want to be here. Also, many people just don’t want to move.
What’s happening with mortgage financing?
Geoff then asked Laura Moritz where we are with mortgages and where she see rates going, Further, he noted there seems there is a lot of loan of money available, and a lot of loan programs. He doesn’t think that’s the problem. Laura responded that she really doesn’t see a problem at all as far as qualified buyers getting financing. Even a few mortgages were done this month for people with credit scores in the 500’s. Underwriting guidelines have really loosened up. Borrowers may also have what’s called in banking compensating factors = their credit is not so great, but they have other factors, Laura is really not seeing any rejections. She also is not seeing houses not appraising for value. The market has been very steady.
Interest rates are very low now. She has locked in and closed some 30 year loans recently at 4-1/4% with 20% down and good credit. With 15 year loans , you’re looking at high 3’s%.
Geoff mentioned that we’ve talked about the appraisal situation often on the housing market updates. He said it was maybe a year or more that it wasn’t so certain that things would appraise and it was difficult. Now that we have in this steadily increasing medium price market appraisers can buy into the fact that this house is worth more than the one down the street because it’s selling six months later and it’s an increasing market. Where it’s hard on appraisers is on the turn, when the market is on its way up or on its way down.
Laura added that some high end properties with “fluff” amenities may not translate to an appraisal. However, ever her high-end appraisals have been coming in on point because they have the comps.
She doesn’t believe that rates will move in either direction very much over the next 6 to 9 months. However, as we know, one catastrophic event or something in the global economy can shift the bond market and it can change on a dime. It does look like rates will hold steady over the summer months.
Laura closed the discussion by noting that it’s a great time to buy a house. She’s seeing a lot of young people and couples trending towards buying a home before getting married in order to skip the renting stage. She loves hearing from them a few years later that they appreciated $70,000 gain and can now buy their forever home. It’s a great time to buy a home in the Northeast. Geoff added that even speaking to average price we’re still really not back to 2006 levels. As much as it’s a seller’s market now, there is still lots of room for growth in price appreciation in our local markets.
May Housing Market Update
The next Housing Market Update will be held on May 21 at 2 p.m. You can stay informed and sign up for Housing Market Updates. Just click here.
Charles Nagy and Theodore Van Laar – 2019 1st Quarter Sales Leaders for Green Team New Jersey Realty
The Dynamic Duo does it again!
Green Team President, Geoffrey Green, presents the 2019 1st Quarter Sales Leader Award to Ted Van Laar and Charles Nagy
Last year, Charles Nagy and Theodore Van Laar were Green Team New Jersey Realty’s 2nd Quarter, 4th Quarter, and Yearly Sales Leaders. Now the team is starting off 2019 in a big way, as 1st Quarter Sales Leaders. When Geoff Green first called Charlie and Ted the Dynamic Duo, no one really knew just how much they would live up to their new nickname.
According to Geoff, “Charlie and Ted are without a doubt top performers. These two gentlemen continue to achieve top production results amongst their formidable peers. Not only do they produce at a high level, they are seasoned professionals who have great knowledge about the Real Estate industry which they share with each and every client. Green Team New Jersey Realty is very proud to have Charlie and Ted working with our Agency.”
What makes them dynamic as a duo?
These equity partners in Green Team New Jersey Realty come from diverse real estate backgrounds. However, together they form a productive, successful team. They are united by their love of resort properties and resort living. Charlie and Ted have been recipients of the Circle of Excellence Award multiple times between 2014 and 2018. The award requires minimum sales of $2.5 million and 15 transactions to qualify. And, in 2018, they also became part of the Green Team’s President’s Club. The President’s Club honors those associates with $5 to $10 Million in sales volume.
Charlie is the designated spokesman for the team and had the following to say: “Going forward it will be increasingly more difficult for Ted and me to maintain the top of the leaderboard, thanks to all of the competition in the GTNJR office. But we will continue our efforts to compete hard for the top spot. However, it will also be our pleasure to see one of our co-agents take it away, should that be the case. The TEAM before the individual is our motto!”
Kristi Anderson joins Green Team New Jersey Realty
Green Team New Jersey Realty welcomes Kristi Anderson to their team. Kristi brings with her over 18 years of experience. The Broker-Realtor® is an Accredited Buyer’s Representative and has Short Sales and Foreclosure Resource Certification. In addition, the 15-year resident of Vernon has a thorough knowledge of the area and local market. But she brings something more. She brings a desire to help people make their real estate dreams come true.
Kristi’s passion for real estate began when she purchased her first home. She found the whole process exciting. Searching for the right house, negotiating, arranging financing, closing… even dealing with challenges that arose inspired Kristi to get her license. She still feels that same excitement when helping clients find the right house. She is able to point out the good and bad, helping them see potential they might be missing. With a good eye for staging, she helps her sellers present their homes in the best light to potential buyers. Her slogan, “Kristi will make it happen for you,” aptly describes her commitment to the clients she serves.
This busy mom of four still finds time to volunteer with the Vernon Township School District’s SCA. She is also a dedicated, hardworking volunteer board member of the Vernon Chamber of Commerce.
Kristi is excited about joining Green Team New Jersey Realty. She feels that this is the right place at the right time for her. “I’m happy to be joining a team with the passion, energy and commitment to client service that I have.”
Green Team’s 2019 Launch Competition has blasted off!
Green Team’s 2019 Launch Competition has blasted off. And it looks like this year’s teams are all on board for an exciting ride!
The Launch Competition is about inspiring sales associates to get back to basics, enhancing those skills that lead to the exceptional client service the Green Team is known for. During this yearly event, associates compete individually and on teams. And Team Captains lead the way, motivating and training team members to best utilize the Green Team’s custom-designed customer relationship management system, or CRM.
Meet the Teams
The Masterminds, Warwick, NY Office
Angela Murphy returns again as Launch Team Captain. The team’s goal is to utilize the CRM during the competition, as well as throughout the year for a more organized business. According to Angela, “We have an energetic and supportive team and we truly enjoy each other as team mates.”
Mastermind Team Members include: Anthony Ajello; Al Beers; Janine Blandino; Carol Buchanan; June Cosgrove-Hays; Rich Czubak; Kristen DeRosso; Jennifer DiCostanzo; Barry Ferrari; Tom Folino; Karen Gauvin; Terry Gavan; Chris Gehrlein; Toni Kreusch; Vilma Lawla; Mary Lynch; Krissy Many; Connie Marines; Tiffany Megna; Angela Murphy; Nancy Sardo; Ed Sattler; Denise Schmidt; Susan Stinneford; Gidget Tavares; Lucyann Tinnirello; Bobby Valentine; Linda Vandeweert, and Nicole Willner.
Rock’n’Roll, Warwick, NY Office
Kim Lesley stepped up to volunteer as Team Captain for this aptly named group. According to Kim, “Our strategy is to develop a feeling of support, fun and results!”
Rock’n’Roll Team Members include: Tracey Decker; Kasey Decker; Dean Diltz; Jason Gaer; Vikki Garby; Julianna Green; Joe Green; Anne Hemmer; James House; Rebecca Hundley; Chris Kimiciek; Megan Kimiciek; Pip Klein; Jacque Kraszewski; Kim Lesley; Cam Monaco; Jim Moser; Nick Nocosia; Alan Norberg; Alyson Pulliam; Jane Reilly; Walter Ross; Cynthia Sanford; Tammy Scotto; Tom Shields; Janet Sutherland; Toni Vogel, and Ali Yurchuck.
Gonen’s Greenies, Vernon, NJ Office
Keren Gonen is another returning Team Captain. Their team strategy is to work together to make it happen. And Keren’s team motto is “There is no TRY. There is only DO!”
Gonen’s Greenies Team Members include: Keren Gonen; Alison Miller; Charlie Nagy; Marissa Rossi; Yvette Saldana; Stacey Springer; Barbara Tesa; Ted Van Laar and Pam Zachowski.
Witte’s Wonders, Vernon, NJ Office
Cathie Witte has also volunteered to be a Team Captain. Her team strategy is simple, “Just encouraging each other.”
Witte’s Wonders Team Members include: Jaime Dalton; Heidi Hyland; Jared Kunish; Kim Lasalandra; Sheena Masters; Ann Nussberger; Joyce Rogers; Cathie Witte and Sharon O’Roarke.
Green Team New Jersey Realty welcomes Sheena Masters
Sheena Masters brings her knowledge of Central and Northern New Jersey to Green Team New Jersey Realty
This lifelong resident of New Jersey is a perfect fit for Green Team New Jersey Realty. Raised in East Brunswick, a fondness for the outdoors led Sheena Masters to move to Vernon in 2010. As such, she has a keen eye on Central and Northern New Jersey. An avid skier, mountain biker, climber and diver, she pursues these passions both at home and abroad.
Sheena also brings some very special skills to her clients…
Sheena graduated from Rutgers University with a BA in Psychology. And, certified as a Registered Behavior Technician, she conducts therapy sessions with children on the spectrum. The joy she finds in helping children extends to helping her clients find a home that complements their lifestyle. Her gift for listening helps her find what is important to them, and her knowledge of local areas can help her guide prospective Buyers.
Focused and high energy, Sheena also enjoys the fast paced world of short sales, foreclosures, auctions and investment properties for flippers. She is alert and tech savvy and keeps an eye on current trends, constantly looking at new listings for her clients.
When Sheena does relax at home, she can be found enjoying time spent with her puppy, Toona, and her three cats.
Charles Nagy and Theodore Van Laar – 4th Quarter and Yearly Sales Leaders for Green Team New Jersey Realty
The Dynamic Duo
The team of Charles Nagy and Theodore Van Laar was Green Team New Jersey Realty’s 4th Quarter and Yearly Sales Leaders for 2018. The Dynamic Duo, as Geoff Green affectionately calls them, are equity partners in the brokerage. And they are committed to leading by example. They are strong believers in the Green Team’s unique system of training and support which gives sales associates the tools to provide the best possible customer service and experience.
The Dynamic Duo come from diverse backgrounds in real estate. Yet together they form a productive, successful team. One bond that unites them is their love of resort properties and living. Charles and Ted have been recipients of the Circle of Excellence Award multiple times between 2014 and 2017. That Award requires minimum sales of $2.5 Million and 15 transactions to qualify. In addition, they were Second Quarter Sales Leaders at Green Team New Jersey Realty for both 2017 and 2018.. In 2018 they also became part of the Green Team’s President’s Club, which honors those associates with $5 to $10 Million in sales volume.
Thoughts from Charlie, the Team’s designated spokesman
Charlie Nagy is the team’s designated spokesman. And there was a lot of growth and success for him to reflect upon. “2018 was an exciting year for GTNJR on a number of fronts. First and foremost it was a year of great accomplishment for the Team. Not only did we bring on some new and experienced talent who came to us with many years of experience and achievement, but we bought our own office building and as a result of the Team effort, we ended the year as the #1 firm in sales volume and transactions in all of Vernon, NJ after only our second year in business. While it’s exciting to have won the award for top producer in the fourth quarter, it is more exciting for me to see what we all did as a Team for the entire year. Congratulations to us all.”
Green Team New Jersey Realty is #1 in Vernon
Green Team New Jersey Realty is the #1 real estate office in Vernon* and they couldn’t be prouder.
Some of Green Team New Jersey Realty Partners share their thoughts
According to Equity Partner Charles Nagy, “2018 was an exciting year for Green Team New Jersey Realty on a number of fronts. First and foremost, it was a year of great accomplishments for the team. Not only did we bring on some new and experienced talent, but we also bought our own office building. And, as a result of the team effort, we ended the year as the #1 real estate office in sales volume and transactions in all of Vernon, NJ after only our second year in business. It is exciting to see what we accomplished as a team for the entire year.”
Kim Lasalandra, Managing Broker, described how she felt. “I’m ecstatic! To be the #1 office in terms of sales volume within two years of opening our doors is truly remarkable. And it’s a tribute to the incredible work ethic and determination of our sales associates.”
Geoffrey Green, the founder of Green Team New York Realty and a partner in Green Team New Jersey Realty, shared his thoughts. “I’m very proud of everyone at Green Team New Jersey Realty for taking Green Team Realty’s model, bringing it to Vernon, growing it, and achieving #1 status. I just can’t wait to see what 2019 brings!”
Green Team Realty’s dedicated approach…
Green Team Realty’s dedicated approach has proven that the results are impressive when you provide productive, dedicated agents with continual training and support, a culture that values clients through excellent service and an appreciation program, and an array of competitive advantages. Furthermore, Green Team Realty’s commitment to local community and charities is another aspect that attracts like-minded real estate professionals.
Green Team New Jersey Realty’s new office is located at 293 Route 94, Vernon, NJ. To learn more, visit GreenTeamHQ.com or call 973-814-7344.
*As compared to all GSMLS Offices located in Vernon Township by closed sales volume for the time period of 1/1/18-12/31/18.
January 2019 Housing Market Update
The Green Team’s January 2019 Housing Market Update was held on Facebook Live Tuesday, January 15 at 2 p.m. If were unable to view the webinar live, you can watch it at your convenience here. You can also sign up for future updates at GreenTeamHQ.com/hmu.
This month’s panelists…
Geoffrey Green, President/Broker of Green Team Realty, moderates the monthly webinars. He also presents national statistics, together with local updates for Orange County, NY and Sussex County, NJ. This month he is joined by Carol Buchanan of Green Team New York Realty, Keren Gonen of Green Team New Jersey Realty and Patrick “PJ” Keelin of Family First Funding.
The National Outlook
The above charts are raw numbers – the number of homes that were sold from 2014-2018. It appears that things are softening a bit, but it doesn’t appear that it will be drastic.
The analytic showing inventory levels is important. It has been difficult to find homes for buyers over the last few years. However, it appears that inventory levels may be coming back a bit. Lower demand should yield more inventory, but hopefully what some inventory may do is bring some people back into the game who may have been been frustrated previously.
This survey of experts, market analysts, etc. addressed the question, “What Will Home Prices Do in 2019?” 100 people were surveyed and 94% projected that housing prices on a national basis will continue to appreciate. Geoff aligns himself with that 94%. He believes that in 2019 prices will come up again in spite of the fact that activity went down. Price always lags activity.
According to Geoff, this quote from Goldman Sachs is a good one. “Despite the headwinds facing the housing market going into 2019, we expect U.S. house prices to generally achieve a soft landing. We expect national average price appreciation to remain positive.” If this comes true, it’s music to Geoff’s ears. He lived and worked through the last downturn, where 50% of the number of homes that sold went away within a 2-year period of time once the market starting declining. It was a difficult time
The percentage of Americans who believe homeownership is a good investment continues to increase. The market is at a peak and confidence continues to increase. However, Geoff finds that people tend to buy high and sell low. They should be buying low and selling high. The bottom of the market, 2011, 2012, and 2013 would have been a good time for investment.
However, people are confident that it’s a good time to buy now. And one thing that will never change is that homeownership is a good thing.
January 2019 Local Housing Market Update for Orange and Sussex Counties
Units Sold
Five year look back. The thick green line is 2018 and while it’s been a mixed bag throughout the year, we ended up just a tad bit lower than the past two years.
In Sussex County, Units Sold was also a mixed bag, with one of the lowest totals in almost 4 years.
Average Price
In Orange County, prices were up substantially for a good part of the year. However, there was a cooling-off period towards the end of the year.
Sussex County never saw as much of an appreciation as Orange County did. However, 2018 was still a leading year over the past 5 years.
Asking to Sold Ratio
What price do homes on average sell for versus the last asking price? The higher towards 100% the hotter the market. The numbers have been strong for Orange County throughout the year.
Sussex County was strong in this category throughout the year. However, it hit its highest point in December 2018 with a ratio of 98.50%.
Panel Discussion
Geoff asked Carol Buchanan and Keren Gonen what they think of the market, as it appears a softening is underway. Carol stated that inventory is still low, and January and February are common months for the market to slow down. Carol does believe that 2019 is going to be a very good year. People seem undaunted by higher interest rates. Still a lot of buyers; just not enough homes.
Keren also agrees that 2019 will be a very good year. She thinks that people will start listing homes for sale within the next few months. Right now buyers are looking but there is still not enough inventory. She feels there are sellers sitting on the fence, not sure what to do and just holding out for a few more weeks or months. Geoff commented that the bread and butter of the season is March through August. So it’s natural for many homeowners to wait until March to list their homes.
Talking with Keren regarding foreclosure activity, Geoff asked if she see a decline? Banks are fixing up houses and putting them up at market prices. If the quality of work was good, that would be fine. However banks are bidding jobs out and the resulting work is not necessarily good work. Buyers expect to see good quality and are disappointed with what they’re finding. They often would prefer to pay more for a house that is in good shape. Therefore, many of these homes being sold by the banks are just sitting on the market. Banks are now competing with flippers who, generally speaking, do a better job at fixing up homes than the contractors. Buyers most often prefer paying full price for a home that was “flipped” well than on an REO that was not done well.
Geoff mentioned that this was not the trend in the past. Banks would not fix up their properties and try to sell them for more money. They’d just try to unload them at lower prices and buyers could get a good deal. Over the course of time we’ll see if banks decide to go back to the way they used to handle foreclosures.
Regarding the financing environment, Geoff asked Patrick “PJ” Keelin what we’re looking at for 2019. As Geoff put it, at the end of the day we’re really in the land of the banks, dependent on what they’re willing to do. And how many times the Federal government is willing to let banks leverage their money. PJ indicated that on a global scale, at the end of the year there was talk of the Feds raising the interest rate. That usually indicates a stronger economy; stronger aspects coming from the financing angle and mortgage-backed securities, etc. Unfortunately, at the end of the year there was a huge difference and the Dow dropped significantly. The drop in the Dow affected reports of things they were coming out with. So trends and thoughts of increased interest rates by the end of the year through that New Year boom fizzled out. There are reports that there is potentially going to be a decrease in interest rate for the year 2019. PJ believes that is something being put out there for a little bit of hope.
However, the biggest thing we’re competing with is the lack of inventory and what people will be able to purchase. Looking at an average household income of $60,000 to $70,000, that probably puts a person on average of what they can afford in terms of a property at $1,500 to $1,600 range. That gives them a certain price point that they have to stay in, and with increases in interest rates that is going to affect their eligibility to be able to purchase properties within a certain price range.
Geoff stated that all signs point to Fed raising interest rates. He asked PJ if he thinks that won’t be the case in 2019. PJ replied that there will be a lot less than they were expecting in 2018. They may skip the first interest rate rise. Hopes on the industry side are that there will be a potential interest rate drop. That may push that boom for people who are still sitting on the edge. He sees a stronger trend with the amount of people who are actually motivated in purchasing. They may finally be believing the reports that interest rates are not going to stay historically low and will go up. So many reports are going in different directions that it’s unsure what to make of it. Industry leaders are saying the market is staying relatively steady, but be prepared. There could be a drastic change.
Right the now trend is slow and steady. PJ commented that Geoff is proactive in all that he does; communicating with his sales associates and with the lenders they work with. Because ultimately these transactions need to happen quickly in order for them happen. When they remain open, bigger changes are coming.
Geoff wrapped up, saying that at the end of the day, interest rates are impacted by bond markets. As long as there is no major economic collapse, the housing market should be fine. He predicts a good 2019. PJ agrees, that it will be a good, strong year. People are getting more motivated.
Join us for the next Market Update
The next Housing Market Update will be held on Tuesday, February 12 at 2 p.m., when the Green Team will again be going live on Facebook. Sign up for updates at Greenteamhq.com/hmu.
Excitement is building at Green Team New Jersey Realty
Excitement is building at Green Team New Jersey Realty, which launched in September of 2016. In less than two years it has become one of the top 20 real estate agencies in all of Sussex County. Furthermore, it is now one of the top 5 agencies in Vernon. Its formula for success is simple. Follow the systems and training set up by Geoffrey Green, founder of the Green Team Home Selling System in Warwick, New York and a partner in the New Jersey Office. Then put together a dynamic team of realtors who take to heart the Green Team’s commitment to exceed client expectations.
JOYCE ROGERS – FIRST QUARTER SALES LEADER, GOING FOR BROKE(R)
For Joyce Rogers, the first quarter of 2018 has shown what can be accomplished when someone sets a goal and keeps going until it’s achieved.
Joyce became the Sales Leader at Green Team New Jersey Realty for the first quarter of 2018. For Joyce, there is a great deal of personal satisfaction in joining the ranks of those who taught her. And, in this case, surpassing their sales. It has meant a lot of hard work, something Joyce is used to. She makes herself available to her clients whenever they need her. She appreciates the ability the Green Team affords to be able to work from wherever you are. She’s even closed a deal in Shoprite’s parking lot. Joyce feels she is hitting her stride and, while this is her first time achieving this goal, it is most likely not her last.
What makes Joyce’s achievement even more laudable is that she was going for her broker’s license at the same time. She began in December 2017, taking classes twice a week and studying hard and in March got her broker’s license on her first try!
Geoff Green describes Joyce as “driven,” and as someone he knows can make happen whatever she wants. Joyce appreciates Geoff’s support and his vision of the telecommuting model, as well as the camaraderie that sales associates have with each other. They work well together and help each other. And we applaud and congratulate Joyce on her double achievement, looking forward to seeing what comes in the future.
Meet Jared Kunish
Every new sales associate who joins the Green Team brings a unique background and skill set. And Jared Kunish is no exception. With his background as a hedge fund trading manager, Jared’s professional knowledge of 
interest rates and housing market trends was a definite plus. But Jared was looking for more than the fast-paced, stress-filled life he’d been living in the financial world. Rather, he was looking for a quality driven life. One to share with his three children. He began following his passions, expanding his knowledge base. Woodworking, making furniture with his own hands, helped ground him. So did being an amateur chef.
Becoming a real estate sales agent in Sussex County and a resident of Crystal Springs seems like a natural progression to Jared. He’s far away from the rat race. And he enjoys working with people, helping them find the place that will bring them happiness. Jared enjoys making things as easy as he can for his clients
Sussex County Real Estate Market Report for May 2018
Green Team Business Review – May 2018
The numbers tell a story all their own. Despite the lack of inventory on the market, despite the specter of rising interest rates, loss of deductions due to new tax laws, etc., the Green Team is doing something very right and finding people buyers for their homes and finding homes for buyers! Both the Warwick and Vernon offices have more than doubled their sales volume from a year ago.
Sussex County, NJ Real Estate Market Report – April 2018 Results
The May Market Update was held on Tuesday, May 8 on Facebook Live. It was moderated by Geoff Green, Founder of Green Team Home Selling System. Panelists included sales agents Vikki Garby from the Warwick office, Keren Goren of the Vernon office, Michael Giannetto from Residential Home Funding and Ken Ford from Warwick Valley Financial Advisors.
If you missed the original live event, click here to watch. The discussion involved not only the housing market, but also perspectives on the economy. Our guest panelists have a great deal of knowledge and expertise, and the conversation was informative, educational and lively.
You can also sign up for monthly updates by email on the Green Team website.
We were experiencing technical difficulties:
Prior to the update going live, the following discussion took place:
The lack of inventory remains the biggest impediment to home sales, and the panel discussed the various reasons why people are reluctant to sell now. Vikki Garby stated that there were more buyers this winter than last spring, but that there is not a lot to buy. Cash buyers were coming in strong, with some people getting full asking price, or over. Keren Goren stated that many people she spoke to were just hanging on, waiting to see what would happen in the market.
Geoffrey Green told the panel that he is often asked, “Should I wait, because prices are going higher?” According to Vikki, sellers are worried about finding a home! People move up here from other places and swamp the market, and people who want to sell but stay in the area are concerned. Keren said that houses in Sussex are outdated, older than what buyers are looking for. Geoff said, “At the end of the day, if you’re moving and need to sell, try to sell and buy at the same time.”
The conversation turned to “fixer-uppers.” Geoff felt that most buyers don’t have the time, experience, and money to do renovation after buying a home. However, he asked the panel if they were seeing more buyers willing to take on a fixer-upper.
Keren cited a buyer who was willing to take out a loan to put a new roof on a house where everything else had been done. He was willing to go that step. Vikki stated there was not much to choose from and buyers trying to get into the area are having to be more flexible. Mike Giannetto stated that reno loans are now a big product and many people are taking the opportunity to fix up a house, put in new appliances, roof, etc., using equity.
Watch the video for more discussion, including a fascinating look into the world of economics and how the bond market impacts the interest rate that buyers may soon be paying.
Sussex County, NJ Real Estate Market Report – April 2018 Results
Average Days on the Market
The faster homes are selling, the hotter the market. Look for the lowest number on the graph, as opposed to the highest.
The average days on the market are slightly higher than April of 2017 but are way below the previous three years. The average number of days on the market is 92.57 for the first four months of 2018.
Average Price
The average price is just about where it was this time last year and is above the prior three years.
Average Sold to Asked Ratio
This is the percentage a house sold for under or over the last asking (not the original) price.
There was a jump in this number, with the percentage at 98.98% for this April, the highest point for any month in the past five years. Sellers were negotiating at approximately 2 points off the last asking price.
Homes that sold at 100% or more of last asking price
Here again there was a jump in the numbers, reaching the highest point for any month in the past 5 years.
Units Sold
There was a climb in the numbers here, as well, with April 2018 showing the most units sold for this month over the past four years.
We Keep You Informed:
The Green Team Shares this information and more each month during our Live Housing Market Update. Register to join the webinar and hear directly from our participating Green Team Sales Associates who share their personal take on how the marketplace is doing.
Each month we are also joined by industry experts who share insights into the current financing environment as well as broader economic issues affecting the housing market.
Check out our past Housing Market Updates. Then Register to join our next one on June 12th at 9am.
[embedyt] https://www.youtube.com/embed?listType=playlist&list=PL6MEM7EpyL0E5YdU249T_KsDQTukboj8E&v=AQYblgrxmIY[/embedyt]
