Agency News and Awards October 16, 2020

3rd Quarter 2020 Sales Leaders

Congratulations from Geoff Green, President of Green Team Realty, to our 3rd Quarter Sales Leaders

3rd Quarter 2020 Sales Leaders for Green Team Realty have been announced. They are Jennifer DiCostanco for Green Team New York Realty and Keren Gonen of Green Team New Jersey Realty.

“Jennifer and Keren – Two big names in the Orange & Sussex County Real Estate business.  It’s not easy to be the third quarter sales leader because it’s the biggest production quarter of the year for Realtors.  Those who place the highest in Q3 are usually the annual winners as well.  Both Jennifer and Keren are perennial All Stars in this industry and for good reason.  They both work extremely hard in and on their businesses, and they both have exceptional reputations with their clients.   Congratulations to both ladies and I have to say that I won’t be one bit surprised to see both of them do it again year after year.”

Jennifer DiCostanzo, Green Team New York Realty

This is not the first Sales Leader Award for Jennifer DiCostanzo. She has been the Yearly Sales Leader since joining Green Team in 2015. In addition, she was 1st Quarter Sales Leader for 2020. Jen received the MVP Award in 2017 for more than $10 Million in sales. In 2019 she received that award for more than $12 Million in sales. She attributes her success to steadfast dedication to each of her clients. Furthermore, she has a plethora of knowledge and experience which is evident in each transaction and results in creating strategic approaches and facilitating solutions. Jen had this to say about achieving 3rd Quarter Sales Leader:

“Thank you to my clients and colleagues. We adapted to covid protocols and worked together safely during the strongest sales quarter of the year, during pandemic times.”

Keren Gonen, Green Team New Jersey Realty

This is not Keren Gonen‘s first time as a Sales Leader, either. This is her fourth time as Quarterly Sales Leader. Most recently, she was named Sales Leader for the 2nd Quarter of 2020. And in 2017, the year Keren started at Green Team New Jersey Realty, she was Yearly Sales Leader.

Keren said the following about her latest achievement:

“I was given this opportunity to say a few words about this achievement and although I am grateful for being in this place, at this time, I would like to say the following: I know how scary this time is for all of us.  America is in turmoil, due to Corona, The Elections, The Economy, Our rights and Freedom and so much more.  It is this uncertainty, now more than ever, that reminds us that our safe haven is our HOME.  This is the reason for the spike in sales in Real Estate. We all want to feel SAFE.  It is now, more than ever, that we look inside our homes and our hearts and decide what is important and what is not.  It is now that we must all come together, not fall farther apart.  To those who have chosen me as the one to accompany them on this journey, I am grateful.  I hope that I have made, at least in part, your need to relocate a bit easier, a bit less stressful, and that I contributed some peace in these difficult times. For all of that, I am grateful.”

Agency News and Awards August 30, 2020

Edward Sattler receives CIREC designation

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According to Ed,

“I’ve been interested in commercial real estate for years. I enjoy working with clients and understanding their needs. Most importantly, I want to help them achieve their real estate goals, whether as buyer, seller, landlord or tenant.”

Ed’s start in real estate

When Ed says he has been interested in commercial real estate for years, you can believe it. His passion for real estate was 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. Ten years later, Ed and his wife had purchased land and completed construction on their first home in Warwick. Furthermore, ten years after that, they had completed a minor subdivision and built 2 more houses.

What the CIREC designation means

According to the NAR Code of Ethics, agents must have the proper training for specialized services. Agents undertaking the extensive CIREC course obtain the needed foundation to provide commercial and investment real estate services.  A wide range of topics are covered. Included are tax implications, 1031 Exchanges, valuing property, and more.  Also covered, preparation of financial analyses, and comparing financial impacts of leasing vs. buying. Furthermore, negotiating concepts and tactics are important parts of the course.

 

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Agency News and Awards August 28, 2020

Meet Ryan Fisher

Chapter One: How Ryan met Geoff

Ryan Fisher comes to the Green Team with a distinction that no other sales associate can claim. Ryan and Geoff Green went to the University of New Hampshire together. After college, they worked together in the mall industry. That’s when Geoff recruited Ryan to Pyramid Management Group. Ryan was a top-performing specialty leasing representative at Palisades Shopping Mall. Within two years he grew to be in the top four producers in the company. During his time with Pyramid, Ryan honed skills and techniques that he uses to this day. He learned how to canvas and generate leads. He also learned the art of follow-up and setting appointments. Most importantly, he learned how to close. Ryan also developed the habit of setting goals and acquiring the positive mindset it takes to accomplish them.

Chapter Two: New England, Taxis, then Real Estate

Ryan decided to return to New England. For 12 years he owned and operated a taxi company on Martha’s Vineyard. It was here he learned to run a business from start to finish. Using connections from his university days, he hired students to work each summer. Furthermore, many of them returned to work for multiple summers. He grew the business acquiring a second medallion. This allowed him to operate in two towns with a fleet of 12 vehicles.

Somehow, during this time, he also managed to get his real estate license in Massachusetts. When it came time to buy, Ryan was able to negotiate a seller-financed deal to buy the mixed-use property he ran his business out of. After the purchase, Ryan developed the property by replacing the not-to code garage with a commercial garage with an apartment on top. He eventually sold the taxi medallions, but still owns the property and rents both the commercial and residential units out.

Chapter Three: Ryan and Geoff, Together Again!

Once again, Geoff and Ryan began collaborating on a business idea. Geoff pitched the idea of REALLY – The Business Referral Exchange™. Referrals within real estate are fragmented. REALLY offers Business professionals the chance to network and grow their business. Ryan was intrigued. He had always thought real estate would be a good fit. Ryan loves working with people and enjoys the challenges that come in this field. He was also eager to play a part in helping REALLY grow. Furthermore, It seemed a natural fit to join the Green Team.

Ryan is currently licensed in both Massachusetts and New York. He is happily married with two children and a dog named Mona. Ryan and family moved from New England to Warwick. Ryan brings to his real estate business a unique and extremely relevant skillset. He also brings his love of music, drumming in particular. Of course, Ryan and Mona the dog enjoy hiking and outdoor activities.

Buying a home August 20, 2020

Home Insurance Myths and Misconceptions

Geoff Green, President of Green Team Realty, and Garret Durland of Seely & Durland Insurance presented a webinar on myths and misconceptions people have about Home Insurance.  Also joining the conversation were Michelle Dixon and Brianna Smith of Seely & Durland. This local insurance agency has been an important part of Warwick since 1934. Presented live on Facebook Thursday, August 13, the information they shared is important to all homeowners. If you were unable to catch it on Facebook Live, you can view the webinar here. In addition, below you’ll find a summary of some of the topics discussed.

Home Insurance.  Can’t Live with it. Can’t live without it!

Three out of five homes are underinsured. There is a misconception between market value and insurable replacement cost. A difference exists between what the home sells for versus what it costs to rebuild a home. Thus, replacement cost often exceeds market value.

Common Home Insurance Exclusions

Learn what the most common exclusions are. Also, learn about specific coverage available for some of these exclusions. It’s interesting to note that flood losses can include damage from a broken water main (surface water entering a home).

Home Insurance to cover Home Businesses

With more and more people operating a business at home many lack coverage, leaving them financially exposed. There are options available to provide needed coverage. There is also coverage available for “businesses” by kids. For instance, snow shoveling, landscaping or lawn mowing for neighbors.

High-Value Items

The standard homeowner’s insurance policy provides coverage up to a set amount for lost or stolen valuables. However, high-value items can be covered on a floater based on their appraised value. This includes jewelry, furs, guns, coins, watches, etc.

Fallen Trees Coverage

A tree falling on your property is only covered if it does damage to a structure or blocks your driveway.  There have been many storms impacting our area. Therefore, it’s important to understand the limits of your Home Insurance coverage.

Personal LIability

Did you know that if your child slanders someone on social media, that may become a situation requiring personal injury coverage? A reminder that people must be careful about what they are posting online. Personal injury coverage can be added to your Home Insurance policy An umbrella policy is an excess liability policy. It provides coverage over the limit on your home, auto, etc.

Answers to often-asked questions/Ending on a positive note.

Something most homeowners wonder about is the effect of filing multiple claims. Also of interest, what if you do Airbnb, HomeAway, or VRBO. How are these being covered by insurance companies?  In addition, what impact does your credit score have on premium rates? Find the answers in the webinar. Most importantly, there are ways to save on Home Insurance. Check out the tips discussed to see if you qualify for savings. Finally, view the informative follow-up discussion with Geoff Green and Garrett Durland,

Contact Information

Seely & Durland Insurance is located at 13 Oakland Avenue, Warwick NY. Their direct line is 845-986-1177. You can also visit their website at seely-durland.com.

 

 

 

 

 

Housing Market News June 22, 2020

June 2020 Housing Market Update

Green Team Realty’s June 2020 Housing Market Update addresses the economic impact of COVID-19 on the real estate market. However, we know that many individuals, families, and businesses have been personally impacted by the pandemic. To all those diagnosed with COVID-19, or who have loved ones with the virus, we wish you a fast, full recovery. To all who have lost someone to COVID-19, our thoughts and prayers are with you. And, while there are a lot of positives to report this month, we realize that many are suffering financial hardships, stress, and anxiety. These are very difficult times, but to quote Geoff Green,

Together we will persevere!

Geoff Green, President of Green Team Realty, welcomed everyone to the June 2020 Housing Market Update. The webinar was held on Tuesday, June 16 at 2 p.m. Geoff shares both national and local stats. Furthermore, he checks in with those who have “boots on the ground.” Sales Associates from Green Team New York Realty and Green Team New Jersey Realty share what’s happening in their respective states and communities. There are different regulations for the real estate industry in New York and New Jersey. Thus, there are differing impacts on what is happening in each state. In addition, our guest panelist shares information on the current mortgage market.

If you missed the webinar or would like to view it again, it’s available here:

 

Meet the “Power Panel”

The June 2020 Housing Market Update panel shared their observations, experiences, and expertise in this Covid-19 market. Keren Gonen and Pam Zachowski with Green Team New Jersey Realty talked about Vernon and the Sussex County NJ market. Carol Buchanan, with Green Team New York Realty, discussed Warwick and the Orange County NY market. Laura Moritz, Director of Sales, Northeast Region at Classic Mortgage LLC shared her experiences with financing and refinancing in a Covid-19 market. Watch the above video to hear what the experts had to say.

Let’s start with the jobs market and overall economy

To see where we were last month, click here for the May 2020 Housing Market Update.

According to CNBC,

The May gain was by far the biggest one-month jobs surge in US history since 1939.

Over 75% of job losses were temporary layoffs or furloughs. The Federal Reserve Bank’s May report indicated there were news reports of large-scale hiring at companies like Amazon, Walmart, CVS Healthcare, Domino’s Pizza, etc., due to increased demand.

The Wall Street Journal reported:

Employers added 2.5 million jobs, blowing Wall Street expectations out of the water. Economists had forecast a loss of 8.3 million jobs.

And on to the housing market

According to Ivy Zelman, CEO of Zelman & Associates,

Housing will fare better than expected during this severe downturn.

Home prices are expected to continue to appreciate through 2022, according to several respected industry experts.

Home Prices Projected to Appreciate 2020, 2021 and 2022

Mortgage Demand

According to Diana Olick of CNBC,

Mortgage demand from home buyers shows unexpectedy strong and quick recovery… The quick recovery has surprised most forecasters.

Pending sales and new listings are up from the previous month, according to Zillow’s June report. People are becoming more confident in putting their homes on the market than they were in the early days of the pandemic. Foot traffic was practically non-existent.

The percentage of distressed property sales is at a very low number.  The projection is that it will continue to decrease, from 4% to 3%. What lead the last downturn in 2008 was that there were so many distressed properties. Another interesting fact is that most American’s choose real estate as the best long-term investment, over stocks, savings accounts, and gold. This is another sign that confidence in real estate is high.

Mortgage rates

Freddie Mac’s projections through 2021 indicate that rates will remain low. The availability of money drives pricing. Despite all the turbulence we’ve been experiencing, things are looking good in the real estate market.

National and Local Stats on Units Sold & Average Sales Price

On the national level, there was a big drop off in units sold in April, compared to the last four years. (National stats lag 30 days behind. We’ll have May stats in the July Housing Market Update). Geoff fully expects the numbers to rise in June, July, and August, perhaps even surpassing previous years’ numbers. Home prices continue to increase, despite the decrease in traffic, a result of supply and demand. There are simply not enough homes available for sale for all the people who want to buy them. Months of inventory is showing an uptick, though we’re still far below having the 6 months of inventory that would indicate a normal market. We are in a seller’s market, with lots of bidding wars and lots of homes selling above asking price.

In Orange County, New York, we have a bounce-back on units sold from April to May. The average sales price is staying level, but at a high level compared to previous years. Supply and demand should keep sales price high.  In Sussex County, New Jersey, units sold have been on an upward trend and never really came down. Average price is still up over the past four years.

“Housekeeping” Details:

Green Team Realty June 2020 Housing Market Update

To reach any of the June 2020 Housing Market Update panelists,

Green Team Realty June 2020 Housing Market Update

 

 

Agency News and Awards June 1, 2020

Meet Sol Perry of Green Team New York Realty

Sol Perry purchased a home in Middletown NY in 2001. And that is probably where his transition to real estate began.  An auto body technician for MTA NYC Transit, Sol had lived and still works in New York City. His wife is a nurse practitioner at Bon Secours Port Jervis NY. And she was actually the first real estate agent in the family. From 2004 to 2007 she was an active agent at a brokerage located in Middletown.

Watching Orange County Grow

As a longtime resident, Sol has seen the growth that has taken place in Orange County. And he is familiar with the County and the many towns and cities that comprise it. Throughout the years, he has seen many family members, friends, and co-workers move to the region. Sol was able to give advice about the area, and help with their choices. His familiarity with Orange County, as well as his ability to understand the needs of those he was advising, helped many families make the move.

Making the Decision

After years of helping friends, family, and co-workers, Sol realized that he should actually be their real estate agent. He proceeded to get his license. And he finds that with his life experience, living and working in NYC as well as living in Orange County, he can really help those wanting to make the move.

While Sol started his real estate career at a brokerage in Middletown, he decided that Green Team provided a better opportunity to grow his business. He is excited to be a part of Green Team New York Realty. And he is looking forward to meeting his fellow Green Teamers when the current COVID-19 restrictions are lifted.

For Sol Perry, It’s About Family, Home…and Music

Sol is the proud father of a 5-year-old daughter, who will be starting kindergarten in Middletown in the Fall. In his spare time, he enjoys working on his house. And, one of the things he most enjoys is to D.J.

 

Agency News and Awards April 5, 2020

Meet Kathryn (Kate) Vega

Green Team New York Realty would like you to meet Kathryn (Kate) Vega. Before entering the world of real estate, Kate Vega earned an Associates Degree in Business. She was a corporate Administrative/Executive Administrative Assistant for 12 years, working with many professionals of all levels, Kate was (and is) detail oriented with a focus on financials, analytics and accounting. 

Kate Vega finds her passion for real estate

Her interest in real estate began when she helped her husband, John, sell his condo (off the market). She then assisted in the purchasing of their first home. After that she was hands on in selling that first home  And purchasing their current home in Warwick. Kate’s ability to identify and highlight pros and cons of various homes had her becoming a resource for several friends working through their first home purchases.

Interest may actually be too mild a word to describe Kate’s feelings about real estate. In her own words, “I felt that buying, selling and remodeling my homes were the most emotional and exciting times of my life (besides marriage and having babies).” She even admits that she was distracted during her honeymoon with the construction of their first house. And then, while in the hospital having her second child, she requested photos of work being done on the house!

Kate feels that home ownership is a huge component of most people’s portfolios. In addition, it’s vital for the health of a community. She has always been interested in finances, and real estate is one of the largest and most crucial aspects of the economy. Furthermore, she’s conscious of the ups and downs that come with the biggest transactions of most people’s lives. And Kate knows she’ll be able to offer the support her clients need during the process and be sensitive to their needs.

It’s all about family

Kate and John have three children: Johnny, Tommy and Lexie. The family attends Warwick Reformed Church. The children attend Warwick schools. And they’re involved in sports: football, baseball, basketball, wrestling and soccer! John is on the football board, and Kate is the PTA Treasurer for Sanfordville Elementary School. 

 

Housing Market News March 18, 2020

March 2020 Housing Market Update

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Note

Things are happening rapidly. Just three days after the March 2020 Housing Market Update on the 17th, everything changed. On March 20 Governor Cuomo issued the New York State on PAUSE Executive Order. One day later, Governor Murphy announced a Statewide Stay at Home Order for New Jersey.  And even though our physical offices are closed, Green Team Realty sales associates and support staff are all working remotely.

March 2020 Housing Market Update

Geoff Green, President of Green Team Realty, welcomed everyone to the webinar. He began by discussing last month’s Housing Market Update. One month ago on the February 2020 HMU,  things were looking great. The stock market was nearing all-time highs. One month later the coronavirus had set in. Now everything is different. 

We are in historical times now. And the panel will try to break it apart and make some sense of what’s happening. The panel includes a mortgage expert and financial expert, in addition to sales associates from Green Team New Jersey Realty and Green Team New York Realty.

Silver Linings

Mortgage rates are extremely low and there are lots of good programs that help people buy a home. Looking at rates from 2016 to today, they are now historically low. Things are fluid now. The Central Bank is in flux, determining 10 year treasure rate. There is a correlation between the treasury rates and 30 year mortgage rates, but they are not one and the same. Laura Moritz, the panel’s mortgage professional, reiterated that. The treasury rates that you hear about on the news do not translate to mortgage rates. Reach out to your mortgage professional to find out what the rates are for your current financial situation.

Some Other Positives

According to ShowingTime, at the start of the year there was a 20.2% increase in showings. 2020 was off to a great start. Geoff sees this as a positive. After we get through this tough period of time these numbers should bode well.

A Mixed Bag

Crude prices present a mixed bag. We are experiencing the single largest decline in the history of crude oil prices. This is due to an oil-price clash between Saudi Arabia and Russia. On the positive side, we’re potentially paying less at the pump and to heat our homes. On the negative side, those companies involved in the oil industry stand a chance of going out of business, defaulting and impacting banks that financed their operations. Without banks lending money, the housing market cannot move forward. 

The Coronavirus and the Real Estate Market

The CDC and the White House, during their press briefing, seemed to indicate that this would not be over anytime soon. A lot of school districts, local business leaders, politicians may be saying “For the next few weeks this is going to happen.”  However, Geoff’s sense from the briefing was that this halt of movement will actually be prolonged until this virus is truly contained.

Therefore, we need to find ways to operate responsibly and respectfully, to keep the housing market in check and not experience a complete crash.

Impact on Stock Market

Just a month ago the Dow Industrial Average was wavering between an incredible 29,000 and 30,000. The take-away at that time was that 2020 was going to be a great year, as long as there wasn’t a major global crisis. During the February Housing Market Update, Geoff mentioned that he thought the coronavirus might become that global crisis. Within a few days of that the virus began to quickly spread globally. The day before the March 2020 Housing Market Update, the Dow dropped 3,000, its worst day since 1987. And now, the global economy is at a standstill.

A Commercial Real Estate Bubble?

One thing that not many people are talking about yet is the Commercial Real Estate Bubble. Carl Icahn, a billionaire investor, is betting on the commercial real estate market being in a bubble and about to crumble. That is a big deal as banks are heavily involved in commercial real estate and lending. This is a situation we’ll be keeping an eye on.

Local Housing Market Stats

Orange County

Units sold was lower than preceding years for the month of February, while it had been higher during January. That kind of fluctuation is not uncommon and when averaged out, it’s right in the mix. Sales prices came out way ahead of previous years, much the result of low inventory. Ask to sold ratio is still at a very high percentage. That means sellers on average are only negotiating 3% off their last asking price. Days on market has gone up a little, which generally means a slowing of the market. At this pre-coronavirus stage, there were some indications that the market was slowing a little.

Sussex County

Units sold in Sussex County were a mixed bag. Not quite as high as 2018, but a little higher than 2019. Average price is up, and ask to sold ratio is at 97%, As in Orange County, days on market is going up, again indicating a slowing in the market.

As Real Estate Professionals, what can we do during this crisis?

Be Safe, Smart and Kind #Coronavirus

Whether you’re a home owner, potential buyer or realtor, we all need to take this seriously. Geoff mentioned that one of the doctors on the coronavirus news briefing on March 16 said that this is all about the Greatest Generation. Many of the people who are dying from the coronavirus are from the World War II generation. And we owe it to them to try to safeguard their health. We have to make sure we’re doing the right thing.

We have to make sure we’re watching the WHO and CDC guidelines and operating within those confines. Some countries are shutting down, others are not. Geoff’s take away is no more group meetings. If you are having symptoms, then you and your household must self-quarantine.  If you’re a real estate agent and you have symptoms, take it seriously. Do not show homes, do not pretend you’re asymptomatic.

For those sales agents who do not have symptoms and have not been exposed to the virus, Geoff recommended the following. Tell sellers who might be concerned about buyers coming into their homes that we will do personal showings and greet the potential buyer and buyer’s agent at the door. Make judgment call if you think they might be ill. Walk them through the home, opening doors, closets, etc., then wipe them down before leaving. 

Video tours provide a good alternative, if necessary.  Buyers are never physically in the property. The sales associate, with boots on the ground, walks them through, using video conferencing. 

Before opening the discussion up to the panel, Geoff had one more thing to say… WE WILL PREVAIL!

Housekeeping items

Green Team Realty March 2020 Housing Market Update

Meet our Panel

Ken Ford, Green Team Realty Housing Market Update March 2020Laura Moritz, GTR March 2020 Housing Market Update

From left to right, Laura Moritz, Clasic Mortgage; Ken Ford, Warwick Valley Financial Advisors

 

Kristi Anderson of Green Team New Jersey Realty

Keren Gonen, Green Team New Jersey Realty

Angela Murphy, Green Team New York Realty

 

 

 

 

 

 

From left to right, Kristi Anderson, Green Team New Jersey Realty, Keren Gonen, Green Team New Jersey Realty,  Angela MurphyGreen Team New York Realty

Discussion

Looking for “boots on the ground,” Geoff first asked the sales associates what was happening with ShowingTime. Were people continuing to want to see homes, were they cancelling?  Kristi stated that she was still getting lots of showings on her properties. Personally she showed 8 different prospects homes over the weekend. It’s very busy still at this point. Keren had two cancellations over the weekend, then got calls from a brand new client she showed homes to. And just the day before she showed one client eight properties. Angela agreed that not only are people viewing homes, they’re purchasing homes. Six out of ten homes she had showed to buyers had accepted offers within a week.  Kristi added that she had two properties go to contract this day.

Geoff stated it’s interesting that the housing market in total – sales, exchange of real property, renovations, maintenance, etc. roughly equates to almost 20% to 25% of national GDP. It is a major force, economically speaking. His hope is that the housing market will stay relatively healthy during all this. If we do go into recession, it may not be that deep and that bad. He asked Ken for his opinion on this.

Are we heading towards a recession?

Ken first talked about the history of recessions. He said this is the longest period that the US has gone without a recession. The last was 2008/2009, the period of the great financial crisis. And we’ve never gone a decade without one. Going back 150 years of data, we’ve had one or two recessions each decade. Recessions can be healthy, weeding out the excesses of economic expansion.  Our economic expansion has been built on more debt, more credit, low interest rates and the Federal Reserve pumping money into the economy. The saying goes, the bigger the boom, the bigger the bust. And the last ten years have been the biggest boom he’s ever seen.

If liquidity and the financial markets seize up like they did in 2008, then we are going to have a recession. The Fed dropped the interest rate to 0%, providing lots of liquidity. They’re trying not to repeat 2008, but Ken is not sure they’ll be able to do it. We don’t have any stimulus that can jump start the economy. Plus we have a trillion dollar deficit, so where do we go from there? If we start losing confidence in the market, there will be a problem. Greed and fear often drive decisions. However, he said if you know how to value assets and have the capital there will be some great investment opportunities going forward. And Ken does believe that we’re headed for a recession, with everything shutting down, people working from home, unable to go to stores, restaurants, etc.. It’s just a question of how bad the recession will be.

From the lender’s perspective

Geoff asked Laura for her thoughts. She reiterated what Geoff had said. We’ve survived bad times before. And, unlike the big cities, a lot of people are looking to move to less densely populated areas. Our proximity and distance from major cities are important factors. From a lender’s perspective, she had four accepted offers the day before. She does see buyers putting offers in, and she had three closings this week. On the other hand, she does see evidence of the banks tightening up. Putting down 3% or 0% may not be feasible. Property values may be depreciating in the short term, larger down payments may be required. People still need a roof over their heads, so it’s different than the commercial market that Geoff described before.

Laura said that she’s been inundated with calls from people wanting to refinance they’re mortgages. She closed ten last month. However, right now banks do not want to refinance mortgages and are pricing them accordingly. They don’t want to compromise their portfolios. If you want to refinance, you may have to hold on. Geoff said that one of the strengths, compared to 2008, is the level of equity in homes, in general. A lot of households don’t have a mortgage, and a lot have a pretty low loan to value ratio. He hopes that the housing market, which caused the 2008 financial collapse, is now carrying the U.S. economy. We’ve been in a boom compared to the rest of the world.

Can a strong housing market make a recession not hurt as much as last one?

Geoff asked if it’s fair to say that the U.S. housing market might actually make this recession not hurt as much as the last time?

Ken replied that he was looking at something that was the best indicator of valuation of residential housing. The Case-Shiller Index shows that with real estate in Warwick, you can’t buy the same house in Greenwich, CT. You can’t buy the same square footage, etc. The denominator is the income of the town you live in; the value of real estate divided by the average income. It is higher than 2007/2008. We have a higher valuation than what they deemed to be a housing bubble.

Geoff believes low mortgage rates and low inventory, providing supply and demand, has driven real estate value up. He believes there is still so much demand, without the supply. Ken said if we wind up with inflation, mortgage rates will go up. Income inequality is a major problem. Interest rates drive the pricing power of all assets.

Impact of the job market

Geoff said it will all boil down to people having jobs and having confidence to buy a home. The job market is another interesting discussion. The number of layoffs that might occur during this halting of movement will be of interest.  He hopes that companies will hang on to cash flow to keep their employees on. He said that is what they’re doing at Green Team. Everyone is working remotely, and they haven’t dialed back on staff. They’re trying to do more with what they have and hope other businesses do the same.

Ken said it all comes back to the stock market. The biggest cost of any corporation is the employees. If stock plummets and earnings go down, the CEO or CFO of major corporations will normally cut employees. Decision makers start laying people off when revenue and earnings go down. As financial planner he tells people to have emergency savings, just in case they are laid off from their jobs.

Wrapping it up

Geoff thanked everyone for their participation. The take-away is, if you’re a seller worried about putting your home on the market because of what is going on, for market reasons get your home on the market now. The market is still very robust, as Kristi, Keren and Angela had stated. We don’t know what the future holds, so why wait? If you’re concerned for health reasons, that is understandable. There might be ways around that, as well. He suggested talking to a Green Team realtor, such as Kristi Anderson, Keren Gonen or Angela Murphy. Regardless, this is what realtors do… find ways to make it happen.  For buyers, there may be some unique opportunities.

We have no choice but to keep going. Keren added that she listed a house on Saturday and the next day had three full-priced offers. Good houses are selling. Have trust that we can get this done for you.

Laura added, with everyone staying together, being with their families, they’ll re-evaluate priorities. And what is the heart of the family? Their home. Extended families may blend, people will find comfort in their homes. She feels in that regard, this will be good in our market.

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Agency News and Awards March 2, 2020

Vikki Garby Featured in Top Agent Magazine

Vikki Garby of Green Team New York Realty will be featured in Top Agent Magazine in the April 20, 2020 National and International issues. This premier real estate magazine has been presenting producing, accomplished professionals in the real estate industry for almost 20 years.  Candidate evaluations are based on production, professionalism, industry and community involvement.

Vikki’s Top Agent Profile

Vikki began her real estate career back in 2005, investing in properties with her husband. At the time she was working in the finance industry. However, after moving back to her hometown of Warwick, she made the transition to full-time real estate agent. Vikki serves residential and commercial clients in Orange County, NY. Her business is almost exclusively repeat and referral clients. Additionally, she often works with investors to purchase multiple properties. Her prior finance experience is quite useful, especially when it comes to commercial transactions. Vikki establishes credibility with her clients through honesty, transparency and straightforward communication.

Vikki’s approach to listing properties

Each property is approached individually. And each campaign is tailored accordingly. Every listing is accompanied by professional photography and immersive documentation. However, commercial and residential properties may require alternative marketing techniques. All properties have online exposure, which can result in buyers. In 2019, Vikki closed over $8.8 million in sales volume. Further, that is based on average property prices ranging from $300,000 to $500,000.

The importance of community

Vikki believes in giving back to her community. She supports and participates in the local Educational Foundation and is President of the Booster Club for her son’s crew team. Furthermore, she contributes to the local high school’s Career Development Program. There Vikki helps with the Job Shadow Program and annual Career Fair. Free time is for spending with her family.

Looking towards the future

Vikki plans on keeping the growth of her real estate business steady. And she looks forward to expanding her presence in the local commercial market. Most importantly, she wants to keep helping people achieve their real estate goals. Because, according to Vikki, “It’s not about the house or the building itself. A home is so much more than four walls and my goal is for my clients to be happy long after they close.”

 

 

 

Agency News and Awards January 22, 2020

Toni Kreusch Awarded SRS Designation and RENE Certification

Toni Kreusch, with Green Team New York Realty and Green Team New Jersey Realty, has been awarded the Seller Representative Specialist (SRS) designation, the premier seller agency designation in the country, as well as the Real Estate Negotiation Expert (RENE) certification, the premier negotiation credential. The SRS and the RENE are conferred by the Real Estate Business Institute (REBI) and are official certifications of the National Association of REALTORS®.

An elite group of real estate professionals

Toni joins an elite group of real estate professionals from around the world who have earned the SRS designation and the RENE certification. All were required to successfully complete comprehensive coursework in seller representation and negotiation as well as demonstrate significant seller representation experience and expertise. In addition, they must subscribe to the REALTOR® Code of Ethics.

A commitment to providing quality customer service

Toni is committed to providing quality customer service. She stays informed about the latest economic trends in order to best understand the market and inform her clients.

The SRS and RENE add depth to my real estate business knowledge. Whether you are buying, selling or just need some guidance, these designations have given me a keen understanding of what it takes to help you achieve your goals through the process, while representing your interests to the fullest.