Housing Market News September 16, 2021

Is the Number of Homes for Sale Finally Growing?

An important metric in today’s residential real estate market is the number of homes available for sale. The shortage of available housing inventory is the major reason for the double-digit price appreciation we’ve seen in each of the last two years. It’s the reason many would-be purchasers are frustrated with the bidding wars over the homes that are available. However, signs of relief are finally appearing.

According to data from realtor.com, active listings have increased over the last four months. They define active listings as:

The active listing count tracks the number of for sale properties on the market, excluding pending listings where a pending status is available. This is a snapshot measure of how many active listings can be expected on any given day of the specified month.”

What normally happens throughout the year?

Historically, housing inventory increases throughout the summer months, starts to tail off in the fall, and then drops significantly over the winter. The graph below shows this trend along with the month active listings peaked in 2017, 2018, and 2019.Is the Number of Homes for Sale Finally Growing? | MyKCM

What happened last year?

Last year, the trend was different. Historical seasonality wasn’t repeated in 2020 since many homeowners held off on putting their houses up for sale because of the pandemic (see graph below). In 2020, active listings peaked in April, and then fell off dramatically for the remainder of the year.Is the Number of Homes for Sale Finally Growing? | MyKCM

What’s happening this year?

Due to the decline of active listings in 2020, 2021 began with record-low housing inventory counts. However, we’ve been building inventory over the last several months as more listings come to the market (see graph below):Is the Number of Homes for Sale Finally Growing? | MyKCMThere are three main reasons we may see listings continue to increase throughout this fall and into the winter.

  1. Pent-up selling demand – Homeowners may be more comfortable putting their homes on the market as more and more Americans get vaccinated.
  2. New construction is starting to take off – Though new construction is not included in the realtor.com numbers, as more new homes are built, there will be more options for current homeowners to consider when they sell. The lack of options has slowed many potential sellers in the past.
  3. The end of forbearance will create some new listings – Most experts believe the end of the forbearance program will not lead to a wave of foreclosures for several reasons. The main reason is the level of equity homeowners currently have in their homes. Many homeowners will be able to sell their homes instead of going to foreclosure, which will lead to some additional listings on the market.

Bottom Line

If you’re in the market to buy a home, stick with it. There are new listings becoming available every day. If you’re thinking of selling your house, you may want to list your home before this additional competition comes to market.

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!

Agency News and Awards March 8, 2018

We Are Go For Launch

 

Green Team 2018 Launch

It’s Launch Time – that “friendly” little competition that inspires Green Team Sales Associates to start the new year off right by building on and enhancing the skills that will lead them to deliver excellent client service throughout the year.

Focused around essential daily activities that utilize the Green Team’s custom-designed CRM (customer relationship management) system, sales associates compete both on individual levels and as part of teams.  The CRM features a unique gamification component that tracks competition activity and enables everyone to see real-time competition stats throughout the entire contest, giving associates that little “push” they might need.

The Launch Competition has been going on how for just over a month and it is something Green Team Associates take very seriously.  Yes, they are having fun. Yes, they are enjoying strategizing. And yes, they definitely enjoy winning. But they also enjoy the possibility of winning some amazing gifts. Prizes are awarded to the top three individual sales associates and the top team!, and this year the prizes are HUGE!! 

The agent with the highest overall points at the end of our Launch Competition will receive a full conference pass to Inman Connect NY 2019 and 3-night hotel stay in New York. This exceptional prize is being provided by Jeremy Miller of First Home Bank.

Additional prizes are awarded to individuals that achieve second and third place as well as the team with the highest overall points.

 

Green Team Agents News and Awards

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Housing Market News August 10, 2017

Housing Inventory Hits 30-Year Low

Housing Inventory hits a 30-year low

Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.

New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

“The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, which is the lowest Q2 reading in over 30 years.”

CoreLogic’s President & CEO, Frank Martell added,

“Home prices are marching ever higher, up almost 50 percent since the trough in March 2011.

While low mortgage rates are keeping the market affordable from a monthly payment perspective, affordability will likely become a much bigger challenge in the years ahead until the industry resolves the housing supply challenge.”

Overall inventory across the United States is down for the 25th consecutive month according to the latest report from the National Association of Realtors and now stands at a 4.3-month supply.

Real estate is local.

Market conditions in the starter and trade-up home markets are in line with the median US figures, but conditions in the luxury and premium markets are following an opposite path. Premium homes are staying on the market longer with ample inventory to suggest a buyer’s market.

What’s your home worth? Get your fast and free home value estimate now!

Bottom Line

Buyers are out in force, and there has never been a better time to move-up to a premium or luxury home. If you are considering selling your starter or trade-up home and moving up this year, let’s get together to discuss the exact conditions in our area.

Selling a Home June 20, 2017

Do You Know How Much Equity You Have in Your Home?

CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation.

Price Appreciation = Good News for Homeowners

Frank Nothaft, CoreLogic’s Chief Economist, explains:

One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.”

Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the market in 2017 as well, as he had this to say:

Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014. The rising cushion of home equity is one of the main drivers of improved mortgage performance. Since home equity is the largest source of homeowner wealth, the increase in home equity also supports consumer balance sheets, spending and the broader economy.”

This is great news for homeowners! But, do they realize that their equity position has changed?

According to the Fannie Mae’s Home Purchase Sentiment Index (HPSI), more homeowners are beginning to realize that they may have more equity than they first thought.

This is only the second time in the survey’s history that the net share of those saying it’s a good time to sell surpassed the net share of those saying it’s a good time to buy.

78.8% of homeowners have significant equity (more than 20%) in their homes today!

This means that many Americans with a mortgage have an opportunity to take advantage of today’s seller’s market. With a sizeable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae spoke out on this issue:

“High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market. However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market…” 

Bottom Line

If you are one of the many Americans who is unsure of how much equity you have built in your home, don’t let that be the reason you fail to move on to your dream home in 2017! Check your homes worth – click here

Let’s get together to evaluate your situation!

Agency News and Awards March 15, 2017

Green Team New Jersey Welcomes Ted Van Laar

Ted Van Laar

Please WELCOME our NEWEST Equity Partner and Agent; Theodore Van Laar to Green Team New Jersey Realty!

Ted Van Laar has over 31 years of real estate experience, specializing in resort properties. In 1979, the amenities and natural beauty first attracted Ted and his wife, Rosanne, to New Jersey’s premier four-season resort area. Through the years, they fell in love with the lifestyle and growth that has enhanced these resort communities –  Mountain Creek, Crystal Springs Resort and Great Gorge Village. They have enjoyed and shared their appreciation for the surrounding area with their three children, family, and friends.

Ted is a seasoned professional with a record of achievement and reputation for his honesty and integrity. He is enthusiastic about sharing his love of the Resort lifestyle with his clients, whether they are looking for an investment property, second home or primary residence.

Buying a home June 29, 2016

Five Steps to Create the Kitchen of Your Dreams

Kitchen of Your Dreams…

Remodeling the kitchen can get to be a pain. When you decide to tackle this daunting undertaking, you want to do it right. According to a recent survey by Houzz.com, forty-nine percent of homeowners plan to completely gut their existing kitchen and start with a clean slate. When looking for new homes for sale in Warwick, it seems an outdated kitchen can be a deal-breaker. Regardless of the scope of your project, if you’re itching’ to update your kitchen, follow these five steps to design the space you’ve been dreaming about.

Step 1: Create a Budget

Before picking up a single tool or seeking contractor recommendations from friends, it’s important to determine how much you’re willing to spend to achieve your ideal kitchen. Whether needing basic upgrades or a complete remodel, setting your budget will help to create a realistic plan from the start. There is a wide range of important updates to change the look of your space, no matter what the price tag.

Step 2: Think About What You Need 

Take a step back and think about how you use the kitchen. Are you an avid baker who needs more counter space for rolling out confections? Do you like to make homemade pizza and the thought of a stone oven makes you drool? No matter what your dream space looks like, there’s one area that everyone should update – the kitchen faucet.

Because it sees so much use on a daily basis, think about ways to make tasks easier, like installing a new pull-down faucet. From preparing meals and washing dishes, to watering plants and filling pitchers, you’ll quickly notice the difference made by this simple update.

Beyond a new faucet, here are some of the most popular – and most desired – items for the kitchen, according to the Houzz survey:

  • Fifty percent said a chef’s stove was their dream appliance
  • Seventy-five percent of respondents want soft, neutral colors in the kitchen
  • Sixty-five percent are looking to coordinate with stainless steel appliances
  • A custom pantry is the most popular kitchen storage item, followed by a utensil drawer
  • Granite is still the most desired countertop material

Step 3: Research and Plan

Sources for ideas and inspiration are infinite, especially online. Sites like Pinterest and Houzz provide endless eye candy and design concepts for your new kitchen space. Houzz can even provide recommendations of local professionals to contact. To visualize a few of the upgrades you’re considering – not to mention touch and feel them – visit a local kitchen showroom as they have a number of vignettes and “rooms” designed throughout. Magazine articles and features can also provide valuable how-to information and design advice. Just be sure to save any favorite ideas in one place, making everything easily accessible when it’s time to get started.

Step 4: Determine Your Approach

Will you hire a pro or do most of the work yourself? If you’re going to change the layout or remove walls in the kitchen, it’s best to work with a professional contractor. Rewiring electrical or adding new light sources are also jobs best left to a certified electrician. If you’re an avid DIY’er, you may feel comfortable installing new cabinets, flooring, and countertops. But there are certain projects, like the demo, painting and installation of a new faucet that anyone – and any skill level – can easily tackle.

Step 5: Get to Work

If you haven’t begun working on your kitchen project yet, you’re not alone; 68 percent of Houzz respondents haven’t started construction, either. With the perfect plan and a list of updates to incorporate, it will be simple to create your dream kitchen space.

Whether you’re just moving into your brand new dream home, living in your current residence for 10 years, or are dreaming about a new kitchen, following these steps from the Green Team can take some of the hassles out of remodeling.