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buy a house • buyer qualifications • buying a home • kristen davis • mortgage • pre-approval • Pre-qualification • real estate decisions • real estate information • real estate tips • May 5, 2022

Getting a Mortgage: What NOT To Do

by ERA Justin

For most homebuyers, getting approved for a mortgage is key to buying a house. Many don’t realize they could jeopardize that by making a simple mistake.

Here are some things you should never do while applying for a mortgage:

Don’t Close Credit Cards

Many buyers think having less credit makes them look less risky. The opposite is true. Your credit score is based on the length and depth of your credit history. “So don’t close any credit cards,” says Kristen Davis, Sales Associate at ERA Justin Realty, “Having lines of credit you don’t use actually makes you look better to lenders.”

Don’t Open Credit Cards

Every time you apply for a credit card your credit report is run by the issuing company and your credit score is impacted. A lower score could mean a higher mortgage rate or even denial of a loan.

Don’t Change Bank Accounts

Lenders need to source and track your assets. Make it easier for them by keeping your current accounts until your mortgage is finalized. If you need to transfer money, speak with your loan officer first.

Don’t Co-Sign for Anyone

Don’t co-sign any loans for anyone while you’re in the middle of mortgage approval. It will affect your debt-to-income ratio. “Even if you won’t be the one making the payments,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Your lender will still have to count the payments against you.”

Don’t Make Any Big Purchases

Just like co-signing, buying a new car will create a higher debt-to-income ratio, making you riskier to lenders. “Hold off on any big purchases that will require a loan,” says Davis, “Sometimes even small loans can make borrowers no longer qualified for their mortgage.”

Don’t Make Large Cash Deposits     

Lenders need to source your money, and large cash deposits can set off red flags. If you need to put a lot of cash into the bank, speak with your loan officer to discuss the proper way to document your transaction.

Bottom Line

What you do after applying for a mortgage is just as important as before you apply. Kristen Davis or any of the agents at ERA Justin can help you make sure to make all the right moves. Contact us by calling 201-939-7500.

 

 

 

 

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buy a house • buy vs rent • buying a home • buying is cheaper than renting • ERA Justin • ERA Justin Realty • ERA Justin Realty agent • home buyer tips • Home buying steps • home buying tips • Homebuying FAQ • housing market • Kaitlyn Baco • market analysis • market update • mortgage • Owning a home • picking real estate agent • real estate agent • real estate market • April 28, 2022

Why Spring 2022 is the Time to Buy

by ERA Justin

Are you thinking of buying a home? If so, Spring is traditionally a great time to make your purchase. It’s when most sellers decide to list. This Spring, inventory is increasing like usual, but you still need to be prepared to act fast. Here’s why:

 More Home Listings, But Still More Buyers

With more active buyers in the market than there are houses for sale, the homebuying process may take more time and effort than usual. “If you begin your search now,” says Kaitlyn Baco, Sales Agent at ERA Justin Realty, “and work with a knowledgeable agent, you’ll be ready to make a good offer when your dream home hits the market.”

Home Prices and Mortgage Rates Are Climbing

Competition due to supply and demand is still driving up house prices, but it’s not expected to be as steep as last year. “Home prices are still going up,” says Jennifer Darby Metzger Broker/Owner of ERA Justin Realty, “but more slowly. Mortgage rates are climbing too, so if you want to buy a house it’s going to cost more the longer you wait.”

Rents Are Rising

Mortgage rates and home prices aren’t the only things on the rise. Rents are rising, too. Census data shows the average monthly rent goes up year after year. “That money is paying the landlord’s mortgage,” says Baco, “By buying yourself, you lock in a set mortgage payment, month after month, year after year. That’s saving you a lot of money in rent increases.”

Homeownership Has Many Perks

Homeownership is the American dream not just because of the financial benefits, but because of the power it has to change lives. Homeownership provides a sense of security and stability, which was particularly important to many people over the past two years. If the pandemic has changed your perspective, homeownership may deliver the perks you want, financially and emotionally.

 If you’re looking to buy a home this Spring, start looking sooner rather than later. Contact Kaitlyn Baco or any of the trusted agents at ERA Justin Realty by calling (201) 939-7500.

 

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2022 q1 winners • Carol Calamari • Carol D. Calamari • catherine vick • Cathy Vick • Fara Espandi • Jennifer Sulivan • Jennifer Sullivan • Leaders • Leaders Award • Leadership Circle • lee schilare • April 21, 2022

ERA Justin Announces Q1 Leaders Winners 

by ERA Justin

ERA Justin Realty Co is proud to announce its 2022 Leaders Award winners for the first quarter of the year. The winners are: Libera “Lee” Schilare, Fara Espandi, Cathy Vick, Carol D. Calamari and Jennifer Sullivan.

 

“This market is hot. But, that doesn’t mean houses are selling themselves,” said Jennifer Darby Metzger, broker and co-owner of ERA Justin Realty Company. “Competition is fierce and these agents stayed on top of their game.”

 

The ERA Justin Leaders Award recognizes agents who meet and exceed their goals and the company’s goals on a monthly basis. 

 

“These agents stood out because even in the face of ongoing bidding wars they managed to connect with their clients and made their home purchase or sale more than just a financial transaction,” says Darby Metzger. “They keep in mind that whether it’s buying that new home or downsizing as an empty nester, real estate represents changes in someone’s life. Our agents recognize that and work with their clients to address the greater concerns,” adds Darby Metzger. 

 

ERA Justin is a leader in Southern Bergen County residential real estate. With more than 30 trained and experienced real estate professionals going beyond expectations to meet their clients’ needs, ERA Justin is the ideal spot to begin a location transition. To reach any of ERA Justin’s real estate professionals, call 201-939-7500 or visit their 118 Jackson Avenue or 57 Park Avenue locations, both in Rutherford, New Jersey. Visit www.erajustin.com to see current listings.

 

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home buying tips • Julia Dagistanli • Selling • selling your home • strong competition • Strong seller competition • April 14, 2022

Tips to Beat the Competition

by ERA Justin

Making an offer on your dream home can be nerve wracking, particularly in a seller’s market when there are buyers than homes for sale. Here are some tips to help stay ahead of the game and beat the competition:

Know Your Budget

Knowing what you can afford is critical to your success in obtaining the winning bid. “The best way to know what you can afford is to get pre-approved with a lender,” says Julia Dagistanli, Sales Associate at ERA Justin Realty, “it keeps you from looking at houses out of your range and shows sellers that you are a serious buyer.”

Use a Professional

Working with a real estate agent familiar with your desired location can make the difference between winning or losing a bid. “Agents are experts in your local market,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Chances are they know the seller’s agent and can work for a win/win situation for everyone.”

Be Ready to Move Fast

Houses are selling quickly, so buyers need to be ready to act fast. “Nationwide the majority of houses are selling in less than a month, and often in just a few days,” says Dagistanli, “Your agent can help you put together your best offer fast, so you can submit as soon as you find a home.”

Be Flexible, But Careful

In obtaining the winning bid, it helps to be flexible on contract contingencies but don’t go too far. “Resist the temptation to waive an inspection just to win a bid,” says Darby Metzger, “Buying ‘as-is’ could leave you with a house you can’t afford to fix.”

Be Strong, But Fair

According to the National Association of Realtors latest Realtors Confidence Index, 40% of offers today are above the list price. “Emotions and prices can run high in a seller’s market,” says Dagistanli, “having an agent on your side can help you stand out by making a strong but fair offer.”

Bottom Line

 Today’s competitive market means it is more important than ever to use a trusted real estate agent to help you stand out from the crowd. If you’re ready to buy contact Julia Dagistanli or any of the agents at ERA Justin Realty by calling 201-939-7500.

 

 

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Joana Ilescu • Joana Iliescu • market update • real estate market • Strong seller competition • successful home sale • tight real estate market • Tips for home buying • April 7, 2022

What’s Next for 2022?

by ERA Justin

As the real estate market springs back to life this season, both buyers and sellers are wondering what’s next for 2022. Will Spring 2022 be as hot as Spring 2021?

There are several factors to consider. Here is a look at what to expect:

More Inventory

         A growing number of people are expected to list their homes for sale in the coming months, so we could see fewer homes with multiple offers. “More inventory on the market means there is less of a chance of a bidding war,” says Joana Iliescu, Sales Associate at ERA Justin Realty, “this will take some of the pressure off and give buyers more options.”

Rising Prices

         More housing inventory doesn’t necessarily mean lower prices in 2022. “Home prices are going to continue to go up,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “but they’re expected to rise at a slower pace than last year.”

Mortgage Rates

         Interest rates are expected to rise to 3.7% over the course of 2022. “That’s higher than it was last year, but still historically low,” says Iliescu. In contrast, mortgage rates were well into the double digits in the 70s and 80s.

Remote Work

         Extra space to work from home is still at the top of many homebuyers’ wish lists thanks to the coronavirus pandemic. “Searching for a home with office space can often mean a homebuyer is willing to live farther away from their workplace,” says Darby Metzger.

Millennial Buyers

         Bigger search areas can mean younger buyers may be able to afford their first homes sooner than if they stayed closer to big cities. “45 million millennials are now between the ages of 26 and 35,” says Iliescu. “That’s prime homebuying time.”

Seller’s Market

         This strong demographic demand from millennials is expected to continue to fuel the market. “Make no mistake,” says Darby Metzger. “It’s still a seller’s market. There is just more room for negotiation than last year.”

2022 Forecast

         Bottom line: If you’re thinking of buying or selling, the time to act is now. Contact Joana Iliescu or any of the agents at ERA Justin Realty at 201-939-7500.

 

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Selling Your Home in a Hot Market

by ERA Justin

When the real estate market is hot, things can move fast from listing to closing. Here’s how sellers can prepare.

Get Your Paperwork in Order

“Properties tend to sell quickly in a hot market,” says Jennifer Zenquis, Sales Associate at ERA Justin Realty, “Sellers need to be prepared with all their documents and disclosures before the house is on the market.” Having your paperwork ready will make a buyer feel confident making a quick closing offer.

Get Your Home Ready to Show

Consider hiring an inspector to uncover any surprises. A seller in a hot market has a better chance of selling a home “as-is,” but it’s best to be aware of any issues and evaluate fixing them before listing. Thoroughly declutter and clean, and don’t forget to stage. “Staging is probably the number one way to distinguish your house above the rest,” says Jennifer Metzger Darby, Owner/Broker at ERA Justin Realty.

Hire a Realtor

Many homeowners consider selling by owner in a hot market. They figure if inventory is low, there is no need. But the opposite is true. Buyers are more likely to use an agent when inventory is low. You will need your own agent to handle multiple offers in the case of a bidding war and get you the best deal possible.

Act Fast

Be ready to review all offers and respond within 24 hours. If you plan to counteroffer, do so in a timely manner. It’s not uncommon for the negotiation process to take less than 48 hours in a hot market.

Be Prepared to Move Quickly

Hot markets tend to see more all-cash transactions. If you accept an all-cash offer, be prepared to pack up and move quickly. If your buyer doesn’t need a loan, you will likely close in a short amount of time. Line up a rental if you have not found your new home yet.

Be Cautiously Optimistic

Just because the market is hot doesn’t mean you’re guaranteed multiple offers over asking. But it’s possible! If you’re considering selling, contact Jennifer Zenquis or any of the agents at ERA Justin Realty by calling 201-939-7500.

 

 

 

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Fara Espandi • Retirement Community • senior agents • senior citizen • March 17, 2022

Retirement Changes What You Need in a Home

by ERA Justin

The past two years brought significant life changes for many of us. For some, the Covid-19 pandemic meant retiring earlier than expected. According to the Schwartz Center for Economic Policy Analysis, at least 1.7m older workers retired from their jobs in 2021 because of the coronavirus recession. 

If you’ve recently retired, your current home may not fit your new lifestyle. The good news is the past two years also brought a significant rise in home prices.  According to the latest Homeowner Equity Insights report from CoreLogic, homeowners nationwide gained on average more than $50,000 in equity in 2021 alone. 

“That, coupled with a mortgage that’s paid off or close to it,” says Fara Espandi, Sales Associate at ERA Justin Realty, “presents a great opportunity to sell your house and address your evolving needs.”

Move Closer to Loved Ones

“For those reaching retirement age,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “one of the biggest reasons they buy a new house is to live closer to loved ones.”

 

If you find yourself farther from friends and family than you’d like to be, the equity you’ve built in your home may enable you to move and live closer to those in your life who matter most.

 

Find the Right Home for Your Needs

Not only can your equity power a move to a new location, but it can also help you purchase the right size home.

 

“Many homebuyers 55 and older downsize and buy a smaller home than they’re selling,” says Espandi “depending on location that can mean a small or no mortgage. That’s important if you’re living on a fixed retirement income.”

 

“Whatever your home goals are,” says Darby Metzger, “a trusted real estate advisor can help you find the best option for your situation. They’ll help you sell your current home and guide you as you buy your next one and move into this next phase of life.”

 

If you’ve recently retired and your needs are changing, contact Fara Espandi or any of the agents at ERA Justin Realty by calling 201-939-7500.

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afford • buyer • buying a home • Carol Calamari • Carol D. Calamari • March 10, 2022

Home Prices Reach 15-Year High in 2021

by ERA Justin

Home prices reached their highest point in 15 years last year. According to the National Association of Realtors (NAR), existing home sales hit 6.12 million in 2021.

 

This is despite a drop in sales in December, which the NAR says was due to lack of inventory rather than lack of demand. “Sales for the entire year finished strong, reaching the highest annual level since 2006,” says Lawrence Yun, chief economist at the NAR. Existing home sales data includes single-family homes, co-ops and condos that were owned and occupied before going on the market.

 

“Existing home prices not only grew rapidly last year,” says Carol D. Calamari, Sales Associate at ERA Justin Realty, “they also sold faster than ever. Many were under contract in less than a week.”

 

Low mortgage rates led to increased demand from all types of buyers in 2021, including both vacation property investors and first-time homebuyers.

 

“Millennials were some of the biggest buyers in the final months of 2021,” says Calamari, “trying to get in before mortgage rates go up.”

 

The NAR expects existing home sales to slow down by the second half of 2022 due to rising mortgage rates, the NAR says recent employment gains and stricter underwriting standards will keep the market from crashing.

Jennifer Darby Metzger, Broker/Co-Owner of ERA Justin Realty agrees. “Mortgage rates are expected to remain below 4% through the end of 2022,” says Darby Metzger, “that is still historically low and will keep the housing market going strong.”

The NAR predicts housing inventory to start improving by 2023 as kinks in the supply chain ease up for contractors. “Home builders have already made strides in 2022 to increase supply,” says Yun, “but reversing gaps like the ones we’ve seen recently will take years to correct.”

If you’re ready to buy a home, Carol D. Calamari or any of the Sales Associates at ERA Justin Realty can help you find the home of your dreams, even in the tightest markets. Contact us by calling 201-939-7500.

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Danielle Sette • FSBO • Jessi Davidson • Jessica Davidson • sell your home • SetteDavidson • March 3, 2022

Why NOT to Sell by Owner

by ERA Justin

Many sellers consider “For Sale By Owner” in a hot market, thinking their house will sell itself. However, according to Danielle Sette and Jessica “Jessi” Davidson of ERA Justin Realty’s Team Sette Davidson, FSBO is not a good idea for several reasons.

 Transaction Liaison

Are you available every time someone wants to see your home?

“Professional Realtors work closely not only with prospective buyers but with reputable business partners in the industry, like lenders, attorneys and inspectors,” says Sette. “Our job is to be the transaction liaison during the entire process. We guide you step-by-step to help you obtain your real estate goals.”

 Access to Large Networks

“Listing your home yourself on Zillow or even the Multiple Listing Service (MLS) is not enough,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Agents have personal relationships with pre-approved home seekers and other agents. That means a bigger pool of potential buyers. A bigger pool can mean a faster sale at a larger price.”

  Net More Money

People who sell-by-owner tend to set a price based on an online assessment tool or by banking on an over-asking price a neighbor says they were offered for their home. This can make the listing price way off, so it doesn’t sell. The longer it sits on the market, the lower the ultimate sale price. 

“Realtors have access to industry tools through their real estate boards to appropriately price your home to sell, and provide you the best education, history and services,” says Sette.

“Clients may utilize these tools to help with the decision-making process,” adds Davidson.

 Limit Legal Risks

There are reams of legal paperwork involved in buying and selling a home. One of the most important items is writing the contract with favorable terms for all. “Realtors explain the terms or provisions written in the contract. We protect our clients by working closely with real estate attorneys. This helps the home buying process move forward with ease,” says Davidson.

 

There is no substitute for a local real estate agent when it comes to earning top dollar. If you are interested in selling your home, contact Team Sette Davidson at ERA Justin Realty by calling (201) 939-7500.

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buying a home • buying is cheaper than renting • first time buyer • first time buyers • home buying tips • Right time to buy • February 24, 2022

Why You Should Buy a Home This Year

by ERA Justin

Buy a home or continue renting? Arguing the financial benefits can create a heated debate. However, there is one element in the home buying corner you can’t ignore: equity.

“Owning a home makes you money,” says Christian Peguero, Sales Associate at ERA Justin Realty. “By renting, you’re paying someone else’s mortgage and making them money.”

According to the National Association of Realtors (NAR), homeownership is a key pathway to wealth. Here’s how equity can build your net worth over time when you own a home.

Equity over the Last 10 Years

National Association of Realtors (NAR) research shows homeowners nationwide have gained an average of $139,134 in equity over the past 5 years and $218,505 over the last 10 years. “That built-up equity means you can cash-in on your starter home and upgrade to your dream home,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty, “Usually when people build-up equity, they use it to buy a larger or newer home in a better area. That’s the wealth effect of equity.”

Looking Forward at the Equity to Come

The past two years have seen record leaps in home prices, and they’re still expected to grow even more. The Home Price Expectation Survey, a survey of over one hundred economists, real estate experts, and investment and market strategists, predicts home values will increase as follows:

  • 2022: 5.82%
  • 2023: 3.94%
  • 2024: 3.56%
  • 2025: 3.55%

 

“It takes time to build up equity through price appreciation and paying down your mortgage,” says Christian. “But it ultimately pays off. Your grandchildren may thank you.”

Homeowners who accumulate wealth through equity can pass it on to future generations. The Federal Reserve’s Survey of Consumer Finances explains:

“Families can directly transfer their wealth to the next generation in the form of a bequest. They can also provide the next generation with inter vivos transfers (gifts), for example, providing down payment support to enable a home purchase or a substantial wedding gift.”

 

To explore your options in real estate, reach out to Christian Peguero or any of the sales associates at ERA Justin Realty by calling 201-939-7500.

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buying a home Do Lumber Prices Drive the Housing Market? The price of lumber. It’s probably not the first thing to cross your mind when assessing the current housing prices. However, much like interest rates, it is an undeniable part of the process. According to the U.S. Forest Service, the price of processed wood like softwood lumber and plywood nearly quadrupled during the first year […]
buyer Determining Your Down Payment The down payment. It is one of the most daunting parts of home purchasing, especially for first time buyers. But, it doesn’t have to be.  The traditional amount one should have set aside for a down payment is 20% of your home’s purchase price. Depending upon how much you’re looking to spend on a house, […]
david jackson Terms to Know When Buying a Home The process of buying a home for the first time can sometimes feel like learning a whole new language. Contingency? Equity? Escrow? What does it all mean? Here are some key terms to know:  Credit Score Mortgage lenders use your credit score to determine how likely you are to pay your future debts. “The number […]
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