Uncategorized April 27, 2023

Downsizing Boom

Downsizing Boom

Baby Boomers are reaching retirement age. If they move and where they go could have a profound impact on the housing market.

“As we see the transition of the large Baby Boomer generation age into retirement,” says Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors (NAR), “It will be interesting to see if they move in with their Millenial or Gen Z children or stay put in their own homes.”

Multi-generational homes are rising in popularity, but they are not for everyone.  Heating and cooling the large family homes may not be cost effective. For many Boomers, downsizing is the answer. 

“Sometimes moving into a smaller house is the best option for new retirees,” says Antonella Dininno, Sales Associate at ERA Justin Realty, “It could cost you less in utility bills, upkeep, and property taxes making your fixed monthly income go farther.”

“Another reason downsizing is more cost effective for Boomers is the record-level equity they likely have in their home,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Leveraging that equity could even eliminate a mortgage on their retirement home altogether.”

Boomers could find some unlikely competition when shopping for a smaller home, their own children or grandchildren. “Your final home could be a starter home for a Millenial or Gen Z home buyer,” says Dininno, “With housing inventory still low nationwide, Baby Boomers should expect some competition in a lower price range.”

Another thing Boomers should keep in mind when packing up their family home is that it’s going to take some time. “The contents of a 4 bedroom isn’t going to fit in a two bedroom. You’re going to have to downsize your belongings, too,” says Metzger. “Perhaps consider giving some of that furniture to one of those Millennials or Gen Z’ers who is just starting out.”

A real estate professional like Antonella Dininno or any of the agents at ERA Justin Realty are here to help with the overwhelm that can come with downsizing. Give us a call at (201) 939-7500.

 

Uncategorized April 20, 2023

ERA Justin Announces 2023 Q1 Leaders

ERA Justin Announces Q1 Leaders

ERA Justin Realty Co is proud to announce its 2023 Leaders for the first quarter of the year. The leaders are: Cathy Vick, Danielle Sette, Fara Espandi, Jennifer Sullivan, Jessi Davidson, Julia Dagistanli, Lee Schilare, and Rosemarie Zembryski.

 “The market is so very different than it was this time last year,” said Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty Company. “But these agents are continually rolling with it. They’re always ready to adapt to the ever-changing state of real estate and receive high results as a result.”

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

“Our core mission at ERA Justin Realty is to provide exceptional service to our clients. These agents are constantly learning and passing their knowledge on to their clients, making sure they achieve their real estate goals with the best deal possible,” says Metzger. “Whether that means getting a great price for their client’s dream home or selling their current home for top dollar. These agents do it all, and it shows in their numbers.”

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 ERA Justin’s real estate professionals, call 201-939-7500 or pop in to their Rutherford locations at 46 Chestnut Street or 57 Park Avenue. Visit www.erajustin.com to see current listings.

 

Uncategorized April 13, 2023

ERA Justin Agents Recognized by National Awards

ERA Justin Agents Recognized by National Awards

Once again, ERA Real Estate is honoring a large group of local ERA Justin agents for their achievements in 2022. 

These National Level Circle of Success Awards recognize brokerages and affiliated agents for their outstanding accomplishments, commitment to service and professional success, and were awarded at the ERA Fuel National Convention which took place in Las Vegas, Nevada, March 28-30. 

Top honors went to Carol D. Calamari, Fara Espandi and Libera “Lee” Schilare who were again named members of The Leaders’ Circle. The Leaders’ Circle designation represents the pinnacle of achieved results for ERA Real Estate’s national brand. In order to receive this recognition, sales associates must either close on more than 65 properties or sell more than $10m in total volume.

The recognition for ERA Justin Agents did not end there. Five agents were honored as members of the Circle of Achievement. In order to reach this category, agents must close on more than 45 properties over the course of the year or sell more than $6m in total volume. The ERA Justin sales associates who achieved this are Julia Gulden Dagistanli, Jessica Davidson, Michelle Korosy, Danielle Sette and Jennifer Sullivan.

Last but certainly not least, five more members of ERA Justin Realty, Antonella Dininno, Joana Iliescu, Catherine Nimmo, Cathy Vick and Rosemarie Zembrysky,  were honored nationally as members of The Circle of Honor for 2022. The criteria for this recognition is closing on more than 25 properties or selling more than $3m in total volume. 

“We could not be more proud of all of these women for earning recognition at the national level for their dedication to our clients,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “As a company built on a commitment to service and excellence at every level, we believe service and success go hand in hand. These agents are a perfect example of that philosophy in action. We congratulate them for these tremendous honors.”

If you are considering buying or selling a home, these top producing agents or any of the professional sales associates at ERA Justin Realty can help. Give us a call at (201)-939-7500.

Uncategorized April 6, 2023

Welcome Winster Ceballos!

Winster Ceballos Joins ERA Justin Realty’s

Family of Real Estate Professionals

 

ERA Justin Realty is thrilled to welcome new Sales Associate Winster Ceballos to the team.

Winster is a native of the Dominican Republic who has lived in Clifton for over 20 years. He says he joined ERA Justin because serving his community is something very close to his heart.

“Back in my native Dominican Republic, I was taught to serve my community every single day. And what better way to serve than helping families buy or sell their home?” says Winster, “I am also eager to help our Spanish speaking neighbors.” Winster is fluent in both Spanish and English.

Winster also has a Master’s Degree from Fairleigh Dickinson University in Administrative Science. For undergrad, he attended Rutgers University where he earned his Bachelor’s in Business Administration and Management. Winster’s business acumen is a key to his success in real estate transactions.

“As a go-getter myself,” says Winster, “My motto toward my customers is to provide the best possible experience. That is only achieved when we are able to identify needs, develop relationships, and obtain the resources needed to help customers make the right decision.”

“We are thrilled to have such a motivated self-starter join our team,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin, “He will fit right in with all the others!”

When not serving real estate clients, Winster is active in community groups. He is a member of Lions Club International where he has held high positions in leadership including Past District Governor and Past Council Chair of the New Jersey Lions as well as Past President and current Treasurer of the Passaic-Clifton Lions Club.

Winster is married to his wife, Diana. They have three children, twins Winster and Ghabriel and daughter Danayh.

A doting father, Winster is a volunteer coach on his kids’ various sports teams including basketball, soccer, and baseball.

“As a good Dominican, I love baseball!” says Winster. But, he notes, he is also a big fan of Formula 1 car racing.

If you’re looking for an agent who can help take your real estate goals across the finish line, contact Winster Ceballos or any of our experienced real estate professionals at ERA Justin by calling 201.939.7500.

 

buy vs rentbuyerbuyer qualifications April 4, 2023

Tell Me More About Closing Costs

There are fees and expenses associated with mortgages that must be paid by the closing date for closing costs, and pre-paid items, in addition to the down payment.  These amounts can vary according to the type of loan, mortgage company, customary practices of the area, and the terms of the contact.

According to Freddie Mac, the amounts could vary between 2-5% which is considerable.  Most buyers want a more specific number and that can depend on the conditions mentioned previously.

For buyers, the largest amounts are loan origination fees which is usually one percent of the amount borrower, points paid by buyer which are one percent or more of the mortgage amount, owner’s title policy if paid by the buyer, and the pre-paid items mentioned above.

Certain types of mortgages allow the seller to pay specific closing costs for the buyer with full disclosure in the sales contract.  For example, all the buyers’ closing costs can be paid by the seller for VA mortgages up to 4% of the sales price.  FHA and USDA allow sellers to pay up to 6% of the sales price to be used for closing costs and pre-paid items.

For conventional loans, underwritten by Fannie Mae or Freddie Mac, sellers can contribute up to 3% if the down payment is less than 10% and up to 6% if the down payment is 10-25%.

Asking a seller to pay a buyer’s closing costs is tantamount to lowering the price of the home.  In a highly competitive market, the seller may be less willing to pay a buyer’s closing cost than in a soft market.

Settlement dates affect the amount of pre-paid interest.  Mortgage interest is paid in arrears, after the money has been used.  The principal and interest portion of the payment is allocated to pay for the interest on the principal balance for the previous month and the remainder is applied to reduce the principal of the loan.  Each succeeding payment has less going to interest and more going to principal until the loan is fully retired.

When a buyer closes on the sale of a home, the first payment will not be due until first of the month following the next full month after closing.  The buyer is also responsible for interest from the funding date, usually at closing.  This amount is usually reflected on the buyer’s closing statement, as interest to the end of the month.  It pre-pays the interest from closing until the next first of the month.

If the buyer closed on the 2nd of the month, the pre-paid interest would be far greater than if the buyer had closed on the last day of the month.  To minimize this out of pocket expense, many times closings will be scheduled toward the end of the month.

Another large buyer’s closing cost is property insurance.  The lender will require that the home be insured for at least the amount of the mortgage being borrowed.  Insurance must be paid for in advance, usually at closing.  In addition to the annual premium, the lender may require an escrow account be established to collect 1/12 of the annual property taxes and property insurance to be paid with the payment so there is enough money in the account to pay them when they are due.

When setting up the account, the lender may require an additional two months of reserves for the insurance to be renewed in advance of the policy expiring.

The amount of reserves for the taxes depends on when the taxes must be paid.  At closing, the seller will credit the buyer with the amount of taxes from January 1 to the closing date since taxes are also paid in arrears.  The lender will probably have the buyer pay two to three months’ taxes additionally at closing so the tax bill can also be paid before it is due.  Some states give the taxpayer a discount for paying them in advance.

Your real estate agent will be able to give you an estimate of closing costs that should prepare you to purchase a home.  The lender is required by law to supply you with a Loan Estimate within three days of receiving your loan application.

Closing Disclosure will provide the final details of the mortgage loan you have selected.  It includes loan terms, estimated monthly payment, and the fees and other costs incurred with the mortgage.  You must receive it three business days before you close on the mortgage loan so that you can compare it with the Loan Estimate.

Uncategorized March 30, 2023

Spring Into Action!

Spring into Action!

Spring is in the air! The season of warmer weather and blooming flowers is traditionally prime time for home selling. This has homeowners nationwide wondering if it’s time to put their home on the market.

If you’re one of them, it’s time to start sprucing your house up. To sell your home this Spring may take more preparation than it would have a year or two ago.

“Inventory is still historically low, but there are more homes on the market this season than the past couple of years,” says Rosemarie Zembryski, Sales Associate at ERA Justin Realty, “If a house sits on the market longer than it should, it might be time check out it’s curb appeal.”

“Houses with great curb appeal are still selling quickly,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “And sometimes still over asking. So you want your house to give a great first impression to buyers.”

Danielle Hale, Chief Economist at Realtor.com puts it this way: “In a market where costs are still high and buyers can be a little choosier, it makes sense they are going to really zero in on the homes that are most appealing.”

This doesn’t mean you need to do a whole house gut remodel. Focus on curb appeal.

“The good news is it doesn’t take much to get your home looking in tip top shape,” says Zembryski, “Small cosmetic updates like a power wash or paint touch ups go a long way.”

Home sellers could also benefit from planting a few shrubs or flowers, weeding, and mowing the lawn regularly.

“Curb appeal projects make the property look good when buyers do their first drive-by,” adds Metzger, “You can do a lot of the work yourself, adding more to that equity when you cash out.”

If you are eager to start sprucing up your place to sell, a knowledgeable real estate agent can point out which projects to tackle first. Rosemarie Zembryski or any of the agents at ERA Justin Realty can help you. Give us a call at (201) 939-7500.  

Uncategorized March 23, 2023

Welcome Alexa Micciulli!

Alexa Micciulli Joins ERA Justin Realty’s

Family of Real Estate Professionals

 

ERA Justin Realty is thrilled to announce that our exceptional community of agents is growing with the addition of new Sales Associate Alexa Micciulli.

Alexa currently resides in Rutherford, where she has lived for more than twenty years. She began her career in real estate in order to serve her friends, family, and community in Rutherford. “I want to help my loved ones and neighbors achieve and exceed their property goals,” says Alexa.

Alexa has a background in fashion merchandising and earned her BA in Fashion Business Studies. “My background in the fashion business,” says Alexa, “taught me a strong sense of urgency and willingness that I now use to go above and beyond for my clients.”

“Alexas’s ‘no job is too big or too small’ attitude makes her a perfect fit for the real estate industry,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Her charismatic personality, congenial spirit and motivation to help others is the perfect recipe for success in this business.”

Her motivation to help others is also apparent in her part-time role as a pilates instructor in East Rutherford, where she rises early to help clients in her 7am class achieve their health and wellness goals.

“I will show you the true meaning of ‘rise and grind!’” says Alexa.

Alexa specializes in residential home sales, purchases, and rentals. “I am also a real advocate for educating renters on how to go about buying their first home,” says Alexa.

Alexa’s track record speaks for itself. She earned New Jersey Association of Realtors (NJAR) Circle of Excellence Sales Award, Bronze Level, the past two years running.

Already familiar with the parent company, Alexa says she chose to join ERA Justin because she wanted to work for a local brokerage with a rich history in Rutherford.

“I also enjoy the camaraderie ERA Justin’s team offers,” says Alexa, “And not to mention the gorgeous new office that’s just a five minute walk to my house!”

When not showing properties or working Pilates clients on the reformer, you’re most likely to find Alexa strolling along the sidewalks of Rutherford walking her dog Ginny, alongside her husband John.

If you are looking for a motivated agent with a can-do attitude, contact Alexa Micciulli or any of our experienced real estate professionals at ERA Justin by calling 201.939.7500.

Uncategorized March 9, 2023

There’s No Place Like Home

No matter how the housing market changes, there are some things about owning your own home that never change: like comfort and financial security.

Over the last few years, Americans have fully embraced the meaning of being comfortable in a home that suits your needs. 

“We spent more time than ever inside our homes,” says Pilar Castro, Sales Associate at ERA Justin Realty, “That made our sense of attachment and comfort more important than ever.”

A recent State of The American Homeowner report from Unison shows:

  • 64 % of American homeowners say living through the pandemic made their home more important to them than ever
  • 91% of homeowners say they feel secure, stable, or successful owning a home

Here are 5 of the top benefits to owning a home:

  • You control your monthly payment
  • You build equity with every payment
  • Home price values rise over time
  • Possible tax deductions
  • Investing in your community

The National Association of Realtors (NAR) points out that in addition to financial benefits, homeownership brings substantial social benefits for communities and the country as a whole.

Jennifer Darby Metzger, Broker/Owner of ERA Justin Real Estate agrees. “Not only does owning a home increase your net worth over time,” she says, “but being part of a community gives you and your loved ones a place to put down roots, and to grow and thrive as contributing members of a community.”

Whether you are thinking of buying your first home, moving up to your dream home, or downsizing to something that better fits your changing lifestyle, Pilar Castro or any of the sales associates at ERA Justin can help you find a dream home that will bring you both comfort and security. Give us a call at (201) 939-7500.



Home sellinghome stagingMary Iannaccone March 2, 2023

The Importance of Staging

Spring is historically the peak home selling season. So if you’re thinking about listing your house, it’s time to start staging.

“Staging helps buyers imagine themselves in your space more easily,” says Mary Iannaccone, Sales Associate at ERA Justin Realty. Here are some tips on how to do it… and why it is so important.

What is Staging?

“Staging is taking steps to present your property in the best possible light,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin, “That means streamlining your decorating. Make it as neutral as possible to appeal to the widest range of buyers.”

According to a recent report by the National Association of Realtors (NAR), 82% of buyers’ agents say staging allowed their clients to visualize the property as a future home. It also makes your property look better in listing photos, brochures and social media posts.

Depersonalize

“Because taste is subjective, you should try not to put your personal touch on decorating when staging your home to sell,” says Iannaccone. “What you love may not be a buyer’s cup of tea.”

Take steps to depersonalize your house. Pack away any family photos, collectibles, or keepsakes that might make it hard for buyers to picture themselves living in your home.

Define Rooms

Make sure every room looks like it has a defined purpose, so buyers can see how they can maximize the property’s square footage. “Even if the buyer doesn’t need a home office, staging one can help them see how every inch of the house is usable space,” says Metzger. 

If you’re short on time or money, focus on the primary bedroom, the living areas and kitchen. 

Get Professional Help

“Some sellers do more staging than they actually need to,” says Iannaccone, “It could be worth hiring a professional stager to help owners pare down, instead of overdecorating.” Buyers respond better to more spacious, less cluttered spaces. 

A knowledgeable and experienced real estate agent can help get your home in tip top shape and ready to sell. Mary Iannaccone or any of the agents at ERA Justin are ready to help. Give us a call at (201) 939-7500 to get started.

buying a homeMichelle Korosy February 23, 2023

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 of the Covid-19 pandemic. For example, wholesale prices of plywood went from $12.80 a sheet to a whopping $48.00 per sheet. “This drove the price of new construction home prices up, and often existing homes too since the price of renovation projects also skyrocketed,” says Michelle Korosy, Sales Associate at ERA Justin Realty.

“This was all due to supply chain issues,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “People were home, looking around, seeing more and more things they wanted to fix or change with home building projects. But, lumber mill workers were home too. Output dropped. Prices went up.”

“Some folks held off on necessary repairs,” adds Korosy “and by extension kept their houses off the market. The end result of that chain reaction: fewer houses on the market and higher prices on the ones that were. Fortunately, things are turning around.”

So where do things stand now?

Lumber prices started steadily dropping in the last year. Part of the reason: lumber mills are back in full operation and those quarantined DIYers who were buying up wood have returned to work.

“This is contributing to the normalizing of home prices from the height of the pandemic,” says Darby Metzger, “but it’s still a sellers’ market. It’s not a buyers’ market yet.”

The reason for that is mortgage interest rates. As the price of lumber started dropping due to increased labor but decreasing demand, mortgage rates started going up. They’re now more than twice they were a year ago.

“If the past few years have taught us anything, it’s that the housing market can be unpredictable,” says Korosy. “The cost of lumber is one variable, but it’s just one of many to consider.”

If you’re looking to buy or sell a home, Michelle Korosy or any of the experienced agents at ERA Justin Realty can help guide you through the process and all of its variables. Give us a call at (201) 939-7500.