Figuring how much to expect in closing costs can be confusing, especially if you’re a first time homebuyer. Here are some facts to help you factor it all in ahead of the big day.

What are they?

Let’s start with the basics. What are closing costs and why do you have to pay them?

“Closing costs are the fees and expenses that go to pay all the people around the table on closing day, for doing the work they do to ensure the property becomes yours,” says Glenn Elliot, Sales Associate at ERA Justin Realty. 

What do they include?

Closing costs include: government recording costs, appraisal fees, credit report fees, lender origination fees, title services, tax service fees, survey fees, attorney fees, and underwriting fees. 

How much do they cost?

“Closing costs can range from two to five percent of the purchase price of your property, with 2%-3% being average” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “Generally speaking, a more expensive home will result in higher costs. Lenders are required to provide detailed estimates in advance when applying for a loan and actual amounts shortly before closing.”

How do I pay them?

Your down payment can’t be used to pay for closing costs, but the good news is they can be negotiated. “You don’t necessarily have to cough up all that cash. In some cases, the seller could agree to pay some as part of seller concessions,” says Elliot,  “Your lender could also roll them into your mortgage agreement, but you’ll pay interest on it. Of course, if you have the means to pay them outright you can bring a check and pay cash at closing.”

Bottom Line

Adding in closing costs can be overwhelming when buying a house, especially if it’s your first time going through the home buying process. A knowledgeable real estate professional can guide you, and introduce you to the right lenders, lawyers, and others so that you trust all the people around the table on closing day.

If you’re looking to buy a home, Glenn Elliot or any of the experienced agents at ERA Justin Realty can help. Give us a call at (201)-939-7500 or pop into our main location at 46 Chestnut Street in Rutherford.

Downsizing to a smaller house. It’s usually part of retirement. The kids are grown and on their own, and  you don’t need so much room. But there is an interesting trend growing amongst Millennial homeowners: They don’t want so much space either.

 “Some younger homeowners are choosing to downsize to smaller homes or condos,” says Fara Espandi, Sales Associate at ERA Justin Realty, “It’s their way to save money on housing when the cost of living is so high.” 

“When you think about saving money, you might focus on cutting down on things like groceries and clothing,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “When you downsize your house, you also shrink the bills that come with it including the mortgage payment, property taxes, lawn maintenance, electricity, and heating and cooling costs.”

Selling could earn you a windfall of money. “Many of these homeowners are surprised to find out how much equity they have built up in their house,” says Espandi, “And how much it appreciated in value, even if they’ve only owned it a few years.”

One pitfall in this scenario is a smaller home equals a retirement home to their parents, and a starter home to younger generations. So, the market could be more crowded than they expected.

“Millennial downsizers should keep in mind that inventory is low across the board, so they may sell their big house fast, but could have fewer options to choose from when buying smaller due to competition from Boomers and Gen Z,” says Metzger.

If you’re thinking about downsizing, ask yourself these questions:

• Do the original reasons I bought this house still stand? Or have my needs changed?
• Do I really need and want the space I have right now, or would something smaller be a better fit?
• What are my housing expenses right now and how much do I want to save by downsizing?

Once you know the answers to these questions, meet with a real estate professional like Fara Espandi or any of the agents at ERA Justin Realty to assess your options. Give us a call at 201-939-7500.

Adjustable Rate Mortgages are making a comeback.

“They’re called ARMs for short,” says Danielle Sette, Sales Associate at ERA Justin Realty, “‘ARM’ was a dirty word after the housing bubble burst in 2007, but not anymore.”

Adjustable Rate Mortgages tend to become more popular as fixed rate mortgages rise. “Borrowers are looking for any way they can to save on interest,” says Sette’s partner Jessica Davidson of Team Sette Davidson, “Fewer than 2 percent of all mortgages were adjustable rate when fixed rates were at their all time lows in 2021. Now, we’re seeing clients ask for them again.” 

According to the Mortgage Bankers Association, ARM applications for single family dwellings went up to nearly 13% of nationwide applications as rates went up in 2022.

“They’re making a comeback especially in more expensive metropolitan areas like ours,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “But you have to know what you’re signing up for by weighing the pros and cons.”

Adjustable Rate Mortgages come with a lower introductory rate for a set period of time, usually 5 to 7 years. Once that time expires, the rate goes up or down as mortgage rates shift. 

“ARMs are most helpful when you know you won’t be staying in the house for decades,” says Sette, “If it’s a starter home and you know you will need to move in 5 years, it might make sense to get a lower rate ARM.”

“And if you decide you want to stay you might find the rate adjustment is still affordable, even cheaper,” says Davidson, “If not, you can always refinance and get a 15, 20 or 30 long term fixed rate mortgage.”

So why not get one?

The biggest reason is: if you don’t move or refinance when your introductory rate expires, the rate can then adjust to mirror rising interest rate hikes as often as every 6 months, making your monthly payment more variable.

“You have to pay attention to the fine print,” says Metzger. “ARMs can be a useful tool to help you get started on your real estate investment journey. But you have to play the game right.”

Danielle Sette, Jessica Davidson or any of the experienced agents at ERA Justin Realty can help you figure out if an ARM is the best way to get in the game. Give us a call at 201-939-7500.

Now that warm weather is finally here, it’s time for a good spring cleaning. 

“Regardless of whether you are trying to sell,” says Cathy Vick, Sales Associate at ERA Justin Realty, “Now is a great time to give your whole house a once-over.”

So open the windows, turn on some music and get going! Here is a to-do list to follow as you move room to room.

Sanitize Frequently Touched Areas

“This is something we have all become more attuned to in recent years,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin, “Disinfecting.”

“Start by wiping down all the areas in your house that are frequently touched,” says Vick, “This includes all door knobs, light switches, cabinet handles, drawer pulls, faucets and remote controls. Use a wipe or any kitchen or bathroom spray and a paper towel will do the trick.”

Do a Deep Clean

“Has it been a while since you cleaned the inside of your refrigerator? Now is the time to do it,” says Metzger. 

Empty out the cabinets and wipe down the shelves. “This is also a great time to declutter, and get rid of all those tupperware containers that lost their lids,” adds Vick.

A good deep clean will also see you dusting everything from your ceiling fans, window sills, blinds and any mouldings. “Once that’s done you want to actually wash your walls. A magic eraser does wonders for cleaning off scuffs… and even crayon.”

Organize Closet

Spring is a great time to purge your wardrobe. “Take a good look at all your winter clothes. If there is anything you never wore all season, you might consider giving it away,” says Vick. “Do the same thing in the fall with your spring and summer clothes.”

Don’t Forget the Outdoors

You should be cleaning out your gutters once a year, might as well be the spring when the weather is just right. Grab a ladder and a pair of gloves, and lay a tarp down on the ground to catch all the debris. “While you are up there, check your shingles for any signs of wear and tear,” says Metzger.

Staying on top of your yearly home maintenance will save you a lot of time and energy when you decide to sell someday. When you are ready, Cathy Vick or any of the agents at ERA Justin can help. Give us a call at 201-939-7500.

Emptying your pockets to shell out that first down payment… It may seem like buying your first home is going to break the bank.  However, the fact is it will actually make you richer in the long run.

“It’s the number one way for the average American to build wealth,” says Catherine Nimmo, Sales Associate at ERA Justin Realty, “And that wealth can turn into generational wealth to help your family down the line.”

According to the National Association of Realtors (NAR), homeownership is the largest source of net worth among families because, on average, the value of their primary residence is worth about ten times the amount most families have in financial assets.

“You achieve this amount of equity by not just paying toward your principal every month,” says Jennifer Darby Metzger, Broker/Owner of ERA Justin Realty, “But by watching your home’s value go up year after year through appreciation.”

“Of course, paying off your mortgage faster than expected certainly helps,” adds Nimmo.

The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, concurs saying:  “Building equity through your monthly payments and appreciation is a critical part of homeownership that can help you create financial stability.”

In other words, home equity does more to build the average household’s wealth than anything else. According to the title insurance company First American, this holds true across different income levels.

“Whether you make $100,000 a year or less than half that,” says Nimmo, “home ownership is achievable and the best way to build a nest egg that could last for years to come.”

Spring is the peak home buying season with more homes coming on the market. If you’re interested in learning more about investing in your first home, contact Catherine Nimmo or any of the agents at ERA Justin Realty by calling (201) 939-7500 or visiting one of our Rutherford locations at 46 Chestnut Street or 57 Park Ave.

Buying a home can be one of the most exciting times of your life. There is so much to prepare from signing contracts to buying furniture and more. But while you’re furniture shopping and see your dream couch, take a moment to pause before making the purchase. While you may not think anything of it at the moment, the purchase of that couch, or any furniture for that matter, can impact your loan and the sale of your home. 

“This is something we love to share with our clients because not everyone thinks of it during the homebuying process,” says Carol D. Calamari, Sales Associate at ERA Justin Realty. It is important to note that your credit is re-verified ahead of closing on your home. If there are discrepancies between your credit now and when it was first run, no matter how small, this may cause your loan to go through underwriting for a second time. 

These types of purchases ahead of closing on your home can alter and drop your credit score. For example, if you choose to purchase a piece of furniture that has not yet been paid off by the time a secondary check of your credit score is run, it could impact your loan and purchase of your home. 

While this doesn’t mean you won’t get your dream home, if your credit drops ahead of the purchase, you will most likely need to begin the loan process from the beginning again – causing a major delay. 

Though this information can be overwhelming, there’s no need to fear – the couch will still be in the furniture store when you are ready to purchase it. In the meantime, make sure to make thoughtful decisions that protect your credit and the purchase of your home. 

A real estate professional like Carol D. Calamari or any of the agents at ERA Justin Realty can “furnish” you with more details on the do’s and don’ts of buying a home. Give us a call at (201) 939-7500.

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.

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.

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.

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.