The Economic Impact of Buying a Home

The Economic Impact of Buying a Home

We’re in a changing real estate market, and life, in general, is changing too – from how we grocery shop and meal prep to the ways we can interact with our friends and neighbors. Even practices for engaging with agents, lenders, and all of the players involved in a real estate transaction are changing to a virtual format. What isn’t changing, however, is one key thing that can drive the local economy: buying a home.

We’re all being impacted in different ways by the effects of the coronavirus. If you’re in a position to buy a home today, know that you’re a major economic force in your neighborhood. When you buy a home, you’re making an impact. You’re fulfilling your need for shelter and a place to live, and you’re also generating jobs and income for the appraiser, the loan officer, the title company, the real estate agent, and many more contributors to the process. For every person or business that you work with throughout the transaction, there’s also likely a team behind the scenes making it all happen, so the effort multiplies substantially. 

Glenn Elliot, Real Estate Broker Associate at ERA Justin Realty offers, “And while we all wait patiently for the current pandemic to pass, there are a lot of things you can do in the meantime to keep your home search on track.” Below are some tips Glenn offers buyers who are currently on the search, or thinking about buying a home: 

1. Get Pre-Approved. Pre-approval for a mortgage will give you a better understanding of what you can afford and it shows you are a serious buyer. Gather the necessary paperwork like income verification, credit history, and any documentation on assets while you’re spending time at home and reach out to a lender for assistance.
2. Virtually Connect With An Agent. Today, more than ever, it’s important to start working with a trusted real estate advisor, so you are ready to move quickly when it’s time. Whether you chat by phone or video, a real estate professional can help you understand how to navigate the changing dynamics of today’s market without bringing your plans to a standstill.
3. Do Your Research. This is a great time to investigate down payment assistance programs, if necessary, especially if you think you may benefit from a low down payment option when you make a home purchase.
4. View Listings Online. You may not be able to check out some of the homes that interest you right now, but you can still look online for what’s available. Our office is doing virtual open houses and virtual tours and can help you start the process.

As a buyer, you have an essential need for a home – and you can make an essential impact with homeownership, too. That need for shelter, comfort, and a safe place to live will always be alive and well. And whenever you’re able to act on that need, whether now or later, you’ll truly be creating gains for you, your family, local business professionals, and the overall economy.

To connect virtually with Glenn, or any of our real estate professionals to help with your home buying needs, call 201.939.7500.

Changes to How Real Estate Is Being Conducted These Days

 

Changes to How Real Estate Is Being Conducted These Days

Many industries are being hit hard by the Coronavirus pandemic. Real estate is one of them. ERA Justin Realty is focused on the safety of its agents, other agents, clients, and the community. We will continue to work hard to help you stay informed and answer any real estate questions you have. So, you may ask, are real estate companies conducting business nowadays? Should I list my house for sale during this pandemic? Should I look to buy a home at this time? The answer is yes, yes, and YES! 

 

Should I Put My House Up For Sale?

The market has continued to stay quite active, and we do still believe this is a good time to sell, as we anticipate lower inventory, and swifter decisions from the serious Buyers that are currently in the market. 

 

Jennifer Darby Metzger, Broker for ERA Justin Realty states, “If you are considering putting your house on the market, you should do it now. It will allow the process to get started while you get your house in order to show. Likewise, don't take your property off the market. Now more than ever, people have time to look for homes. Fewer distractions while they are stuck at home. There is a lot of online looking right now. If you have a good house that is priced well, it will sell.”

 

Our ERA Justin Agents are fully equipped to handle all showings and open houses virtually.  Should a buyer want to move forward with the purchase of your home, we have the ability to move the transaction along online through e-Signing capabilities of all legally required documentation.

Should I Actively Look For Homes At This Time?

Many people who are considering buying now may be swayed by other benefits of homeownership: control and certainty. Mortgage rates

are still historically low. You can get a stable monthly housing payment and may never have to refinance. You’ll have the comfort of knowing the place is yours as long as you make that payment.

Closing The Deal

We are closely monitoring industry news and any changes that would affect the housing process. As such, last week, Fannie Mae and Freddie Mac announced they are allowing temporary flexibilities to their requirements including verbal employment verification and exterior-only inspection appraisals or desktop appraisals. 

Tips for Doing the Final Walkthrough Before Closing a Home

Final walkthroughs aren't home inspections. They're not a time to begin negotiations with the seller to do repairs or a contingency of sale. The primary purpose of a final walkthrough is to make sure the property is in the condition in which you agreed to buy it and is the last task you will do as a homebuyer, before you become owner.

Fara Espandi, Realtor Sales Associate at ERA Justin Realty states, “Buyers are often pressed for time as the transaction closing date draws near. Some buyers ask if they need to be present during the final walkthrough. I always advise my buyers to come to the walkthrough because issues can come up, and could potentially hold up the closing date or cause issues after the buyers move in.”

What to Check During a Final Walkthrough

During the walkthrough you will want to check for any remaining, unresolved issues with the home. First and foremost, make sure your real estate agent is with you! Do not perform the final walk-through without your real estate agent. You’ll need a professional who has a thorough understanding of the home buying and selling process. Your agent should be able to follow up with the listing agent about any post-inspection repairs, changes and contract legalities. Having a seasoned professional in your corner also helps make your walk-through a more seamless experience. Below is a sample checklist of what to bring or verify at the walkthrough.

• Copy of contract, notepad, camera
• Copy of inspection report (to verify final repairs were completed)
• Verify if seller left behind warranties and receipts for work that was repaired
• Check to make sure all items that were supposed to be included in sale are there
• Test every light fixture
• Run water and check for leaks 
• Test all appliances
• Check doorbell
• Check garage door openers
• Open and close all doors throughout house
• Flush toilets
• Inspect ceilings, wall, and floors
• Run the garbage disposal and exhaust fans
• Test the heating and air conditioning
• Open and close windows
• Make sure all debris is removed from the home
• Check for evidence of pest issues
• Is the landscaping as you remembered it? 

As a buyer, express your concerns right away if you have any questions while performing the final walkthrough. Fara says, “Finding a significant problem during the final walkthrough can be a hassle, but it doesn’t have to be a deal breaker.” 

Ready to buy? Fara Espandi or any of our ERA Justin Realty agents are here to help guide you through the process. Contact us at 201.939.7500 to see why we’ve sold 3 times more homes in Rutherford than our nearest competitor.

 

Congratulations to Our NJ REALTORS Circle of Excellence Winners

Jennifer Darby Metzger and Ron Darby, Broker/Owners of ERA Justin Realty Co in Rutherford are proud to congratulate eighteen of its agents for being named the New Jersey Association of Realtors (NJAR) 2019 Circle of Excellence Sales Award winners. NJAR recognizes top producing real estate members who have demonstrated excellence in the field of salesmanship. 

“It is very exciting to have and recognize 18 outstanding recipients under one roof”, boasts Darby. “One Gold, Two Silver and Fifteen Bronze is an amazing accomplishment and we couldn’t be more proud of them. These agents are passionately committed and extremely dedicated to achieving the ultimate goal for their clients.  They demonstrate outstanding sales ability and a vast knowledge of the real estate market.  Their service and dedication are what epitomize our values for over 50+ years.”

This year’s Gold Level Award winner is Libera “Lee” Schilare. 

Silver Level Award winners are: Carol Calamari and Fara Espandi

The Bronze Level Award winners are: Beth Albanese, Julia Dagistanli, Jessica Davidson, Kristen Davis, Glenn Elliot, Joana Iliescu, Michelle Korosy, Margaret “Peggy” McLaughlin, Catherine Nimmo, Sharon Robie, Danielle Sette, Jennifer Sullivan, Grace Tirrito, Catherine “Cathy” Vick, and Rosemarie Zembryski.

In addition to recognizing these agents, Jennifer Darby Metzger and Ron Darby are delighted to announce that its highly professional and knowledgeable agents sold 3 times more homes in Rutherford than the nearest competitor, based on statistics from NJMLS, once again establishing itself as the #1 Brokerage in the Rutherford, NJ area for the 19th year in a row. “We are thrilled to be able to say we achieved this position in the marketplace once again,” Darby says. “We will continue to bring value to our clients, providing the highest level of customer experience. It is our absolute honor to service our community.”

ERA Justin Realty Announces Five Star Professionals Award Recipients

Real estate is a hyper local business and what matters most isn’t the volume of transactions one accomplishes, but rather it’s each client’s experience with their own transaction.  ERA Justin’s transaction growth continues to be fueled by satisfied clients who refer their friends and family and return for help with their real estate needs. The positive consumer experience has led to nine of our agents being recognized with the prestigious Five Star Professionals award for 2020: (pictured left to right) Rosemarie Zembryski, Julia Dagistanli, Jessica “Jessi” Davidson, Libera “Lee” Schilare, Beth Albanese, Carol Calamari, Fara Espandi, Catherine “Cathy” Vick, and Michelle Korosy (not pictured).

About Five Star Professionals

Five Star Professional has partnered with New Jersey Monthly Magazine to recognize the top real estate professionals based on consumer feedback and experience. The Five Star Real Estate Agent award program is the largest and most widely published real estate agent award program in North America, covering more than 40 major markets.

The 5 Star Award process starts with a 3rd party nomination. Winners are determined by a series of factors, the most important of which are results of client and industry peer evaluations on key criteria critical for an excellent client experience. Thousands of homebuyers and sellers are contacted to rate their real estate agent on various points, including customer service, integrity, Market knowledge, communications, negotiation, closing preparation, post-sale service, finding the right home, marketing of home, and overall satisfaction

Likewise, real estate industry peers are asked to evaluate real estate agents on four criteria: Industry expertise, customer service skills, Market knowledge, and negotiation skills.

Jennifer Darby Metzger, Broker/Owner at ERA Justin Realty states, “We are grateful for every referral and every returning client, as each represents proof that our highly professional agents are succeeding in delivering on our promise of 5-star customer service.”

ERA JUSTIN REALTY RECOGNIZES ITS 2019 LEADERSHIP CIRCLE WINNERS

ERA Justin Realty, the top residential real estate brokerage in the Rutherford area, recognized itstop producing agents for 2019 and sets its goals for another successful year in 2020.

ERA Justin Realty Broker/Owners Jennifer Darby Metzger and Ron Darby offered, "As we kick off 2020 and hit the ground running, we want to celebrate some of our key accomplishments in 2019 and recognize some of our top agents who have helped set us up for success in the new year, through our Leadership Circle Awards.”

The Leadership Circle Awards at ERA Justin is an internal awards program designed to recognize those agents that meet and exceed their goals and the company’s goals on a monthly basis. The 2019 Leadership Circle winners are (as pictured, left to right, standing): Lee Schilare, Cathy Vick, Kristen Davis, Glenn Elliot, Julia Dagistanli, and (seated) Carol Calamari, Fara Espandi, and Joana Iliescu.

“We are inspired by our hardworking agents every day, not just in their sales and volume numbers, but also in their dedication to their customers and giving back to the community. All of our agents deliver an extraordinary real estate experience to their clients.” Darby boasts. 

Because of all our tremendous agents, and stellar management staff, ERA Justin is the top selling real estate brokerage in Rutherford for the 19th consecutive year in a row, based on Closed Sales Volume, according to statistics available from the New Jersey Multiple Listing Service (NJMLS). “ERA Justin Realty has sold 3 times more homes in Rutherford than the nearest competitor,” Darby adds.

Darby credits his company’s success to his team’s dedication to customer service and leveraging the latest real estate technology and tools to extend its listing reach, improve lead generation and enhance the consumer experience. “We’re excited about the road ahead and look forward to providing top quality service to our customers,” states Darby Metzger.

To reach any of our Real Estate Professionals, call (201) 939-7500.  ERA Justin Realty Co is conveniently located at 118 Jackson Avenue and 57 Park Avenue, in Rutherford, NJ.

Understanding Pre-Qualification vs. Pre-Approval

Understanding Pre-Qualification vs. Pre-Approval

There’s plenty of real estate terms used in transactions. Needless to say it can be confusing for buyers and sellers trying to navigate the process. Danielle Sette and Jessi Davidson of Team Sette Davidson at ERA Justin Realty understand. “The home loan process might feel overwhelming and difficult to understand. You’ve probably heard that you should pre-qualify or be pre-approved for a mortgage if you’re looking to buy a property. These are two key steps in the mortgage application process. Some people use these terms interchangeably, but there are differences that every homebuyer should understand,” states Sette. Danielle and Jessi break down the difference between the two.

Pre-Qualification

The first step in obtaining a home loan is to meet with a lender and get pre-qualified. Davidson says, “The pre-qualification process is based on consumer-submitted data. The lender will review with the buyer their financial situation and discuss income, job stability, debt and credit.” Pre-qualification can be done over the phone or online, and there’s usually no cost involved. Once they have performed a basic review of the qualifications and run credit, they will issue a Pre-Qualification Letter to the potential buyer, which will identify how much you can expect to borrow, the maximum sales price, any down payment requirements and basic terms of the loan, such as interest rate.

 

The Pre-Qualification letter is used to provide evidence that the buyer has been reviewed by a lender who is vouching for their ability to obtain a loan.

 

Your pre-qualified amount isn’t a sure thing, because it’s based only on the information you’ve provided. It’s just the amount for which you might be approved. A pre-qualified buyer doesn’t carry the same weight as a pre-approved buyer, who has been more thoroughly investigated.

Pre-Approval

Getting pre-approved is the next step, and it’s much more involved. You must complete an official mortgage application to be pre-approved, and you must supply the lender with all the necessary documentation, such as pay stubs, bank statements, assets, etc, to perform an extensive check on your financial background and current credit rating. The lender can pre-approve you for a mortgage up to a specified amount after reviewing your finances. You’ll also have a better idea of the interest rate you’ll be charged on the loan at this point, because this is often based in part on your credit score, and you might even be able to lock in an interest rate.

 

You’ll receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. A Pre-Approval letter is almost like shopping with cash; the only remaining piece of the puzzle is the property you are buying.

 

Danielle Sette and Jessi Davidson are REALTOR Sales Associates with ERA Justin Realty, both ready to discuss your home-buying questions and needs. To reach either of them, or any of our experienced Sales Professionals, call 201.939.7500 or stop by our office located at 118 Jackson Avenue in Rutherford.