Hot Topics – Real Estate Questions Answered!

This blog is a bit different from our usual, weekly lifestyle blog. As you can probably see from the title, this blog is all about real estate with my friends Emily Lafrinere and Cara O’Neal.

Before we get into it, let me give you a bit of a background story.

One gorgeous Spring/Summer day (boy do I miss those), I’m sitting outside of our local juice shop (Clean Juice in Morristown, to be exact). I’m sitting there with my husband (Matt), my dog (Franklin) and Archie, who was under a year old. We were sitting there, talking about who knows what. I was probably pondering my life out loud like I usually do to Matt and Emily walks out of Clean Juice. As I spot her, it’s like a mirror image. We both have the same stroller and dog and I laugh to myself a bit.

We befriended each other through our dogs that are basically twins and our two little ones, Sofia and Archie. We chit chat about Morristown and our love for activities with our little ones. We wind up registering for the same gym and music class. I get to know Emily and I learn she is a real estate agent up here, in North Jersey. We’re always talking about the market, home buying and selling. One day during a gym class, I think “hey, I have a lot of questions about real estate and I’m sure other people do, too.” And the idea for this blog was born.

As I’m brainstorming about the direction of this blog, I think to myself: “hey, I should see if my friend Cara wants to jump in on this convo, too.” Cara and I grew up together. She’s fun, witty, trustworthy and killing it as a Realtor as well. Cara generally works in the Bucks and Montgomery County, Pennsylvania area.

I thought, what a great idea to put some questions together for two hardworking, knowledgable ladies that I personally know. They live in two different areas and getting two different viewpoints about any subject is always helpful.

So, here are the questions that YOU personally asked last week, answered by two professionals.

For all interview purposes, the question will be marked Q, Emily’s answers will be marked E and Cara’s answers will be marked with a C.

Q: Background – tell us a little bit about yourself! How you got into real estate, your journey getting to where you are now, how long you’ve been a realtor.

E: My name is Emily Lafrinere. I am a realtor with Compass. I run a small team, “The Emily Lafrinere team” which consists of two other wonderful agents! I live in Morristown with my husband Nick, our 16 month old, Sofia and our golden doodle Charlie!  I came from a strong sales background. I  was in the advertising world before switching over to real estate. I helped small to medium businesses grow through marketing. I always have enjoyed working with people and through the purchase of my own home back in 2015 realized I was very interested in the home buying process and excitement of it all! I am on my 4th year in real estate and just enjoy helping people find their place in the world!  

C: My name is Cara O’Neal – I am a realtor on The Tinney Team at Keller Williams Newtown and do most of my business in Bucks and Montgomery County, Pennsylvania. I am also a mom of two little boys, Charlie will be 3 in April and Colin is about to turn 4 months old. Yes, I am very busy but blessed to have support from my family (my mother in law watches my boys during the week) and support from my team to help with anything on the real estate side.

Prior to real estate, I worked in property management as a leasing consultant then property manager and then did a brief stint working in a title office. These experiences helped me learn other aspects of the real estate world and I have brought that knowledge into my current role as a licensed Realtor. I have been licensed since April 2020, so 2021 was my first full year in the business.

Q: Can you sum up the home buying process in a few sentences from start to finish?

• Check out this great graphic Emily sent me that breaks down and simplifies the home buying process!

Q: Besides kitchen and bath, what are the best renovations for resale?

E: Some big renovations for resale include your exterior, making sure curb appeal is on point. If you’re selling in the Spring/Summer months, make sure your grass is green, landscaping is on point, etc. I think replacing railings makes a huge difference, too. Iron railings are in! Functional mudrooms are in. Kids being able to hang items up easily in the mudrooms when they come home, families love to see themselves there.

C: Curb appeal, paint and changing out old light fixtures are simple and inexpensive updates that can bring a strong return. Most buyer’s really want to move in and not have many projects, so the more move in ready you can make your home the better outcome you will have when selling. We always instruct our sellers to remove personal touches (pictures, or college degrees with your names) so that buyers can walk into an almost blank space and imagine the home as their own.

• you may remember back in October I created a blog – Inexpensive Ways to Transform Your Home. Go check it out if you missed it.

Q: What are the costs that come with buying besides the mortgage?

E: Other than mortgage, closing costs (your mortgage lender will go over an estimate for this, home inspection, oil tank sweep, attorney fees, moving costs and the furniture!

Q: Best real estate investing course?

E: My company offers great courses that I am able to take. I know there are plenty you can pay for outside of your brokerage, but I can’t say I know too much about them. Some names are Udemy, rootstock academy and takeaway.

C: This is a tough one. I think nothing compares to a course like a true mentor. Someone who has been there, done that. Who can guide you and teach you from experience. If you can connect with an investor that has already had success, you will learn invaluable lessons. I don’t think I would be as successful as an agent without my mentor, Graceann Tinney. 

Q: Are prices coming down or staying high?

E: I think they will be staying high for now. In March, the feds are planning to increase interest rates which many think will drive prices down. I am not sold on this because we are still missing the most important thing, inventory. Inventory is at an all time low right now and buyers are struggling to find a home. They are facing multiple offers and getting beat out of the market by others willing to waive appraisals, inspections and offers WAY over asking price. Until the market becomes a more even playing field, buyers vs. sellers, I don’t think we will see a decrease in pricing any time soon.

Q: I’m newly licenses and torn between two brokerages. One is a big name with a solid mentor and experienced, but the commission structure isn’t great. The other is with a newer, younger owner who is ambitious with a really attractive commission structure. Does the brokerage matter? Or is it what I make of it?

E: I started out at a small brokerage and had a mentor there that taught me a lot and spent a lot of time with me while I was learning. I eventually felt like I needed a change and joined a bigger brokerage, Compass. My advice would be to go with whoever you feel will give you the most time of day. Someone that will invest the time in training you and showing you the ropes.   Also, whoever you feel you connected with better. If that’s the same person, easy decision. Commission will follow later. 

C: As a newer agent, I tell other agents don’t focus on commission. Who will support you? Who will answer your call on a Sunday afternoon? Who will understand that you have kids and all that comes with that title of mom or dad? If you set the money aside in the beginning and focus on where you will have the most help, everything else will fall into place later. I know the amount of money I want to make annually, so I take my splits into consideration and just have a mindset that I need to close X amount of deals to get to my goal.

I also strongly encourage new agents to interview multiple brokers. The decision for me was much easier. Graceann is a long time friend turned business partner. I was able to see her success and discuss my goals with her so it made my decision an easy one. I love being a part of the Tinney Team and would not change my journey in any way other than starting sooner. I attribute my success to hard work, the support of my team and the support of my family & friends.

Q: Is commission structure important in choosing a brokerage to work for?

E: Yes and No. You don’t want to get hosed but at first, you want to make sure you have the best mentor to train you and learn from. For me, I love all of the technology Compass has, what they can offer my clients. They have programs available that are game changers! Such as, Compass Concierge. This program allows you to remodel your home before putting it on the market with Compass funding this for you. This is at 0% interest and you pay back the costs after your home sells. Get in touch to see all of the things you could use this for!

Another great program they offer is Bridgeloan service. My brokerage makes its possible to buy your next home without having to sell the one you currently have. In this market, this is awesome! You get to remove your home sale contingency when submitting an offer to help you be more competitive. Of course, commission structure plays an important factor but there is a lot more that matters. Especially, when it truly benefits your buyers and sellers! 

Q: How long is the process, typically? From seeing the first home to closing?

E: It varies for everyone. I have had clients who have looked at one home and knew it was the one to clients who have looked at 30+ homes! Once you find the right one, typical closing is 30-60 days. 

Q: If you could give new home owners one piece of advice, what would it be?

E: To put it back on the market, you’ll probably get more than you paid. Lol JK.  My one piece of advice would be to keep up with everything in your home throughout the years. Don’t let something small become a bigger problem later!

C: It is going to be okay! Homeownership is stressful! You should be proud of yourself- you attained a goal that not everyone is able to accomplish. With rising prices and interest rates it is really hard to achieve your goals as a first time buyer, so hats off to you for getting the title. Next piece of advice, enjoy your home, make it your own. You worked hard for it and you don’t have a landlord breathing down your neck. When you are ready to sell if changes need to be made to make your home more marketable, they can be made but just enjoy it as much as you can and make lots of memories until then. Life is entirely too short!

There you have it, folks. Answers from the best! I really enjoyed putting this blog together. I learned a lot about real estate and I was thinking about creating a “hot topic” series. What are your thoughts?! What would you enjoy learning about next? Send me an email and let me know who you’d love to hear from.

Until then, I’m leaving Cara and Emily’s contact info below. If you’re interested in buying or selling – reach out to them! They’re also very active on their Instagram accounts(Cara: ceo_nealrealtor & Emily: emilylafrinererealtor) – give them a follow!