A conversation with Jennifer (Hudi) Askowitz, Associate Real Estate broker with Silversons Realty. Jennifer has represented many clients on both the buy and sell sides in New Rochelle, White Plains, Scarsdale, Riverdale and in NYC
Jennifer (Hudi) Askowitz joined Silversons Realty 16 years ago after a successful career in advertising. Her experience in client management for well known brands made working with clients on their real estate transactions an easy transition. Jennifer has represented many clients on both the buy and sell sides in New Rochelle, White Plains, Scarsdale, Riverdale and in NYC.
Jennifer shared that her inspiration to become a realtor came from her mother, who attended law school when Jennifer was in first grade. Her mother never actually practiced law but instead went into real estate and modeled that, after 25 years of marriage, she could do something and strike out on her own.
Jennifer was working in advertising and client management for several years before she got married, She tried to continue her work on a part time basis once she had children, but realized that the balancing act was too difficult. When looking with her husband for a home to purchase in Westchester she met Michelle Silverman Bedell, the broker owner of Silversons Realty.
Michelle knew that Jennifer had an advertising and marketing background as well as a real estate background from her mom, and invited her to join what was then a new venture. Michelle also understood that Jennifer had youg children, and was supportive of her need to be available for her kids. Seventeen years later, they continue to work beautifully together.
"As I realtor, I actually probably shoot myself in the foot, but tell all my clients not to bite off more than they can chew. Life has many expenditures, and a real estate purchase has to fit into your life plan. You cannot be married to your home. That's not a good idea." - Jennifer Askowitz
Key takeaways:
- When you consider making a change, consider all the factors that are impacting this decision. When Jennifer works with people who are considering a move, she encourages them to think about the reasons they are thinking about moving and to make sure they aren’t temporary, and to consult with others when making this decision.
- Define your goals. Jennifer described working with siblings who are helping their parents sell the family home, or with parents looking to help their children purchase their first home. She encourages them to sit down together, perhaps with a third party such as a financial advisor, in order to agree on what they are trying to achieve before calling a real estate professional.
- When looking to buy a home, don’t be turned off by what may seem to be high mortgage rates. Jennifer and I both remember when mortgage rates were higher than what they are now. And the great thing about the way mortgages are structured is that there are no prepayment penalties. In other words, if mortgage rates were to come down in the future you can repay your mortgage by refinancing with a new mortgage at a lower rate.
About the guest:
Jennifer (Hudi) Askowitz joined Silversons Realty 16 years ago after a successful career in advertising. Her experience in client management for well known brands made working with clients on their real estate transactions an easy transition. Jennifer has represented many clients on both the buy and sell sides in New Rochelle, White Plains, Scarsdale, Riverdale and in NYC. Additionally, she works with foreign buyers, investors and does 1031 exchanges. As an associate broker and an SRES (Senior Real Estate Specialist) designee, clients and their attorneys often turn to Jennifer for advice on the complexities of selling the family home and estate sales. Jennifer has the distinction of being the top producing associate broker at Silversons year after year. Clients enjoy working with Jennifer because they can rely on her discretion, thoughtful analysis and attention to detail, to ensure swift resolution to their transaction. In fact she has become so highly regarded that at any given time about 90% of all her transactions have come from referrals. Many of those who have worked with her have become good friends and she derives great pleasure from the many relationships that have continued long after the closing. Jennifer lives in White Plains with her husband and family. She is an active participant in many charities and sits on her children's school board.--
Linkedin:- https://www.linkedin.com/in/jennifer-hudi-askowitz-a950785/
Website:- http://silversons.com
Facebook:- https://www.facebook.com/jennifer.askowitz
Email address: Jaskowitz@gmail.com
Phone #: 914-725-9344
Instagram: https://www.instagram.com/askowitz_jennifer/
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Jennifer Askowitz: As a realtor, I actually probably shoot myself in the foot, but tell all my clients not to bite off more than they can chew. Life has many expenditures, and you need to, a home, a real estate purchase has to fit into your life plan. You cannot be married to your home. That's not a good idea.
Welcome to making change with your money, a podcast that highlights the stories and strategies of women who experienced a big life transition and overcame challenges as they redefined financial success for themselves. Now here's your host certified financial planner, Laura Rotter.
Laura Rotter: I am so excited to have as my guest today, Jennifer Askowitz. Jennifer joined Silverson's Realty 16 years ago after a successful career in advertising. She's represented many clients on both the sell side and the buy side in New Rochelle, White Plains, Scarsdale, Riverdale. And in New York City, in addition to working with people like you and me, she works with foreign buyers, investors, and does 1031 exchanges.
Jennifer lives in White Plains with her husband and family, and she's an active participant in many charities and sits on her children's school board. So welcome Jennifer to the Making Change With Your Money podcast.
Jennifer Askowitz: Thank you so much for having me.
Laura Rotter: So I start my podcast with the question, what was money like in your family growing up?
Jennifer Askowitz: Very interesting question. We, you know, my father was a physician and my mother up until I started first grade was a homemaker and we you know, had a fairly comfortable lifestyle. My mother decided to go to law school when I was younger, when she was in her forties and I started first grade, she was, she made it clear to me that her first job, as I make it clear to my own children was that of mommy, but that she wanted to, after 25 years of marriage, do something and strike out on her own a bit.
And I thought that was a wonderful thing. Actually, she did. So she never actually practiced law, but she went into real estate, which essentially was my inspiration for going into real estate. And, uh, she used her knowledge of the law in her real estate transactions. And it was very, very useful to her. And, um, it was interesting that in my parents home, money, there was her money and his money.
You know, his money, my father basically covered most of everything, and my mother was the fun money, the extras. And you know, it, it was an interesting, now that I'm an adult and looking back, it's certainly an interesting arrangement, uh, one I would not necessarily encourage my own children to have. Not one that I have.
Laura Rotter: I love, Jennifer, that your mom was really a role model as someone who went back to school and that you could see that it was important that she..
Jennifer Askowitz: Well, it was important to her because it wasn't easy for her. She had numerous health problems and, uh, she did so. Even throughout those health ordeals. So it was definitely, uh, she's definitely a wonderful role model. And to this day, she loves the law. She's extremely political and she loves business.
Laura Rotter: Yes.When I've spoken to you, it certainly sounds like your mother remains opinionated.
Jennifer Askowitz: Absolutely
Laura Rotter: . And, and she also was in, was it residential.
Jennifer Askowitz: real estate that she. Was in residential real estate. She did some of her own investments as well.
She was a residential broker. I had a license when I was much younger in order to help her with the physical parts of real estate. And I remember her saying to me that it was actually a physical endeavor. And now that I am looking at 50, I feel that physicality of the job. And it was a wonder to me, knowing her health challenges now, you know, knowing now what they were then that she was able to do it.
Laura Rotter: I do want to reflect back to you before we continue about the real estate role that I've been amazed in my role that I cannot take it for granted that that spouses or partners completely share their finances. As a matter of fact, I, I often talk about a couple I work with that have grandchildren and been married for close to 40 years, and they have completely separate bank accounts because of their different money personalities. And it makes it easier for one not to get yelled at for spending money by the other. So, you know, people and money are interesting.
Jennifer Askowitz: Yes. Yes. And, you know, as a realtor, I sort of really get into it with couples and families. about their finances and how they view them and how they want to allocate them and differences amongst partners and families, states, well, you know, all various people, but it is quite interesting and you, you do get into the nitty gritty.
Laura Rotter: So how did you make your way? Into residential real estate. Cause I know you had, you know, a previous career.
Jennifer Askowitz: So I was working in advertising and client management for several years after, before I got married, after I got married, try to do a part time between children and client management and advertising in general is definitely a very full time job and it's difficult for moms the time, you know, I, I ended up leaving advertising and for a few years I was home and then I was looking for a home in Westchester and the woman that I worked with to this at this time and from then Michelle Silverman Bedell of Silverstones Realty, she's the broker owner. She sold me my home and she knew I had an advertising background, a marketing background, an applying management background and a real estate background for my mom and said, why don't you, you know, come join me. I'm, I'm, I just started this new venture on my own. So actually, it's almost 17 years later. Here I am, I'm still here and we work beautifully together. She's a wonderful person.
Laura Rotter: Jennifer, before we go on, you know, like, was there a beshert feeling? Like this feeling like it was, you were ready and there it was.
Jennifer Askowitz: You know, at the time it was taken care of. Three young children and my husband traveled a good deal and I just said to myself, you know, this came up. It is something I understand. Managing clients is something I understand and real estate is something I understand. And I feel like I was able to do it at the time because honestly, my husband was very supportive of the idea and Michelle was also and continues to be very supportive of someone at that point who had young children and needed to go to the school plays and conferences and take my children here and there, she was always a very supportive of that and you know, at this point I have to older children who seem to need me probably more than when they were younger differently. And, uh, you know, an older parent that I care for. So I think that support has, uh, allowed me to sort of re enter the workforce and sort of harness and garner my skill sets and put them to use in real estate.
Laura Rotter: I love that. You know, as you know, the last podcast interviewee. Spoke all about 18 years out of the workforce and then coming, it doesn't sound like you were out of the workforce.
Jennifer Askowitz: No, I was out for about three, four years, uh, you know, going from an ad agency to real estate, moving from Manhattan to the suburbs, there's a lot of transition there as well. And it was good for me who, you know, came from. Riverside and 77th to and then moving to White Plains, which is a beautiful and wonderful and supportive community to be able to be out there a little bit.
Laura Rotter: And how did you and how do you manage the demands of, you know, client management, as you put it, because I've certainly, you know, seen that if a client needs to talk or make a bid that They're not going to wait to nine to five hours. How how have you…
Jennifer Askowitz: So no and and In a way nor should they you know, certainly with um The with texting and email there it seems to be 24 hours a day or 48 hours in a 24 hour day That's okay. You know, that's okay Um, I pride myself and we at silver suns pride ourselves really on client service and that is I believe what differentiates one realtor from another. Is not just your knowledge of the local markets and not just your, you know, your financial knowledge, but also how you, and most importantly, how you service a client.
So I have been known to be on the phone way into the night in the middle of the night. You know, that's, that's okay. Having said that. The life has also afforded me some flexibility when it came to being at the school play. So when you weigh it all out, you know, it's been a joy.
Laura Rotter: As I think about this, what is it that you I feel like I see in your face, like, what do you love about this? What are the skills that you feel like you're bringing to it that help you enjoy the work?
Jennifer Askowitz: First of all, I love building community. Any community, anywhere. I think it's a wonderful thing to build community and introduce new people to new surroundings and new chapters in their lives. So that's basically on the buy side.
On the sell side, you know, people are in transition as well as on the buy side, but people are in transition and they need my help. Whether it is an estate sale, whether it's downsizing from a family home to a new type of abode, whether it is, you know, any, any of those things, a young couple who needs to move on from an apartment because of growing families.
To a home, you know, oftentimes I’ll sell the apartment and then sell them into a home And helping them decide sort of what is best for them both on the sell side and on the buy side. That is just always been very gratifying to me So I enjoy that and I it's to me another form of helping people. Yes, It is a much more commercial way of helping people but it is Uh, you know, I've remained very good friends with, with over 90% of my clients, we get together for coffee.
We invite each other. We are, you know, we mark each other's miles and lifetime milestones and it's a wonderful thing. So it brings me happiness.
Laura Rotter: It really is a form of, I know the Hebrew word, I'm trying to think of the English word, but Chesed said like you're really helping people, moving to a community is not just a one time transaction.
Jennifer Askowitz: It is not, it is not. Often I will end up bringing dinner the first night, inviting them over the weekends, helping them figure out, you know, The help in their home. Um, you name it. I mean, they call me for every last thing, which is a wonderful thing, you know, from doctors to contractors to, you know, roofers. And you see also as they progress what they're doing in their home. And it's great.
Laura Rotter: Jennifer, this is a podcast for women that are in a life transition. If our listeners are thinking, you know, I'm not sure I can stay in this home much longer. I want to make a life change. It's just too expensive for me to carry. Or, you know, perhaps it's just time to move to a smaller space. What would you encourage them to think about?
Jennifer Askowitz: First of all, you know, you really need to think about the reasons why you're moving and make sure that they're not temporary, temporary anxiety, temporary, uh, you know, something that's causing some temporary angst over something.
If you really have given it a good think and together either with. You know, if you are with a partner or perhaps children or by, you know, consulting people, whether this is the right thing to do, I think, you know, you need to think about what your next move is and why and what you're trying to achieve.
Are you trying to achieve? Maybe this can, you know, maybe I'm a single woman and this community is just not right for me anymore there. It's all families, which is wonderful, but doesn't particularly speak to me at this stage of life. I want to move into Manhattan where there's more stimulation, more people who, you know, who might be in my situation. That's one, that's one type of move.
So are you taking the money that from the sale of the home and buying something of equal value because you want, you know, a beautiful Manhattan, you know, apartment. That's one way to go. Are you trying to save money? That's another way to go. Are you a couple who is an older couple and the wife may say he loves this? You know, we know plenty of people. This has happened. He loves the house. But I don't think it's the best financial move for us. You know, we're only two people and we have 15 rooms. You know, then that's something that you need to talk about. Get buy in from both sides, essentially. And so you, you may want to speak with your financial planner because sometimes it helps to have an outside person say, you know, she's got a point.
Laura Rotter: So it's interesting both from a financial point of view and to have somebody to help them hear each other because they may assume they're on the same page and they're really not. So very good point.
Jennifer Askowitz: Correct. So, you know, and we've, we've seen a lot of that and, and, you know, I, I think that that's what you need.
You need to really define your goals. And once you have your goals set, and if it's just you, you've bought into your goals, or if it's other people living in the home, you've all bought into the goals, then it's time to move forward. And that's, you know, generally when I'm called in, although I would say.
They're very often, I have to remind them to define their goals before we get started. We may call in some outside help for that.
Laura Rotter: show up that you realize they haven't defined their goals? They want to, they want to look at different things.
Jennifer Askowitz: They have had all sorts of things happen, but you know, it's certainly helpful to sit down together as best as you can when you need to call in those outside resources.
I am in fact, just a real estate broker.
Laura Rotter: Do you have a favorite kind of client to work with an age group that you prefer and why, or why not?
Jennifer Askowitz: You know, the truth is. I find all of them stimulating and interesting, you know, whether it's a younger couple and it's so exciting with a young family you know as they're thinking about communities and places to You know grow their family and that's wonderful.
And if you are working with people who are You know thinking about downsizing and thinking about what their next steps will be and it could be anything it could be You know wanting something smaller and staying in their community. It could be wanting something Smaller and also buying a secondary residence because they want to be closer to children So there are all different things that happen With people that you know, that is very interesting someone got a promotion wants to make their first investment in a property and they they come to me and they say well You know, what is a good investment? And what should I be doing? Because I don't want to rent anymore. And then, you know, unfortunately, I, you know, I do a lot of estate work and that is also actually very interesting. And, you know, the children, uh. They could be working together on the project, they may need a little help getting together and working on the project, but, you know, ultimately, I think that is also important work because at the end of the project, hopefully, they have some peace of mind, you know, and are dealing with their loss in a productive way.
Laura Rotter: I mean, that also has to be psychologically interesting, I mean, different personalities and different relationships to the loss.
Jennifer Askowitz: Yes, yes. And different people relate to that differently. You know, and you see all sorts of things coming forward.
Laura Rotter: And how do you help them actually, not only with the sale of the property, but with, do you help with sale of the contents or getting rid of the contents?
Jennifer Askowitz: Yes, so oftentimes I will help, you know, usually there's one child who's sort of taking the lead, and I will help them bring in people who are like organizers, or there are people actually who specialize in moving seniors and moving them to their new abodes, and that is really a specialty in and of itself.
I am a senior real estate specialist, but I am not a moving specialist. And I actually have a colleague who lives locally who is just that. And I think that that's invaluable actually, because they're able to help recreate the home in a livable way, if they're going to assisted living, if they're going to, you know, wherever they're going and that is helpful to people so that they're not jarred too much by the move. Moving is extremely overwhelming for a young person moving for an older person very often can actually be detrimental and you want to have someone who is competent in that.
So, you know, we'll call someone like that in. You have to really listen and meet them where they're at in terms of the process, because they may know intellectually that the right thing to do is to move for safety reasons for moving your children. But at the same time, they have usually raised children in their home.
They have memories that are attached to that home. They, their friends circle, their grocery store, their hair salons are near those homes. The idea of uprooting oneself at 70 80 years of age is a very difficult thing to do, so it does require a lot of patience and a lot of listening, and you know, I have to do a lot of listening.
Laura Rotter: Here I'm doing a lot of talking, there I do a lot of listening. Well, you know, I've known you for a while, Jennifer, I would say you're definitely a people person, it comes across. And I'd have to assume that you enjoy listening and learning other people's stories, because I mean, I found that, you know, I'm a career changer and that working with individuals is really gratifying and you do become a psychologist, whether or not you, you thought that was one of the hats you were gonna put on.
When you took on the role, I'm curious to talk about this sort of economic environment and how that's affecting business decisions. What or moving decisions? How do you respond to someone who might say, you know, I'm calling you because I'd like to sell my home and buy a smaller home. Mortgage rates are so high. I'm going to wait till they come down or is that we all have crystal balls.
Jennifer Askowitz: Yes, exactly. I love when people say, what do you think it's going to look like in 6 months? I'm like, I don't know if I had a crystal ball maybe I wouldn't need to work. Having said that again, I think it's about defining goals.
Right now, there is definitely a lack of inventory, both on the buy side and on the rental side because people are not moving out of their rentals and buying things. So, let's say I am currently looking for a rental for my own, for one of my children, and it's very difficult to find that rental because people don't have jobs. And people don't, can't deal with the mortgages to buy, you know, their first home. So it's definitely clogging the market, you know, in terms of there's a bottleneck on rentals and on the sales. So if you define your goals, we're finding that the people who are doing a lot of, you know, who are moving and putting their homes on the market are older people who are currently in good mortgages.
Now that could, you know, when I say older people, that could be, I'm saying my age. You know, who are either, and I'm told that's going to be 50 soon, but you know, are moving near children. If they have children who live in different parts of the country and who may have a favorable rate currently, and who may buy in cash somewhere else out of New York.
So those people are the people selling and obviously more senior than that, you know, as, as you move up the ladder age wise, there becomes a greater need to be near children, caretakers, loved ones, etc. So those people are selling, but then those people who would be buying and then going into a higher mortgage are not selling.
So you have about, you know, a very small niche of the market who is selling right now. And that's sort of the issue. I cannot tell people what will happen in six months from now. And as our short, you know, historical data has shown us, we all don't know. Cause it's like this basically every day.
I would say that you need to define your goals and know why you're moving and is now the right time for you and see and see what you have in the bank in terms of would you be buying for cash or not buying for cash and what you know what you're giving up mortgage wise versus What you might be going into mortgage wise.
These are all the things you really need to look at, but I wish I could tell someone what's going to be, I can't,
Laura Rotter: I know. I'm sure everybody's asking you, have we seen the peak for mortgage rates?
Jennifer Askowitz: And so people can, you know, obviously consulting with their accountants and mortgage brokers, they can do a refi.
So if there are people who are buying now at a high rate and rates come down. Then let them do a refi, you know, if they can, uh, that may be one way to look at it. You know, when we bought our home, we knew that was the top of the market. And this was way back when about 2005, but my husband felt that our children are only little ones. And that this was the time to get out of Manhattan and he very much wanted a garden, et cetera. And you know, and, and he accepted that, you know, there, there were times I were, you know, we thought refi was possible there were, so you have to sort of really, that was his goal. His goal was to get his young children out of the city at that time and move into a home. Later on, you know, rates dropped so you're able to take advantage of that. So that would be a sort of on that side on the buy side. Also, in order to combat the lack of inventory and the multiple bids and those types of things, the buyer today has to be very savvy. You know, they have to really try and remove as many contingencies as they're comfortable removing, whether that's inspection, whether that's a mortgage contingency, et cetera, or, or even, you know, all sorts of appraisal contingencies. They can waive those if they so choose. And you kind of have to really step up and put your best foot forward if you really want something. And that's all a question of what your comfort level is. Both risk, you know, in terms of risk and in terms of cash in hand.
Laura Rotter: It's interesting, Jennifer, I didn't realize it was still such a seller's market and that.
Jennifer Askowitz: It is a sell. If you want to sell now, you know, it's a good time to sell because not a lot of people are selling again because depends where you're going and what you're doing after that sale. So whatever comes on the market in the suburbs close to Manhattan, let's say within an hour's train ride, is doing pretty well because there are generally multiple bids because there's just not a lot on.
Having said that, we are starting to see some pricing has been aspirational in terms of the sales, we are starting to see some reductions along the way, you know? So I would say if you're interested in selling again, are you defining, are you playing the market to see what happens or do you really want to sell?
Because we are starting to see that people are saying, huh, okay. You know, I don't need to move that badly. You know, there are some reductions
Laura Rotter: In the Westchester area or the New York metropolitan area that you cover, what kind of interest from investors rather than people who intend to actually live in the home.
Jennifer Askowitz: And end users.I will tell you. I work with some investors, um, who are interested in maybe multifamily investment, something along those lines. It's not easy right now. Multifamilies are at a premium along with everything else, and there's not a lot on the market. Certainly it is becoming more and more difficult within the five boroughs.
I would say, you know, I'm looking around for one particular investor now there is a little bit more opportunity in Westchester outside of the five boroughs and there is in the five boroughs. It's challenging. It's definitely challenging. And then it's challenging also renting the properties that you buy, you know, just because jobs are not secure. So, you know, it depends.
Laura Rotter: I appreciate you saying that because You can imagine how many inquiries I get from people who have this vision that they're going to retire with passive income that's going to replace, and they're going to invest in real estate with no sense that you can actually not be at 100% occupancy, if you may.
Jennifer Askowitz: Absolutely. In fact, some of the multi families I've been looking at recently, you know, are half filled, you know, there are vacancies. So it depends how much, again, how much risk you're willing to undertake. And I think that's something that you really need to ask yourself because it all sounds so good.
Laura Rotter : Sounds amazing, right?
Jennifer Askowitz: It sounds amazing. It sounds amazing. You get checks every month from everyone on time. Nothing goes wrong. They're not calling you in the middle of the night because the roof is leaking. Never. It's all, it's all a myth, you know, but there is, there are places for good investment. You know, you need to be savvy.
You need to know what you can take on. You need to know what you can take on in terms of, should you have a property manager? Shouldn't you have a property manager? Proximity of investment to where you are. There are so many different things to look at. It's best to look at that with someone who can help you be realistic.
Laura Rotter: And I, I assume that you take on that role of sort of walking them through.
Jennifer Askowitz: I do. Patterning their dreams a little bit, but I can't in good conscience think about anything else because, you know, you got to know yourself and you got to know what you're up for. That's all. And it could be wonderful. And I know many people with what, you know, wonderful investment lives in real estate.
They have experience, they know what they're doing and getting started, you know, it's a start small.
Laura Rotter: Very good recommendation. And I do also love your recommendation that I hadn't thought about that fits my big worldview, which is you adapt to change and that mortgage rates are high now. They could go higher, they could go lower, but. If, like you said, you know your why, it's time to move, you can always refinance.
Jennifer Askowitz: Right. I mean, hopefully they won't go, you know, they won't go much higher or, but you know, again, I'm not a mortgage broker. I encourage people to always consult with their accountant, with their financial advisor, with their mortgage broker and come up with a good game plan.
And as a realtor, I actually probably shoot myself in the foot. But tell all my clients not to bite off more than they can chew. Life has many expenditures and you need to, a home, a real estate purchase, has to fit into your life plan. You cannot be married to your home. That's not a good idea.
Laura Rotter: So true. And we're never really given a rule of thumb. And I've, you know, said to my adult children as they've taken on rental expense and have no idea what it should be. I've said, you know, you don't want to starve yourself in order to pay your rent. You want your housing costs. It's hard to say in this area, but ideally not more than a third of your take home pay, like what is actually deposited in your bank account after taxes and 401k contributions.
And at most, you know, 50%, and that's really high because you're going to have other recurring expenses like your cell phone and your Netflix and your gym membership.
Jennifer Askowitz: So, and then even extrapolate from that great advice. To families, you don't know what's coming down the pike. You don't know what will be with children.
You just don't know. And you better have a little nest egg there, just in case. Because the last thing you want to do is look at each other and look at your house and be like, what do we do? You know, I think that's a terrible position to be in.
Laura Rotter: And another thing I'm, I'm curious to hear what comes up for you, but I had spoken to a couple that wanted to, you know, give a large down payment to help their kids buy a house in a neighborhood.
And I said, that's really lovely. But make sure that they're not, you know, teachers in a neighborhood of investment bankers, so that they're the ones, you know, driving to New Hampshire where all their friends are jetting to, and so that they're constantly in comparing and coming up short so that it's, it's, as we started this conversation, it's not just the house, it's the community.
Jennifer Askowitz: Sure. Generally speaking, you know, 1 of the things that I love about Westchester is the heterogeneity of many of the cities. So, you know, I sort of don't speak to them that much about that. I, it depends. I ask them, is it a community driven purchase? It is a house driven purchase. We do touch upon that a little bit.
But after that, you know, we, if it's a community driven purchase, then I say, that's great. If you want to live in X community, then you're going, you're going to be constrained by whatever comes on the market. If someone in that given community, if someone comes to me and says, I want a five-bedroom Tudor, and that's all I want. Well, then we, and I want to be within, you know, 35, 40-minute train ride to Manhattan. Then we look at all the various communities. And they decide, you know, it's not for me to tell them essentially, but I can help guide them based on, again, what the goal is, what is driving the purchase.
Laura Rotter: So as we come towards the end of our conversation, I'm curious, because you've been through transition in your life, raising your kids and continuing to be their advisor. How has your definition of success for yourself shifted?
Jennifer Askowitz: That's a big question. I think it's an important thing to recognize. I think as I get older, I keep telling myself that more and more.
Look, as a parent, you know, and again, that is my first job. These, the, the happiness and wholeness. and the emotional well-being of my children is paramount in my life. And for that, I'm grateful. And anything that I can do to support them and help them in their endeavors as they evolve into adulthood, you know, makes me, gratifies me more than anything.
But, uh, you know, as, as a person separate from that, you know, I, I do think that it's important to keep stimulated to keep doing what you want to do that, that brings you gratification. So for me, that generally that is about helping others, you know, including, you know, my, my husband has a busy life and, and together as a couple to, you know, enjoy life as much as possible.
And, and. Being an active participant in the world and the community and, you know, a good corporate citizen, you know, I think it's all about that. We are religious people, so that is, that plays a role in our lives also to make sure to, to keep that, you know, close and, and involves, uh, involve ourselves and our families in that. But I think that's, that's basically where, where I'm at. My, my needs are few that way. Or maybe that's a lot. I don't know.
Laura Rotter: Well, it sounds like you feel like you're blessed, you've been blessed with that feeling of success, how, how you define it. And, um, that's beautiful, Jennifer.
Jennifer Askowitz: You know, as long as people say, I am dealing with them honorably professionally, then I'm happy. And, you know, those things are, are what's what, what are important and what we wanna teach our children, I think to deal well honorably with others and to meet everyone with a smile. So I hope I'm doing that.
Laura Rotter: So Jennifer, if people listening to this podcast are thinking they either want to downsize or otherwise help their kids find a home.
First of all, I mean, of course, what's the best way to get in touch with you? But is there any last piece of advice also that you'd like to share?
Jennifer Askowitz: I think when it comes to parents helping children, it's a wonderful thing. Again, parents have to know why they are helping their children and how they are helping their children.
And I think children have to also know how to receive that and how to deal with that. And very oftentimes when I'm working with a young couple, I will ask them, and generally it's the, you know, husband that will bristle a little bit. So I say, I'm just asking you this because if I don't, historically has shown me, it's not a good idea.
Will there be participation from other people? And It's important to, I would say, to give with an open hand. And no strings attached. And those are things that we talk about sometimes. And we, you know, and I think it's important for children and parents to speak about that. Are you giving this gift so that your children live down the block from you?
Would you still be giving this gift if they were living across the country? How is that gift received? Is it, you know, and it's, it's sort of an important thing to work through. So I would say that parents and children should speak about that from the get go when they don't and why I say it's important for me to ask is I've had people lose houses because they didn't know that they can go to their parents and say, I need 200,000 for this you know. Were you planning on giving that to me, loaning that to me, whatever the case may be. But these are important conversations to have from the get-go if you have that type of family structure because you will be stronger for it whether there is a gift or whether there isn't a gift. But it's good to have the discussion.
Laura Rotter: That's a wonderful point. And, you know, not that easy often for people to do.
Jennifer Askowitz: Not at all. It's a, it's a tough thing. And I'm sure, I'm sure you've seen this and I'm, you know, it's, it's not an easy thing, you know, in your own professional life is, you know, maybe telling, you know, talking to the parents and saying, you know, let, let your kids know now from the get-go.
And, you know, and if you could say, you know, why are you doing this? For some people, it's the most obvious thing in the world. For other people, there's a control issue involved.
Laura Rotter: So, what's the best way for people to get in touch
Jennifer Askowitz: with you? The best way is on, is either through email, through our website, or through my cell phone. And I'm happy to... Give you a card. I can tell you my cell phone now if that helps you.
Laura Rotter: Sure. And I'll, if it's okay with you, I'll include it in the show notes. Sure.
Jennifer Askowitz: I can be reached at 917 747 3847 or jaskowitz at gmail. Com. I'm on Instagram. I'm on Facebook. You'll be able to find me. And I'm happy to help or happy just to answer questions or help guide people as much as I can.
Laura Rotter: Thank you so much. And of course, I, as I've said before, I know Jennifer for years, she is an open, loving, giving personable woman. And so, um, I highly recommend reaching out if you're looking for help with your real estate process. And Jennifer, thank you so much for being. on my podcast.
Jennifer Askowitz: Thank you. It's been a wonderful, it's been a wonderful experience being on this podcast.
Laura Rotter: I hope you enjoyed my conversation with Jennifer Askwitz of Silverson's Realty. And I'd like to share some of my takeaways. When you're considering making a change, think about all the factors. that are impacting this decision. When Jennifer works with people who are considering a move, she encourages them to think about the reasons they're thinking about moving and to make sure they aren't temporary and to be sure to consult with others when making this decision to get some feedback.
Another takeaway is to define your goals. Jennifer described working with siblings. Or helping their parents sell the family home, or working with parents looking to help their children purchase their first home. She encourages them to sit down together, perhaps with a third party, such as a financial advisor, in order to agree on what they are trying to achieve before calling in a real estate professional.
And finally, when looking to buy a home. Don't be turned off by what may seem to be high mortgage rates. Jennifer and I both remember when mortgage rates were higher than what they are now. And the great thing about the way mortgages are structured is that there are no prepayment penalties. In other words, if mortgage rates come down in the future, you can repay your mortgage by refinancing with a new mortgage at a lower rate. And there is no cost or penalty for repaying your mortgage?
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Thanks for listening to Making Change with Your Money. Certified financial planner, Laura Rotter specializes in helping people just like you, organize, clarify, and invest their money in order to support a life of purpose and meaning. Go to www. trueabundanceadvisors. com forward slash workbook. For a free resource to help you on your journey.
Disclaimer, please remember that the information shared by this podcast does not constitute accounting, legal, tax, investment, or financial advice. It's for information purposes only. You should seek appropriate professional advice for your specific information.