How renting became the new homeownership – The Washington Post

“This shift, underway since the housing bust, is flipping conventional images of what it means to rent: Renters are now living, by the millions, in single-family homes that were once owned.” via How renting became the new homeownership – The … Continue reading

State of the Market for First Quarter of 2015

Here are Staten Island real estate market statistics as of March, 2015 which marks the end of the first quarter for 2015. 

Year to date pending sales are up 24.5% from 2014 and closed sales are up 16.7%.

At the same time the inventory of homes for sale has decreased by 22.5% and the months of supply of inventory has gone from 8.6 months to 6.3 months of supply. 

The median sales price is up 1.3% while the average sales price is actually down 0.4% indicating that the entry level priced homes are gaining while the prices of homes on the higher end are actually slipping.

With mortgage interest rates remaining low we are in a healthy real estate market at this time.
Source: SIBOR May 11, 2015

Despite fewer millennials in the marketplace, Staten Island home sales are up | SILive.com

STATEN ISLAND, N.Y. — While housing sales are reportedly down 7 percent nationally due to fewer millennials having the ability to buy homes, local Realtors say Staten Island’s real estate marketplace is up at least 3 percent over last year.

Read more>>>>Despite fewer millennials in the marketplace, Staten Island home sales are up | SILive.com.

John Martelotti – Staten Island Real Estate Sales & Rentals in Staten island, NY

John Martelotti – Staten Island Real Estate Sales & Rentals in Staten island, NY.

Staten Island Real Estate Update for May 9, 2014

Welcome! Feel free to browse and have a look around. I have condensed multiple sources of news and data into one compact resource for you.

Read it here>>> Staten Island Real Estate Update.

There’s more to a Staten Island home purchase offer than the stated price.

While the stated purchase price of a home in Staten Island, NY is the starting point in an offer to purchase, other details of the offer determine the true costs to the buyer and the true proceeds to the seller. These details, along with the price, become points of negotiation.

The most obvious, common, and costly detail is the request for the seller to pay the buyer’s closing costs. Depending upon the loan program, this could equal as much as 9% of the purchase price. On a home valued at $300,000, paying buyer’s closing costs would mean a $27,000 reduction in proceeds for the seller – and a $27,000 savings for the buyer. Then there are the inspections and the repair allowances. Buyers usually pay for the inspections, but they can ask the seller to pay these costs. Every purchase offer should include a set figure that the seller agrees to spend on repairs, if required. This figure must be deducted when the seller is looking at net proceeds. And then, if more expensive repairs are needed buyers and sellers must either return to negotiations or let the transaction die. But those aren’t the only factors that can affect the buyers’ or the sellers’ finances. Timing can also play a role. If the buyer is leaving another home or the seller is buying a new home, the closing/possession date can save or cost them dollars. Think of the cost of putting your household furnishings into storage and renting temporary shelter in the interim between closing on one home and moving into another. Next, look at what’s included in the purchase price. Kitchen and/or laundry appliances may already be included per the listing. If not, the buyers can ask for them. Inclusion saves the buyers money, while it may cost the sellers to replace them in their new home. So even though these items are not given monetary value on the purchase offer, they do have value that both parties need to consider. The same is true for items like a riding lawn mower. The seller may not need one in their next home, but leaving it behind does add value for the buyer. Whether you’re buying or selling a home here in city, before you focus on the stated purchase price, look at the true price. You’ll see it after you make the additions and subtractions. If you have questions about these costs and how they affect your bottom line, call me at 917-202-8309 or drop me a note at John@JohnMartelotti.com. I’ll be happy to speak with you. And when you’re ready to buy or sell a home, it would be my pleasure to guide you through a smooth transaction.

John E Martelotti                ><((((*>Licensed Real Estate Salesperson
Robert DeFalco Realty                                   (o) 718-987-7900 x 220 ~ (c) 917-202-8309 ~ (e) John@JohnMartelotti.com

 

*Search the MLS just like a REALTOR! Visit My Website to set up your own property search.

 

 

Staten Island Housing Market Activity for October

Monthly Indicators

+34.9% +1.3% – 30.7%
One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Inventory
 

Click links below for detailed housing information on the different geographic areas of Staten Island:

East Shore – Includes data from Arrochar, Grasmere, Old Town, South Beach, Dongan Hills,  Dongan Hills below Hylan, Grant City and Midland Beach

Gateway – Includes data from New Dorp, Oakwood, Oakwood Beach, Oakwood Heights, Bay Terrace, Great Kills and Eltingville

Greater St. George –  Includes data from Ft. Wadsworth, Concord, Shore Acres, Rosebank, Clifton, Stapleton, Thomkinsville, St. George, Ward Hill, Park Hill and Grymes Hill

Heartland – Includes data from Willowbrook, Manor Heights, Bulls Head, New Springville, Heartland Village, Travis and Latourette North Shore – Includes data from New Brighton, Snug Harbor, Livingston, Randall Manor, West Brighton, Port Richmond, Mariners Harbor, Graniteville, Arlington, Bloomfield and Elm Park

South Shore – Includes data from Annandale, South East Annandale, Arden Heights, Rossville, Woodrow, Huguenot, Princess Bay, Pleasant Plains, Charleston, Richmond Valley and Tottenville The Hills – Includes data from Emerson Hill, Todt Hill, Lower Todt Hill, Light House Hill, Richmondtown, High Rock, Dongan Hills Colony and Emerson Hill The Lakes – Includes data from Westerleigh, Sunset Hill, Sunnyside, Royal Oak, Silver Lake, Clove Lakes and Castleton Corners