BUY, SELL, RENT. WHAT SHOULD YOU DO?

BUY. SELL. RENT. Choices, choices, choices.

Let’s take a look at who has the wind at their back in this market.

Landlords/Investors After the recession homeowners who were forced to sell are still unable to get back into the housing market, either because of credit issues or because they are being priced out of the market by the competition. There is a shortage of inventory, and there are many cash buyers with deep pockets swooping in, especially in the single family housing market. Investors make up a large portion of these cash buyers, and they turning the homes into rental properties, taking advantage of the current shortage. Rental rates are rising and occupancy is high.

Sellers If ever there was a time to sell, this is it. With the shortage of inventory, if a home is well-priced, it is going to go into multiple offers and selling quickly, most probably over the asking price. However, the downside here is that if a seller is thinking of selling and buying another home in Los Angeles, then they will put themselves in the pool with all the other buyers competing for the same homes. A seller cannot make their offer contingent on the sale of their own property as it will not be accepted, so unless they don’t have to rely on the sale of their own property to buy then they should think carefully. However, don’t worry about buying at the top of market because you are also selling at the top of the market.

Buyers If you are sick of paying someone else’s mortgage and have decided that it makes more sense to buy than rent, just be strong and stick with the market. Keep making offers until yours is the successful one. Yes it could be near the top of the market right now, but real estate will always be a good investment, and whenever you buy you will look back and be glad you did. Your alternative is to remain in the ranks below.

Renters Sometimes it just does not make sense to buy. Your rent is so cheap. You love the area in which you live and would not be able to afford to buy there. You don’t have the down payment or your credit is not good. You are nervous about committing yourself to a mortgage. These are all valid reasons not to buy. But, the rental market is a fickle one. Right now rents are on the rise, vacancies are down , and competition is high, making buying a home look more and more attractive. Do the math and see what makes more sense long term.

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

Staten Island Real Estate Update for July 18th

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 more>> Staten Island Real Estate Update.

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.

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

MARKET ACTIVITY REPORT FOR STATEN ISLAND, NY 10305

C:\Users\rep\Documents\Market Activity Report – 10305.pdf

Housing Numbers from NAR’s Existing Home Sale Report

Housing Numbers from NAR’s Existing Home Sale Report