New-Home Sales Climb to 7-Year High

New-Home Sales Climb to 7-Year High

New-home sales surged to the highest rate since February 2008, as the new-construction market continues to gain ground this year. Sales of newly built single-family homes increased 2.2 percent, reaching a seasonally adjusted annual rate of 546,000 units in May, according to a report from the Commerce Department.

“Our builders are seeing motivated buyers and the release of pent-up housing demand,” says Tom Woods, chairman of the National Association of Home Builders. “However, builders are facing supply-chain challenges, which is affecting the inventory of new homes.”

Sales are nearly 20 percent higher than the pace in May 2014. New-home inventories remain tight at 206,000, a 4.5-month supply at the current sales pace. That’s pushed the average sales price of a new home sold in May to $337,000.

“This month’s new-home sales report is consistent with other government data and rising builder confidence that indicate a continual recovery of the housing market,” says David Crowe, NAHB’s chief economist.

Regionally, new-home sales were mixed in May. They rose 87.5 percent month-over-month in the Northeast and had a 13.1 percent boost in the West. However, new-home sales dropped 5.7 percent in the Midwest and 4.3 percent in the South.

Source: National Association of Home Builders and “New Home Sales Up 2.2% in May,” Forbes.com (June 23, 2015)

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

Pushing Staten Islands North Shore as a tourist destination | SILive.com

CITY HALL — A red double-decker sightseeing bus barreled through Tompkinsville, Stapleton and Rosebank to the sounds of Frank Sinatra’s “New York, New York” as a tour guide cracked jokes.

“We’re not in Manhattan anymore,” Gray Line guide Deborah Blau said during a bus tour of the North Shore this week. Her voice dropped slightly as she added, “We’re in a very different place.”

Continue reading here >> Pushing Staten Islands North Shore as a tourist destination | SILive.com.

Mortgage News Daily for August 22, 2014

Mortgage rates moved lower for a second straight day following a much-anticipated speech from Federal Reserve Chair Yellen in Jackson Hole.

Read more here>>> Mortgage News Daily – Mortgage And Real Estate News.

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.

Curb Appeal – Does your home look its best from the outside?

After a long winter, yards can look bedraggled, but if your house is for sale, you can’t let it stay that way. Before the first buyer arrives, you need to create a “Wow” impression from your curb all the way to your front door.

It really is important.

That first view of a home sets the expectation and the tone for the entire viewing. It will make the difference in what they see when they walk inside.

As humans we tend to see what we expect to see. A first impression sets up that expectation, and our minds will subconsciously seek to find evidence that our expectation is correct.

A neglected or run-down exterior tells buyers that the entire house has not been well-maintained, while an inviting exterior tells buyers that what they see inside will be equally inviting.

And generally, that’s what those buyers will see. They’ll subconsciously seek evidence that their expectation is correct, and may even overlook subtle signs that they might be incorrect. That is, if they even get inside to have a look. I’ve been on showings when the buyers refused to get out of the car because they didn’t like the looks of the exterior. They knew that what they saw inside would be a waste of time.

And that’s a shame, because sometimes the interior and exterior don’t match.

While all sellers should definitely make an effort to create a “wow” impression with curb appeal, some simply cannot.

It may be that the homeowners are ill or elderly and have assistance with interior maintenance, but not with exterior maintenance.

It may be that they don’t have the physical or financial capability to keep the lawn neat, shrubs trimmed, fences straight, and trim freshly painted – but they have been able to keep up inside.

So – if you’re a seller, do all in your power to make that first impression set an expectation for good things to come.

And if you’re seeking a home here in (city), try to keep an open mind.

Work to over-ride your mind’s expectations and really look at what you see inside – regardless of what you’ve seen outside.

When you’re ready to buy or sell, call me. If you’re a seller, I’ll help you decide what needs to be done to give your home the greatest appeal to the largest number of buyers. If you’re a buyer, I’ll help you “see through” the insignificant to see the possibilities of the home within.

John Martelotti – (917)202-8309

Licensed Real Estate Salesperson @ Robert DeFalco Realty

John@JohnMartelotti.com 

http://www.JohnMartelotti.com

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.