The start of the new year is a time when many people reflect on their goals and pledge personal resolutions.
Whether optimistic about or hoping for changes in 2018, switching over the calendar also allows an opportunity to reassess one’s housing situation.
This time of year, potential Staten Island home buyers and sellers are reflecting on last year’s market data – and examining the outlook for the months ahead; this is a means for preparing themselves for entering the housing market and buying or selling a home.
Nationwide home sales and prices both increased in 2017. In 2018, existing-home sales are projected to be unchanged from 2017, at about 5.5 million sales, after rising the past three years, and the median home price will edge up only about 2 percent.
One of the biggest challenges in 2018 will continue to be the low levels of homes available for sale.
GOOD TIME TO BUY OR SELL
The “Housing Opportunities and Market Experience (HOME) Survey” from the National Association of Realtors® tracks topical real estate trends and renters and homeowners’ views and aspirations regarding homeownership.
Released in December, the quarterly survey showed that at the end of 2017 a smaller share of homeowners believed that now is a good time to buy or sell a home, even with strong job creation and faster economic growth in the last months of 2017.
“Since rising to 62 percent in the third quarter of last year, optimism that now is a good time to buy slipped to 60 percent, from 57 percent a year ago,” said Michael Blasi, president of the Staten Island Board of Realtors® (SIBOR).
The report also found that 76 percent of homeowners think now is a good time to list their home for sale, which is down from last quarter (80 percent) but up from a year ago (67 percent).
This data should help potential buyers and sellers better understand the market environment and know what to expect in 2018.
“The takeaways from this survey should help buyers and sellers who are heading into the market,” Blasi said. “Locally, working with a SIBOR Realtor can help consumers apply the lessons learned from the past year and expectations for the year ahead, so they can achieve their home buying and selling goals.”
About the Staten Island Board of REALTORS® (SIBOR)
Established in 1915, the Staten Island Board of REALTORS® (SIBOR) is the largest professional and trade association in Staten Island, N.Y.
SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically, and promote the preservation of the public’s right to own, transfer and use real property.
Comprised of more than 1,900 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.
SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 5,000 real estate transactions every year.
All SIBOR Realtors belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).