Author: barthorowitz

Renters Paying More; Cost of Homeownership Declines

In a recent Insights Blog, CoreLogic reported that rent prices have skyrocketed since 2005. Meanwhile, the typical mortgage payment has actually decreased. “CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005, while the typical mortgage payment was down 4% over that period.” Why the difference between the costs of renting versus owning? It makes sense that rents have risen. However, how did mortgage payments decrease? CoreLogicexplained: “It’s mainly because mortgage rates back in December 2005 were significantly higher, averaging 6.3% for a fixed-rate 30-year loan, compared with 4.6% in December 2018.The national median sale price in December 2005...

Read More

Selling Your Staten Island House? You’ll Need A Real Estate Pro In Your Corner!

With home prices on the rise and buyer demand still strong, some Staten Island sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional. Realtor members of the Staten Island Board of Realtors® (SIBOR) are trained and experienced in negotiation — while, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families. Here is a list of just some of the people with whom sellers must...

Read More

Buyer Demand Surging as Spring Market Begins

Last fall, some predicted that the 2019 residential real estate market would be a disaster. There was even belief we might experience a housing crash like the one that occurred during the last decade. However, according to two separate reports*, buyer demand dramatically increased over the last three months, leading into this spring buyers’ market (the March data is not yet available). Both the ShowingTime Showing Index and the National Association of REALTORS Buyer Traffic Index show that buyer demand has increased in each of the last three months. Why the increase in demand? Increased buying power. According to the National Association of Realtors’ Economists’...

Read More

Homeowners: Now Is A Good Time To Sell Your House

Every month, the National Association of Realtors (NAR) releases their Seller Traffic Index as a part of their Realtors Confidence Index. In the latest release, NAR reported that homeowners have been reluctant to sell their houses. This is reflected when broken down by state. Only 11 states have a stable level of seller traffic compared to the remainder of the country, which came in with a weak rating. As we can see in the following table, the number of people who moved last year is half of what the rate was in the 1980s. This does not come as a surprise, as tenure length (the...

Read More

3 Questions You Need To Ask Before Buying A Home

If you are debating purchasing a home on Staten Island right now, you are probably getting a lot of advice. Though your friends and family have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the local real estate market. Ask yourself the following three questions to help determine if now is a good time for you to buy in today’s market. 1. Why am I buying a home in the first place? This is truly the most important question to answer. Forget the finances for a minute....

Read More

Categories