Author: barthorowitz

This is a Great Time for Home Sellers, Reports Indicate

Heading into the spring buying market, there are strong trends starting to emerge. The inventory of homes for sale has increased nationally on a year-over-year basis for eight months in a row. Home price appreciation has continued to grow, although at a slower rate. The homeownership rate has reached heights last seen in 2014, with millennials and Generation X leading the way! Let’s dive a little deeper into some of the recent reports that have been released and what they mean for the spring buying season! 1. National Association of Realtor’s Existing Home Sales Report Sales of existing homes were...

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Consumer-Targeted Businesses and Real Estate-Related Enterprises Securing Their Vending Locations for March 14 SIBOR Realtor Day Trade Show

Rapidly expanding vendor list growing daily … STATEN ISAND, N.Y. – With the  Staten Island Board of Realtors® (SIBOR) Realtor Day trade show fast-approaching, vendors have begun ensuring their places at the daylong March 14 event. Book your vending table today, and you can take part in an iconic Staten Island business event that annually features more than 100 national and local exhibitors, and draws hundreds of Realtors, as well as other professionals and consumers. Thus far, an array of businesses will be featured at the expo, including a mix of real estate industry enterprises and consumer-oriented business, such...

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Housing Market Set to ‘Spring Forward’

Just like our clocks this weekend (Sunday, March 10), in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market. Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right. Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas of the country impacted by arctic conditions. That hasn’t happened this year. Demand for housing has remained strong as mortgage rates have remained near historic...

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Interest Rates Hit New 12 Month Low

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018! Last week’s survey results reported an interest rate of 4.35 percent. This is a welcome change from the near 5 percent rates seen in mid-November. At 4.32 percent, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below. Freddie Mac’s Chief Economist, Sam Khater, had this to say: “Mortgage rates fell for the third consecutive week, continuing the...

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Grow Your Family’s Net Worth Through Homeownership

Every three years, the Federal Reserve conducts their Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016. The study revealed that the median net worth of a homeowner is $231,400 – a 15 percent increase since 2013. At the same time, the median net worth of renters decreased by 5 percent ($5,200 today compared to $5,500 in 2013). These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter. Owning a home is a great way to build family wealth. As we’ve said...

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