Author: barthorowitz

Why Would You Sell Your Staten Island House?

There are many reasons why a Staten Island homeowner decides to sell their house and move, at times to another Island home. The latest Generational Trends Report from the National Association of Realtors asked recent home sellers nationwide to share their reason for moving. The younger the respondents, the more likely their top response centered around needing a larger home (ages 29 to 53). Relocating for a job was the top reason for those ages 54 to 63 and the second most popular response for those under 53. The chart below shows the breakdown for these two reasons. For homeowners over...

Read More

How Long Would it Take You to Save for a Down Payment on a Home?

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state. Using data from HUD, Census and Apartment List, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense. By determining the...

Read More

Seniors Born After 1931 Are Staying in Their Homes Longer Than Previous Generations

There has been a great amount written on millennials and their impact on the housing market. However, the headlines often contradict each other. Some claim this generation is becoming the largest share of first-time home buyers, while others claim millennials don’t want to own a home, blaming them for the dip in homeownership rate. While it is true that millennials have achieved milestones like getting married, having kids, and buying homes later in life than their parents and grandparents did, they are not solely to blame for today’s housing market trends. Freddie Mac’s Insight Report explored the impact of the Silent...

Read More

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

Categories