Author: barthorowitz

Competition is Hot Among Home Buyers

According to the latest FreddieMac Quarterly Forecast, mortgage interest rates have fallen to historically low levels this spring and they’re projected to remain low. This means there’s a huge incentive for buyers who are ready to purchase. And homeowners looking for eager buyers can take advantage of this opportune time to sell as well. There’s a very positive outlook on interest rates going forward, as the projections from the FreddieMac report indicate continued lows into 2021: “Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.” With mortgage rates hovering...

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Island Realtors Donate $3,335 Raffle Proceeds to RUMC for PPE

FOR IMMEDIATE RELEASE: FRIDAY, JUNE 19, 2020 Island Realtors Donate $3,335 Raffle Proceeds to RUMC for Personal Protective Equipment Daniel J. Messina, president and CEO of Richmond University Medical Center, left, and Laura Gajda, RUMC vice-president of Development, far right, receive a Young Professionals Network/Staten Island Board of Realtors® donation from YPN Chairman Maurice Molcho, a SIBOR director, and YPN Committee member SallyAnne Malfi, a director of the Staten Island Multiple Listing Service. (Photo: Courtesy of SIBOR and RUMC) STATEN ISLAND, N.Y. — Representatives of the Young Professionals Network (YPN) of the Staten Island Board of Realtors®  (SIBOR) recently...

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Staten Island Real Estate Pros Await Phase-2 Return of In-Person Showings

FOR IMMEDIATE RELEASE: THURSDAY, JUNE 18, 2020 Staten Island Real Estate Pros Await Phase-2 Return of In-Person Showings Despite pending changes, virtual walkthroughs will continue to be encouraged STATEN ISLAND, N..Y. – In the wake of New York City’s foray June 8 into the Phase-1 reopening, Staten Island’s real estate professionals eagerly await the arrival of Phase 2, which will signal the return of a former fixture in the home-selling process: The live, in-person showing. During the peak of the COVID-19 crisis, the housing industry was among the hardest-hit commercial sectors in the United States, impacting Realtors like those on Staten Island. Despite New York state’s real estate brokerages being deemed from the onset as an essential business under Gov. Andrew M. Cuomo’s Covid-19 mandate, real estate brokers and their associated licensees were forbidden to have any in-person encounters with members of the public as part of their Realtor-related activities.  The sudden push toward social distancing and remote work prompted Island Realtors, as well as affiliated professionals with ties to the housing industry, to adjust their procedures and turn to digital technologies. Working virtually to fulfill the needs of home sellers and buyers, live walkthroughs were replaced with virtual showings. It was a major change for consumers and Realtors and a disruption to the transaction process, but industry experts believe these technologies will be critical to the real estate industry...

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Experts Believe Economic Recovery Already Has Begun

The Wall Street Journal just released their latest monthly Survey of Economists. In an article on the findings, they reported: “The U.S. economy will be in recovery by the third quarter of this year, economists said in a survey that also concluded the labor market will fare better than previously expected following the effects of the coronavirus pandemic.” Clearly, the latest jobs report from the U.S. Bureau of Labor Statistics confirmed the labor market is outperforming expectations, as it revealed that 2.5 million jobs were added. Directly before the release, experts forecasted that we would lose over 8 million jobs. A second revelation indicating the economy is already about...

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3 Key Factors are Motivating Home Buyers

A recent survey by Lending Tree tapped into behaviors of over 1,000 prospective buyers. The results indicated 53% of all home buyers are more likely to buy a home in the next year, even amid the current health crisis. The survey further revealed why, naming several reasons buyers are more likely to move this year (see graph below): Let’s break down why these are a few of the key factors motivating buyers to actively engage in the home search process, and the corresponding wins for sellers as well. 1. Low Mortgage Rates The biggest reason potential homebuyers indicated they’re eager to purchase this year is due...

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