The following blog from Keeping Current Matters was intended for members of the real estate industry, but the Staten Island Board of Realtors (SIBOR) believes it could benefit home sellers and buyers, as well:

One could get dizzy looking at the daily headlines pertaining to home prices. One report says prices are heading up and the next day, another says they are still falling.

Here are two recent examples:

National Association of Realtors Chief Economist Lawrence Yun addressed the issue at the National Association of Real Estate Editors conference in Denver:

“This time next year, there could be a 10% price appreciation. I would not be surprised to see that.”

At the same time, Gary Schilling, president of A. Gary Shilling & Co., has been very outspoken about his belief that prices will continue to fall:

“Excess inventories are the mortal enemy of prices…I’m looking for another 20% decline and that is what it would take to bring them back to the long-term averages.”

The vast difference in what two experts believe causes confusion for both buyers and sellers. This uncertainty can create doubt as to whether or not they should act now. It is the real estate professional’s job to create clarity when it comes to future home prices. But how?

You must take into consideration three things in order to help determine where prices are headed:

  1. The months’ supply of visible inventory (homes currently on the market
  2. The months’ supply of shadow inventory (distressed properties about to enter the market)
  3. What the majority of housing experts project for home prices going forward

With that information in hand, you can have an intelligent conversation about price with your buyers and sellers.

— Reposted with permission of Keeping Current Matters

About The Staten Island Board of REALTORS® (SIBOR)

The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit 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 to promote the preservation of the public’s right to own, transfer and use real property.

Comprised of over 1,600 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 3,000 real estate transactions every year.

All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

SIBOR may be reached at 718-928-3220 and viewed online at http://siborrealtors.com. SIBOR may also be visited on Facebook at “Staten Island Living,” on Twitter via @SIBOR, and on YouTube at the Staten Island Board of Realtors and RelevantPR channels.

Media Inquiries:

Relevant Public Relations, LLC

Headquarters: 718‑682‑1509

Mobile: 917‑715‑8761

Email: [email protected]