STATEN ISLAND, N.Y. —  The Staten Island Board of Realtors (SIBOR) opposes any efforts to increase the costs of purchasing real estate.
According to Bankrate.com’s recently released 2012 survey of closing costs in the largest city of each state, New York State is home to the highest closing costs in the nation for the third year in a row. The New York State Association of REALTORS (NYSAR), however, has fought and will continue to fight against legislation that would make purchasing a home even harder.

Based on a $200,000 mortgage, closing costs are higher in New York City than any of the other state’s largest city. At $5,435, New York’s average total closing costs significantly outweighs the national average of $3,754.

“Our state’s highest-in-the nation closing costs are a major barrier to homeownership, especially for first-time buyers trying to scrape together enough cash for a down payment and closing costs” said New York State Association of REALTORS Director of Government Affairs Michael Kelly. “REALTORS far too often see homebuyers forced to postpone achieving their dream of homeownership because they simply cannot afford the taxes and fees at the closing table.”

Like SIBOR, NYSAR opposes any efforts to increase the costs of purchasing real estate. In 2012, NYSAR successfully defeated legislation that would have doubled the “additional” mortgage recording tax in every county in New York State that is not part of the Metropolitan Commuter Transportation District. NYSAR also defeated a bill that would have streamlined the process by which real estate transfer taxes could be imposed across New York State.

Bankrate requested good faith estimates for a $200,000 mortgage loan from up to 10 lenders in each state, plus Washington, D.C. The hypothetical loan was for a purchase of a single-family house in the state’s largest city, using a 20-percent down payment, with excellent credit.

For more information on NYSAR’s legislative priorities, click here.

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.

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