Home Values

Found 35 blog entries about Home Values.

"The real estate market is changing."

It's a phrase we have been uttering for many months now, drawing in leading indicators to do so. But what does that mean for a seller? A homeowner who is unsure what to do when the wisdom learned over the past few years are suddenly invalid because everything is in a state of flux?

That's the topic of our latest live video discussion with PR Director Hannah Jay and RealEstateSINY.com Broker/Co-Owner Anthony Licciardello. This talk is designed for either someone getting ready to sell in a changing market, or somebody who has already struggled to generate interest in their home because the market is changing too fast to keep up.

We get into some of the reasons the market could be changing- largely,

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On the whole, US homeowners still routinely prefer detached homes. 82%, in fact, according to the US Census Bureau in 2015. Just 5.5% of US homeowners live in townhomes. But this is another story in metropolitan areas like New York.

Semi-attached homes, which refer to a dwelling that shares a common wall with another, are extremely popular in Staten Island and the outer New York City boroughs in general. This type of home, ideal for small urban and suburban land plots, has a rich and varied history of helping to meet housing demand in densely populated areas throughout the world.

 

A Brief History of Semi-Attached Homes

To accommodate growing populations and save on construction costs, semi-attached homes popped up all over Staten Island post

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Welcome to 2019! It's hard to believe we just finished off another year. Our year covering real estate and local events in Staten Island has taught us a few things, and we cover the past month and year in January's market discussion here via Facebook Live!

Now that we have December's numbers in, a clear price drop of about $10,000 was observed since the previous month of November's average. Current data for December puts the average sale price at $588,613. Up in the air was the question of whether or not average home sale prices on Staten Island WOULD top $600k by the end of 2018. Ironically, the adjusted average for November (numbers always fluctuate a little after the initial stats release) ended up being $599,999- the irony is real.

In

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This real estate market seems to get stranger and stranger. With prices reaching an all-time high yet again, sales are down and inventory is up. Days on the market are also up. This appears to contradict supply and demand- if homes are selling more slowly and inventory is fairly high, why then is the average price going up?

November's average home sale price came in at $597,426. This makes it very likely that sold prices will reach (or top) an average of $600,000 by the end of 2018.

Inventory is a different story though. It has remained basically unchanged for seven months in a row now at roughly 2,000 homes on the market. And sales are also down about 5% since last year. Just 360 homes sold on Staten Island last month. So why the high prices?

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We're back on the horse for our monthly real estate market discussion for Staten Island! This month was an odd one. Inventory was up but prices were also back to record highs. Normally the supply/demand curve should push prices down when supply is up, so what gives?

To lay things out: the average sale price in October was $582,619, on par with the record high price of $583,210 from June 2018. Yet inventory has plateued for six months straight around the 2,000 mark. Fewer homes are also selling each month compared with new listings, and sales are way down from last year. New and active listings are up even higher.

It's difficult to make sense of these numbers. But we have to keep in mind that the sample size (377 homes sold) is small- and

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Now the most recent home sales data for Staten Island is in! It is clear that while real estate prices are still very high, market activity is slowing down.

July's average home sale price was $586,155. While this is almost neck in neck with June's average sale price, the price is a trailing indicator since it takes 90 days to close on a typical home sale. The more important figure to look at is the active listings. With active listings at a 2 year high, this means homes are getting harder to sell.

There are certain aspects of the market slowdown that are harder to measure such as expired listings and price reductions. Anecdotally, our realtors have been noticing more price reductions on their listings and less interest in showings, resulting in

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Staten Island's real estate market is not slowing down. Prices hit an all-time high again in June. But are the fundamentals really there?

Based on the data we just received for the month of June, things are not robust in the seller's favor like they were last year. Active listings have slowly crept up, now at a two year high of 1,931. But closed sales lag behind last year, at just 383 homes closed on last month.

The average home sale price in June was $586,941. This is the highest we have ever experienced in the Staten Island market! And also about $20,000 higher than last month. However, prices are actually a trailing indicator. Because it takes around 3 months to close a home sale, this is more indicative of where the market was in March.

The

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Back in 2007 the United States faced a housing crisis. There was a surplus of homes on the market combined with a depressed economy, resulting in activity falling drastically among the real estate market.

We may or may not have learned from our mistakes then, but our political climate in the US is different now. In this video broadcast via Facebook Live, Anthony Licciardello and Hannah Jay discuss the main three reasons that we believe the next housing downturn could happen.

In this discussion, we touch on themes ranging from banking institutions to housing affordability. Here in Staten Island, home affordability has especially become a big problem for new home buyers. This could be an issue for anyone who owns real estate and is looking to

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The coveted Staten Island two family home is a hot commodity, though 50 Beacon Place is especially unique. With 5 bedrooms and 3 bathrooms, this oversized property provides a 2 bedroom rental unit and 3 bedroom main unit. Located on a large corner lot in bustling New Dorp Beach, you're surrounded with tons of community fun and public transportation options.

With a red brick facing on the bottom half and white cedar shake on top, the aesthetic is quaint and charming. In addition to a one-car garage, this home also provides parking for up to 4 cars in the driveway and partially paved side yard. A big front yard is inviting and well-manicured.

Once inside, the entry foyer opens to a large tiled living room with brick fireplace. To the right is

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Gallup's Honest/Ethics in Professions rated real estate agents in the bottom tier of trustworthiness. Of roughly 1,000 respondents polled, only 20% rated real estate agents as honest/very honest.

Considering they have the keys to your place, this low trust factor is a big problem! Where does this low trust factor come from, and what can we do to dispel it? In this weekly live video streamed from Facebook, Anthony Licciardello is interviewed by correspondent Hannah Jay on what we are doing to establish trust with clients.

The main theme, according to the broker and co-owner of RealEstateSINY.com, is transparency. The cost associated with doing business can be quite steep for homeowners. "Is the agent actually worth what I'm paying them?" is a

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