Weekly Update at RealEstateSINY.com

Welcome to our weekly update page. You will find a summary of significant updates and news concerning our lisitngs, including price changes, website developments and significant news for the week.

Found 67 blog entries about Weekly Update at RealEstateSINY.com.

This week we sat down and went through the ins and outs of buying a home for the first time. It's a scary and nervous time for many, but also an exciting one. Finally, a place to call your very own! So, how do you get there?

Using his more than 10 years experience selling real estate in the Staten Island area, broker and co-owner Anthony Licciardello goes into some horror stories from the vault and gives some warning signs you should see as red flags right away!

We talk about mortgage programs around the US that are designed to help you afford your first home, though we mostly focus on the Staten Island and New York City markets.

Also discussed is the current state of the market and whether it is favorable to buyers or sellers. We talk

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So much has happened over the last ten years in real estate! Between a recession that was in full force circa 2009, through the recovery, and into a rapidly accelerating market followed by a slowdown... we've pretty much seen it all.

So for our latest live video discussion, we decided to sit down and talk about the past decade and what lessons we have learned selling real estate in an ever-changing market. Broker and co-owner of RealEstateSINY.com Anthony Licciardello is interviewed to tell the story. He has been selling real estate since 2007, the onset of The Great Recession.

We talk about how home values fell during the recession, though not as much as you may think. The NY Metro area fared better than most of the country since New York is

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Now that February's full stats are in, we were able to sit down and break them down for Staten Islanders in our latest Facebook live stream. This month had a few smoking guns!

Several of our market indicators were the slowest economic markers we have seen in 2-3 years. To start, home sales fell to an astounding 259. That's just 259 homes sold in the entire borough of Staten Island for the whole month! Comparing that to last February when 320 homes sold, this represents a 19% drop.

Cumulative days on the market is also at a two-year high. Homes take an average of 102 days to sell at this time. Last year, CDOM was 16 points lower at 86 days. So fewer and fewer homes are selling, plus they are selling more and more slowly.

SO... the fact

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We're back after our month hiatus!! Since Anthony's health has improved enough to return to work, we're making up for lost time with January's market report rundown before returning shortly to cover the market's performance in February.

January 2019 saw a huge drop in sales over the prior year, falling to just 307 homes sold. Though the price increased a few thousand since the prior month, it is up just $10,000 over the prior year. This shows that homes are holding their value and not falling in price necessarily, but not rising like they were in prior years. The last January year-over-year comparison saw a striking $60,000 increase in average sale price.

With sales down so much and inventory also back up at 1,868, all indicators but

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Are you somewhat mystified by looking at a CMA, aka Comparable Market Analysis? Since this packet can be lengthy and contain lots of information (and can be a bit tedious) we wanted to sit down and go over it with our viewers.

So what is a CMA? Essentially, it is a list of properties comparable to yours- we usually call these "comps." Comps should be located in the same neighborhood and share many of the same traits- square footage, number of bedrooms, garage or basement, and property condition to name a few. Comps should also be sold fairly recently since the real estate market is always changing. Your own home's price today is probably not the same as it was 4 years ago, so you should not be looking at comps that old in a CMA.

When a

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The New Year is here- welcome to 2019!

Our latest RealEstateSINY.com Facebook live video tackled the topic of real estate market changes we anticipate in the coming years, some of which we will be hopefully seeing soon.

We talk about the limitations faced by national value platforms, and some ways we expect the web to change in order to better suit sellers.

Expanding on current drone technology, we discuss the potential advancements in this field too. Could we potentially be seeing advancements in movement sensors that allow a buyer to virtually tour a property via video drone? This type of drone would be able to navigate physical obstacles and allow a buyer to move through the home and see every nook and cranny through an attached

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"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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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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What are your shopping habits for the holidays? Do you shop mostly online, or do you still love the traditional experience of shopping in person? In our latest Facebook live video, PR Director Hannah Jay and Broker/Co-Owner Anthony Licciardello get into large-scale developments happening right now in Staten Island's retail sector.

First, the elephant in the room is the Empire Outlets. Just this development alone is slated to house 1.1 million square feet of retail- including a 33,000 square foot H&M and 30,000 square foot Nordstrom Rack!

Also on the horizon are a total of 4 new movie theatres, including an IMAX and dine-in cinema and brewery. Currently, we have just two movie theatres. While two might be too few, is 6 more than we need?

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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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