Prodigy Real Estate - SI NY Real Estate Blog

There are a number of variables that can affect the closing expenses, including the purchase price, the location of the property, and the type of financing. The following are some typical closing expenses you can face:

1. Legal costs for selling a home in New York: often between $1,500 and $2,000.
2. Transfer taxes: In New York City, the transfer tax is 0.4% for homes under $500,000 and 1% for homes over $500,000. The transfer tax varies from county to county outside of New York City.
3. Title check and insurance: Usually costs between $500 and $1,500.
4. The cost of the real estate broker commission could be reduced if you decide not to use a real estate agent.

When purchasing a home in New Jersey, there are a few costs to consider.

1. Mortgage…

When compared to only images, property videos may be a very powerful tool in real estate marketing. The following engagement statistics back up this statement:

1. Greater Engagement: Research shows that videos get 1200% more social media shares than text and photos combined. More effectively than just images, property films may draw in prospective buyers and increase engagement.

 2. More views: A National Association of Realtors (NAR) survey discovered that listings with videos attract 403% more enquiries than those without. This means that a property listing with a video will likely receive more attention from potential buyers than one with only images.

 3. Prolonged Visit: According to the same NAR survey, users stay on websites with video…

ProdigyRE’s Monthly topic on Real Estate statistics. The Monthly Stats FULL LIVE is now available on Facebook 

Many buyers are hoping for a fall in prices while mortgage rates rise, but they might be disappointed.

While sales are down across the country, newly listed properties are down quite a bit as well. Housing starts have lagged behind, reaching a year and a half low. And with interest rates still on the rise, builders are not likely to become energized anytime soon.

The average 30-year mortgage rate is now up to 7%. According to Yahoo Finance, the average mortgage premium is $965 higher than it was one year ago on a median-priced home. Mortgage applications are down 41% since last year, and refinance applications have plummeted 85% from a year ago. But with a shortage of available housing, even high mortgage rates probably will not slow the…

Summer's market comes to an end: Staten Island (Richmond County) and Jersey Shore (Ocean and Monmouth County) Market Report: October 2022

With mortgage rates now arching toward 7%, the feds have tampered demand for housing in the US. But each market tells a different story.

Staten Island home prices recovered somewhat from their historic decline between August and September. We witnessed the largest monthly price drop in history for Richmond County, with home prices falling over $55,000 during this short time period. But the average sale price came back up by about $18,000 to reach $707,820 in October. Not bad, especially when you consider the trend line is still moving up overall.

On the Jersey Shore, home prices have somewhat…

We all knew it couldn’t last, so here it is: US real estate’s wild sellers market is coming to an end.

That being said, your local market has a big impact on where home values are headed. An area with strong economic fundamentals (like New York) is likely to fare much better than an overvalued market (like Phoenix or Boise). The Jersey Shore market is a bit unique as it is connected to (and benefitting from) the NYC metro area.

In Staten Island, home prices dropped more than we have ever seen them drop in a single month- over $50,000. The average home now sells for $689,747. In July, Staten Island homes averaged $743,320. In New Jersey’s Monmouth and Ocean Counties, the price remained almost exactly the same, at just $581,000 for both…

Experts agree- this is a weird market which is nearly impossible to pin down or predict.

In tandem with government interest rates, mortgage rates have been the rise for some time. The 30 year fixed rate had once soared to around 6%, which is the unofficial tipping point into a buyer’s market. However, this past week it came down to 4.99% according to Freddie Mac. This is the first time borrowing rates have come below 5% since April.

And though we saw some apprehension when rates began to rise, real estate fundamentals have come back strong for the month of August. In fact, prices hit another record high in Staten Island! The average home in the borough sold for $743,800 in July! On the Jersey Shore, prices tend to swing more wildly. The average…

At nearly 6%, the 30-year fixed mortgage rate hit a 13 year high this month. Have buyers pulled back in our seller’s market?

Average Home Sale Prices

For the second time in history, home sale prices broke $700,000 in Staten Island last month. The average home now sells for $706,557. In New Jersey we see the same thing happening. For Monmouth and Ocean counties, prices came back to record levels at $551,061. Only in September of 2021 did average home prices eclipse that, coming in at $554,307.

Available Inventory

Inventory is also still struggling to keep up with demand. Active listings are down from last year in both markets. In New Jersey, active listings fell 26% from last year to 2,553 from 2021’s 3,439. Staten Island inventory…

Interest rates are now giving home buyers sticker shock. The market has dropped in Staten Island, as well as much of the United States. The Jersey Shore market continues to hold its own.

Mortgage rates around the country are now 5.37% according to CNBC Real Estate, the highest since 2009. Borrowing rates have risen faster than expected to, and are projected to rise further by year’s end.

Home prices fell in Staten Island by $26,775 to an average of $669,258. Active listings are also up by more than 100, from 1,279 in February to 1,381 in March. New listings came in at a healthy 654 new homes this month. This is on par with one year ago, when 659 new homes were listed in March. Sales are up from February’s 374 to 425 in March.…

All around the nation, mortgage rates have been rising for the first time since the start of the pandemic. Home prices have begun to stabilize after their breakneck climb.

Here in our local markets, Staten Island and The Jersey Shore, we do see some similarities between the two. But there are pronounced differences between buying and selling in these two areas.

Breakdown: Staten Island and New Jersey Real Estate, March 2022

Staten Island is the more stable market of these two. The Jersey Shore market is more volatile. Staten Island home prices remained about the same in February as they did in January. The average Staten Island home sold for $710,776 last month.

In Monmouth and Ocean Counties, prices came down quite a bit.…