All Blog Entries by Hannah Jay

Found 4 blog entries published by Hannah Jay.

 



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…

252 Views, 0 Comments


 


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…

310 Views, 0 Comments

 

 

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…

354 Views, 0 Comments

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…

404 Views, 0 Comments