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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…

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…

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.…

There simply aren’t enough houses to go around! Inventory shortages have once again pushed home prices to a record high.

For the first time, the average home sale price in Staten Island cracked $700,000. The average property now sells for $707,376, an amazing $45,251 increase in just one month! In Monmouth and Ocean Counties, the average home fetched $540,740. Although this was up 14% from last year’s $474,411, prices in New Jersey appear to have stabilized over the past few months.

The inventory squeeze has created high buyer competition in both markets. In Staten Island, just 1,228 listings are available for the entire county. By contrast, 1,763 homes were listed at the same time last year. This hot seller’s market offers 30% less inventory…

Prices came back up again this past month in Staten Island. Despite a small slip in early fall, the average home in Richmond County now sells for $666,041. For the past six months now, home prices have stabilized around the $660,000 mark.

On the other hand, our new ventures into New Jersey have opened up an entirely different market. By contrast, the New York City market has been on a steady climb in recent years. Home prices on the Jersey Shore have been more volatile. Here, buyer activity is off the charts (literally).

In Monmouth and Ocean Counties, real estate now sells for above 100% of its asking price. Even in the hottest months, Staten Island homes have always sold at a slight discount from list price for as long as we have been…

Check out this newly listed property that just hit the market- introducing 22 Margaret Street! This fully updated home with all modern luxuries is located in Old Bridge, New Jersey. On a generous lot, it boasts an open floor plan, in-ground pool, and gorgeous renovations. 

This three bedroom, two bath home is now on the market and ready for a buyer!

A quaint river-rock finish greets you from the front of the home with a matching light pole and green lawn. Up the winding path, four beautiful stone steps lead up to the front door.

Inside, a breezy living-dining room area welcomes you first with a tall window and wood burning fireplace in white crown molding and stone. This area features oak wood flooring and a split level…

JUST REDUCED to $409,900!

This charming home is located in Pine beach. Just a few blocks to the beach or swim in your own backyard that has a 4 year old inground pool. Living room features a fireplace that's vented and heats the home, nice size dining room hardwood floors, EIK with a door leading to the yard and 2 nice size bedrooms. Large finished basement has a family room, additional bedroom, the furnace, h/w heater & central air. All are 4 years old along with a new roof.

For more information contact: Geralyn Liverani 347-672-2456 or Susan Frazier 347-992-1999

Open house this weekend Sunday 12-2 pm

 at

912 Prospect Avenue Toms River, NJ 08741

This charming home is located in Pine Beach. You can either go to the beach or swim in your own backyard that has an in ground pool. Inside, there is a living room, dining room and EIK with a door leading to the yard and 2 nice size bedrooms. There is a large basement that has 3 rooms. Laundry room, family room, bedroom. The furance, h/w heater & central air are all 4 years old along with a newer roof. No Superstorm Sandy damage!