Found 11 blog entries tagged as Real Estate.

What Is a Deficiency Judgment, and How Can You Avoid One?

You can follow these procedures to prevent a deficiency judgment on a short sale of a home.

1. Recognize the Deficiency Judgment: When the profits from a short sale are inadequate to pay the outstanding mortgage balance, a deficiency judgment results. The lender has the option to use legal action to try to recoup the unpaid balance. It is essential to understand the deficiency judgment legislation of your state because they can differ.

2. Speak with an Attorney: Ask a real estate lawyer with expertise in short sales for guidance. They can assist you understand your options and rights while guiding you through the process. As a way to prevent a deficiency judgment, they might potentially bargain with the lender on your behalf.

3. Interacting…

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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.…

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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…

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2021 was a historic year for real estate. Pandemic boom towns brought remote workers out to the suburbs, starting bidding wars that brought home prices to record highs.

Our two main markets, Staten Island and The Jersey Shore, are attractive for buyers leaving New York City. Combine this trend with the lowest borrowing rates in a lifetime, add in constrained new construction inventory, and this past year was a roller coaster to say the least!

Across the US, new construction has not kept up with shrinking inventory. Supply constraints pushed up home prices nationwide. But each market is different, as we found when serving clients in the New York Metro area and the Jersey Shore area.


Year Over Year Comparison:

Home Sale Price

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Jersey Shore real estate


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…

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Here's a full look inside, out, and above for our Tottenville side hall colonial home, 20 Dell Court. This 2-family property sits in family-friendly Tottenville with a tenant apartment providing rental income or a relative's apartment! Join us for a guided tour by Hannah Jay from PR and please get in touch to learn more about this gem! Melissa Cosentino NYS Licensed Real Estate Associate Broker Office: (718)-701-5626 Cell: (347)-563-7968 agent.MelissaCosentino@gmail.com

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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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When it comes time to put your home on the market, a crucial factor determining how the chips fall is pricing it correctly. In this video discussion via Facebook live, Hannah Jay and Anthony Licciardello delve into the question- what could go so wrong when overpricing your property?

In the end, it will not only cost you months of wasted time if your home does not sell, but it could actually cost you quite a bit of money in the long run. Anthony explains that once you get past the initial pool of interested buyers, and they pass on the home, this drops its value in the eyes of other buyers. Overpricing could mean you ultimately fetch 2%, 4%, sometimes even as high as 8% on your final sale- which equates to $20,000 or even more!

We also talk about how…

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February 2014 Real Estate Market Statistics

This is the year to sell your home.  Selling your home in the spring is the best time because this is when there is the largest number of buyers.  Right now, sellers have very little competition! Serious buyers are looking for a home right now, and want to settle into the existing rate before it goes up.

There were only 10 more homes available compared to the previous month of January.  More homes were available on the market during February compared to January 2014, but fewer homes were sold.  February’s current inventory stood at 1877 with only 195 homes sold. 

In terms of speed, it took 123 days to sell 195 homes, and would take 9.62 months to clear out the 1877 homes that were available.  Last year…

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Just like any life situation, there are mistakes that happen. Here is a list of some common things that can go wrong that we want you to avoid. 

Cold Feet- Feeling remorse about a big purchase, like a new home, is common. An agent can provide consoling and help the buyers avoid making any mistakes or do something they’ll regret. 

Home Inspections- Once a home inspector points out the problems, it is important you do not panic. All homes, even new, have their snags. Be reasonable with the repairs and credit request. 

Mortgage Ioan Rejection- Buyers may not know, but any large purchases while waiting for a mortgage loan to close can increase their debt rate. Do not take out any loans or make big purchases while waiting to close the sale of your new…

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