Purchasing a home is a major life decision. After all, you are choosing a place that you will live and that will also be a major investment for the next 15 to 30 years of your life. One of the biggest aspects of your home purchase is its location. After all, you might find a great deal on a home, only to find that it means a long commute to work or is far from your family, friends, and favorite activities.
Staten Island has become a wonderful place to consider if you are looking to make a home purchase, because it can cross off a number of key areas that are part of your home search. Here are just 7 reasons why you should think about Staten Island for your next home purchase.
1. It’s All About Location
Let’s get right to it. If you are a New Yorker, you want to remain close to the city and all that it has to offer. However, the housing prices in the city have made it difficult to afford to make a home purchase. Staten Island is located close to the city, but still remains affordable, thus giving you the best of both worlds.
2. You Get More House for Your Money
Another reality is that your dollar does not stretch as far in city. That means you are going to pay more for significantly less square footage. However, real estate agents can tell you that Staten Island real estate prices are remaining steady. Since they are also lower than New York City prices, that means you are going to get more house for your money.
3. Staten Island Bucks Citywide Trend
Home sales are down across the city, especially during 2018, signaling a year over year decline of total sales and transactions in New York City. Staten Island real estate continues to see increases and the market remains hot.
4. Changing Tax Laws Make It Affordable
The new federal tax bill benefits Staten Island real estate, simply because of the limits on deductions for real estate. Staten Island is now even more of a sweet spot of affordability in comparison to the city or even New Jersey.
5. Interest Rates Are Rising
While the interest rates have not reached the double digits, the truth is that they are on the rise. When you combine that with a limited pool of real estate available, then you are going to find that people are ready to buy. Going out to Staten Island increases the pool of homes slightly and is still affordable. If you are purchasing a home before interest rates go even higher, then you are going to get more on Staten Island.
6. Prices Are Stable
Yes, prices might be increasing slightly on Staten Island, the fact remains that overall, prices for Staten Island real estate have remained fairly stable and show no signs of a bubble bursting. That means your house is going to continue to increase in value after your purchase and you are not likely to end up underwater.
7. Experienced Real Estate Agents
Another benefit of the current Staten Island real estate market is that there are plenty of options for real estate agents with experience in this particular borough. That gives you a boost when trying to find and purchase your next home.
Our experienced and knowledgeable team is here to help you find the right home for you on Staten Island. Contact us today to compare your wish list to the current real estate inventory available today.
Wonica Realtors & Appraisers are Staten Island’s #1 independent full-service real estate firm, serving the needs of the community for over 30 years. Whether you’re buying, selling, renting or relocating, our staff of highly trained professionals will provide quality realty services with personal attention to your individual real estate needs.