New York became a ghost town, losing 110,000 of its residents, and the real estate market shifted without warning.
The Staten Island real estate market, like many others, has seen increasing average price sales since last year.
This steady rise in the buyer’s market has positively impacted daily mortgage rates on the market. They are trending up and are on track to continue doing so.
Staten Island Real Estate Market
A little clarity has brought with it a well-oiled idea of what we want our futures to look like. For many, buying a home is first on that list.
For families and individuals, this is an intersection that can only happen in the absence of some serious foresight.
With extreme profits and crushing losses over the last 14 months, we have found ourselves amidst a buyer and a seller’s market.
Those selling real estate in Staten Island are not in a competitive, quick draw stand-off like they would typically be. Doors have opened where they were not before, and opportunities to invest continue to reveal themselves.
Those who are interested in buying into the Staten Island real estate market are being offered the lowest of the low when it comes to mortgage rates. Every potential buyer hopes to hear that phrase, and there are some intricacies behind it worth exploring.
Over the last year, lenders were not able to stay synchronized with the demand – and as a result, inflated mortgage rates helped them tread water. They slowed the process down because the demand was so high, they could not keep up.
A stable economy means that there is no fear on the investor side of inflation. When stability is lost, the risk is mitigated through assets like bonds decreasing in value.
Because of this, people are less likely to sell their bonds. A high yield trends toward higher mortgage rates, and we are standing on the other side of that.
This may be the chance millennials have been waiting for.
To stabilize, grow financial security, and begin the path to becoming a homeowner. In an ideal scenario, the market waxes and wanes, providing a little something for everyone.
Now’s the Time
Whether you are choosing an adjustable or fixed-rate mortgage, a positive outcome is favorable on your investment.
The world has been sitting in an anticipatory state for over a year now, waiting for others to make their moves.
As the economy shifts, the market will become saturated again, and the chance to get an incredible mortgage rate may no longer exist.
If you have been on the fence about purchasing within the Staten Island real estate market, connect with support to discuss your options. You may have more resources available to you than you think.
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 are 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.