The Staten Island real estate market has seen a slow down as of recently. The real estate market is always fluctuating. If you are in the market to buy a home in the Staten Island area, then now is the time to jump in.
Interest rates are still very low and competitive, and the market is moving in favor of buyers at the moment. However, who is to say how long this will last. Sellers are very motivated at the moment to sell their home, because the market is somewhat slow, meaning you could save thousands if you find the home of your dreams.
Why Have Sales Slowdown?
Statistics from SUBOR show that between January 1st and May 31st of this year only 1,358 homes were sold. During this same period in 2018, there were 1,610 homes sold. So, you can see the decline in the market with these stats.
Even with the slowdown, the Staten Island home market is still remaining steady. This is encouraging to those who are thinking about selling their home in the Staten Island real estate market area. Things were very different in 2017, as home prices were listed higher and there were not many on the Staten Island real estate market. This made the area very competitive for those who were looking to sell.
What Are Buyers Looking for?
This can be a tricky question, as everyone is different. Real estate agents often think they have this pegged and then someone will come along and totally change their perception of what buyers are looking for.
However, there are some trends that lets Staten Island real estate agents know what type of homes are moving on the market. At the moment, buyers seem to be looking for deals. If the price is good the home is moving as fast as it gets on the market.
There are certain areas that have low levels of homes for sale, and one listing in these areas can be snatched up quickly. Some may even promote a bidding war, as location is everything in real estate. There is an over stock of semi-attached homes, where sellers are looking to sell in order to buy a new home. This has got the market somewhat clogged at the moment.
The higher end market seems to be going well. Many buyers are looking to this market and hoping motivated sellers will come down on prices. This market includes those looking at homes ranging between $600,000 to $700,000.
However, affordable housing is key, especially for first time home owners. Rent has increased in this area, and this is why more individuals are turning to the Staten Island real estate market. There is a diverse amount of real estate on Staten Island, which includes condo’s, townhouses, and large detached homes. Which only means there is something for everyone.
Everyone wants their home to have the amenities that are important to them. Of course, if you are getting the home for a steal, then you can easily upgrade and make renovations down the line. It is a huge bonus if you find a home stacked with all the amenities that you enjoy.
Be sure you take the time to decide what is truly important to you. Kitchen updates, public transportation, or in ground pools are just a few you may want to consider. You want to be located near the things you love, so that you do not have to travel long distances when wanting to enjoy a night out. It is perfect to be in an area that has parks if you have children, as this will allow you to visit often without having to pack up the car and drive 25 minutes away for them to play.
Now is the time to consider entering the Staten Island real estate market. There are options that will suit everyone’s needs. Although the market is playing in the favor of buyers at the moment, this can literally change overnight.
If you are looking to buy your first home, then you need to jump on deals why they last. Real estate is an unsure market. What is available today will more than likely be gone next week. With more and more people looking to move into this area, housing could once again become heavily sought after, causing an influx of pricing. Know what you want and contact a Staten Island real estate agent to see what is currently available.
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.