2021 saw the Median Sales Price of Staten Island homes increase to $620,000, while days on the market decreased by over 25%.
If you're thinking of buying or selling a home in Staten Island in 2022, you'll want to read this blog post.
Many experts predict a myriad of factors will impact the Staten Island real estate market in 2022. Below are some of their predictions for this year.
An Increase in Mortgage Prices and Listing Rates
One consistent prediction is that we'll see an increase in both mortgage rates and listing prices in 2022.
The Mortgage Bankers Association recently predicted that the 30-year fixed rate would average at around 4.0% by the end of this year. Despite this, rates will still remain relatively low compared to recent historical averages.
Listing rates are also expected to rise this year. The National Association of Realtors predicts that the median home listing price is expected to increase5.7% in 2022.
First-Time Buyer Demand Greater than Inventory
The economic climate has altered customers' views on their capacity to buy goods and services. As a result, we can expect a large number of purchasers to get houses fast. We'll also likely see an increase in first-time buyers this year.
Due to the current housing inventory shortage, first-time buyers may find it difficult to find a home that meets their needs.
Nearly half of all buyers (44%) plan to buy within the next two years.It's also predicted that "bulk" buying will occur in 2022. Many buyers will attempt to snatch up homes before prices and interest rates rise any further.
Sellers Will Likely Come Out Well
The Staten Island housing market is proving to be rewarding sellers for the most part.
It's predicted that sellers who have owned their homes for awhile will likely walk away from the transaction with a healthy amount of cash.
This is due to the fact that current market conditions are in their favor, as buyers compete for a limited number of homes.
Demand for Space Increases in the Staten Island Real Estate Market
One trend we're seeing in what buyers in Staten Island look for is more space.
In 2021, we saw many buyers looking for homes with more square footage to accommodate their changing needs as a result of the pandemic.
Many people were working from home, and children attended school or took part in virtual learning from home. This meant that parents needed extra room for offices, classrooms, and playrooms.
Some buyers bought larger homes with yards to accommodate outdoor activities for their children and pets. Others searched for bigger homes to have a place where family life didn't interrupt their work or school day.
As we continue into 2022, it's predicted that demand for open floor plans will remain high. Aesthetically, we're seeing a shift in what people look for in their homes, specifically in luxury homes.
Buying & Selling Staten Island Homes in 2022
The Staten Island real estate market is full of opportunities for both buyers and sellers this year. Still, it's always important to work with an experienced real estate agent who can help you navigate the market conditions.
Wonica Realtors are here to help you navigate New York real estate in 2022 and beyond. Get in touch with us to discuss your property needs 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 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.