Can you believe that close to half a million people live on Staten Island?
Whether you currently live or want to move there, keeping an eye on Staten Island real estate trends is crucial for your financial goals. Knowing when it's time to buy or sell a home can greatly impact the final costs or profits.
Have you wondered what the Staten Island real estate market could look like in 2023? Read on for the ultimate guide that can help buyers and sellers.
Staten Island Homes Are Increasing in Value
Lots of people wanted to buy homes at the height of the pandemic to improve their living conditions and take advantage of great mortgage rates. This increase in demand allowed sellers to list their homes for much higher while still closing deals fast.
At the moment, this trend is still continuing. This means that buyers may want to wait while sellers should jump at this lucrative opportunity.
Home Buying in Staten Island Is Competitive
The demand for real estate hasn't died down, and many sellers have already closed their deals. Buyers who have their hearts set on finding a property in the near future should keep in mind that the hunt will be difficult. With so many people who have moved into their new homes, the supply of real estate can't keep up with the number of people who'd like to purchase.
You have to be prepared for situations like bidding wars in order to keep up with your competition. Try to avoid getting excited about listed homes before you close a deal.
New York Real Estate Could Crash Soon
There is hope on the horizon for buyers with a limited budget. Since our economy is battling inflation and plenty of other factors influencing the real estate market, some experts are predicting a crash in the near future.
While a crash would cause home prices to drop, this could spark even more competition as other buyers with smaller budgets become eager to secure a home. If you're a homeowner who's been on the fence about selling, you may want to list your property now, or you could be stuck with your home for several more years as you wait for the conditions to favor sellers again.
Working With a Staten Island Real Estate Company Is Crucial
Whether you're a buyer or a seller, teaming up with an experienced realtor is the key to prioritizing your finances and happiness.
Realtors can help buyers find the dream home that fits within their budget. Homeowners can also figure out the true value of their homes and take steps to ensure a quick, lucrative sale.
This Is What the Staten Island Real Estate Market Will Look Like in 2023
Navigating the Staten Island real estate market doesn't have to be tricky. Now that you've learned about the upcoming trends, you can prepare for a bright future.
Do you need help buying or selling a home on Staten Island? Wonica Realtors & Appraisers is here to support you.Check out our testimonials to learn more about our stellar services.
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.