Real Estate Trends in Staten Island
With the growth in home sales across the country, the Staten Island real estate market is booming. In fact, prices and sales are high. Although sales in other areas declined during the second quarter of 2018, they rose by 16 percent to 1,640 homes sold during the same period, according to the Residential Sales Report by Real Estate Board of New York’s (REBNY). But what are the real estate trends in Staten Island?
Caption: We will give you some of those real estate trends in Staten Island
If you are not from this area, New York consists of five districts: Manhattan, Queens, Bronx, Brooklyn and Staten Island. Unlike some other areas, we can expect an increase in the property market of Staten Island and the need for hiring Verrazano Moving and Storage Staten Island. Learn about this and four other trends in real estate in Staten Island!
1. Construction plans are subject to change
There has been a surge in real estate on Staten Island. What for? Because it is one of the most accessible areas of New York. And more and more people want to live in the New York area. It all comes down to supply and demand. With increasing demand, supply becomes tense. And, with this, expect developers to change things a little, changing some of these plans from rentals to condos.
2. Staten Island is still affordable
The estimated average rental price is $1,070 per month. And the estimated average resale price is 430,000 dollars. This is not so bad, since in 2018 the average house in Staten was sold for 486,073 dollars. If you wat to spend less on housing, you can take a smaller house, and then hire a long term storage solution in NY.
3. Real estate trends in Staten Island show that this is a seller’s market
Well, at least in the first half of the year. What for? We are again returning to supply and demand. Simply put, people want to live in New York. Since Staten Island is an accessible and promising area, people will gather there. This means that sellers should not accept low ball offers. While staging the house usually increases the value of a home, sellers may not need to worry too much about it to attract buyers. Location can be quite good.
4. Raising interest rates will show
We said that this is a seller’s market in the first year for a reason. Because the second half will slow down. This is due to the fact that on December 14, 2016, the Federal Reserve increased interest rates, which effectively boosts mortgages. Thus, buyers in recent months may not be so keen to shell out cash. However, this can reduce the gap between the purchase and sale prices.
Caption: Because of this, you can even see the stabilization of real estate prices on Staten Island
5. Green houses
When it comes to real estate trends in Staten Island, eco-real estate is growing and growing. Most likely, this is due to more conscious efforts to minimize the effects of global warming. In view of the above, expect to see structures that provide water savings and energy efficiency.
6. Bonus: why not bargain?
Since Staten Island is affordable, why not try to bargain with your potential landlord for a better deal? Especially if you pay more than 1070 dollars a month, so you can finally relax. When it comes to your move, if you are trying to find fine art moving specialists in Staten Island, you can bargain with them also.
Why is the Staten Island real estate market glowing?
Here are five reasons why the Staten Island real estate market is currently very hot:
1. They started well
The housing market in 2019 began with high sales – 348 homes were sold on Staten Island in January.Over the past few years, the real estate market on Staten Island has been burning hot. At the end of 2018, experts would predict a slowdown by 2019. Now it seems that the economy as a whole is strong, unemployment is low, and wages are finally starting to grow.
2. Prices may be high, but still cheaper than in other areas
Although prices for houses on Staten Island are higher than in other parts of the country, they are still cheaper than in other areas of New York. You need to earn at least $400,000 a year to own a property in Manhattan. Brooklyn homeowners must earn between $210,000 and $273,000 a year.While the rest of New York continues to emerge from the middle class, Staten Island continues to offer attractive housing options for working-class New Yorkers.
3. Talk of North Shore large-scale development attracts more and more customers
Caption: The vast majority of home buyers wanting to move to the North Shore come from other boroughs
All the talk about retailing that will evolve adds to the attractiveness of the North Bank. For people coming from Brooklyn and the surrounding area, they can sell their homes at really high prices, especially after some simple home exterior improvements. And they can come here and buy much cheaper and get more land. Or maybe they can buy a two-family house here after selling one-family.
4. It counteracts citywide trends
While home sales across the city declined in the second quarter of 2018, Staten Island counteracts this trend with rising sales and prices. The housing sales market in New York recorded an 8 percent reduction across the city, amounting to 12.3 billion dollars in the second quarter of 2018 compared to the second quarter of 2017. It was the fourth quarter in a row year on year in the overall fall in the number of New York residents selling and bargaining. In fact, the market has not experienced four quarters of consecutive reductions since the third quarter of 2009.
While the average selling price of homes across the city fell in the second quarter of this year, on Staten Island, average prices rose 8 percent to $539,000 during that time.And in some communities, sales prices jumped even higher. The average selling price of a house for one or three families in Tottenville increased from $600,000 in 2017 to $718,000 in the second quarter of 2018. This is 20 percent more.
5. New tax laws have made Staten Island real estate even more attractive
Staten Island real estate is in a pleasant location. In relation to most of the city, with the exception of the Bronx, it is the most affordable area. The new federal tax bill also works in favor of Staten Island. Because of the favorable conditions, people keep on moving to that area, so the real estate trends In Staten Island are constantly changing.