Low Inventory Pushes Home Prices Higher

Low Inventory Pushes Home Prices Higher

Low Inventory Pushes Home Prices Higher | MyKCM

According to CoreLogic’s latest Home Price Index, prices appreciated by 6.9% year-over-year from December 2016 to December 2017 on a national level. This marks the fifth month in a row with at least a 6.9% increase.

Dr. Frank Nothaft, Chief Economist for CoreLogic, gave insight into the reason behind the large appreciation,

“The number of homes for sale has remained very low. Job growth lowered the unemployment rate to 4.1 percent by year’s end, the lowest level in 17 years. Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”

This is great news for homeowners who have gained nearly $15,000 in equity (on average) in their homes over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream homes.

As we near the traditionally busy spring buyers season, there is still hope for buyers as mortgage rates remain low compared to recent decades. The report also predicted that home price appreciation will slow slightly, rising by 4.3% by this time next year.

Bottom Line

If you are looking to enter the housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!

Low Inventory Pushes Home Prices Higher

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

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Where are Mortgage Interest Rates Headed in 2018?

Where Are Mortgage Interest Rates Headed in 2018?

Where Are Mortgage Interest Rates Headed in 2018? | MyKCM

The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily over the course of the next 12 months.

Where Are Interest Rates Headed? | MyKCM

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.

According to CoreLogic’s latest Home Price Index, national home prices have appreciated 7.0% from this time last year and are predicted to be 4.2% higher next year.

If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.

Bottom Line 

Even a small increase in interest rate can impact your family’s wealth. Let’s get together to evaluate your ability to purchase your dream home.

Give a call today!

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Where are Mortgage Rates Headed in 2018?

Bidding Wars Abound…How long will they continue?

Bidding Wars Abound… How Long Will They Continue?

Bidding Wars Abound… How Long Will They Continue? | MyKCM

Bidding wars abound!!

Just like with any product or service, the law of supply and demand impacts home prices. Any time that there is less supply than the market demands, prices increase.

In many areas of the country, the supply of homes for sale in the starter and trade-up home markets is so low that bidding wars have ensued, and the busy spring-buying season is just around the corner.

CoreLogic recently conducted an analysis on national home prices at the time of sale for their January 2018 MarketPulse Report and found that a third of homes sold for at least list price.

“The share selling above list price was almost three times the trough in January 2008 and represented more than one-fifth of total sales.”

Many markets in the western part of the country and around major cities are experiencing higher shares of homes selling above list price.

“San Francisco had the largest share of homes—76 percent—that sold for at least the list price, and Seattle and Los Angeles followed with 63 and 51 percent, respectively. Miami had the lowest share—16 percent—of homes selling at or above the list price.”

Increased demand during the spring and summer months, the traditionally busier seasons for real estate, will no doubt influence how many homes continue to sell over list price.

This should not be seen by sellers as permission to overprice their homes, though. Buyers are becoming more and more educated, especially those who have been searching for their dream homes for a while now while waiting for new inventory to come to market.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

Bottom Line

Without a large wave of new listings coming to market, buyers will continue competing with each other for the homes that are available. If you are thinking of selling your home, now may be the time to do so before more competition comes this spring. Let’s get together to determine the demand for your house in our area.

Give me a call today!

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Bidding wars abound!!

One Bedroom with Walkup Attic near Forest Ave $1,700

One bedroom with walkup attic near Forest Ave $1,700.  Beautiful large all newly renovated apartment with hardwood floors and walkup attic steps from Forest Ave!! Steps from Metfood, restaurants, and many other businesses.  Walk to most errands.

All new bathroom and kitchen complete with new appliances. Deep stained hardwood floors.  Air condition units supplied.

Landlord pays heat and water!  Tenant pays all other expenses.

Large backyard is shared among 4 tenants.  Can be utilized for BBQ grill and Storage shed can be placed in yard if convenient for tenant.

Tenant must show proof of income and have good credit score!

No pets and no smoking.

Bus lines near apartment:

Bus lines:

  • S48 St. George – Mariners Harbor – .01 mile

  • X30 Staten Island – Manhattan Express – .01 mile

  • S98 St. George – Mariners Harbor LTD – .01 mile

  • S46 St. George – West Shore Plaza – .02 mile

  • S96 St. George – West Shore Plaza LTD – .02 mile

Call for details and showing:

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

One bedroom with walkup attic near Forest Ave  $1700

Solid Brick Mixed Use Building on Bay St, Staten Island

Solid brick mixed use building on Bay St, Staten Island! Corner of Bay St and Thompson St. Great investment!

Six units includes two retail spaces and four apartments.  Two three bedrooms and two one bedrooms.

Tapas Restaurant and Bar just underwent total renovation and has remaining 15 year lease.  All residential units are free market, no leases. Call for income and expenses.

Staten Island Cap rate 5%

Rail and Bus lines:

  • SIR Staten Island Railway – 0.1 mi

  • S76 St. George – Oakwood – 0.1 mi
  • S51 St. George – West Shore Plaza – 0.0 mi
  • S86 St. George – Oakwood LTD – 0.0 mi

  • S81 St. George – Grant City LTD – 0.1 mi

  • S52 St. George – Staten Island Univ. Hospital – 0.1 mi

  • S74 St. George – Bricktown Mall – 0.2 mi

  • S78 St. George – Bricktown Mall

Offered at $2,300,000

Call for more details and to schedule a showing.

Solid brick mixed use building on Bay St, Staten Island.

Rosemarie Rivicci

NYS Licensed Associate Broker

Barbara Corregano RE

917-846-5795

Why Sell Now Instead of Later?

Why Sell Now Instead of Later? The Buyers are Out Now

Why Sell Now instead of Later? The Buyers are Out Now | MyKCM

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

Demand is currently very high!! 

Bottom Line

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

For a FREE comparative market analysis of your home please give me a call.

Rosemarie Rivicci

NYS Licensed Associate Broker

Barbara Corregano RE

917-846-5795

Eltingville House for Rent with Garage

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Eltingville house for rent with garage.   Extra large main unit of hi ranch includes garage and driveway pad.   Three bedrooms one and half bath with sliders to balcony.  Living room and dining room with high vaulted ceilings.

Walk to NYC express bus, local bus and Eltingville train.

Offered at $3,000.00 Available November 1st

For showings call:

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Staten Island Residential Market Report 2017

Staten Island Residential Market Report 2017

Highest Residential Sale July 2017
134 Ridge Ave

Highest residential sale for July 2017.  Sold July 28, 2017 for $1,450,000.

See report above for closed sales in every zip code of Staten Island.

For free market analysis of your home call:

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

 

 

 

Three Family for Sale Arrochar Staten Island $999,000

Three Family for Sale Arrochar Staten Island $999,000

Pride of ownership here at 352 Parkinson Ave.  This solid block construction building has been redone inside and out appx 10 years ago.  Unique three family detached home with over 7,000 sq ft of property. Located in highly walkable Arrochar Staten IslandThree two bedroom apartments all turn key with an extra large shed for plenty of storage. Two of the two bedrooms can easily be turned into three bedrooms creating a better cash flow.  Covered parking area for about four cars. Was not hit by Sandy!! Walk to nearby South Beach, activities include fishing, dining, swimming or just a stroll on the boardwalk. Walk to Hylan Blvd for transportation and shopping! NYC is in process of putting in new gas, water and sewer lines along with new street and sidewalk. This property comes with an added bonus of an extra lot in back appx 40×90, total lot 40 x 177  Extensive fruit and vegetable gardens grapes and wine cellar and  much much more!!

Rail lines:

  • SIR Staten Island Railway – 0.4 mi

Bus lines:

  • S52 St. George – Staten Island Univ. Hospital – 0.1 mi

  • S78 St. George – Bricktown Mall – 0.3 mi

  • X3 Staten Island – Lower Manhattan Express – 0.3 mi

  • X2 Staten Island – Midtown Manhattan Express – 0.3 mi

  • S79-SBS Staten Island Mall – Bay Ridge – 0.3 mi

  • X1 Staten Island – Manhattan Express – 0.3 mi

  • X9 Staten Island – Manhattan Express – 0.3 mi

352 Parkinson Ave, Staten Island, NY 10305
Great for live in landlord or investor!  Opportunity for development, contact your architect!

This is a MUST SEE!!

 

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Call now for details and showings!

Offered at $999,000

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Three Family for sale Arrochar Staten Island

Two Family with Two Bedroom Rental Great Kills $735,000

 Two Family with Two Bedroom Rental Great Kills $735,0000

Spacious three bedroom with bonus room and gas fireplace on level one and two bedroom rental on level two.  Plenty of room to park your cars in this oversized two car garage and driveway pad for two more.  Two side yards, one for each unit,  on an oversized 50 x 110  corner property in the Great Kills community of Staten Island. High and dry partially finished basement with side entrance.

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Sit on your front porch and enjoy the beauty of this quiet tree-lined street. Experience the small town feel with the convenience of walking to train, bus and nearby shopping. Get ready for boating, fishing, biking or just walking in nearby Great Kills Park.

Some other exciting things on Staten Island.

Unique property with potential for expansion is appealing to first time buyers, investors or anybody looking for a home with an income.

Conveniently located for travel to the city.

Rail lines:

  • SIR Staten Island Railway – 0.3 mi

Bus lines:

  • X7 Staten Island – Manhattan Express – 0.3 mi

  • X5 Staten Island – Midtown Manhattan Express- 0.3 mi

  • X8 Staten Island – Lower Manhattan Express – 0.3 mi

  • S78 St. George – Bricktown Mall – 0.3 mi

  • X4 Staten Island – Lower Manhattan Express – 0.3 mi

  • X1 Staten Island – Manhattan Express- -0.3 mi

  • S79-SBS Staten Island Mall – Bay Ridge – 0.4 mi

  • S54 West New Brighton – Eltingville – 0.5 mi

Call now to schedule a showing on this

Two Family with two bedroom rental in Great Kills – $735,000

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

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