Are You Thinking of Selling Your Home?

Competition is Coming, Are You Thinking of Selling Your Home?

Competition is Coming, Are You Thinking of Selling Your Home? | MyKCM

The number of building permits issued for single-family homes is the best indicator of how many newly built homes will rise over the next few months. According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of these permits were up 7.4% over last year.

How will this impact buyers?

More inventory means more options. Lawrence Yun, NAR’s Chief Economist, explained this is good news for the housing market – especially for those looking to buy:

“This rise in single-family housing construction will help tame home price growth, and the increase in multifamily units should continue to help slow rent growth.”

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat”on the deal

With an increase in competition, the seller may not enjoy these same benefits. As Chief Economist Nela Richardson, added:

“Because existing home inventory has been so low for so long, new construction is taking a larger share of the market…Builders meet the buyers and see the demand firsthand.”

Bottom Line

If you are considering selling your house, you’ll want to beat this new competition to market to ensure you get the most attention for your listing and the best price.

Are you thinking of selling your home?

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

 

Advertisements

5 Reasons to Sell This Spring

5 Reasons to Sell This Spring

4 Reasons to Sell This Spring [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.
  • 5th – Interest rates continue to climb.  What you can afford today may be out of reach tomorrow.
  • Don’t hesitate to give a call today to list and sell while its a sellers market!
5 Reasons to Sell This Spring 

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Ranch for Rent in Annadale Includes All $2500

Ranch for rent in Annadale includes all – $2,500.  Total renovation of this three bedroom ranch in desirable location on South Shore of Staten Island.  Beautifully finished hardwood floors in open floor plan setting.  New cabinets and stainless appliances.  New bath fixtures and washer dryer hookups for your convenience.  Landlord pays all expenses, Tenant  pays $2,500!

Nearby transportation:

  • SIR Staten Island Railway – 0.7 mi

  • X19 Staten Island – Manhattan Express – 0.1 mi

  • X17J Staten Island – Midtown Manhattan Express – 0.1 mi

    • X17 Staten Island – Manhattan Express – 0.1 mi

    • S56 Huguenot – Staten Island Mall – 0.1 mi

Must have good credit and proof of income.

No pets –  no smoking.

Call for details and showings

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

Ranch for Rent in Annadale includes All $2,500

 

Top 5 Reasons to Hire a Real Estate Professional

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! | MyKCM

Whether you are buying or selling a home it can be quite the adventure, which is why you need an experienced real estate professional to guide you on the path to achieving your ultimate goal. But in this world of instant gratification and internet searches, many sellers think that they can ‘For Sale by Owner’ or ‘FSBO.’

The 5 reasons you NEED a real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

1. What do you do with all this paperwork?

Each state has different regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in his or her market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

There are over 180 possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to make sure that you achieve your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. After looking at the list of parties that you will need to be prepared to negotiate with, you’ll soon realize the value in selecting a real estate professional. From the buyers (who want the best deals possible), to the home inspection companies, all the way to the appraisers, there are at least 11 different people who you will need to be knowledgeable of, and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the amount of time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s value. According to a study by Collateral Analytics,FSBOs achieve prices significantly lower than those from similar properties sold by real estate agents:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and on the internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your area? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, or offending the seller with a lowball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has his or her finger on the pulse of the market will make your buying or selling experience an educated one. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

You wouldn’t replace the engine in your car without a trusted mechanic, so why would you make one of the most important financial decisions of your life without hiring a real estate professional?

Call today!

Top 5 Reasons to hire a Real Estate Professional

Rosemarie Rivicci

NYS Associate Broker

Barbara Corregano RE

917-846-5795

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

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

%d bloggers like this: