So it's been awhile since I wrote this blog.....and one of my resolutions for this year is to attempt to bring some sense among the 'noise'.Now....I get it....'What makes my opinion the TRUTH?
The TRUTH On Why The Real Estate Market Is Hot On Staten Island
So it's been awhile since I wrote this blog.....and one of my resolutions for this year is to attempt to bring some sense among the 'noise'.
Now....I get it....'What makes my opinion the TRUTH?'
Here's the answers. Economics, Paying attention, and speaking to the 'right' people.
Not sure what I'm talking about??
Let me explain......
For the last, oh I don't know..... 6-9 months, I've heard everything about why the real estate market is HOT on Staten Island. While I never buy into the #FakeNews political hashtag, in this case, its totally true. Let's first understand the economics part:
There's this thing called Supply & Demand. Heck, even my 11 year old understands this concept.... There just are not a lot of sellers that are motivated to sell their home. MOTIVATED being the operative word. 'I'll sell, if I get 'my price'", doesn't constitute being motivated.
Mortgage rates are the lowest they've been in history. Which means, there are alot of buyers out there looking for homes.
More buyers + less houses = HOT market.
Another thing: Some of NY's other borough's are expensive to buy in and Staten Island is the city's most affordable (if my Staten Island peeps can believe that). Many people are coming to Staten Island from other boroughs simply for the affordability factor.
I've been frustrated reading articles from various news publications not even asking local REALTORS, or local REALTOR Association leaders as to the reason on why the market is as active that it is. If I'm going to inquire about a legal issue in a certain county upstate, would I consult an attorney from that area or a doctor??? Sounds silly right?? That's what I thought too.....but its been happening.
It's not the new Outlet Mall, or the Wheel, or anything else ...... It's simple economics. Think I'm wrong? Fair enough. Ask your local REALTOR professional ..... and then tell me I'm wrong.