Tom Crimmins Realty Blog - Real Estate Market

Fannie Mae And Freddie Mac, How They Impact Real Estate

Fannie Mae and Freddie Mac have been in the news recently, so it’s a good time to do a refresher on who they are and what role they play.

Who Are Fannie Mae And Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. FNMA is a federally chartered enterprise owned by private stockholders that purchase residential mortgages and converts them into securities for sale to investors. Freddie Mac is the Federal Home Loan Mortgage Corporation. The FHLA, also federally-chartered, is a corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers. They were originally created to raise homeownership levels and increase the availability of affordable housing.

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January 2014 Staten Island Real Estate Market Recap

Staten Island's real estate market is starting out with a bang this year!

Last month, the Island had 268 sale sides with a monthly volume of $118,014,021. compared to January 2013's 236 with a monthly volume of $91,031,346. 

Staten Island wrapped January up with an average sale price of $440,350. This is an increase from the $385,726 that was raked in in January 2013. 

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Don't Get Caught Off Guard With Closing Costs

Home sale closing costs can take you by surprise. Here is an estimate of what a buyer or seller can expect in the way of residential closing costs - but always be sure to discuss this with your real estate attorney or mortgage rep.

Closing Costs are fees for final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes. 

Here are the breakdowns:

A buyer utilizing a loan can expect between 4.5 and 6% of the purchase price depending on the loan amount.

A buyer paying all cash can expect…

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2013 Real Estate Market Recap

Home sales have substantially increased on Staten Island due to various factors. Buyer confidence is back, sellers are in acceptance for realistic asking prices, and historically low interest rates wrap up the formula of strengthened sales. 

"The key to real estate success in Staten Island, aside from having a seasonal professional staff," said Tom and Suzanne Crimmins, owners of Tom Crimmins Realty LTD.. "Is a well managed and maintained Internet website, aggressive Internet advertising, social media and good old school sale marketing."

Tom Crimmins Realty experienced a phenomenal year. Personal sales increased from 218 sale sides in 2012 to 386 in 2013. These numbers do not include their rentals or Brooklyn sales.

According to Tom Crimmins,…

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Staten Island Real Estate Market Changing For The Better In November

The holiday season is at our door and some times it is hard to close a deal on a home. Timing the market is never easy, because it is a constant change. Comparing the market statistics from last year to now on the Island, the market is increasing.

From 147 homes sold in 2012 to the 163 homes in 2013, there is an increase of almost 11%.

This past November we had 279 sales at an average sale price of a little over $424,000. November's monthly volume was over $118,371,000. 

This chart shows our increase from last year's number of 191 sales. There has been a 1.46% positive change.

Dollar Volume

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