Tom Crimmins Realty Blog - real estate market

5 Turning Points in Real Estate Within the Past 10 Years

Let's reflect on the up's and down's of the real estate market in the past ten years. These five points have made a massive impact today in the Staten Island real estate market:

Market Collapse & The Great Recession

In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy," becoming a massive part of the Great Recession. Washington Mutual declared bankruptcy and the domino effect was larger than ever as housing prices dropped drastically. As a result - home values depreciated and homeowners lost their savings and investment, forcing millions of foreclosures.

Federal Takeover of Fannie and Freddie

Fannie Mae and Freddie Mac were taken control over by the federal government…

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February 2015 Staten Island Real Estate Market Recap

We have had a crazy winter this year and Staten Island real estate market shows that too! Below are inventory reports for February 2014 and February 2015, as well as comparisons. 

Comparing February 2015 to last year's month, Staten Island's real estate market had a healthy increase in sale sides from 237 to 263.

February 2015 hit over $100,000,000 monthly volume - more evidence that Staten Island real estate market is picking up! 

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October 2014 Staten Island Real Estate Market Recap

We are continuing our fall season in the Staten Island real estate, and below is October 2013 and October 2014 Staten Island real estate report. 

The fall season started with 298 monthly sale sides last month in September; Staten Island finished October 2014 with 313 monthly sale sides. 

There has been a great improvement in Staten Island's real estate market from October 2013 to October 2014. There has been more monthly sales and an almost…

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September 2014 Staten Island Real Estate Market Recap

The fall season has hit Staten Island real estate, and we put together the Island market recap from September 2014. 

The fall season started with 298 monthly sale in properties. Monthly volume on Staten Island increased from August 2014, although monthly sales decreased a bit from last month. Great Kills area had the highest number of sales in September, with a number of 31. Second, is Westerleigh who had 21 sale sides.

Staten Island kicks off the season with an average sale price of $438,310, which is a significant increase from August 2014's $417,303. 

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August 2014 Staten Island Real Estate Market Recap

We have the final Staten Island summer real estate recap with August 2014's numbers. 

The summer started with June 2014, having a 303 monthly sale in properties. August increased in single digits and had 310 monthly sales.

Staten Island real estate in August was not the best month this summer, but still had high performing numbers. Staten Island wrapped August up with an average sale price of $417,303. This is an decrease from the $438,199 that was brought in June 2014.

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May 2014 Staten Island Real Estate Market Recap

Staten Island's real estate market is still on the upside. May 2014 had a sight monthly sales decrease but increase in average sale price in camparison to May 2013.

Last month, the Island had 248 sale sides with a monthly volume of $96,902,646. This differentiates to April 2013's 255 with a monthly volume of $101,895,194. There was an increase monthly sales from April 2014 to May 2014. 

Staten Island wrapped May up with an average sale price of $410,867. This is a decrease from the $448,397 that was raked in May 2013. However, there was an improvement of Average…

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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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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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