Staten Island Residential Real Estate – First Quarter 2017 Report
September 4, 2025
Staten Island Residential Real Estate – First Quarter 2017 Report
Charles Martino and Martino Realty are pleased to present our First Quarter 2017 Staten Island Residential Market Report.
We sincerely hope that the information found within assists you in making the correct decisions regarding your property or a potential property you may be interested in acquiring.
Martino Realty is always here to help. Do not hesitate to call or email us at any time, and we will answer any questions you may have.
If you stepped back from your home search over the past few years, you’re not alone – and you’re definitely not out of options. In fact, now might be the ideal time to take another look. With more homes to choose from, prices leveling off in many areas, and mortgage rates easing, today’s market is offering something you haven’t had in a while: options. Experts agree, buyers are in a better spot right now than they’ve been in quite a long time. Here’s what they have to say. Affordability Is Finally Improving Lisa Sturtevant, Chief Economist at Bright MLS , says affordability is finally starting to turn the corner: “Slower price growth coupled with a slight drop in mortgage rates will improve affordability and create a window for some buyers to get into the market.” Mortgage rates have eased from their recent highs, price growth has slowed, and that one-two combo is making homes more affordable than they’ve been in months. There Are More Homes on The Market And a big reason prices are easing is because there are more homes on the market. According to the latest from Realtor.com , there are 17% more homes for sale today than there were at this time last year. That means more options, less competition with other buyers, and a chance to find the space that actually works for you. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), shares : “Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.” Take a look at the numbers. As Yun notes, inventory is up everywhere. Compared to this time last year, every region of the country has more homes on the market than at this time last year (see graph below):
Planning to sell in 2026? Start prepping now by tackling repairs, decluttering, and making smart updates early for a smoother, stress-free sale next spring.
Mortgage rates have been the monster under the bed for a while. Every time they tick up, people flinch and say, “ Maybe I’ll wait .” But here’s the twist. Waiting for that perfect 5-point-something rate could end up haunting your wallet later. The Magic Number According to the National Association of Realtors (NAR): “. . . a 30-year fixed rate mortgage of 6% would make the median-priced home affordable for about 5.5 million more households—including 1.6 million renters. If rates were to hit that magic number, it’s likely that about 10%—or 550,000—of those additional households would buy a home over the next 12 or 18 months. ” When the market hits that mortgage rate sweet spot, as expert forecasters are starting to say is more likely in 2026, the psychological shift to lower rates will kick in for more of today’s hopeful buyers. That will unleash some pent-up demand that’s been waiting on the sidelines, and the increase in activity will cause prices to rise. And while a 5.99% rate might sound like a big win, if you’re waiting for that number to make your move, it might not actually save you as much as you think. Here’s how the math looks when you run the numbers (see chart below):
