Real Estate Marketing & Beyond
Real estate has consistently been a seller’s market for the past couple of years. Inflation, an increase in interest rates, and high mortgage rates have been scaring many individuals away from purchasing the home they want or need for their families.
Fortunately, things are starting to turn around for the buyers, with many predictions circulating that the market will completely favor the buyer by the end of 2023. While a decline in prices is slowly spreading, many people are starting to wonder if they can start looking for the home of their dreams or if they need to keep waiting.
Whether you start looking now or you wait a couple of months, the truth of the matter is that purchasing a home comes with benefits you will never get from renting, no matter what the market looks like. As a homeowner, you can start to build equity right away. Not to mention, getting in at a mortgage rate you can afford now will help you avoid spikes that you can’t in the future.
So, you’ve decided to start looking for a home, either now or in a few months, but that’s only half the battle. You need to figure out where you want to purchase that home. What area offers all the amenities you’re looking for? What community is known for the things you want in one? What neighborhood has the best school districts?
Once you’ve made the decision to buy a home, these are the questions you need to be asking yourself, and whether you have a family or want to be a spinster, like to do things indoors or outdoors, there is one area that truly has everything you could ever want—Staten Island.
I sat down with Robert DeFalco, the founder of the leading real estate agency in Staten Island, to see if the borough lived up to its reputation, and here are three pieces of advice he gives to anyone looking to buy a house in 2023 (and why they should be looking here).
As you already know, the price of a house is dependent upon the conditions of the market, and this results in fluctuation. Homes are going to be more expensive in a seller’s market than they would be in a buyer’s, so you need to be aware of what kind of market you are buying in.
“Generally, homes are less expensive in the winter than they are in warmer months. This is because there are fewer buyers in the market, but this isn’t always the case,” said DeFalco. “With few buyers in the market, there are fewer homes for sale. You need to thoroughly assess the market conditions to determine the peak and average home prices.”
With the market starting to shift, taking DeFalco’s advice about determining the average in the area you want to buy in could make all the difference in getting the house you want at a price and rate you can be happy with.
“The best way to know if you’re getting a good price is to compare the home you are looking at to other properties. Look at similar properties in the same neighborhood that were recently sold and other homes that are for sale, so that you can visit them and get a better price analysis,” DeFalco recommends.
This is important for you to ensure you aren’t trying to buy a house with an exaggerated price. Properties of the same size, with similar amenities, and in similar conditions should be priced similarly as well, especially if they are in the same neighborhood. Going to other houses for sale in the neighborhood allows you to see these things for yourself and compare to what you are looking at.
Another helpful hint from DeFalco? “Sellers know that the prices must be similar to similar properties, so there is a bit of competition between these properties on the market. You can get a better understanding of price points and maybe even use this to your advantage.”
Comparing similar properties and even fully understanding and interpreting the housing market can be hard to do on your own, so the best thing to do if you are considering buying a house is to get a real estate agent and rely on them.
“Real estate agents have years of experience and can tell if the home is overpriced. Additionally, they are adept at comparative market analysis and can let you know if you’re getting a good price,” said DeFalco.
And DeFalco doesn’t just have solid advice to offer home buyers, he has a team of well-trained professionals and an agency that serves as a one-stop-shop for all your home-buying needs. Robert DeFalco Realty offers a full-service mortgage department, title company, and insurance company. Working with DeFalco and his team ensures that the process of buying a home is as efficient and stress-free as possible.
Not to mention, as members of the Staten Island community, they have the inside scoop on the area.
“Staten Island is so great because you’re in the city but it doesn’t feel like it. There is less traffic here, there are countless restaurants tailored to various types of cuisine, gyms within walking distance, a low crime rate, top-rated schools, and so much more,” he said. “Staten Island creates a sense of belonging and being right at home, and it makes everyone who comes here feel that way.”
About Robert DeFalco
Robert DeFalco Realty was founded in 1987 by Robert DeFalco, a real estate Broker/Owner who wanted to help families achieve their dream of homeownership. Through the philosophy ‘Treat People Well,’ Robert DeFalco has grown into a successful real estate agency led by a professional team of highly-motivated real estate associates with experience in residential, commercial, and new real estate development. For more information, please visit http://defalcorealty.com/
Written by Victoria Kennedy, CEO of Victorious PR
