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Staten Island's 2017 Housing Market Still Booming

It's a new year on Staten Island and the real estate industry is still booming. If you live on the island or have plans to buy, sell, or develop here, you're living in the right year to get into the game. The market is looking up. Money is changing hands, and there has never been a better time to make some investments. New York itself is surpassing norms. The average sale price for an apartment in Manhattan has increased above $2 million for the first time ever. And the average price for a one-bedroom rental was $3,440 a month. But what's going on in Staten Island? Let's look at how Staten Island real estate is the right place for sellers this year.

1. Migration Is A Real Thing In New York
Migration across all of New York City's islands is slated to increase this year. And with housing prices rising in Manhattan and Brooklyn, people are sure to cross the water and buy on Staten Island.

Pricey new development is happening in Long Island City and parts of Brooklyn. Staten Island will look more and more attractive as these complexes are built.

2. Rent Is Too Stinkin' High
When the rent is so high up in Manhattan and Brooklyn, people are going to look to the cheaper rent in Staten Island.

If you own a large house or complex or a sizable bit of Staten Island real estate. You might want to put it on the market this year.

Developers are going to be looking to build or convert rental property this year to take advantage of the fresh influx from the upper city.

And while Wall Street is still becoming hipper and sleeker, this doesn't necessarily mean people will want to live downtown. They'll only want to visit downtown. Which means that people are going to want to live in a cheaper, less hectic part of the city.

3. Staten Island Real Estate Has Low Inventory
It's the basic laws of economics at work here. If there are many buyers but only a few sellers, competition to buy is fierce and the prices go up.

This is a great sign for you as a seller. When even a two bedroom condo is going for $325,000, you know you can get a pretty penny for your Staten Island real estate.

Houses are selling at full price or higher. So, if you are looking to sell, you can sell fast here in 2017.

But it is tempting to buy in this market as well. With the interest rates low at this time, people are ready to buy. But they are in for a shock when their favorite house already has multiple offers on it.

The bidding will be fierce, at least during the beginning of this year. Be ready for a battle if you want a particular house.

If you're looking to buy or sell, look no further than Wonica Realtors & Appraisers.

Get an experienced realtor to work with you today while the market is hot.

North Shore: 415 Manor Rd. S.I., N.Y. 10314, tel: 718.442.2880 fax: 718.442.1073
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