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SUNDAY NEWS - AUGUST 13 2023

What’s going on in the Real Estate world this week?




THIS WEEK ON STATEN ISLAND AND BEYOND



 

Nearly 25% of Homeowners Plan To Sell In The Next Three Years!

A few motivations stick out as people think of selling their homes. Multiple main reasons behind selling:

  • Growing a family (45%).

  • Wanting an upgraded home (66%).

  • Expecting a better sales price now compared to the future (50%).



As if higher mortgage rates weren’t enough, it was harder still to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association.

Its monthly index measuring credit availability dropped in July to the lowest level since 2013, indicating that lending standards are tightening even further.



Big names including State Farm, Allstate and Farmers Insurance have announced they are not writing new business in California! Moreover, seven insurers have been declared insolvent in Florida since early 2022.

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