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SUNDAY NEWS - STATEN ISLAND AND NYC- SEPTEMBER 2 2023

What’s going on in the Staten Island/NYC Real Estate world this week?




SUNDAY NEWS ON STATEN ISLAND AND BEYOND

1. Rate Lock Tipping Point

A new Zillow® survey has identified the mortgage rate tipping point that makes homeowners more likely to move, which is key in unlocking the housing market and slowing price growth. Homeowners with a mortgage rate above 5% are nearly twice as likely to say that they plan to sell their home than those paying a rate below 5%.


Zillow's survey finds that about 80% of mortgage holders reported having a rate of less than 5%, and about 90% have a rate of less than 6%. Almost one-third reported a rate of less than 3%.

2. How Can Home Prices Still be Rising?

Homeownership regularly nears the top of surveys about what Americans most want in life. Alas, this part of the American dream has rarely been harder to attain. Those looking to enter the property market face a triple whammy of high prices, costly mortgages and limited choice. Together these factors have conspired to make housing deeply unaffordable, with little sign of relief on the horizon.


Yet in a roundabout way, the property crunch also helps explain one of the most pressing economic conundrums of the day: why American growth has remained robust, defying predictions of a recession.

3. AirBNB Outlaws

Local Law 18, which requires short-term rental owners to register with the city, could siphon tens of millions of dollars in revenue from Airbnb when it goes into effect on Sept. 5 in New York City


After a recent court ruling, a new law set to take effect next week will outlaw tens of thousands of Airbnb listings overnight. In a blow for the undisputed king of short-term rentals, the law will enact some of the strictest regulations in the U.S. on Sept. 5, removing options for travelers and shutting off the revenue streams for investors and other hosts who are currently making money through the platform.


“The city is sending a clear message to millions of potential visitors who will now have fewer accommodation options when they visit New York City: you are not welcome,” Theo Yedinsky, global policy director for Airbnb, said in a statement.


Remember, knowledge is your compass in the realm of Staten Island Real Estate- and that’s exactly what we aim to provide in our Sunday News snippets.


Stay informed, stay empowered, and navigate the New York market with confidence!


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