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Looking Ahead: What the Experts Are Saying About Home Prices in 2025
Lately, there’s been a lot of buzz about what’s next for home prices, especially with 2024 shifting gears in some markets. Here in Staten Island, we saw the Median Sales Price decrease 3.2 percent to $668,000, while Days on Market was up 35.2 percent to 78 days during the first six months of 2024.
But what about the future of the market? Listen, no one has a crystal ball, but experts have released early predictions for home prices in 2025. Let’s dive in.
The Big Picture: National Home Price Predictions for 2025
It’s hard to believe 2024 is halfway over! Looking ahead to 2025, experts predict a slowdown in the national housing market’s breakneck pace. Now, that doesn’t mean prices are plummeting. In fact, the average forecast anticipates a +2.5% increase in national home prices for 2025. That would mark the 13th consecutive year of home price growth.
Home projections vary among major groups, with predictions running from a 0.3% increase to 4.4%
- Goldman Sachs: +4.4% growth in home prices in 2025
- Wells Fargo: +4.3%
- Mortgage Bankers Association: 3.3%
- Morgan Stanley: 3.0%
- Zelman & Associates: 2.3%
- Fannie Mae: 1.5%
- Freddie Mac: 0.5%
- Moody’s Analytics: 0.3%
It’s Not a One-Size-Fits-All Picture
While national trends provide a useful overview, real estate is inherently local. Staten Island might not follow the national average. Local factors such as the labor market, inventory levels, and specific regional economic conditions will play a significant role in shaping the housing market here.
For instance, areas with strong job growth and limited housing supply may continue to see higher price appreciation, while other regions may experience more modest gains or even slight declines.
Some of the key factors I watch every month include:
- Inventory Levels
- Interest Rates
- Average Days on the Market
- Median Sale Prices
- List-to-Sale Price Ratio
If you want to be updated on the local market data, sign up for our newsletter here.
Navigating the real estate market in Staten Island in 2025 requires a blend of national insights and local expertise. By understanding the broader trends and keeping an eye on local market dynamics, you can make informed decisions whether you’re buying or selling a home. Stay tuned for more updates and feel free to reach out with any questions or for personalized advice on your real estate journey.
Top Tips for a Smooth and Stress-Free Home Sale
Selling a home is considered more stressful than planning a wedding.
Yes, you read that right! According to a recent study by Opendoor, selling a home is 35% more stressful than planning to exchange vows. And for many homeowners aged 55 and over, selling a home is often intertwined with major life transitions, adding another layer of emotional complexity.
This statistic might surprise some, but it highlights the significant emotional and logistical hurdles involved in selling a property. Whether you’re downsizing, relocating, or simply embarking on a new chapter, understanding the potential stressors and planning effectively can make a world of difference.
Why is Selling a Home So Stressful?
Among 55+ Americans, selling a home (65%) ties with starting a new job (65%) as the most stressful life events. These events are considered more stressful than buying a home (62%) and planning a wedding (48%).
Women in this age group find home real estate transactions significantly more stressful than men, with 72% of women citing selling a home as the most stressful event compared to 57% of men.
Here are just a few of the reasons selling a home can be overwhelming:
Emotional Attachment
Homes are more than just structures; they hold memories and sentimental value. Of those surveyed, 66% feel attached to their homes, and 56% have lived in their homes for 15 years or more. This makes leaving a home a bittersweet mix of emotions, making the selling process emotionally taxing.
Uncertainty and Financial Pressure
Selling a home involves many uncertainties, such as finding a buyer, negotiating prices, and dealing with market fluctuations. The financial stakes are high, and the pressure to get the best deal can add to the stress.
Coordination of Logistics
From staging and showing the home to handling paperwork and moving logistics, the process requires meticulous planning and coordination. This can be overwhelming, especially for those who are also juggling other life responsibilities.
Tips for Managing Home Selling Stress
Understand Your Selling Options
Knowing your options and planning ahead can significantly reduce the stress of selling a home. Partnering with a real estate professional allows them to handle marketing, negotiations, and paperwork—not to mention an average of $34,000 more in profit, according to a recent study. Profits Blog Post
Another option is iBuyers, which is when companies buy homes directly. These often offer a fast and convenient sale, though offers are typically lower than a traditional sale. Selling yourself (FSBO) requires a significant effort in marketing, negotiations, and legal aspects. This can save on agent commissions, but typically results in a lower sale price.
Set Realistic Expectations
Understanding the current market conditions and setting realistic expectations can prevent disappointments. Today’s market is not like the one in 2021-2022! If working with a professional, discuss your goals with your real estate agent and be prepared to make changes based on what’s happening locally.
Simplify the Process
Consider decluttering and staging your home early in the process. A well-presented home can attract buyers more quickly, reducing the time your home is on the market. Additionally, having all necessary documents organized and ready can expedite the closing process.
Final Thoughts
Selling a home is undoubtedly an emotional experience. However, understanding the factors that contribute to this stress and implementing strategies to manage it makes the process more manageable. By planning ahead and setting realistic expectations you can navigate the home selling journey with greater ease and confidence.
The Costs of Selling Your Home (and How to Maximize Your Profits)
Let’s face it—between repairs, closing costs and commissions, the costs associated with selling your home can add up fast. Case in point: homeowners reported spending $54,616 when selling their homes, according to a recent survey from Clever Real Estate—an amount that was surprising to 42%.
Despite the costs, the majority (64%) made a profit on the sale of their home, with the median profit totaling $100,000.
With the right strategy, you can maximize your profits and minimize regrets. In fact, the study also showed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went it alone. That’s a pretty compelling argument for having a pro in your corner!
Rather than just taking my word for it, let’s dive into:
- The costs associated with selling a home
- Regrets home sellers reported
- How you can avoid common mistakes
The Cost of Selling a Home
Selling a home at the highest possible price involves various costs. Here’s what survey respondents said they paid for, on average:
- Listing agent commission: $11,136
- Buyer’s agent commission: $10,467
- Repairs: $10,000
- Closing costs: $8,000
- Concessions: $7,200
- Moving expenses: $3,250
- Marketing: $2,300
- Staging: $2,263
Keep in mind that every transaction is different—some of these costs are negotiable (like agent commissions), some may not be needed for every property, and some could be lower or higher based on the condition of the home or what’s happening in the local market.
Common Regrets of Home Sellers
Regret was a common sentiment among home sellers who participated in the survey, with 89% expressing some sort of regret post-sale, including 92% of those who sold without an agent.
The most common regrets about the home selling process included:
- Selling too quickly (30%)
- They miss their old home (29%)
- Not selling for enough money (28%)
- Not making enough pre-listing repairs (26%)
- Making too many concessions (26%)
- Failing to stage the home (25%)
Now, let’s get into something I’m really passionate about—the regrets home sellers had about their agent. Half of those surveyed say their agent “failed them” in some way. This is why who you work with matters so much.
Here’s what respondents had to say about their agent:
- Agent’s advice let them down (57%)
- Agent made mistakes with their listing (53%)
- Agent didn’t communicate enough (50%)
So, with all these regrets floating around, how can you make sure these things don’t happen to you?
How to Maximize Your Home Sale
Making the most of your home sale starts with working with the right real estate agent (remember, agents help homeowners get an additional $34,000 for their home sales). I always encourage sellers to interview at least two agents, because when it comes to selling your biggest asset, having the right professional by your side is critical. That’s why I also recommend home buyers meet with more than one mortgage lender. —> 4 Mortgage Loan Mistakes That Could Cost You Money
When interviewing agents, look for the following:
- Find a Professional: Look for an agent with deep knowledge about the local market, strong negotiation skills and a solid marketing plan.
- Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients.
- Discuss Your Goals and Expectations: Make sure your agent understands your goals and priorities for the sale. In addition, be sure to ask about their communication plan.
- Evaluate Their Marketing Plan: A good agent will have a comprehensive marketing strategy to attract potential buyers, including online listings, social media promotion, and professional photography.
- Understand Commission Structure: Discuss the commission upfront to avoid any surprises later.
Once you find a real estate agent you are confident with, work with them to learn what type of repairs or staging will make a difference. They will be able to walk you through the process and provide guidance on what matters most to buyers.
The Bottom Line
Selling your home comes with a series of big decisions. A real estate agent is your partner in the process, and their expertise can mean the difference between tens of thousands of dollars in your pocket.
For a free consultation or discovery call to chat about your goals, connect with me here.
