Queens Real Estate Talk by queenshometeam
Queens Real Estate Market Updates, Trends, and General Information.
Sep 17, 2014 | 7980 views | 0 0 comments | 32 32 recommendations | email to a friend | print | permalink

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JUST LISTED: 2 BR Coop @ the Lincoln in Forest Hills NY!
by queenshometeam
Jan 17, 2014 | 10342 views | 0 0 comments | 407 407 recommendations | email to a friend | print | permalink

Queens Home Team Introduces another GREAT Coop for Sale @ the Lincoln in Forest Hills NY! 

 



Privacy and convenience are featured in this lovely Forest Hills Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This true 2 BR Coop is located in the sought-after community, the Lincoln Cooperative…

Located in prestigious Forest Hills, Queens NY and close to all of the best that Queens NYC has to offer. This Unit Features: Lovely true 2 Bedrm, 1,150 sq ft, On 3rd Floor. High Ceilings, Large Windows, Hardwood Floors, Neutral Paint Scheme. Bedrm Located As Corner Unit With Lovely Views. Plenty Of Closet Space. Close To Express Mta Trains. Easy Access To Transportation, Shopping, Restaurants, And More. Some Furniture Can Be Sold W/Purchase. Zoned Ps 196 School. The M & R train at 67th Ave is within .3 miles. Within half a mile you can also access the E, F, and LIRR. Located at the Lincoln development, this 127 unit, 6 story building was built in 1948. Community District 406, City Council District 29, and Police Precinct 112. With a Walkscore of 91, it is no wonder why this area of Forest Hills is so desirable. Forest Hills is easily accessible by subway, rail, bus and car. The commercial heart of Forest Hills is a mile-long stretch of Austin Street between Yellowstone Boulevard and Ascan Avenue. Don’t miss out on the opportunity to own a unique and rare true 2 bedroom apt in a great location of Forest Hills! WHAT THE SELLER SAYS: “This is a very quiet & friendly building with a very attentive super. My apt lets in lots of natural sunlight and the location is centrally located for everything (highways, public transportation, etc).”

This Lincoln Coop for sale is located at 67-71 Yellowstone Blvd #3H in Forest Hills NY. Forest Hills is a unique neighborhood in the New York City borough of Queens.

This Two Bedroom Forest Hills Queens Coop for sale is being offered at $343,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2640107/. George Herrera & Abigail Herrera are Forest Hills NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Forest Hills NY.
 
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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This Month in Queens Real Estate: January 2014
by queenshometeam
Jan 15, 2014 | 10274 views | 5 5 comments | 344 344 recommendations | email to a friend | print | permalink
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January 2014 Market Update
 
Total existing home sales were up in December when compared to the previous month and were also up from December of last year. Prices continue to increase, even given the modest seasonal decrease that is typically seen in the winter months. This is due in large part to the consistent rise in home sales, coupled with the continually decreasing inventory. Demand is there, but many buyers are finding it hard to find what they’re looking for. Recent Federal Reserve policy changes will likely mean slightly higher interest rates moving into the New Year; however, market reactions so far have been positive and rates have edged up very slowly. NAR economists are predicting 5% interest rates by the Spring or Summer of 2014 but there are many variables to consider so we will have to wait and see. Those considering purchasing a home may wish to take advantage of the modest price gains and lock in mortgage rates as they continue to trend upward. 
 
Month’s Supply: 6.3 Months
 
**Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.



Interest Rates

Rates

In December, the Federal Reserve announced it would begin to curtail its purchases of non-traditional assets, also known as quantitative easing. As the Fed tentatively draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Currently, Freddie Mac reports the following, figures: 30-year fixed-rate, 4.48%; 15 – year fixed-rate, 3.52%; 5/1- year adjustable rate, 3.00%.



Queens NY Home Sales

According to the Long Island Board of Realtors, the seasonally adjusted rate of home sales increased 6.9% from last year to an annual rate of 773 homes. The rate of home sales is also up 5.2% from the rate reported in November. As banks begin to implement new lending regulations, credit tightness is likely to hamper home sales in Queens, however, due to the fact that inventory is still shrinking, demand is growing and may continue to do so in the beginning of the New Year.



Queens NY Home Prices

Median home prices rose slightly from November to December, rising 1.3% from $380,000 to $385,000 according to LIBOR. Year-over-year home prices continue to show fairly modest gains with prices up 2.7% from last December. This is consistent with the price gains of 2.4% over the course of the last twelve months. 



Queens NY Housing Inventory

The level of total housing inventory in Queens county dropped in December to 5,190 homes, down 9.3% from the previous month. Month’s of supply of inventory also dropped slightly due to the high pace of sales this month. The number of months of supply represents how many months it would take the current level of inventory to sell given the current sales pace if no other homes were added to the market. Supply in December represented 6.3 months, down 8.7% from the previous month. A sign that demand is very high and inventory is still scarce in many areas around Queens. 



Courtesy of George Herrera with the Queens Home Team @ Keller Williams Realty Landmark II. 

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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karenbeltran
|
February 01, 2014
“Perfect Example...news Real Estate...Middle Village, Maspeth, Glendale, Ridgewood, and many areas..........

Common Sense..Think about this....Homeowners'..Thinking of Selling?

Recently, owners of a home, in Middle Village,NY interviewed a well known Community Broker, Jim Turano, of Diverse Real Estate.

With decades of experience, many thousands of appraisals, Jim walked the couple through the process of listing their home.

He showed comparable homes that recently sold similar to theirs.

He explained their current Market Value.

He explained setting the right asking price.

He explained a Marketing campaign and a length of time it should take to obtain a qualified buyer.

He explained all the closing costs incurred by a seller.(City tax,State Transfer tax, attorney fees, and Real Estate Commission expenses.)

Lastly, appointments at owners' convenience.

Date Listed January 15, 2014

Showings in 48 hours: 7 showings.

Three offers and one accepted offer with a 40% down payment.

As of yesterday, Jan.30,2014, the contract was fully executed by buyers & sellers.

NO SIGNS AND NO MLS

JUST PRIVATE APPOINTMENTS AND SOLD BEFORE THE NEIGHBORS EVEN KNEW ABOUT IT.

THAT IS AN EXAMPLE, THAT IS FANTASTIC.

IT TOOK ONE 35 YEAR BROKER, HIS SKILLS, KNOWHOW, AND THE JOB WAS DONE. ***BRAVO***

source: Mr. & Mrs. Joseph Beltran ”


JUST LISTED: 2 BR Coop @ Le Havre on the Water in Beechhurst!
by queenshometeam
Jan 10, 2014 | 8387 views | 0 0 comments | 304 304 recommendations | email to a friend | print | permalink

Privacy and convenience are featured in this lovely Beechhurst Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This 2 BR Coop is located in the sought-after community, Le Havre on the Water…

Located in prestigious Whitestone, Queens NY and close to all of the best that Queens NYC has to offer. This is a Beautiful 2 Bedroom 1 Bath Unit On 4th Fl Level. This Unit Features Large Open Layout, Spacious Kitchen W/Open Layout To Living Area. Large Balcony Excellent To Enjoy All Year. Amenities Include 2 Outdoor Seasonal Pools, Three Tennis Courts, Gym, Library, Clubhouse (Fees Apply), Cafe, On-Site Management, In-House Security, Large Maintenance Staff, and Year Round Landscaping. Imagine 28 acres of landscaped property surrounded by spectacular views of Long Island Sound and New York City. Imagine amenities such as two swimming pools, children’s playgrounds, cafe, tennis courts and a fully-equipped health club, all in a friendly and safe community. Imagination becomes reality at LeHavre On The Water. LeHavre On the Water offers waterfront living, conveniently located minutes from midtown Manhattan. LeHavre offers more than just a beautiful environment. Whether strolling the grounds, talking to neighbors or enjoying time with your family and friends at the pool, LeHavre will make you feel right at home.

This Le Havre Coop is located at 166-10 Powells Cove Blvd #4A in Beechhurst NY. Beechhurst is a neighborhood in the northeastern section of the New York City borough of Queens. It is on the northeastern side of Whitestone, Queens, New York, near the East River, north of the Cross Island Parkway and between the approaches to the Throgs Neck and Whitestone bridges.

This Two Bedroom Beechhurst Queens Coop for sale is being offered at $255,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2637773/. George Herrera & Abigail Herrera are Beechhurst NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Beechhurst NY.
 
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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JUST LISTED: 1 BR Coop @ Baydale Cooperative in Bayside!
by queenshometeam
Jan 10, 2014 | 7945 views | 0 0 comments | 285 285 recommendations | email to a friend | print | permalink

Privacy and convenience are featured in this lovely Bayside Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ KW Landmark II. This 1 BR Coop is located in the sought-after neighborhood of Bayside, Queens at the Baydale Coop Development.

Located in prestigious Bayside, Queens NY and close to all of the best that Queens NYC has to offer. Feel At Home In This Beautiful 1 Bedroom Coop In The Heart Of Bayside. Located On A Tree Lined Street, Facing Residential Homes (For Easy Parking), This Garden Style Unit Features Freshly Polished Hardwood Floors, A Cozy Living Room To Entertain Guests, Renovated Bathroom, Custom California Closet in the Bedroom, And A Nook In The Kitchen For Dining. Near Francis Lewis Blvd. & Bell Blvd. Close To Shopping & Restaurants. The LIRR Auburndale station is less than half a mile away and takes you into the city in 20 minutes; Plenty of shopping in Bay Terrace; Array of restaurants on Bell Boulevard; Several convenient stores on 35th Avenue, from outstanding bagels to delicious homemade Italian ices! Ample parking available on 36th Ave. The charm and character of this apt will make it very simple to call this place home.

This Baydale Coop is located at 204-11 36th Ave #388 in Bayside NY. Bayside is a unique neighborhood located in the New York City borough of Queens. Bayside is bordered by the Bronx to the north across the Long Island South and Douglas Manor across the Little Neck Bay. The eastern land border is the Cross Island Parkway and Douglaston; the western is Francis Lewis Boulevard/Utopia Parkway and Auburndale; the southern is Long Island Expressway and Oakland Gardens.

This One Bedroom Bayside Queens Coop for sale is being offered at $159,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/P1180686/. George & Abigail Herrera are Bayside NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Bayside NY.
 
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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JUST LISTED: 3 BR Coop @ Beech Hills in Douglaston...
by queenshometeam
Jan 10, 2014 | 9671 views | 0 0 comments | 275 275 recommendations | email to a friend | print | permalink

2S1A9059

Privacy and convenience are featured in this lovely Douglaston Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This 3 BR Coop is located in the sought-after community, Beech Hills Cooperative…

Located in prestigious Douglaston, Queens NY and close to all of the best that Queens NYC has to offer. This Unit Features

3 Bedroom Garden Apartment On 1st Floor. 3rd Bedroom Can Be Used As Dining Rm. Bright & Spacious Corner Unit, Completely Remodeled Throughout Only A Few Months Ago. Close To Transportation, Shopping, Restaurants. Beech Hills is a self managed cooperative community located in Douglaston Queens. Rolling hills and winding streets distinguish this community of 816 garden style apts, situated upon 45 acres of land. Beech Hills residents’ have unparalleled convenience and opportunity being only a short commute from midtown Manhattan. This development provides private sanitation six days a week, a private security company to patrol the community, free off street resident parking, rentable vehicle garages, as well as twenty four hour maintenance emergency service. Amenities include, on-site laundry rooms, playground areas, a sprinkler park, and a rentable community room with fully equipped kitchen. Located in school district 26, region 3 children are within .5 miles of an elementary school and middle school, as well as a public library. Each of these schools is rated as one of the highest academically achieving schools within New York City.
 
Beech Hills was built in the 1950s. When Beech Hills was established in 1951, it took several years to complete the entire construction for 816 residents. Upon completion, forty-three free standing-garden-style buildings were erected on forty-five acres of land along with garages, and playground areas. The influx of new homeowners brought with it the need for new businesses, schools, houses of worship, and improved public works which are all located less than .5 miles away from this unit. To provide for the educational needs of children in the community, The Marathon School P.S. 187, North Hills School P.S. 221, Louis Pasteur Middle School JHS 67 and local high schools, Van Buren, Bayside and Cardozo would came into construction. While the decades passed, the surrounding areas have developed and thrived into a bustling cosmopolitan area. Yet in that time, Beech Hills has managed to insulate itself and still retain its suburban-like atmosphere.
 
This Beech Hills Coop is located at 244-42 Horace Harding Expy #Lower in Douglaston NY. Douglaston is a unique neighborhood in Queens County and is located on the North Shore of Long Island, bordered to the east by Little Neck, and to the west by Bayside. Douglaston’s two ZIP Codes are 11362 and 11363.
This three Bedroom Douglaston Queens Coop for sale is being offered at $219,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2634530/. George Herrera & Abigail Herrera are Douglaston NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Douglaston NY.
 
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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This Month in Queens Real Estate: December 2013
by queenshometeam
Dec 14, 2013 | 8687 views | 1 1 comments | 195 195 recommendations | email to a friend | print | permalink
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Queens NY Real Estate Market Update

According to the Long Island Board of Realtors, existing home sales declined 21% in November but are still well above last year’s pace by 16.9%. Some part of the drop in sales was likely due to delays caused by the government shutdown, which may affect December’s sales figures as well. Even with the modest decline in sales from October to November, we have still seen 8 consecutive months of year-over-year increases – thanks to a dip in the level of inventory available for sale across Queens county. For now, inventory levels have allowed a continued advantage to sellers even moving into the winter months, which typically see lower prices than the rest of the year. However, buyers should pay attention to mortgage rates, as they continue to creep upward and eat away at affordability.



Month’s Supply: 6.9 Months 
 

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market. 
 


Interest Rates
 
Rates


Interest rates have once again turned upward after correcting for a speculative bump generated by uncertainty surrounding the Federal Reserve’s intentions on curtailing unconventional monetary policy. Consumers should note that rates may spike again leading up to Federal Open Market Committee meetings in December, but will likely continue a slow upward trend in the long run. Currently, Freddie Mac reports the following, figures: 30-year fixed-rate, 4.22%; 15 – year fixed-rate, 3.27%; 5/1- year adjustable rate, 2.75%.
 


Queens NY Home Sales


 
Queens_NY_Real_Estate_Market_Home_Sales_December_2013


In November the seasonally adjusted annual pace of sales declined to 705 homes, which is down 21% from the previous month’s level of 896. Year-over-year sales are up 16.9% from last November’s pace of 603 homes, according to the Long Island Board of Realtors®. Persistently low levels of inventory all over Queens county is still a factor in constraining home sales, particularly as we move into the winter months, when inventory typically declines, as well as availability of credit to buyers.
 


Queens NY Home Prices



Queens_NY_Real_Estate_Market_Home_Prices_December_2013



Home prices rose slightly in November due to the decline in the level of inventory. Median price for an existing home was $380,000, up 4.1% from last month. Compared to the same month last year, median home price is dead even with no increase or decrease. Within the last 12 months we have seen eight month’s of year-over-year home price increases and four months of year-over-year price decreases.
 


Queens NY Housing Inventory
 
According to LIBOR, the level of total housing inventory in Queens dropped in November to 5,721 homes for sale, down 4.1% from the previous month. Month’s supply of inventory is also down due to the low levels of inventory and consistent pace of sales this month. Supply in November represented 6.9 months, down 4% from the previous month.
 


Courtesy of George Herrera, Abigail Herrera, and Chris Tomeo w/the Queens Home Team @ Keller Williams Realty Landmark II.
 
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vinnybatyr
|
December 16, 2013
copy and paste!

BUYERS CAN GET A JUMP ON THE 2014 SPRING MARKET TODAY!

http://glendaleregister.com/pages/full_story/push?blog-entry--BUYERS CAN GET A JUMP ON THE SPRING 2014 MARKET TODAY- A MUST READ- &id=24233939


This Month in Queens Real Estate: November 2013
by queenshometeam
Nov 11, 2013 | 11690 views | 0 0 comments | 267 267 recommendations | email to a friend | print | permalink
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Queens NY Real Estate Market Update

The seasonally adjusted rate of Queens home sales increased again in October and continued to increase when compared to year-ago levels, with October marking the 7th month of year-over-year increases. Median price declined month to month, which was expected given seasonal patterns; year-over-year, October marked only the 4th month this year of price decreases. This should have many potential Queens home sellers better positioned than they were this time last year and Queens home buyers should look to take advantage of the recent dip in mortgage rates thanks to a continuation of Federal Reserve policy. Next month’s report on November sales will likely reflect the transactional delays created by the government shutdown and the drop in consumer sentiment. However, with government workers back in their offices, the transaction process should return to normal.

Month’s Supply: 7.2 Months 
 
*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market. 
 


Interest Rates
 
Rates

Interest rates have continued to dip after the Federal Reserve let the air out of the rate buildup we saw at the end of the summer. Currently, Freddie Mac reports rates at the following 30-year fixed-rate, 4.13%; 15 – year fixed-rate, 3.24%; 5/1- year adjustable rate, 3.00%.
 


Queens NY Home Sales
 
Queens_NY_Real_Estate_Market_Home_Sales_November_2013

Existing home sales for Queens in October were at a seasonally adjusted annualized rate of 868 homes. This is an increase of 6.1% from last month, but more significantly, is an increase of 36.3% when compared to October of last year. The increase seen in October sales is partly due to the higher interest rates we witnessed in the buildup to the Federal Reserve meeting in September, and now that the Fed has made its intentions more clear, rates should be less of a headwind in the short term for the Queens housing market.
 


Queens NY Home Prices
 
Queens_NY_Real_Estate_Market_Home_Prices_November_2013


The median existing home price dropped to $365,000 in October as the seasonal decline in price continued. While prices have decreased slightly this fall, Queens home sellers are still better positioned than they have been in recent years as we continue to post year-over-year price gains.
 


Queens NY Housing Inventory
 
Inventory levels continued to decrease at a modest pace through October, and the increase in buyer activity brought the months of supply down again to 7.7 months. Inventory levels remain tight due to seasonality and slow builder activity in Queens. Currently there are 5,966 homes for sale in Queens, that’s 95 fewer homes than we had available in October.
 


Courtesy of George Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.
 
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Queens Home Team Introduces another One Bedroom Coop for Sale @ the Eden Rock in Briarwood NY!
by queenshometeam
Oct 15, 2013 | 13527 views | 0 0 comments | 322 322 recommendations | email to a friend | print | permalink

Privacy and convenience are featured in this lovely Briarwood for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This one bedroom coop is located in the sought-after neighborhood of Briarwood, Queens.

Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2618735/. Located in prestigious Briarwood, Queens NY and close to all of the best that Queens NYC has to offer, this lovely Coop is a spacious Coop near Main St in Briarwood. This Briarwood Coop Features 1 Bedroom W/Raised Dining Area. Doorman Building W/Laundry Facilities. Approx 5 Blocks To E & F Train @ Queens Blvd. & Van Wyck Expy., Few Blocks To Grand Central Pkwy. & Van Wyck Expy., Union Tpke. Forest Park In Close Proximity.

This Briarwood Coop is located at 84-01 Main St in Briarwood NY. Briarwood is a unique neighborhood in the New York City borough of Queens. It is located northwest of Jamaica and roughly bounded by Queens Boulevard, Parsons Boulevard, Union Turnpike, and Hillside Avenue.
 
This One Bedroom Briarwood Queens Coop for sale is being offered at $125,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2618735/. George & Abigail Herrera are Briarwood NY Realtors experienced in working with luxury properties, first-time homebuyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Briarwood NY.
 
George & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 
 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com 

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This Month in Queens Real Estate: October 2013
by queenshometeam
Oct 11, 2013 | 3341 views | 0 0 comments | 263 263 recommendations | email to a friend | print | permalink

TMIQRE Header 

Queens NY Real Estate Market Update
 
In September the seasonally adjusted annual rate of home sales in Queens jumped to the highest year-over-year increase since January 2013, as many buyers made the effort to lock in rates before they rise any further. While rates have ticked down due to the Federal Reserve’s announcement that it would not taper its unconventional asset purchases in September, rates are still likely to slowly rise through the end of the year. Prospective buyers should take advantage of what is still a historically high level of affordability in the housing market before it diminishes. With inventory remaining tight in many areas around Queens, potential home sellers are still well- positioned to take advantage of the many buyers looking for opportunities in Queens.
 
Month’s Supply: 7.7 Months 
 
*Month’s supply over 6 months is said to favor buyers, supply below 6 months is said to favor sellers, and supply ove 5-6 months is said to be a balanced market.
 
Interest Rates
 
Interest_Rates



Interest rates have moderated thanks to the Federal Reserve’s decision to continue its quantitative easing policies. 30-year fixed-rate mortgages are currently 4.32% with 15-year rates at 3.37% and 5-year adjustable rates at 2.63%. While the Fed’s policy announcement has helped rates in the near term, we should expect them to continue to increase as the overall economy improves.
 


Queens NY Home Sales
 
Queens_NY_Real_Estate_Market_Report_for_Single_Family_Multi_Family_Condo_and_Coop_Homes_Home_Sales_OCT_2013

Existing home sales were down 5.5% from August, but the 796 home sales in September represents a 28.6% increase over the same month last year and represents the sixth consecutive month of year-over-year increases. The recent spike in the rate of home sales is likely tied to the rise in interest rates in previous months, which caused buyers concerned about rising rates to get off the sidelines and lock in. Residential home sales were up 16.2%, Condo sales were up 70.2%, and Coop sales were up 41.6% year-over-year. A sign that the increase in sales was evident in all property types.
 


Queens NY Home Prices
 
Queens_NY_Real_Estate_Market_Report_for_Single_Family_Multi_Family_Condo_and_Coop_Homes_Home_Prices_OCT_2013


In September the median existing home price dipped slightly from the previous month to $374,000. Median price was down only 1.6% from August and was only down .3% from last September. Home prices typically dip later in the year, so the current month- to- month trend is not concerning. However, the year-over-year rises in home prices bode well and will continue to help boost more Queens’ homeowners out of negative equity positions.
 


Queens NY Housing Inventory
 
The number of homes available for sale in September decreased again so we are still having a hard time keeping up with the jump in buyer activity. This brought months’ supply of inventory, which takes into account inventory levels and sales rates, down 4.9% from last month to a current supply of 7.7 months of inventory.
 
Courtesy of George Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.
 
Queens Home Team_Keller Williams Realty Landmark II_Real Estate Agents in Queens NY_BANNER
 
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This Month in Queens Real Estate: September 2013
by queenshometeam
Sep 18, 2013 | 14281 views | 0 0 comments | 319 319 recommendations | email to a friend | print | permalink
TMIQRE Header
 
Queens NY Real Estate Market: Update

The annual rate of home sales rose for the fifth month in a row in August, the jump likely boosted by formerly reluctant buyers being pushed off the sidelines by the anticipation of rising mortgage rates. As speculation continues on the date and extent of the Federal Reserve’s reduction in its purchases of unconventional assets, mortgage rates have already begun to rise and are unlikely to return to the historic lows witnessed early in the year. With rates on the move, prospective buyers would do well to take advantage of low rates while home affordability remains at historically high levels. Prices rose again in August, maintaining the high year-over-year growth rates of the last twelve months. Sellers are still well-positioned in the Queens’ real estate market with inventory still relatively tight in many neighborhoods.

 
Month’s Supply: 8.1 Months
 
*Month’s supply above 6 months is said to favor buyers, and month’s supply below 6 months is said to favor sellers.
 
 
Interest Rates
 
Interest rates have moved up this month: 30-year fixed-rate mortgages are currently 4.58% with 15-year rates at 3.60% and 5-year adjustable rates at 3.21%. These are the highest rates we have seen in the last two years.
 
Interest_Rates
 
Queens NY Real Estate Market: Home Sales
 
Total existing home sales in August were down 2% from July to a seasonally adjusted annual rate of 820 homes. Year-over-year home sales were up 15% from the August 2012 rate of 713 homes. The Queens’ housing market recovery is still well under way with 5 consecutive months of year-over-year growth in home sales heading into this fall. The most significant rise in home sales is in the Condo market. Residential home sales and Coop sales were up moderately in comparison.
 

 
Queens_NY_Real_Estate_Market_Report_Home_Sales_Coop_Condo_Single_Family_Multi-Family_Home_Sales_Sept 2013
 
 
Queens NY Real Estate Market: Home Prices
 
The median existing home price in the Queens in August was $383,750, up slightly from the previous month but up 9.6% from the same month last year. Of the last twelve months, this is the tenth month of year-over-year price increases. The most significant rise in home prices is still for Residential 1-3 family homes and Condos. Coops have only experienced a slight rise in prices.

 
 
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Queens NY Real Estate Market: Inventory
 
A slight decrease in inventory levels was offset by the increase in the pace of home sales, causing the months of supply for existing homes to drop down from 9.1 months in July, to 8.1 months in August. Total Queens housing inventory dropped by 2% in August from 6,144 homes for sale in July to a level of 6,026 homes for sale in August.
 
Courtesy of the Queens Home Team @ Keller Williams Realty Landmark II. NYS Licensed Real Estate Salespersons. 
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