Queens Real Estate Talk by queenshometeam
Queens Real Estate Market Updates, Trends, and General Information.
Apr 10, 2014 | 5617 views | 0 0 comments | 15 15 recommendations | email to a friend | print | permalink

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This Month in Queens Real Estate: July 2013
by queenshometeam
Jul 12, 2013 | 8259 views | 0 0 comments | 315 315 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

July 2013 Queens NY Market Update

The recovery of the Queens housing market now appears to be well under way. While demand is still high, even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. This is likely to persist through the year due to the rapid sales velocity and only modest additions to inventory levels. May & June saw a modest jump in sales velocity where existing home sales were at the highest point since August 2012. Prices continued to rise in June, marking the eighth consecutive month of price growth. Current absorption rate is 9.3 months, which is down from last month’s supply of 9.5 months. With affordability still at historically high levels and the market continuing to improve, it could be an opportune time for a well-informed buyer or seller to enter the market.





Queens NY Interest Rates

Long-term U.S. mortgage rates jumped half a point in May, reflecting consumer confidence in the economy and the very active housing market. The 30-year fixed rate mortgage averaged 3.81% in May, which was a high not seen in over a year. The 15-year fixed rate mortgage had an average rate of 2.98%, while the 1-year adjustable rate mortgage slipped to 2.54% in May. Rates have stayed fairly close to April levels for most of the month until the growing economy and increasing momentum caused the leap in interest rates at the end of May. It will be interesting to see if this gain carries over into the next month.

Interest_Rates



Queens NY Home Sales

Home sales decreased in June with total existing home sales dropping 3.3% from May, but still up 5.6% year-over-year. The positive housing numbers are indicative of the New York & U.S. economy strengthening. Existing home sales are at the highest level since August 2012. June marked the eighth month that sales have recorded year-over-year gains. The most significant jump in year-over-year home sales are in the Condo market. Residential & Coop sales are still fairly similar to the sales seen at this time last year.



Queens NY Home Prices

Median home prices continued to rise from a year earlier with an increase of 10.1% from last June. This marks eight straight months of increases, with the exception of February which was affected by Super Storm Sandy. The Queens median existing home price for all housing types was $380,000 in June, which is a 4.1% increase from the median home price in May ($365,000). The median price level has been gaining year-over-year for eight consecutive months as of June, a strong sign of the market recovery in Queens.



Queens NY Housing Inventory

Total housing inventory at the end of June dropped 1.3% to 6,123 existing homes, which represents a 9.3-month supply of homes. This is down from the 9.5-month supply in May. Inventory is down 28% below year-ago levels, but this is indicative of the current recovery. The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, unless new home construction ramps up quickly by an additional 50%.

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



BUY
www.ExclusiveQueensHomes.com | SELLwww.QueensHomeSelling.com

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JUST LISTED: 1 BR Coop for Sale @ The Birchwood House in Jackson Heights NY!!!
by queenshometeam
Jun 18, 2013 | 298 views | 0 0 comments | 13 13 recommendations | email to a friend | print | permalink


Privacy and Manhattan skyline views are featured in this lovely Jackson Heights Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This 1 BR Coop is located in the sought-after neighborhood of Jackson Heights, Queens.

Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2591634/. Located in prestigious Jackson Heights, Queens NY and close to all of the best that Queens NYC has to offer, The Birchwood House is a premier cooperative. Pull up to the Birchwood House and you see an array of restaurants, shops, stores, and entertainment nearby. As you step foot into the building you’re greeted by a doorman and an impeccably designed lobby area. Take the elevator up to your brand new one bedroom coop in this cast iron building in the fashionable Jackson Heights neighborhood. 1 bedroom, 1 bath, brand new stainless steel appliances, custom wood cabinets, granite countertops, refinished parquet wood floors, custom tiling in bathroom & kitchen, and city views throughout this 780 /- sqft coop. No expense spared. Designer finishes throughout including Custom earth tone paint perfect to move right in and decorate. Sixth floor unit features 10 ft /- ceilings, a Formal living room with three large windows that look right out at Manhattan. Need a breath if fresh air? Head up to your newly opened rooftop deck complete with sunbathing chairs and picnic tables. To top it off, enjoy a panoramic view of New York City!

This Jackson Heights Queens Coop is located at 37-31 73rd St #6B in Jackson Heights NY. The Birchwood House Cooperative in Jackson Heights NY offers something for everyone. While the average Jackson Heights apartment gives you four walls and nothing else, there is nothing average about the Birchwood House Coops. That’s because the Birchwood House Cooperative in Jackson Heights NY isn’t just another building hemmed in between other buildings. It’s a carefully-planned community, that makes Birchwood House Coops benchmarks for value and quality. Coops at the Birchwood House Cooperative in Jackson Heights NY are beautifully designed and crafted to provide a spacious layout with nice sized closets and quality materials throughout. When you live at the the Birchwood House you enjoy more than an apartment, you enjoy a complete lifestyle.

This 1 bedroom Jackson Heights 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/2591634/. George & Abigail Herrera are Jackson Heights NY Realtors experienced in working with luxury properties in Jackson Heights NY, Jackson Heights NY first-time homebuyers, Jackson Heights NY Coops, as well as Jackson Heights NY Condos, Jackson Heights NY Single Family Homes, Jackson Heights NY Two (2) family, and Multi-Family Homes in Jackson Heights 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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1 BR Coop for Sale @ Station Square in Forest Hills Gardens!!!
by queenshometeam
Jun 17, 2013 | 7073 views | 0 0 comments | 525 525 recommendations | email to a friend | print | permalink

Privacy and convenience are featured in this lovely Forest Hills Gardens Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ Keller Williams Realty Landmark II. This 1 bedroom Coop is located in the sought-after community of Forest Hills, Queens. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2590404/ 

Cozy 1 Bedroom Located By 71st & Continental Shopping & Enjoyment! Building Is 1 Block To Transportation, Retail Shopping, Restaurants, And Entertainment. Location, location, location. Austin St, Continental Ave, and Forest Hills Gardens! A windowed kitchen with white cabinets, stainless steel appliances, a beautiful bathroom, large windows, and many closets galore. This one bedroom Coop has beautiful wood floors and is in great condition. 2 Dartmouth St is a prewar building 1 block from the LIRR, E/F/M/R Trains, Q23 Bus, Restaurants, Theaters, and Austin Street shopping. This could easily be the perfect Home for you. 20% down payment required for potential buyers.
 

Located in prestigious Forest Hills Gardens, Queens NY and close to all of the best that Queens NYC has to offer, The Station Square Cooperative is a premier cooperative. This Forest Hills Queens Coop is located at 2 Dartmouth St in Forest Hills NY. The Station Square Cooperative in Forest Hills NY offers something for everyone. While the average Forest Hills apartment gives you four walls and nothing else, there is nothing average about the Station Square Coops. That's because the Station Square Cooperative in Forest Hills NY isn't just another building hemmed in between other buildings. It's a carefully-planned community, that's why Station Square Coops are benchmarks for value and quality. Coops at the Station Square Cooperative in Forest Hills NY are spacious, many have terraces, storage, and nice sized closets. When you live at the Station Square, you enjoy more than an apartment, you enjoy a complete lifestyle. 

This 1 bedroom Forest Hills Queens Coop for sale is being offered at $178,000. 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/2590404/. George & Abigail Herrera are Forest Hills Gardens NY Realtors experienced in working with luxury properties in Forest Hills Gardens NY, Forest Hills Gardens NY first-time homebuyers, Forest Hills Gardens NY Coops, as well as Forest Hills Gardens NY Condos, Forest Hills Gardens NY Single Family Homes, Forest Hills Gardens NY Two (2) family, and Multi-Family Homes in Forest Hills Gardens 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: June 2013
by queenshometeam
Jun 10, 2013 | 6776 views | 0 0 comments | 498 498 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

June 2013 Queens Market Update

The recovery of the Queens housing market now appears to be well under way. While demand is still high even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. Due to current market conditions, May saw a significant jump in sales velocity. April & May typically see the most significant gain in inventory in any given year, meaning low levels of inventory are likely to persist throughout the year. Prices continued to rise in April, marking the sixth consecutive month of gains in median price. With affordability still at historically high levels, the market continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed buyer or seller to enter the market.



Numbers that Drive Queens Real Estate_UPDATE



Interest Rates

Interest rates ticked up to 4.125% this month. With yields on treasuries rising due to overall economic recovery and anticipation of the Federal Reserve cutting back on monetary easing, we could see mortgage rates slowly trend up in the future.



Queens_NY_Interest_Rates

Queens NY Home Sales

Home sales in May reached a seasonally adjusted annual rate of 698, an 11.1% increase from April and a 10.8% increase from May of 2012. This is the fastest annual sales pace the market has seen since the 2009 tax credit. May would have been the sixth consecutive month of year-over-year gains, however, super storm Sandy caused sales to dip in February & March. Even with these gains, the market is still being constrained by tight credit and inventory. The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the current pace.

Queens_NY_Home_Sales



Queens NY Home Prices

Median home price was $360,000 in May, no change from April but a 4.3% increase from the same month last year. This makes May the seventh consecutive month of year-over-year price gains. The last time the Queens saw this many consecutive gains in median house price was in the lead up to the housing crisis from April 2005 to May 2006.

Queens_NY_Home_Prices



Queens NY Housing Inventory

Inventory saw a moderate decrease in May, dropping 1.2% from April levels to a supply of 9.57 months. There are currently 6,204 homes for sale in Queens County, that’s 27% lower than what we saw in May of 2012 and is still representative of a firm seller’s market in many neighborhoods of Queens. Residential Homes and Condos are in high demand among buyers, however, we are experiencing the biggest shortage with these types of properties. There is still a large supply of Coops on the market and Buyers typically have more leverage at the negotiating table when it comes to Coops due to the large amount of competition. In any case, there are still less Coops on the market than there were last year.



Courtesy of George & Abigail Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.



BUY
www.ExclusiveQueensHomes.com | SELLwww.QueensHomeSelling.com

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This Month in Queens Real Estate: May 2013
by queenshometeam
May 10, 2013 | 5078 views | 0 0 comments | 179 179 recommendations | email to a friend | print | permalink
TMIQHRE Header


Queens NY Real Estate Market Update

As the Queens housing market recovers we are seeing considerable increases in demand, resulting in a strong seller’s market in certain areas across the county. Currently, there is more demand than there is supply available in many neighborhoods, but the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels. 

Homes are selling much faster, and multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly. With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a Queens home.



Queens NY Interest Rates

Rates

Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels. 



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

Home sales in April were parallel to last month’s figures at 600 units. Sales are up 3.6% from year-ago levels, making this month the 2nd month of year-over-year sales unit increases this year. Queens Residential Home Sales increased 2% from last year, while Queens Condo home sales decreased 11.3% from last year, and Queens Coop home sales rose 13% from year ago levels.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

The current median home price increased 5.8% in April to a seasonally adjusted $376,000, which is up 7.4% year over year. April marks the 3rd consecutive month of year-over-year price increases, and the strongest year-over-year increase since January. Residential home prices are up 6.6% compare to this time last year. Condo home prices are up 3.2% from year ago levels. And Coop home prices are up 4.9% from this time last year. This is a result of the substantial decrease in inventory which has put pressure on home prices to rise because it has led to a rise in demand among Queens home buyers.



Queens NY Housing Inventory

Inventory levels in April decreased slightly by 1.5% to 6,280 existing homes for sale. The number of homes on the market represents a 10.1-month supply, indicating that the County as a whole is still in a buyer’s market. Inventory is down 26.8% below a year ago when there was 8,577 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand right now but there isn’t enough inventory for the buyers out there, hopefully this will get some seller’s off the fence soon as they see prices start to rise. Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain a popular choice among first time home buyers and though there is less inventory than last year, there is still plenty of inventory out there.

Blog & Content Courtesy of George & Abigail Herrera @ Keller Williams Realty landmark II.



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

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This Month in Queens Real Estate: April 2013
by queenshometeam
Apr 11, 2013 | 8321 views | 4 4 comments | 179 179 recommendations | email to a friend | print | permalink
George Herrera KW
George Herrera KW
slideshow
Queens NY Real Estate Market Trends Report


Queens NY Real Estate Market Update
 
Home sales and prices confirm that a healthy recovery is continuing in the Queens housing market: sales have been above year-ago levels for 8 of the last 12 months, while prices have experienced 9 months of year-over-year gains in the last 12 months. We are still in a Buyer’s market, indicated by the 9.7 month’s supply.
 
Even with rising home prices, affordability remains historically favorable because home prices over corrected during the downturn. This means there is still great value for buyers in the current market.
 
With a positive outlook on a recovering housing market and mortgage rates at historically low rates, now marks one of the most favorable times in history to buy or sell a Queens NY Home.

Queens NY Interest Rates

Interest rates this month changed very little from last month, with rates at or around 3.54% for a 30-year mortgage. “In the history of mortgage interest rates since 1971,” states Gary Thomas, “the 30-year fixed rate has been below 4% in only 15 months, and those have all been in the past 15 months.”

Rates

Queens NY Home Sales

Home sales in March were up 6.2% from last month and down 13.2% from last year. Residential Home Sales were down 22.1% from last year while Condo Sales were down 3.3%, and Coop home sales were up 2.6%. So, Residential sales were down significantly while condo sales remained steady, and coop sales are still a popular housing choice among queens ny home buyers.

Queens NY Real Estate Market Home Sales_March 2013

Queens NY Home Prices

The current median home price rose in March to a seasonally adjusted $356,000, which is up 7.9% from last month and up 4.7% year over year. March marks the ninth month of year-over-year price gains in the last 12 months. A sign that the shrinking inventory is putting pressure on home prices to go up. Residential, Condo, and Coop home prices are up year-over-year.

Queens NY Real Estate Market Home Prices_March 2013

Queens NY Housing Inventory

Housing inventory levels increased .3% to 6,373 existing homes for sale, which represents a 9.7-month supply, still a buyer’s market in general, but of course every neighborhood is different. There are actually neighborhoods that are in a seller’s market which means that some seller’s are in a great position to sell. Inventory is down 25.7% year over year, when there was a much higher supply of homes. This is a strong sign that the market is headed towards a balanced market, however, historically balanced markets never last more than 6 months. 

Blog courtesy of George Herrera with the Queens Home Team @ Keller Williams Realty Landmark 2.

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jamesturano
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April 21, 2013
Overpriced Homes & Open Houses! Who's fault is it?

Posted under: General Area in Middle Village, Home Selling in Middle Village, In My Neighborhood in Middle Village | April 21, 2013 1:26 PM **I started in 1979, and was taught by my Broker then, and through numerous Seminar courses over the years on pricing Homes to sell. With experience now, and over 3,000 written appraisals to date, I am bewildered at the fact that still in todays Real Estate Market, homes still come on at overpriced asking prices.

Everyone wants the most money they can get, but you can not fool the buyers, and certainly not the Bank appriaser when they come after your offer is accepted and you go into contract.

Location is important, next the exterior of the house, and where it is located on a block. The interrior, appliances, and overall condition to.

If it is by a two way intersection, and or a bus route, or all of the above, then price must be reflected. No garage, an adjustment downward is normal. But if a Garage is under the home, that is nice, but you loose most of your basement then.

Many of the Homes on the Market today reflect the decision making of an agent or Broker, and or agree with the Homeowner's price even if it is unrealistic. THE RESULTS IS IT SITS ON THE MARKET WEEK AFTER WEEK AND MONTH AFTER MONTH!

The benefit to Realtors is they get to post their signs all over, and in turn other potential homeowner's think they are the Realtor to go to, but there not!

Pricing a Home correctly is Key. Selling it within 2 to 4 weeks is about norm. Then contract and in 6o days later a closing.

Homeowners must be shown similar type of homes that sold within a 90 day period and should not expect to get above and beyond the Market Value of today!

It is the Realtors job to also price it correctly, and not pump up a Homeowner with High Expectations, and then put a pin in their balloon at the end.

.

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