This Month in Queens Real Estate: April 2013
by queenshometeam
 Queens Real Estate Talk
Apr 11, 2013 | 8603 views | 4 4 comments | 184 184 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
|
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.

.
jimmyturano
|
April 21, 2013
update:APRIL 21,2013 AN ADVERTISEMENT BY THE SITE NAMED 'ZILLOW' IS BEING DISPLAYED IN THE REAL ESTATE SECTION OF TOPIX-MIDDLE VILLAGE. 'DO NOT BELIEVE WHAT YOU READ!

news-REAL ESTATE-After 34 years in the RealEstate Business in Middle Village, and having completed over 3,000 written appraisals to date, I can not sit by looking at inaccurate information being displayed here. It gives buyers and sellers antiquated prices that does not exist.

LOOK AT THE FOLLOWING: SO FAR OFF IT WARRANTS A CHALLENGE FROM ME.

ZILLOW AD: AVG. SINGLE FAMILY HOME VALUES-MIDDLE VILAGE

4 BED.$507K 3BED.$351K 2 BED.$281K 1BED.$246K

THAT IS JUST HOUSES, THEY DISPLAY CONDO PRICES TO.

Now who would challenge Zillow, or their ad? But if you select Real Estate on Topix, Middle Village, you would see the advertisement. And there is the wrongful information displayed.

I have all sales recorded for 2013 to date right now. If new sales agent see this, it is an injustice. To homeowners it may be a shock! To buyers who have not shopped for a home yet it is misleading for sure.

I HAVE BEEEN DEEMED IN STATE SUPREME COURT AS AN EXPERT WITNESS IN APPRAISING HOMES. THIS ADVERTISEMENT SHOULD BE REMOVED IMMEDIATELY!

JIM TURANO/BROKER

DIVERSE REAL ESTATE

73-01 METROPOLITAN AVENUE,

MIDDLE VILLAGE,NY 11379

718-669-7007
robertgargano
|
April 19, 2013
key to success in Business is having a Cost Effective Rent Expenses.

If you are going to pay big increases, have leaks in your space, pay high taxes to, you are slowly going into the Business World of INTENSIVE CARE UNIT.

What is the square footage? Take your yearly rent yearly taxes and divide by your square footage. The results are what you are exactly paying per sq.ft..

Just starting out, it may take a year to get off the ground!

With so many Vacant Stores available, and much reduced Rents currently, you may want to consider this scenario.

FANTASTIC GRAND SLAM RANGE:$14 DOLLARS TO $20 DOLLARS PER SQ.FT.

HOME RUN RANGE:$21 DOLLARS TO $28 DOLLAR RANGE

AND BOTH SCENARIO'S ABOVE INCLUDE BASE TAXES PAID BY LANDLORDS.

JIM TURANO
|
April 12, 2013
Good report and very welcomed news. One thing that is current right now in Middle Village,NY is a shortage of House Listings. This area has always been in great demand. With 2 top rated Public Schools, A country atmosphere with no presence of high rise buildings, a park named JUNIPER PARK that is 10 blocks long with tennis courts to Soccer fields, 10 Banks, Three Supermarkets, no alternate side parking, Fantastic Community Groups, and lastly we are not a DESIGNATED FLOOD ZONE Area.

My recent article in the Glendale Register regarding 2013 Hurricanes should open the eyes of many, because lightning can strike twice, and Homeowners' better be prepared this year once again. For these reasons apartment listing have become scarce , and housing as well.

THE GREAT NEW REAL ESTATE MOVE HAS BEGUN IN 2013, AND PLACES LIKE MIDDLE VILLAGE, NEW YORK, WILL SEE HIGHER SALE PRICES, AS MANY FLOCK BACK TO A NEIGHBORHOOD THAT HAS MORE CONVENIENCES TO EVERYTHING THAN MOST AREAS.

EASY ACCESS TO 5 HIGHWAYS, WITH EXPRESS BUSES TO MANHATTAN, AND LOW TAXES TO TOP IT ALL OFF.

WITH 34 YEARS OF EXPERIENCE AS A REAL ESTATE BROKER IN MIDDLE VILLAGE, FOR THOSE THINKING OF SELLING, & BUYING, NOW IS THE TIME, ESPECIALLY WITH MORTGAGE RATES THIS 'LOW'.

AGAIN GREAT ARTICLE BY KELLER WILLIAMS

JIM TURANO/BROKER*DIVERSE REAL ESTATE

73-01 METROPOLITAN AVENUE, MIDDLE VILLAGE,NY 11379