This Month in Queens Real Estate: May 2014
by queenshometeam
 Queens Real Estate Talk
May 15, 2014 | 7116 views | 4 4 comments | 346 346 recommendations | email to a friend | print | permalink
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May 2014 Queens NY Market Update 

The pace of Queens home sales was pretty flat in April as the county began to transition out of one of its most severe winters in recent history. Now that we are getting warmer weather and in the peak selling season, we should see Queens home sales start to improve. Both prices and inventory rose in April as the weather improved, encouraging more people to get into the Queens housing market. Tight lending standards and lower affordability than was available at the same time last year have also dampened sales early in the year but their effects have been difficult to discern from those of the weather. Market conditions remain favorable for sellers to take advantage of newfound equity. Queens Home Buyers should begin to find more homes to choose from as inventory continues to loosen across Queens.

Month’s Supply: 8.4 Months (Last Month: 7.5 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

Interest_Rates

Rates dipped slightly from March to April as they continued to hover in the 4.3% to 4.4% range. Rates will likely follow a slow upward trend into the future; however, volatility in several global markets has led to some fluctuation in mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.39%; 5/1-year adjustable rate, 3.03%.

 

Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Sales_MAY_2014

The seasonally adjusted annual pace of Queens home sales dropped to 559 homes in April. This is down 16.9% from the same month last year and down 18% from the previous month. Queens Home sales are generally expected to remain below last year’s levels; however, the pace of home sales has been slower than expected due to a combination of lower affordability, tighter lending standards, and weather conditions.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_MAY_2014

Median Queens home prices held steady from March to April at $370,000, according to the Long Island Board of Realtors. Year-over-year prices were up 2.8%. As inventory levels continue to loosen year over year, price growth will likely continue to slow but remain positive across Queens.

 

Queens NY Housing Inventory  

Inventory levels have continued to increase through the year with 5,731 homes on the market in April, up 3.6% from 5,534 in March. This is a 8.4 Months’ supply of inventory at the current sales pace, up from a 7.5 months’ supply in the previous month and a 9.7 months’ supply in the previous year. Inventory is expected to continue to ease as we get closer to the peak home-buying season and this should help slow down rises in Queens home prices.



Blog content courtesy of George Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 



BUY
www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

Comments
(4)
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jimturano/broker
|
July 22, 2014
update-I have offered my 36 years of experience to Zillow web site for almost 12 months already. I wish to improve the site for the Queens areas, especially the Middle Village, NY area. The Zillow Zestimates are antiquated and although I notify Zillow regarding this the problem still exists today.

My point for buyers is, if they go by Zestimates to bid on a home, they will never get an offer accepted. The Zestimates are 5-8% lower than current market.

Many people knock many sights, but I am offering my 36 years of experience, and having completed over 4,000 written appraisals to date, I believe when a background check on Google is completed, that you will see my creditability, reputation makes me qualified to correct the problem that currently exists.

Recent:July 21,2014 Zillow Zestimate on 61-37 79 street, was at $504k. Yet the home sold for $550k, almost 9.5% higher than the Zestimate.

Improve the Zillow site so that buyers bid accordingly.
Jim Turano?broker
|
June 16, 2014
BUYERS MISSING OUT LEFT & RIGHT!

Update: June 16th....Houses selling quickly, not only in Middle Village,New York but all over Queens,NY.

66-41 77 street reduced the asking price got two offers in 4 days and now sold.

Some aatched homes selling above $600k........

Trend is still going higher.

Last January a 3 bedroom Townhouse at 64 22 78 street sold for $587k.

Now Two bedroom Townhouses asking $589k

While buyers are looking at their own pace, what was availble is now gone.

Many still thinking as prices keep going higher and higher.

Back When

Detached 3 bedroom in 1979 was asking for $85k- Then buyers said too much money

Attached 1 families Townhomes asking $69k....Tooo much money

Bungalow asking $69k -Too much money...

Today a Detached 3 bedroom, with walk up attic, with many interior improvements asking $629k, was too much money. Yet it sold in low $600's.

Now try to find a Detached for that price weeks later..................

MANY BUYERS LATELY HAVE NO IDEA OF THE IMMENSE COMPETITION THEY ARE UP AGAINST.

MANY BUYERS ARE BEING PUSHED TO THE SIDELINES.

SOME STILL THINKING ABOUT IT, WHILE HOMES ARE SELLING RIGHT BEFORE THEM.

BUYERS REMORSE-NOT ACTING QUICKLY ENOUGH, THINKING THEY ARE GOING TO FIND BETTER, OR AT A LOWER PRICE,ETC..

MANY BUYERS ARE OUTSMARTING THEMSELVES.

THE PROOF IS IF YOU ARE A BUYER, AND YOU HAVE BEEN LOOKING FOR ABOUT 3,4,5, AND 6 MONTHS ALREADY, YOU HAVE WATCHED THE PRICES INCREASE EACH PASSING DAY.

HOMES THAT YOU COULD HAVE BOUGHT, THAT OFFERED MORE THAN OTHER HOMES ARE GONE/SOLD NOW.

WAITING FOR RATES TO GO DOWN? WHILE YOU ARE WAITING HOUSE ARE UP $40K SINCE 4 MONTHS AGO. AND RATES HAVE GONE UP SINCE 4 MONTHS AGO.

JUNE 16TH-IF BUYERS CONTINUE TO WAIT UNTIL FALL, THEY WILL BE PAYING $15-$45K MORE FOR THE SAME HOMES THEY ARE SEEING TODAY.

TO THE MARY'S, RICHIE'S, AND JOE'S STOP BECOMING A PROFESSIONAL LOOKER, IT IS IMPOSSIBLE TO FIND THE RIGHT LOCATION, SIZE, AMENITIES, ASKING PRICE AND SELLING PRICE YOU WANT IN A BOOMING MARKET. REALITY...THERE IS NO PERFECT BOTTOM.
Jim Turano-Broker
|
May 26, 2014
May 26th, 2014*Guideline for buyers by experienced Real Estate Broker-JIM TURANO

This is my 36 year in the Business, and I have written many articles for decades to assist sellers & buyers. What buyers need to know, before submitting a bid, is the following...............

1) Go by recent sales in the Community, of similar type homes that sold within the last 90-120 days. If you are dealing with an agent/broker, they should have that fact finder at your fingertips.

When I attain a listing, I provide a data sheet on a home, and the latest sales data on recently sold listings similar to the one I am showing. An educated buyer can shop wisely.

2) I advertise on many web sites that are popular for buyers to view listings for sale.

However, buyers need to see realistic sales before entering a bid on a home.

The buyers can not, go by the web sites opinion, or what they call their ESTIMATE. Their estimate can be antiquated. This is a serious matter. You see a home for sale at $649,000, and their estimates may say $549,000? If you bid according to their estimates you will never get a Bid accepted.

In conclusion, with over 35 years of experience, and having completed over 4,000 appraisals to date, please go by the latest sales of similar homes provided to you by a real Professional.

Feel free to call anytime, with any questions. I services the areas of Middle Village, Glendale, Ridgewood, Maspeth, Rego Park, and Forest Hills.

Jim Turano/Broker*Diverse Real Estate 1-347-837-9206

Informative Sources: Trulia, Linkedin, Google, Middle Village Topix,



Read more: Queens Examiner - entry Real Estate Guideline for Buyers
jimmyturano
|
May 26, 2014
I am Pro active in comments and articles that I have been writing for over three decades in the Queens Examiner, Glendale Register, Greenpoint Star, Daily News, to assist sellers & buyers. It seems I am the only Broker in Queens who takes the time to inform the public on informative articles. But then I am a hands on Broker, and when I attain a House listing, I am there to share knowledge to the Buyers with detailed info on the home for sale and details on the latest sales of similar homes, so buyers bid accordingly.

My latest article in Queens Examiner....

May 26th, 2014*Guideline for buyers by experienced Real Estate Broker-JIM TURANO

This is my 36 year in the Business, and I have written many articles for decades to assist sellers & buyers. What buyers need to know, before submitting a bid, is the following...............

1) Go by recent sales in the Community, of similar type homes that sold within the last 90-120 days. If you are dealing with an agent/broker, they should have that fact finder at your fingertips.

When I attain a listing, I provide a data sheet on a home, and the latest sales data on recently sold listings similar to the one I am showing. An educated buyer can shop wisely.

2) I advertise on many web sites that are popular for buyers to view listings for sale.

However, buyers need to see realistic sales before entering a bid on a home.

The buyers can not, go by the web sites opinion, or what they call their ESTIMATE. Their estimate can be antiquated. This is a serious matter. You see a home for sale at $649,000, and their estimates may say $549,000? If you bid according to their estimates you will never get a Bid accepted.

In conclusion, with over 35 years of experience, and having completed over 4,000 appraisals to date, please go by the latest sales of similar homes provided to you by a real Professional.

Feel free to call anytime, with any questions. I services the areas of Middle Village, Glendale, Ridgewood, Maspeth, Rego Park, and Forest Hills.

Jim Turano/Broker*Diverse Real Estate 1-347-837-9206

Read more: Queens Examiner - entry Real Estate Guideline for Buyers