Queens Home Team gets Highest Sale Price in Last 2 Years for a 1 BR Coop at the Lincoln!

Forest Hills Coops for Sale_Coops for Sale in Forest Hills NY_Lincoln Coop Forest Hills NY_Queens Home Team (2)George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of the 1 BR Coop located at 67-71 Yellowstone Blvd, Forest Hills, NY 11375. This Lincoln coop consisted of 1 Bedroom, 1 Bathroom, and sold for $235,000. This 1 BR coop was on the market for 36 days before contracts were fully executed. The seller of this one bedroom coop in Forest Hills Queens sold the apt for 98% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Forest Hills Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you have considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit www.queenshomeselling.com and you will recieve a free home value estimate within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible FeesNo Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Property in Queens County, you can call, text, or email our Lead Buyer Specialist at: (347) 489-4994 or chris@queenshometeam.com. We take a formal approach to real estate, but it is all in your best interest.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve.
We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands with people who care!
Our team consists of Listing Specialists, Buyer Specialists, Showing Specialists, Marketing Specialists, Listing Coordinators, Transaction Coordinators, and Administrative team members to streamline the Home Buying & Selling experience in Queens County. We primarily service the Queens borough of New York City in order to provide hyper-local expertise to our seller & buyer clients. We specialize in residential 1-4 family Homes, Condos, & Coops. Put simply, we LOVE Queens, we LOVE real estate, and we LOVE helping people!
Our Mission is to offer a hassle free, service driven approach to real estate in Queens. Our Vision is to become the preferred Realtor of choice in Queens, NY. Our Values are simple, treat clients like family. Our Belief is that by doing right by our clients, we will become their Realtor for life. And our perspective is that we are in the Service Industry, with a specialization in Real Estate. 
We look forward to serving you!

George Herrera (Listing Specialist/Director of Marketing) – (718) 869-0270

Abigail Herrera (Listing Specialist/Transaction Coordinator) – (718) 968-5538

Chris Tomeo (Lead Buyer Specialist) – (347)489-4994

Sonia Martinez (Buyer Specialist) – (917) 775-4727

Ana Delgado (Listing Coordinator) – (347) 846-1178

Keller Williams Realty Landmark II
75-35 31st Ave
Ste. 202
Queens, NY 11370
718-869-0270

BUYwww.ExclusiveQueensHomes.com | SELLwww.QueensHomeSelling.com

This Month in Queens Real Estate: MAY 2015

TMIQRE QHT HeaderMarketing Profile PictureMay 2015 Queens Real Estate Market Update 

Right now the Queens’ real estate market is feeling pretty tight to say the least. If you or someone you know has been searching for a home, they can tell you all about it. Inventory is much lower than 2014 levels so we’re experiencing a lot of multiple offers, bidding wars, etc. For Queens’ home owners, this is a great opportunity to maximize the return on your home investment because the low inventory levels and low interest rates can’t last forever. However, for Queens’ home buyers, this is a tough market to jump in to. You need to be pre-approved, have all your documents in order, move fast when something hits the market, and be ready to pull the trigger once you find a place that meets your needs. While the economy as a whole appears to have gotten a slow start, consumer confidence does not appear to have significantly wavered and the employment situation has continued to show improvement in Queens. The current interest rate environment will likely persist for some time as the first quarter’s weak economic growth will likely force the Federal Reserve to delay putting upward pressure on rates. 

  • Month’s Supply: 6.7 Months
  • Last Month: 6.1 Months
  • Last year: 8.4 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

30-year interest rates remain below 4% and continue to slowly decline as the strengthening dollar and low inflation put downward pressure on rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.66%; 15-year fixed rate, 2.92%; 5/1-year adjustable rate, 2.84%.

Queens Home Sales

The seasonally adjusted annualized rate of Queens home sales decreased 16.7% in April to a pace of 550 homes according to data published by the Long Island Board of Realtors. This was 2.1% lower than the same time last year. With interest rates at incredibly low levels and continuing to decline, the housing market has seen good numbers at the beginning of the year and is likely headed toward a strong summer season as long as more inventory hits the market. Residential home sales are up 2%, Condo home sales are down 9.4%, and Coop home sales are down 6.3% from the same time last year. 

Queens Home Prices

The median home price reported by the Long Island Board of Realtors remained the same in April at $400,000. Prices are 12.5% higher than the same month of the previous year. The magnitude of price increases continues to expand despite modest growth in the number of listings on the market but mainly due to the demand that is still outpacing inventory. Residential home prices are up 8.2%, Condo home prices are up 20.5%, and Coop home prices are up 9.8% from the same time last year. 

Queens Housing Inventory

The number of homes available decreased 25.6% compared to the same month of the previous year, with 4,264 Queens homes available for sale in April. This translated to 6.7 months of supply. Historically, inventory typically remains low during February & March due to the cool weather and then loosens as the weather warms in April. We should start to see this number improve as we move into the summer. 

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com 

Another Raving Fan!!!!

Peter W- “Thank you to the team at Queens Home Team – Keller Williams Realty for helping me to find my home. They were 100% professional and worked hard to make sure I was happy. My realtor, Sonia Martinez, was always accommodating in showing me places that fit my budget. She never once tried to upsell me and always stressed that I have to be comfortable with whatever I choose to purchase. Abigail Herrera walked me through the co-op application and interview process, which can be somewhat intimidating. But with these two at my back, I felt confident every step of the way that the team would make this happen. And it did! I am forever grateful and would highly recommend them to anyone looking for a home!”

Queens Real Estate Transaction Overview

…Detailed steps to buying and selling real estate in Queens County

It is difficult to estimate how long the process will take, from acceptance of an offer to closing.  Assuming a loan can be secured in a timely fashion, one can move from contract to closing on a condo/residential home in about 60 days. However, the cooperative process is more involved, and 60 to 90 days is not unusual.  The steps to purchase or sell a co-op or condo/residential home are very similar and outlined below.

Once an Offer is Accepted

After an offer is accepted, the seller’s attorney will begin preparation of the contract of sale.  During that time, the Buyer’s attorney will perform ‘due diligence’ by examining the offering documents and financial condition of the subject premises to determine if there are any legal or financial problems with the building where the apartment is located. 

Reviewed documents include:
  • Offering Plan
  • Amendments
  • By-Laws
  • House Rules
  • Financial Statements
  • Title Report (Condo/Residential)
  • Minutes – reviewed at the managing agent’s office (Co-op)
  • Proprietary Lease (Co-op) 


Inspection 

Most units are offered by the seller in “AS IS” condition subject to the promise, by the seller that the major operating systems will be in working order at the closing.  An engineer’s inspection is not normally associated with a New York co-op or condo transaction.  If the unit is located on the ground or top floor, an inspection is advised specifically for water damage or vermin.
Financing Contingency Provision

Almost every real estate contract is subject to the purchaser being able to obtain a mortgage commitment from a lender. A purchaser is usually given 30 days to obtain a loan commitment by the seller.  A purchaser must act in good faith, promptly apply for a mortgage loan, and fully cooperate with the request of the lender during this process.  If the purchaser cannot obtain a mortgage commitment, usually either party may cancel the contract, and the contract down payment shall be returned. 

A contract, lacking a financing contingency provision, does not allow for a purchaser to receive a refund of the contract down payment if they are unable to procure financing.  As lenders use appraisal value in determining whether they will issue a loan, a purchaser should be wary of making any representation about their ability to obtain a loan even though they have completed a pre-qualification process.  Should the appraisal value be less than the sales price, the purchaser would be responsible to fulfill obligations of the contract by providing the difference out of their own funds.

Contract 

The contract, usually drawn up by the seller’s attorney, states the responsibilities of the Purchaser and seller. Each attorney will make changes or additions to the contract that may be necessary to protect their client’s specific  interests.
 
Your attorney should review these technical aspects of the contract with you, in particular, your rights, responsibilities and conditions under which your are agreeing to purchase or sell the unit.  Once the contract is executed, the parties are bounded by the terms and conditions negotiated by the parties.  It is the primary role of the real estate attorney to ensure that purchasers fully understand their obligations BEFORE they executed the contract.
Purchaser will sign four copies of the contract and provide a personal check payable to the order of the seller’s attorney (usually equal to 10% of the purchased price).  The contract deposit can be negotiated between the parties on a case by case basis. The contracts and the down payment check are then delivered to the seller’s attorney for seller’s signature. 
The sellers’ attorney will hold purchaser’s down payment in his trust or escrow account until closing. Thereafter, the seller counter-signs the contract, the seller’s attorney signs the contract acknowledging receipt of the down payment and two fully executed copies are returned to purchaser’s attorney. It is important to note that until all parties have signed the contract, and it has been delivered, the seller can still entertain and accept other offers.  
After receiving the contract is fully executed, purchaser should promptly submit their final mortgage application if they have not already done so.

Application 

By now, purchaser will have received from their real estate agent the board requirements and application materials. The application materials can be similar for a cooperative and condominium. However, the actual process is quite different. Purchaser will work to complete all of the required materials which typically include: 
  • application
  • financial statement with all requisite supporting documents
  • two years of tax returns
  • bank statements
  • letters of personal 
  • letter of financial reference, 
  • letters of professional reference
  • the contract of sale
  • loan commitment letter (if financing) indicating that your loan is in place, etc.
When the “package” is complete, it will be reviewed by your real estate broker, and then, assuming it is accurate, it will be forwarded to the managing agent for review. Upon determination that it is in order and that credit checks were acceptable, the package will be forwarded to the Board of Directors. No applications will be accepted by a Managing Agent unless they are complete. The approval process can take approximately 3 to 8 weeks after submission of the “board package”.
 

Condo Board Approval

Typically, the entire process moves more quickly when purchasing a condominium.  In the case of a condominium, there is generally no formal interview. The application will be reviewed, and if all required materials are included and in order, an approval is typically granted.
The sale of a condominium is conditional upon the Board of Manager’s issuing a Waiver of the Right of First Refusal, unless you are purchasing directly from the developer. Your purchase contract provides that you promptly submit your application for board approval after issuance of a financing commitment, if any. You must cooperate with the condo board requests and provide any documentation it requires to issue the waiver.
Co-Op Board Approval

In the case of a cooperative, if your application meets initial approval, you will be invited to be interviewed by the hoard or by an interviewing committee.
 
The sale of a co-op is conditional upon the co-op board approving the purchaser unless you are purchasing directly from the sponsor. The contract provides that you promptly submit your application for board approval after issuance of a financing commitment, if any.  You must cooperate with the co-op board requests and provide any documentation it requires to approve your purchase.

Unlike condo’s, each co-op board establishes the financial requirements for prospective purchasers in their building.  Co-op boards set financial limitations on the amount of money a prospective purchaser may borrow in order to conclude the transaction. (For example, many co-ops allow a purchaser to finance only 50%-75% of the purchase price.)
Preparing for Closing

Once all the contingencies are met, the seller and purchaser are prepared to proceed to closing.  The settling of the closing is usually coordinated by the purchaser’s attorney.  The following parities must appear at a closing:
  • Seller & Seller’s Attorney
  • Purchaser & Purchaser’s Attorney
  • Purchaser’s Lender’s Attorney
  • Real Estate Agents Involved, 
  • Title Company Attorney (condo only)
  • Seller’s Bank Attorney (co-op only)
  • Representative of Managing Agent (co-op only).
A co-op closing is ordinarily held at the office of the Managing Agent for the apartment corporation or lender’s attorney’s office.  A condo/residential closing is ordinarily held at the office of the lender’s attorney or seller’s attorney’s office unless it is a developer sale. In the latter case, it is held at the developer’s attorney’s office.
Closing

A Real Estate closing may appear to be a bewildering flurry of papers, but it boils down to three independent events occurring simultaneously.
 
  1. The purchaser receives title to the condominium/residential home or the stock certificate and proprietary lease of a cooperative corporation
  2. Purchaser’s bank closes its loan and issues its loan proceeds to the purchaser, who in turn transfers them to the seller as part of the balance of purchase price
  3. Purchaser pays the remaining balance, if any, of the contract price due
  4. Seller and purchaser pay their respective closing costs
  5. Title company guarantees both the bank and the purchaser that the purchaser is obtaining good and marketable title free of all judgments, mortgage and other items (condo/residential)
  6. Any liens on the co-op shares, reflected on the UCC search, are satisfied (co-op).

After the closing, you will receive a Closing Statement from your attorney detailing the financial aspects of the closing and copies of the documents executed at the closing.

 

JUST LISTED: 1BR Coop at the Greenbriar (85-15 Main Street Briarwood NY 11435)

George & Abigail Herrera Introduce another One Bedroom Coop for Sale in Briarwood NY!!!

Privacy, great views, and convenience are featured in this lovely Briarwood Coop for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This Coop is located in the sought-after community of Briarwood

Located in prestigious Briarwood and close to all of the best that New York City has to offer, the Coop in Briarwood is one of the city’s premier neighborhoods. This particular Coop  offers: Spacious one bedroom Coop apartment, built in closet with tons of space for clothing, shoes, etc. Large living room area. Long kitchen that leads into a section that is ideal for a dining area. Kitchen full of top to bottom wood cabinets. Tile Backsplash throughout the sink, counter top and stove area. Dishwasher. Laundry Room in the building. 24hr Doorman. Seasonal Outdoor In-ground Pool. .1miles from E & F Train lines. Nearby to the Grand Central Expwy.  With Nearby Parks, Groceries and Entertainment Briarwood is an ideal place to move. This lovely one bedroom can be your next home or Subleased as an investment.

This Briarwood NY Coop is located at 85-15 Main Street in Briarwood, NY. The 1 Bedroom 1 BTH Coop for sale is being offered at $185,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (718) 968-5538. Full details are available at: http://www.exclusivequeenshomes.com

George & Abigail Herrera are local Briarwood NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Briarwood NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, East Elmhurst, NY 11370.

 

 

 

4 Hazards of Selling your Queens Home without an Agent

When real estate markets are on the upswing (like the Queens real estate market), it’s common for sellers to get creative and look for new ways to turn a profit. Some cash-saving measures, like competitive pricing and high ROI renovations, are great tools for getting the most from a deal. Others, like selling without an agent, can turn into both costly and painful mistakes. If you’re considering listing and selling your home without a licensed Queens real estate professional, here are 4 modern hazards you should consider before you decide to go at it alone:

1. Passed Up Profits

Even in some of today’s most humdrum housing markets like we have here in Queens, most neighborhoods are seeing big change. Inventory, interest rates, and a barrage of other factors are constantly altering the answer to the big question, “What’s the right price for my home?” Fact: Homes sold using an agent sold for 20 percent more than those sold by the owner*. To avoid making a major pricing blunder and missing out on potential profits, consult a local real estate professional who can develop a customized Competitive Market Analysis (CMA) for your home, coop, or condo. Your agent has access and knows how to factor in both, the most up to public records data and has insight into important secret pricing influencers like:

• new amenities or coming developments that may affect value

• competing properties that haven’t shown up publicly

• what it really takes to close a deal in your neighborhood.

2. Missed Deals

Response time is critical when it comes to accepting an offer and closing deals. Today’s buyers and agents expect a prompt response when they make an offer. If you’re trying to evaluate and respond to offers around a busy schedule or full-time job, you run the risk of missing out on Queens’ most motivated buyers who can’t afford to waste time waiting for a deal to come together. In addition to being dedicated to providing potential buyers a quick response, your agent can also be a lifesaver when it comes to organizing offers in a way that’s easy to understand and evaluate.

3. The Self Selling Time Suck

Time is money. And, while you may think you’ll save on your commission by selling solo, the fact is, going at it alone can cost you a lot of time. That eventually means more dollars spent and unnecessary time sacrificed. Here’s a list of the most difficult tasks that soak up valuable time during the Queens home selling process for owners who sold without an agent*:

• understanding and performing the paperwork

• negotiating the right price

• prepping the home for sale

• working with buyer lenders

• attracting potential buyers A good agent understands how to navigate these hurdles and save you valuable peace of mind.

4. Accidental Buyer Brush Offs

In most areas, not listing with an agent means you’re opting out of today’s biggest real estate tool for selling: the World Wide Web. In fact 90 percent of homebuyers used the Internet during their home search in 2014. Without a savvy listing agent, your property won’t show up on the top sites where buyers search, or in your local Multiple Listing Service for other agents to find. In addition, every NYC borough has there own MLS so a savvy listing agent will also be able to have your listing show up for these agents. Don’t brush off the Queens’ house hunters shopping online. You could miss out on key qualified buyers who are ready to close.

How to Estimate the Market Value of your Home

Why should I estimate my home’s market value?

Establishing your home’s market value gives you greater control over your property taxes, insurance premiums, and the sale or refinancing of your home.  Many people hire professional appraisers to estimate their home’s market value.  However, there’s no reason why you can’t do it yourself by following a few simple steps outlined below.

What is market value?

Market value is how much a home would sell for under normal conditions.  This excludes sales where the buyer or seller is under pressure to act, perhaps due to career relocation, death of a family member, or divorce.  Market value is basically an educated guess, but it can be fairly accurate if you apply the right method and consider all the important details.

A number of factors may affect your home’s market value, including:

External characteristics – “curb appeal,” home condition, lot size, popularity of an architectural style of property, water/sewage systems, sidewalk, paved road, etc.

Internal characteristics – size and number of rooms, construction quality, appliance condition, demonstrated “pride of ownership,” heating type, energy efficiency, etc.

Supply and demand – the number of homes for sale versus the number of buyers; how quickly the homes in your area sell.

Location – desirability for a particular school district, neighborhood, etc.
How do I estimate my home’s market value?

We recommend you use the sales comparison approach to estimate your home’s market value.  This is the primary method used by professional appraisers and real estate agents to determine the market value of homes.

Begin by researching recent sales of similar properties in the local area.  The sale prices of these properties will provide a good place to start with in estimating your home’s value.  Try to find sales of least three properties that are comparable to your home.  If possible, make sure these properties were sold under normal conditions.  You only want properties sold at market value.

How do I determine whether a property is comparable?

Look for these characteristics in determining whether the sold property is comparable:

lot size
square footage
home style
age
location
What if the characteristics aren’t identical?

Unfortunately, you probably won’t find an exact comparable sale.  To account for this, you need to adjust the sale prices of the comparable properties.  This will require some analysis on your part to determine whether these differences increased or decreased the sale price, and, if so, by how much.  The adjusted sale price is your estimation of what the property would have sold for if all the characteristics were the same.

Research

Let’s say your home is a 1,500 square feet ranch with 3 bedrooms, 1 bathroom, full basement, and two-car garage on ½ acre of land.  It was built six years ago in a nice neighborhood.  After doing some research, you find three comparable properties recently sold at market value.  However, not all of the characteristics match up.  Sale #1 is in a less desirable (or inferior) location and Sale #3 has an additional bath.  Sale #2, though, is almost identical to your home.

Adjust sale price

Since Sale #1 and Sale #3 aren’t identical to your home, you must compensate for these differences by adjusting the sale price of each property.  To do this, you have to guess what the property would have sold for if the property had the same characteristics as your own.  Since you already have the sale price as a baseline, you only have to estimate the value of the differing characteristics.

For instance, you can safely assume that Sale #1 would have sold at a higher price if it was located in your neighborhood, which is the nicer one between the two.  You then estimate that the increase in value would be around $30,000.  The adjusted sale price for Sale # 1 is thus the sale price plus $30,000.

Next, you move on to Sale #3 and determine that not having the extra bath would decrease the sale price by about $12,000.  Because Sale #2 is almost identical to your property, no adjustments are necessary.

Estimate of your home’s market value

Now you have three sale prices that can be used as a rough estimate of your home’s market value.

Where can I find comparable sales?

Local assessors’ offices – They should be able to provide the sales history of a particular house, neighborhood, or style of architecture.  Some assessors also provide lists of recent sales that you can browse and compare to the assessment roll.

Municipalities – Some choose to provide local sales in their offices or online.

Online databases – Search for them using keywords such as “comparable home sales” or “comparable sales”.  In addition, you may wish to try searching “real estate database – New York State” for additional property information.

Local newspapers – These are good sources of real estate information.  They often have quarterly sales reports in the real estate or business sections.

Real estate agents – They may be willing to share their expertise and sales history information.
How does my home’s market value affect my property taxes?

Generally, property taxes are based on the estimated market value of your home.  Your local assessor determines the estimated market values of all the properties in the community.  Your assessor may use the sales comparison approach or any other method to arrive at your property’s estimated market value, which is available on the assessment roll and your property tax bill.

The assessor only estimates each property’s market value during a reassessment or when a property has a physical change.  Some communities have not had a reassessment in several years or even decades.  As a result, the estimated market value shown on the assessment roll or your property tax bill may not actually reflect your home’s current market value.

If you conclude that the assessor’s estimated market value of your home is too high, then you should contact the assessor’s office to learn the procedures for an informal assessment review.

During the informal review process, you and the assessor can each discuss your property’s characteristics and how the market value estimate was determined.  If you remain unsatisfied with the assessment, you have the right to a formal administrative and judicial review of the assessment.  The assessor can provide you with information on these processes.

For help with determining how much your home is worth, contact us, or visit http://QHT.smarthomeprice.com