This Month in Forest Hills Real Estate: March 2012

Forest Hills Market Update: March 2012
The Forest Hills real estate market experienced a 2% increase in February. Compared to this time last year, Median home sale prices of all property types increased from $255,000 to $260,000. 2 years ago the Median home sale price was $270,000. This means that the market has remained fairly stable and I would expect it to remain this way throughout 2012. 

      

  • Residential median home sale prices decreased from $687,000 to $678,000 
  • Condo median home sale prices increased from $393,000 to $512,895 
  • Co-Op median homes sale prices decreased from $232,000 to $228,250
What this means for Forest Hills Home Buyers? 
If you’re looking to buy a Residential (single/multi-family) home in Forest Hills, there is not much difference in the home values but it is still a good time to buy considering that the interest rates are still at historic lows.

If you’re looking to buy a Condo in Forest Hills, the median home sale price increased significantly so you may need to see what homes are selling for to see if now is the right time to buy one.

If you’re looking to buy a Co-Op in Forest Hills, it is still a good time because of the low interest rates, however, the home sale prices have remained relatively stable and I expect that they will throughout this year as well. 

What this means for Forest Hills Home Sellers?

If you are a Forest Hills Residential (Single/Multi-Family) home owner, you probably haven’t seen a significant change in your home’s value and I expect that you won’t see a dramatic change this year. If you are waiting for your home’s value to increase, it may take a while. The good news is that housing affordability is so low that there are GREAT opportunities out there even if you don’t have as much equity as you would like.

If you are a Forest Hills Condo owner, you should DEFINITELY review a Comparative Market Analysis because you may have seen a significant increase in your home’s value. This may be the perfect time to sell your Condo and invest and(or) buy more real estate!
If you are a Forest Hills Co-Op owner, the home values have remained relatively stable and should throughout 2012. If you are waiting for the value to increase dramatically, you can expect to wait for a while. The good news is that with a strategic sales plan and a smart buy, you can maximize your home sale.
Regardless of your situation, you may have experienced an increase/decrease in your home’s value. So, it is important that you review a Comparative Market Analysis regularly to see what your home is worth on a month-to-month basis. 
For more Forest Hills real estate market information, visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538
This blog brought to you by Abigail Herrera with Keller Williams Realty Landmark.
Lic. RE Salesperson | Internet Marketing Specialist | Certified Buyer Representative
your friend. your neighbor. your Realtor.
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