This Month in Queens Real Estate: July 2012

July 2012 Queens Real Estate Market Update

The Queens housing market continues to recover, evidenced by a balanced supply of inventory as well as improvements in home prices and the number of homes sold. The median home price however, decreased this month from last, dropping to $345,000 compared to $350,000 in May, a 1.4% decrease.

Recently, a growing trend facing certain areas of Queens is tremendous inventory shortages. Abigail Herrera of Keller Williams Realty Landmark advises buyers in markets with limited supply who are seeing multiple bidding and competition between first-time buyers and cash investors that, “It’s extremely important [for buyers] to listen to the advice of your agent and perform all the due diligence that you would normally do in a more
balanced market.”

With rental rates and buyers’ confidence on the rise due to record-low mortgage rates, the market is heating up, making now one of the most favorable times in history to buy a home.

Queens Interest Rates

Mortgage rates around 3.66% continue to boost home affordability-some of the lowest rates on record since 1971. These rates may be as close to the bottom as they will get, adding to the urgency to buy a home now while these record lows hold.

Queens Home Sales

Queens NY Home Sales

Queens NY Home Sales

Queens NY Home sales declined 2.8% from last month to 584 units, and year-over-year decreases are 20.8%. The good news is that in the last 12 months Queens home sales totaled 7,312 and the 12 months before that home sales totaled 7,377. So, the decrease in comparison is actually .09% which is a good sign of market stability.

Queens Home Prices

Queens NY Home Prices

Queens NY Home Prices

Due to an increase in distressed properties on the market in Queens (which includes short sales and foreclosures that traditionally sell for 15%-20% less on average compared to non-distressed homes), the median price for Queens Homes fell 1.4% from last month, but increased 0.6% compared to a year earlier to $345,000. However, this is the third consecutive month of year-over-year price gains so that is a very good sign of overall price stabilization in Queens.

Queens Pending Home Sales

Queens NY Pending Home Sales

Queens NY Pending Home Sales

Pending Home Sales in Queens for the Month of June fell 16.9% from last month and 7% from a year prior to 732. The median pending sale price in Queens also fell 3.6% from last month and 6% from a year prior. The good news is that we have seen pending home sale price gains in Queens for the 3 months prior to June so overall, the Queens real estate market is still outperforming last year’s numbers.

Queens Listing Inventory

Currently there are 8,429 Homes for Sale in Queens County with the median list price of those homes being $350,000. The median sale price being

Bidding Tips for Queens Home Buyers

As many markets continue to heat up, both buyers and sellers are facing multiple offer situations. If you’re a Queens NY Home buyer in a bidding war, here are some tips to give you an edge:

1. Get pre-approved for your loan. Get pre-approved by a local lender and attach a copy to your offer.

2. Think unevenly. An uneven offer price such as $251,000 instead of $250,000, will stand out from the others, and it may just beat an offer that came in at a slightly lower figure with an even bid.

3. Be flexible. The fewer contingencies and the cleaner the offer, the better the chance you have to win a bidding war. Have your agent find out the seller’s ideal closing date, and offer to make it happen.

4. Hide your hand. Determine the highest bid you’re trying to beat, and try to come in over that rather than offering the most you can afford.

5. Don’t get distracted. If you find yourself caught up in the excitement of a bidding war, step back and reassess if the home has everything you want and need.

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