This Month in Forest Hills Real Estate: July 2012

Forest Hills NY Real Estate Market Update

July 2012 Forest Hills NY Market UpdateAbigail Herrera_Keller Williams Realty Landmark

The Forest Hills 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 $250,000 compared to $288,000 in May, a 13.2% decrease.

Recently, a growing trend facing certain areas of Queens is tremendous inventory shortages. This isn’t necessarily the case in Forest Hills with 496 properties for sale, however, if you are a Forest Hills Home Buyer & are experiencing limited supply or multiple bidding and competition, it’s extremely important 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 Forest Hills real estate market is heating up, making now one of the most favorable times in history to buy a Forest Hills home.

Forest Hills NY Interest Rates

Forest Hills NY 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.

Forest Hills NY Home Sales

Forest Hills, Queens Home sales declined 10% from last month to 44 units, and year-over-year decreases are 35.3%.

Forest Hills NY Home Sales Trends

Total Number of Homes Sold: 44 – Down 10% from last month & down 35.3% from last year. 
  • Residential Homes Sold: 3
  • Condo Homes Sold: 1
  • Co-Op Homes Sold: 40
Forest Hills NY Home Sales
Forest Hills NY Home Prices

The median price for Forest Hills, Queens Homes fell 13.2% from last month, but increased 6.4% compared to a year earlier to $250,000. YTD home prices are down 5.4% compared to last year, a sign that the Forest Hills Real Estate Market is still in a slow recovery process.

Forest Hills NY Home Prices Trends

Median Sale Price: $250,000 – Down 13.2% from last month & Up 6.4% from last year. 

  • Residential Median Sale Price: $275,000
  • Condo Median Sale Price: $287,500
  • Co-Op Median Sale Price: $237,500
Forest Hill NY Coop_Condo_Single_Multi-Family_Home Prices

Forest Hills NY Pending Home Sales

Pending Home Sales in Forest Hills, Queens fell 25.8% from last month but increased 17.9% from a year prior to 46. Some great news regarding Pending Sales are the 5 straight months of year-over-year increases! This is a strong sign of market recovery and should have a positive impact on home prices once these sales close.

Forest Hills NY Pending Home Sales TrendsTotal Number of Pending Home Sales: 46 – Down 25.8% from last month & Up 17.9% from last year.
 
  • Residential Pending Sales: 7
  • Condo Pending Sales: 3
  • Co-Op Pending Sales: 36
Forest Hills NY Coop_Condo_Single Family_Multi-Family Pending Sales

Forest Hills NY Listing Inventory 

Current active listings on the market497

  • 96 New Co-Ops hit the market
  • 3 New Condos
  • 16 New Residential Homes

Absorbtion Rate/Month’s Supply

Time it would take to sell the current inventory at the current rate of sales:

  • This Month – 11.3 months – Up 40.9% from last year
  • Last Year – 8.0 months

NOTE:*6-7 Months is a sign of a stable real estate market. Under 6 months is considered a “Seller’s Market”, over 7 months is considered a “Buyer’s Market”.* 

This Month’s Video 

To watch this month’s video, youtube.com/abigailsells

Bidding Tips for Forest Hills Queens Home Buyers

As the Forest Hills market continues to heat up, both buyers and sellers are facing multiple offer situations. If you’re a Forest Hills 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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