Winterize Now to Avoid Costly Repairs Later!

…Start Saving!

  • Inspect your roof and replace any damaged or missing roof shingles.
  • Make sure gutters and downspouts are free of leaves and debris.
  • Consider a fresh coat of paint or sealer on your deck.
  • On a windy day, close your windows and feel for air leaks.
  • Seal any leaks with rope caulk.
  • Install weather stripping on the sides or bottoms of any leaky doors.
  • Insulate exposed plumbing
  • Remove leaves or debris from your air conditioner’s condensing unit, and cover for winter.
  • If you haven’t had your fireplace chimney cleaned in a few years, hire a professional chimney sweep.

If you need a recommendation for local professionals who can
perform this or any other work around your home, I can help!

And as always, if you or anyone you know is looking to buy a Home in Queens or sell a home in Queens, you can count on me for the utmost professionalism, expertise and results!

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This Month in Forest Hills Real Estate: September 2012

Forest Hills NY Real Estate Market UpdateForest Hills NY Market UpdateAbigail Herrera_Keller Williams Realty Landmark

Sales of existing Forest Hills homes have continued to improve in 2012. August represented the first time this year that we have seen back to back months of year-over-year increases.

I believe that affordability conditions are very good for the Forest Hills housing market. Mortgage interest rates have been at record lows this year, while rents have been rising at faster rates. Combined, these factors are helping to unleash a pent-up demand. However, the market is constrained by unnecessarily tight lending standards and shrinking inventory supplies in some neighborhoods of Queens, so housing could easily be much stronger without these abnormal frictions. In Forest Hills, there is still a large amount of Co-Op inventory, while Condo and Residential inventory is experiencing some inventory shortages.

With mortgage rates beginning to rise, coupled with strong affordability, now is still one of the best times in history to buy a Home in Forest Hills, Queens.

Forest Hills NY Interest Rates

Mortgage rates at or around 3.66% are up slightly from 3.53%, possibly indicating rates have finally hit bottom. These are some of the lowest rates on record since 1971, increasing the urgency to buy now.

Forest Hills NY Home Sales

 

While home sales dropped 6% from last month to 46 units, year-over-year sales increased 15%. According to the National Association of Realtors, existing home sales rose in July with the national median sales price reaching five consecutive months of year-over-year growth. In Forest Hills, we have seen year-over-year growth in 4 of the last eight months, a sign that prices are not growing at the rate of the country, but we are not far behind. Residential home sales in Forest Hills rose 80% year-over-year to 9 units. Condo home sales, on the other hand, fell 33% to 1 unit. Finally, Co-Op home sales increased 3% to 36 units, the 3rd consecutive year of year-over-year increases.

Total Number of Homes Sold: 46 – Down 6% from last month; Up 15% from last year. 

  • Residential Homes Sold: 9
  • Condo Homes Sold: 1
  • Co-Op Homes Sold: 36
Forest Hills NY Home Prices

Rising inventory supply has placed downward pressure on Forest Hills NY home prices. The median home price fell .6% from last month, but increased 19.8% compared to a year earlier to $257,500. This marks the fourth month of year-over-year price increases in 2012, with the other four months showing price drops.

Median Sale Price: $257,500 – Down .6% from last month; Up 19.8% from last year. 

  • Residential Median Sale Price: $640,000
  • Condo Median Sale Price: $340,000
  • Co-Op Median Sale Price: $233,000

Forest Hills NY Pending Home Sales

Pending home sales rose 20% from last month to 71 units, year-over-year pending sales increased 29.1%. Residential pending sales in Forest Hills increased 14.3% year-over-year to 8 units. Condo pending sales increased over 100% from last year, to 5 units. And Co-Op pending sales increased 23.4% to 58 units. August marks the fourth consecutive month of year-over-year increases in pending home sales, a sign that Buyers are out there and they are buying homes.

Total Number of Pending Home Sales: 71 – Up 20% from last month; Up 29.1% from last year. 

  • Residential Pending Sales: 8
  • Condo Pending Sales: 5
  • Co-Op Pending Sales: 58

Forest Hills NY Listing Inventory 

Current active listings on the market in Forest Hills NY469

  • 71 New Co-Ops hit the market
  • 5 New Condos
  • 10 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 – 10.9 months
  • Last Month – 11.7 months
  • Last Year – 13.9 months

*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”.* 

Tips for Forest Hills NY Home Sellers

When looking to sell, your home’s appearance can be the difference between it sitting on the market or selling quickly. Updating your property can be one of the easiest and most cost-effective ways of adding value to your Forest Hills’ home. Here are some tips to get your house looking great:

1. Perform the most common updates. On average, someone who intends to sell their home spends about one-third of what they would spend during their entire time in that home. The most common updates are painting, flooring, and lighting–all of which have cost-effective options.

2. Make improvements. Improving your property can be critical to selling a home in Forest Hills NY. According to market research, only 23% of the market sold were homes considered to be outdated while 76% were fairly to very updated. Making improvements is one of the more beneficial things a seller can do to help increase the appeal of their home.

3. Focus on the little things. Updating your house for sale doesn’t have to mean remodeling the whole place. Focusing on individual items that really need updating will make a big impact. Putting a fresh coat of paint or replacing old hardware on your cabinets could be the thing that helps get your house sold.

This Month in Queens Real Estate: September 2012

September 2012 Market Update

Sales of existing Queens homes have continued to improve in 2012. As a matter of fact, July and August had the most home sales of the entire year.  

I believe that affordability conditions are very good for the Queens housing market. Mortgage interest rates have been at record lows this year, while rents have been rising at faster rates. Combined, these factors are helping to unleash a pent-up demand. However, the market is constrained by unnecessarily tight lending standards and shrinking inventory supplies in some neighborhoods, so housing could easily be much stronger without these abnormal frictions.

With mortgage rates beginning to rise, coupled with strong affordability, now is still one of the best times in history to buy a Queens NY Home.

Interest Rates

Mortgage rates at or around 3.66% are up slightly from 3.53%, possibly indicating rates have finally hit bottom. These are some of the lowest rates on record since 1971, increasing the urgency to buy now.

Home Sales

While home sales grew .2% from last month to 658 units, year-over-year sales increased .9%. According to the National Association of Realtors, existing home sales rose in July with the national median sales price reaching five consecutive months of year-over-year growth. In Queens, we have seen year-over-year growth in 3 of the last eight months, a sign that home sales are not growing at the rate of the country but we are not far behind. Residential home sales in Queens decreased 6% year-over-year to 382 units. Condo home sales, on the other hand, increased 8% to 53 units. Finally, Co-Op home sales increased 13% to 223 units, the 3rd consecutive year of year-over-year increases.

Home Prices

Rising inventory supply has placed downward pressure on home prices. The median home price fell 9.2% from last month, and 5.5% compared to a year earlier to $345,000. This marks the fourth month of year-over-year price drops, with the other four months showing price gains. July’s gains are actually the most robust since January of 2006 when median home prices rose 10.2% from 2005.

Pending Sales

While pending sales dropped .01% from last month to 816 units, year-over-year pending sales increased 9.4%. Residential pending sales in Queens increased 3.5% year-over-year to 470 units. Condo pending sales decreased .01% to 67 units. And Co-Op pending sales increased 25% to 279 units, the 3rd consecutive year of year-over-year increases.

Tips for Queens Home Sellers

When looking to sell, your home’s appearance can be the difference between it sitting on the market or selling quickly. Updating your property can be one of the easiest and most cost-effective ways of adding value to your home. Here are some tips to get your house looking great:

1. Perform the most common updates. On average, someone who intends to sell their home spends about one-third of what they would spend during their entire time in that home. The most common updates are painting, flooring, and lighting–all of which have cost-effective options.

2. Make improvements. Improving your property can be critical to selling a home. According to market research, only 23% of the market sold were homes considered to be outdated while 76% were fairly to very updated. Making improvements is one of the more beneficial things a seller can do to help increase the appeal of their home.

3. Focus on the little things. Updating your house for sale doesn’t have to mean remodeling the whole place. Focusing on individual items that really need updating will make a big impact. Putting a fresh coat of paint or replacing old hardware on your cabinets could be the thing that helps get your house sold.

As always, if you know anyone that could use my professional real estate advice, opinion, or guidance… Please let me know:) 

Keller Williams Realty Ranked “Highest in Customer Satisfaction Among Home Buyer and Seller Segments” by J.D. Power and Associates

 

AUSTIN, TEXAS (August 16, 2012) — According to the J.D. Power and Associates 2012 Home Buyer/Seller Satisfaction StudySM released yesterday, Keller Williams Realty, Inc. ranks highest in customer satisfaction in both the homebuyer and home seller segments. Keller Williams Realty, Inc. achieved the highest scores in all measured factors across both segments, receiving the highest JDPower.com Power Circle RatingSM among its competitors overall.

“We are so proud to have our associates be recognized once again for leading the industry with the influence and reputations they have in their local communities. They continually demonstrate not only their level of talent, but their commitment to serving our communities with the utmost integrity and highest level of service,” Mark Willis, CEO of Keller Williams Realty, Inc., stated. “Congratulations to all Keller Williams Realty associates. They have certainly earned this prestigious distinction.”
The fifth annual J.D. Power and Associates study measures customer satisfaction with the largest national real estate companies within the home buyer and seller segments. Scores are determined by examining three factors of the home-buying experience: agent/salesperson; office; and variety of additional services. For the home-selling segment, agent/salesperson; marketing; office; and variety of additional services are examined.
J.D. Power and Associates stated, “[The uncertain economic times] present a challenge for the real estate companies to really work closely with the customers and really hold their hand through the entire process to make them feel more comfortable in the decisions. Keller Williams has set itself apart by performing high in all the areas that are most important to customers specifically with the agent, the offices, and the services that they provide.”
“Our agents go above and beyond to help their clients at one of the most personal times in their lives – when they are buying or selling a home. We are incredibly honored and humbled that our associates have been recognized yet again for their incredible levels of service,” says Mary Tennant, President of Keller Williams Realty, Inc.
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Disclaimer: Keller Williams received the highest numerical score among full service real estate firms for home buyers and home sellers in the proprietary J.D. Power and Associates 2012 Home Buyer/Seller StudySM. Study based on 2,994 total evaluations measuring five firms and measures opinions of individuals who bought or sold a home between March 2011 and April 2012. Proprietary study results are based on experiences and perceptions of consumers surveyed March-May 2012. Your experiences may vary. Visit jdpower.com