About Queens Home Team at Keller Williams Realty

The Queens Home Team at Keller Williams Realty is a team of top producing, service-driven Realtors®. Our Agents are experts at what they do, but more importantly, they are driven by the desire to help people. The team approach is our unique value proposition to Queens home buyer & sellers, because while most Agents are one person doing many things, we have several Agents doing ONE thing and being great at it. This ensures expertise throughout all stages of the transaction and provides the highest level of service possible. 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 Closing Coordinators 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 become your Realtor for life, not just one transaction. And we know that if we do right by you, then you will naturally spread the word to your friends and family. Our vision is to be the Realtor® of choice for Queens home Buyers and Sellers. Our values, quite simply, are to treat clients like family, this ensures that we provide our fiduciary duty to our client's best interests at all times. We believe that real estate is one of the most important financial investments people make in their lives, and in order to realize the greatest rate of return on that investment... You need a great Realtor® on your side!

Queens Real Estate Market Report: April 2016

Queens real estate market report: April 2017

April 2017 Market Update

The first quarter of 2017 has definitely been interesting. It’s the first time in a while that we’re actually seeing a shift in demand, and while that can be a little unsettling, it also signifies a change that can lead to opportunities in the coming years. Being that my wife & I got into real estate during a buyer’s market (2008/2010) we have yet to see a full real estate cycle. We have experienced the shift from buyer’s market to seller’s market, but we have not seen a seller’s market shift into a buyer’s market. With that said, what we’ve been seeing this year is a slight shift, nothing too pronounced, but definitely enough for us to notice. For example, several of our listings this year have had just 1-3 offers after the first two weeks. This is a stark difference from the 10, 15, or even 20 offers we would get last year and in 2015. We’ve also noticed that some of our listings are taking just a little bit longer to sell. Last year we would put a house or apt on the market and within a week we were probably sending out contracts. This year, we’re making sure that our listings are priced right, and doing more preparation to make sure they look as good as possible.

What this can be attributed to is hard to say, but we’ve taken 16 listings so far this year and seen this reaction on several of them so it may be a trend. Either way, there are still opportunities for buyers and sellers. Buyers may find themselves with less competition and less bidding wars, and sellers will still find themselves in a good position because although inventory is growing slowly, it is still very low.

# Homes for Sale: 3,486 (Last Month: 3,462)
Rate of Sales (Avg sales per mo): 686 (Last Month: 710)
Month’s Supply: 5.1 (Last Month: 4.9)
Avg Days on Market (Residential): 81 (Last Month: 90)
Avg Days on Market (Coop/Condo): 90 (Last Month: 78)
Contracts Written: 611 (Last Month: 705)

*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. Keep in mind that month’s supply can vary by neighborhood and property type.

Interest Rates

Queens NY Interest Rates

Mortgage rates decreased this week. The benchmark 30-year fixed mortgage rate fell 6 basis points to 4.16 percent. The 15-year fixed mortgage rate fell 8 basis points to 3.35 percent.

Check current interest rates here: http://search.queenshometeam.com/idx/mortgage

New One Family Homes for Sale in Queens

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Queens Home Sales

Queens Real Estate Market Report April 2017

The Long Island Board of REALTORS® reported Queens home sales at a seasonally adjusted annual rate of approximately 655 homes during the month of March. This was an increase of 15% percent from February, but a decrease of 4.1 percent from March of last year. Something important to not is the fact that the rate of sales (i.e. avg homes sold per month) has been decreasing every month this year. This coupled with the month over month increases in inventory is leading to an increase in month’s supply every month so far for 2017.

Queens Real Estate Market Report April 2017

Specifically, Residential 1-3 family Queens home sales were down about 4%, Queens Condo sales were up about 32%, and Queens Coop sales were down about 12% compared to this time last year. Over the last 12 months, Queens home sales are down 3.6%.

New Two Family Homes for Sale in Queens

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Queens Home Prices

Queens Real Estate Market Report April 2017

The Long Island Board of REALTORS® reported a Queens median home price of $490,000 in March, this was up 2.3% from February and up 15.3% from March of last year.

Queens Real Estate Market Report April 2017

Specifically, Residential 1-3 family Queens home prices were up about 13%, Queens Condo prices were up about 14%, and Queens Coop prices were up about 12% compared to this time last year. Over the last 12 months, Queens home prices are up 11.8%.

New Condos for Sale in Queens NY

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Queens Housing Inventory

There is currently a 5.1-month supply of housing inventory in Queens, this is up from the 4.9 month supply that we had last month and the 4.3 month supply we had in February. The total number of homes for sale increased about 1% compared to last month. The fact that month’s supply is increasing every month this year is very significant because if this trend continues, it would lead to a shift in the market. For example, a 5-6 month supply is said to be a balanced market, while month’s supply over 6 months is said to favor the buyers. Once you get month’s supply over 8 months or so, you really start to see the difference in supply and demand, and it becomes more obvious that buyers have more of an advantage.

Specifically, there are currently 2,364 residential 1-3 family homes for sale, 330 Condos for sale, and 792 Coops for sale in Queens county. Total: 3,486 Queens homes for sale.

New Coops for Sale in Queens NY

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

BUY: queenshometeam.com/buy | SELL: queenshometeam.com/sell

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Paperwork needed to Sell a House in Queens

Documents required for Sale of Property in Queens NYC, by George Herrera, Realtor/Co-Owner of the Queens Home Team at Keller Williams Realty.

If you’re thinking of selling your home in Queens NY, you’ve probably wondered about the documents required for sale of property in Queens and when you will need them by. Fortunately for you there aren’t that many documents required, however, there are some important things you should know about the documents that you do need during the Queens home selling process. Below is a list of the most common documents that are needed in order to sell your Queens’ house. We are starting out with the legally required documents needed in order to go into contract and close on the sale. For a list of documents required in order to get your house on the market, scroll down to the bottom of the page.

If you are selling with an agent, these are the documents you will need in order to get your property on the market:

New York State Agency Disclosure

New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales agents. As a home seller, your Agency Disclosure should be filled out by your listing agent as “Agent X acting in the best interest of the [ ] Seller as [ ] Seller’s Agent. Make sure that your agent also explains to you the ramifications and considerations regarding Dual Agency & Dual Agency with Designated Sales Agents.

https://www.dos.ny.gov/forms/licensing/1736-a.pdf

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How to Sell a House when Someone Dies

“How to Sell a House in Queens when Someone Dies”, by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty. 

We do a lot of property sales related to estates here in Queens, and while they can very sad and sensitive situations, they can also be some of the most fulfilling transactions for us because we get to help family members through a very rough time in their lives. Most of the time we are meeting with sons, daughters, or heirs of the decedent(s) and they are usually still grieving as they are trying to get things in order. In Queens, these sales can get somewhat complicated depending on the situation and probate/administration status. On top of that, many times the heir(s) who are handling everything live outside of Queens so that can also make it very burdensome and overwhelming. Whatever the situation, our goal is always to take the reigns and handle as much as we can for them so that they can grieve and rest knowing that their family member’s estate is being taken care of as desired. For this reason, we set out to create a guide on how to sell a house when someone dies. If you have been placed with the responsibility of handling an estate sale for a deceased loved one, this will help you make sure that you have all your ducks in a row.

The first thing you have to know in these situations is that In New York State, the Surrogate’s Court decides what happens to a person’s property when that person dies. The judge in Surrogate’s Court is called the Surrogate, and the person who died is called the Decedent. That person’s property is called the estate. When a person dies and leaves a Will then they died testate. If the person died without leaving a Will, then they died intestate.

Estate Proceedings

There are three different kinds of estate proceedings in Surrogate’s Court, however, one of them is for descendants who had personal property of $30K or less so for the purposes of this article we will focus on probate and administration proceedings.

Summary:

  • If the Decedent had a will, then you file for probate.
  • If the Decedent didn’t have a will, then you file for administration.

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How to Sell your House in Queens NY

How to sell your house in Queens NY, by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

If you want to know how to sell your house in Queens NY, you’re in the right place. Whether you’re thinking of selling now or in the future, you’ve probably wondered what the steps to selling are and what you should do in preparation for the sale. Fortunately for you we’ve sold over 200 houses in Queens so we’re extremely familiar with the process, and we understand all of the steps involved for different scenarios, situations and property types.

With that said, below are 24 of the most common steps involved with selling a house in Queens NY. Some steps may vary, but most of these will apply every time. If you have any questions or would like some advice on selling, feel free to contact us anytime.

Step 1

Find out How much your Home is Worth

The first step to selling a house in Queens is obviously knowing how much the property is worth. This valuation is vital because it helps you and your family plan for the next steps with a realistic sale price expectation. You can go about this in one of two ways: 1) You can hire an independent appraiser to conduct an appraisal for you (this typically costs about $300-$400). Or 2) You can have a local Realtor come by and tell you what the property is worth (typically free of charge). If you decide to go the Realtor route, make sure you get at least three opinions because some agents are more thorough than others. Either eay, this should give you a good idea of the value. Also, keep in mind that “Appraised Value” is different from “Market Value” so the idea is just to get an idea of the appraised value. Ultimately you won’t know the true “market value” until you hit the market and open the bidding up to all interested parties. This is your first step in knowing how to sell your house in queens ny.

Step 2

Calculate your Net Profit, Potential Tax Burden, Tax Options, etc.

Once you have a good idea of the property’s value, the next thing you want to do is find out how much you would walk away with after the sale. This is the number that really matters because your net profit is what you will have left over to proceed with the next chapter in your life. Seller closing costs in Queens include: NYC transfer taxes, NYS transfer taxes, your Attorney fee(s), Listing broker commission, Buyer broker commission, Mortgage payoff(s), Home Equity Loan Payoff(s), Title Fees, etc. Once you have an idea of your estimated net profit, you can then speak with a tax advisor regarding your potential tax burden (i.e. Capital Gains) and different Tax Options available (i.e. 1031 exchange). For a complete breakdown of this step on How to Sell your House in Queens NY, contact us and we can send you a Queens closing costs spreadsheet.

Step 3

Decide whether or not to Sell

At this point, you should have a family discussion and decide whether now is indeed the right time to sell. You should have all of the information you need to make this decision so it ultimately comes down to selling, or holding. Try not to speculate as to where the market is going to be 1 month, 6 months, or 1 year from now because at the end of the day, it is just that, speculation. We tell all of the homeowners we meet, selling is all about timing. Usually when people sell, it is because they are ready to unload their property, take their equity, and move in to a new chapter. Either that, or they are in a situation that requires them to sell. Either way, the decision to sell is usually pretty clear.

Step 4

Get your Ducks in a Row

Once you’ve decided to sell, now you need to get your things in order. A lot of these Queens’ houses are very old, and depending on whether you inherited the property or purchased it, there are a lot of documents that you want to gather in order to streamline the sale. You definitely want to locate your old title report, your property deed, any mortgage records, payoff statements, ownership/transfer documents, violation documents, lien documents, wills, administration/probate documents, surveys, certificate of occupancies, etc.

Tips: If you are handling an estate sale, you will need to make sure that the proper probate or administration proceeding is filed with the surrogates court before listing the house. If the person who passed away lived out of state and the probate was done in that state, you will still need to file an ancillary probate in New York State so you will need to get that filed before listing. If you are a non-resident of New York, you will need to pay capital gains at closing so you should get an idea of the amount from a local CPA. If you have tenants, you should notify them of the sale asap and if they don’t have a lease or the lease has ended, we would advise sending a notice of termination and starting a holdover case if necessary.

We have seen so many issues pop up because these things were not looked into ahead of time. For more advice on this step of how to sell your house in Queens NY, feel free to reach out to us and we can give you some general advice.

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Queens Real Estate Market: 2016 Year in Review + 2017 Market Outlook

tmiqre_headerBy George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

Year in Review

When it comes to the Queens real estate market, 2016 was an interesting year to say the least. Interest rates remained very low for most of the year, home sales were consistently below 2015 levels, home prices continued to increase at double digit levels, and inventory remained very tight for most areas of Queens. As you can imagine, demand remained very strong last year, especially with all of the publicity that Queens has been receiving.

Most of the houses/apts we sold last year still had multiple offers and ended up selling at or above asking price so the buyers were definitely out there. Constrained inventory however, made it tough for a lot of buyers to purchase and that is likely why home sales were down even with the still low interest rates.

2017 Market Outlook

It’s pretty evident that entry level buyers are looking for affordability, while investors are following the train lines for good rental income and appreciation. We noticed last year that some of our higher priced listings weren’t getting as many offers as they did the year before which was very interesting. On the flipside of that, some of our listings in less talked about neighborhoods were extremely hot and ended up going well over asking price with multiple offers. We expect that trend to continue this year because based on what we see, most Queens’ home buyers are looking for value rather than just to be in the hottest neighborhood.

All in all, even though prices were still rising last year, it wasn’t at the dramatic pace of 2015 and in our opinion that is healthy for the market. 2016 seemed to be more stable, and towards the end of the year, changes were made which could have a significant impact on the Queens real estate market in 2017. With the new administration in office, it will be important to see what housing policies go into effect because they can obviously have an impact on our local Queens’ market.

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How to Read Addresses in Queens NYC

by George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.

Queens is a very unique county in New York City. Not only is it the most diverse county in the world, but we also have a very unique way of navigating through the borough. If you’re not familiar with the address system it can be a pain to find addresses in Queens New York, however, once you know how the grid works, it’s smooth sailing. With that said, here are a few things you should know about Queens addresses, the street grid basics, and general theory behind the whole thing…

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How to find Queens Property Records

By George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.

Whether you’re a homeowner, absentee owner, estate executor, or potential home buyer, you may need to access your Queens County NY property records for one reason or another. Lucky for you, many property records are public record here in Queens and all you have to know is how to access these records in order to get all of the information you need. Below is a list of sites that we use when researching a property that one of our clients is looking to buy or sell. The legwork upfront is always worth it because there are so many issues and items that can come up once you dive into the history of a property. We hope you find this information helpful and useful in your Queens real estate endeavors!

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