5 Ways to Sell your House for Top Dollar in Queens NY

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

home-valuationIf you own or live in Queens, then you already know that we do things differently here. Not only are we the most diverse county in the world, but we also are part of New York City which means that we have a whole different set of rules when it comes to real estate. In our experience, we’ve seen the Department of Buildings, Environmental Control Board, Housing Preservation & Development, Zoning, Air Rights, etc. To add to that, we have buyers coming here from all over the world. The good news is that there is a simple formula that will guarantee you sell your home for top dollar in Queens NY. With the Spring season right around the corner, we felt it very appropriate to compile and share a list of what we believe you must do in order to make sure you net the most profit from the sale of your Queens home.

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1. Price Right

pricing-triangleIn our industry we have a few sayings, one is that “Price + Condition = Value”, the other is that “80% of Marketing is Price”. So, the importance of setting the right price for your property cannot be understated. Pricing is a science, especially in Queens because we have Coops, Condos, One Families, Multi Families, Building Possibilities, etc. To set the right price you really need to go through a thorough market analysis of sales, pendings, active listings, and month’s supply. We meet with Sellers all the time and when we go through comps with them, we see listing after listing that were on the market for 100, 200, 300 days, etc. These are people who set the wrong listing price to begin with, and as a result, end up chasing the market. You never want to chase the market because the longer you are on the market, the more stale your listing gets and the lower the eventual selling price.

Click Here for a Free Market Report of your Queens Neighborhood

2. Maximize Listing Exposure

In Queens, we have buyers and agents coming from all parts of the world. Some are coming from Overseas to live, some are foreign investors, some are being priced out from Brooklyn & Manhattan, and some are your classic first time/repeat buyer. As a result, it’s very important that you give your property maximum exposure to these groups if you really want to sell for the most money possible. The reason why is because you really never know how much a buyer is willing to pay for your property until you open it up to the market place. We see this time and time again with our own listings. For example, last year we had a listing that sold for $60K over asking price! Appraisal came in at $750K and the buyer was still willing to buy. This may seem like common sense, and it may seem like something anyone can do, but the truth is that it requires a lot of time, research, and money to do so.

Property-appraisal-button3. Cooperate with Agents

realtors-playing-in-a-sandbox2When we say Agent cooperation, we mean listing agents cooperating with Buyer & Broker agents. This is extremely important if you want to get maximum exposure, however, due to traditional practices here in Queens, it’s something that unfortunately doesn’t always happen. This is a big problem that we see in the industry and one reason why is because some listing agents take a listing with the objective of getting both sides of the deal, because that means double the commission. This is a win-lose situation because while the agent makes out with a large commission, the seller ends up selling below market value which means less profit. We see this a lot, and we believe it is the high price points in Queens that can make some agents compromise their own values and violate their fiduciary duty. That’s why whenever we take a listing, we invite every single agent we know to bring their buyers, and as agents call us for availability, we are very cooperative in helping them get their buuers in to see it. As a result, most of our listings sell to other agents because most of the time, someone else has the buyer that is willing to pay the most money.

Click Here to Search for Exclusive Homes for Sale in Queens NY

4. Make your Home Accessible for Showings

PAccessibility is huge in Queens. Why? Because we are in a very desirable area of NYC, so if you price a property right, you will definitely have people calling you to see the place. The problem comes when we can’t get in to see the place, either due to an owner’s limited availability, or because of tenant issues. Either way, this can be disastrous if your goal is to sell for the best price possible. Ideally, you want to make sure that there will be plenty of access available so that every buyer that wants to see the house, actually gets to see it. There are strategies we use for gaining accessibility, especially if you have tenants. If your property is owner occupied, then just know that you need to make your home accessible, and if you have tenants, you need decide whether you will sell without tenants, or make sure that they will cooperate with showing appts. This will help you get the most offers possible.

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5. Prepare the Home (Condition)

You only get one chance to make a first impression, this is true in life, and true in real estate. If you want to net the most money from your sale, you need to make sure the home shows in it’s best light. That doesn’t mean you have to go and renovate the whole house, but you do need to prep the home for the sale. If your property is in good condition, then stage it using your furniture and de-clutter to showcase the space, and maximize lighting. This will help you sell faster. If your property needs work, then just make sure you touch up old damage areas and make sure it is de-cluttered, this way the renovation projects seem less daunting and more cosmetic to potential buyers.

Thinking of Selling? Click here for a Free Consultation

Blog and Site Courtesy of George and Abigail Herrera, Realtors & Owners of one of the Highest Rated Real Estate Agents in Queens, the Queens Home Team at Keller Williams Realty Landmark II

George and Abigail Herrera_Queens Home Team at Keller Williams Realty 2_HEADSHOT_ROUNDBUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

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Should you Sell your Queens Property with or without Tenants?

   Realtor & Co-Owner of the Queens Home team at Keller Williams Realty
So you own a rental or investment property in Queens and you’ve determined that now is the right time to cash out or move on to your next investment. Being the savvy investor that you are, you have leased your property to tenants who have been helping you pay down the mortgage. Now is when the question arises, should you list the property with your current tenants occupying the unit, or wait until they move out? Here in Queens we see this all the time, and we personally have sold a lot of tenant occupied properties, enough to see the good, bad, and ugly side of doing so. As a result, there are different schools of thoughts on the issue, and the right answer will depend on your property and your priorities. Below we’ll highlight some of the advantages and disadvantages to each approach so you can have a full picture of the issue and potential benefits/consequences.

Listing with Tenants

imagesThe biggest advantage to listing with tenants is continual receipt of your rental income. This ensures that there is minimal impact to your finances in the short term, and it alleviates the pressure of needing the property to sell right away. If your target buyer is an investor, then they may look at the occupancy favorably, especially if the rental income is high and you can show proof of consistent collection. In our experience, selling with tenants is a good idea if your tenants are very cooperative, and if you are receiving a market rate of rental income. If either of these is not the case, then you can run into several issues that can potentially get very ugly, and take a long long time to resolve. Unfortunately we have experienced this first hand and the person who ends up losing the most is usually the Seller.

The biggest disadvantage to listing with tenants, is usually a lower listing price. If the property can be delivered vacant and tenants are cooperative, you may be able to still market the property at a competitive list price, however, it is always harder to show the full potential of a house when it’s occupied by tenants, because you can’t do the renovations, touch-ups or staging needed to showcase the home. All of these factors limit the price you can ask on the property, or if you list competitively to other properties, this factor will most likely be reflected in the offers you receive. In addition, it’s always unclear if the tenants will be cooperative with open houses and viewing appointments until you actually start the selling process so when selling with tenants, there is a certain unpredictable variable that comes along with it. Lastly, many new homeowners don’t want to deal with tenant evictions, especially here in Queens, so if you decide to sell your property with the current tenants, you may limit the buyer pool to mostly investors.

Listing without Tenants

Vacant PropertyWhen listing your investment or rental property without tenants, it becomes like most of other properties on the market, and many times more attractive because in Queens, most homeowners opt to sell with tenants. More importantly, you can attract a bigger pool of buyers— investors and non-investors alike. Selling without tenants allows you to first update the property as needed which ultimately lets you garner the highest listing price possible. Staging a vacant property is pretty straightforward, but just being able to do so makes a huge difference that is usually reflected in the speed and strength of the offers received. It is also easy to show, because it will be vacant (not owner or tenant-occupied), so the property can receive as much traffic as possible. In our experience, whenever we’ve sold investment properties without any tenants, the properties have sold much quicker, and for way over asking price. Reason why, because most rental properties sold in Queens are not sold vacant, so for most buyers, there is usually a tenant factor involved. As a result, when you are selling a vacant investment property in Queens, you get a lot more activity, and much higher offers because there is a lot of value in that kind of piece of mind.The main challenge with listing without tenants is the planning that goes into the process. You first have to deliver the news to the tenant—hopefully the lease is at a month-to-month stage. Remember to check your rental agreement on the notice requirement. There will be a lag time between when you provide notice and when the property is ready to be listed—renovations, touch-ups, repairs and staging all take time. Because you won’t be receiving income from the property while the it’s vacant or listed, it’s important to plan for the financial shortfall during those weeks or months.

Conclusion

You have many factors to consider when deciding to sell your investment rental property. Be sure you’re working with a qualified real estate agent who can guide and assist you through this process. Rest assured that we here at the Queens Home Team have sold several investment properties, both with or without tenants, and we have developed a system to ensure success either way. In our professional opinion, selling without tenants is always the best bet because you can guarantee the highest sale price possible with little to no headaches. This is not always possible for homeowners, so if you do decide to sell with tenants, you just need to make sure you take all the necessary steps to ensure a smooth transaction.
Blog & site courtesy of George & Abigail Herrera with the Queens Home Team at Keller Williams Realty Landmark II

Queens Home Team records Highest Sale Price for 1 BR Coop at 218-10/12 43rd Ave Corp in Bayside!

Just Sold_218-10 43rd Ave_Queens Home TeamGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 1 BR Coop located at 218-12 43rd Ave #3A, 218-10/12 43rd Ave Cooperative, Bayside, NY 11361. This Bayside coop consisted of 1 bedroom, 1 Bathroom, and sold for $174,500. This 218-10/12 43rd Ave coop was on the market for 64 days before contracts were fully executed. The seller of this one bedroom coop at 218-10/12 43rd Ave in Bayside sold the apt for 97% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Bayside Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle. 

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible FeesNo Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. 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!

We look forward to serving you!
75-35 31st Ave, Ste. 202
Queens, NY 11370

P: (347) 921-0895

E: queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team announces Sale of their 2 BR Coop at Windsor Oaks in Bayside!

Sold in 57 Days, for 99% of asking Price!

219-40 75th Ave_SOLD_Queens Home TeamGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their 2 BR Coop located at 219-40 75th Ave #241A2, Windsor Oaks Cooperative, Oakland Gardens, NY 11364. This Oakland Gardens coop consisted of 2 bedrooms, 1 Bathroom, and sold for $218,500. This Windsor Oaks coop was on the market for 57 days before contracts were fully executed. The seller of this two bedroom coop at Windsor Oaks in Oakland Gardens sold the apt for 99% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping Oakland Gardens Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you’ve considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible Fees, No Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Home Coop or Condo in Queens, you can call, text, or email our Team Administrator to schedule a free, no obligation Home Buyer Consultation: (646) 751-7549 or ana@queenshometeam.com.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven real estate professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. 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!

We look forward to serving you!

Queens Home Team at Keller Williams Realty

75-35 31st Ave, Ste. 202
Queens, NY 11370

P: (347) 921-0895

E: queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Home Team sells another Studio Coop at Northridge Section 1 in East Elmhurst!

Northridge Section 1 Coop SaleGeorge Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty are pleased to announce the sale of their Studio Coop located at 32-22 92nd St #602, Northridge Section 1 Cooperative, East Elmhurst, NY 11369. This East Elmhurst coop consisted of 1 living room/bedroom, 1 Bathroom, and sold for $85,000. This Northridge Section 1 coop was on the market for 189 days before contracts were fully executed. The seller of this studio coop at Northridge Section 1 in East Elmhurst, Queens sold the apt for 100% of asking price, showcasing how George and Abigail Herrera are both skilled and experienced at helping East Elmhurst Home Owners SELL their Homes, Coops, and Condos for the most amount of money, in the least amount of time, with the least amount of hassle.

If you have considered selling your Queens home, coop, or condo – Now or even month’s down the road – Don’t wait to find out how to get the most for your home. Contact us today and we’ll send you our exclusive Guide to Selling a Home in Queens NY. If you’re curious what your Queens Home, Coop, or Condo is worth, visit QueensHomeValue.info and you will receive a free home value packet within 48 hours. If you would just like a list of all the recent sales in your neighborhood/development, email queenshometeam@kw.com and we’ll send you list within 48 hours. If you have plans of selling in the near future, you owe it to yourself to get competitive bids from several Realtors. Our team offers a Hassle Free Listing Program that includes Flexible Fees, No Upfront Costs, and you can Cancel Anytime. With that said, we would love to meet you and evaluate your home, coop, or condo free of charge.

If you or someone you know is looking to Buy a Home, Coop, or Condo in Queens, contact our Buyer Division at the Queens Home Team at Keller Williams Realty (347-489-4994). We would be happy to show you how we find the very best homes for our buyers. Our exclusive Queens home buyer consultation will help you understand the Queens home buying process so that you know what to expect and are positioned to make a well-informed decision for you & your family when you find the right place to call home. We will help you narrow down your search so that you only view the homes that fit your search criteria instead of spending your precious time viewing homes that don’t match what you’re looking for. If you’re looking to buy a Property in Queens County, you can call, text, or email our Lead Buyer Specialist at: (347) 489-4994 or chris@queenshometeam.com. We take a formal approach to real estate, but it is all in your best interest.

The Queens Home Team at Keller Williams Realty is a team of friendly, service driven professionals in Queens, NY. Our Agents & Staff members are experts at what they do, but more importantly, they’re driven by their desire to help people. The team approach is our unique value proposition to Queens’ home buyers & sellers, because while most Agents are one person doing many things, we have several people doing ONE thing, and being GREAT at it. This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. 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 Administrative team members 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 offer a hassle free, service driven approach to real estate in Queens. Our Vision is to become the preferred Realtor of choice in Queens, NY. Our Values are simple, treat clients like family. Our Belief is that by doing right by our clients, we will become their Realtor for life. And our perspective is that we are in the Service Industry, with a specialization in Real Estate.

We look forward to serving you!

Queens Home Team at Keller Williams Realty
75-35 31st Ave, Ste. 202
Queens, NY 11370

(347) 921-0895

queenshometeam@kw.com

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

This Month in Queens Real Estate: APRIL 2015

TMIQRE QHT HeaderApril 2015 Queens Real Estate Market Update Marketing Profile Picture

Homes sales increased in March while inventory levels remained tight. Inventory typically reaches its low point during the winter months, but the current level is well below that of last year. This led to higher than expected home price increases. While home price gains are good for homeowners, it will be important for inventory to loosen in the coming months to avoid constraining home sales and driving down affordability ahead of the potential for rising interest rates.

Month’s Supply: 6.1 Months

Last Month: 5.7 Months

Last year: 7.5 Months

*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. 

Interest Rates

Queens_NY_Interest_Rates30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.78%; 15-year fixed rate, 3.06%; 5/1-year adjustable rate, 2.97%. 


Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_April_2015The seasonally adjusted annualized rate of Queens home sales increased 9.8% from February to March to a pace of 641 homes. Queens home sales decreased year-on-year in March and were 2.3% lower than the same month of the previous year. Specifically, Queens Residential single and multi family home sales are down .6%, Queens Condo sales are up 18.8%, and Queens Coop sales are down 10.4% from the same month last year. 


Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_April_2015The median Queens home price reported by the Long Island Board of Realtors increased 1.3% in March to $405,000. Prices remain 9.5% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels across the county in recent months. Specifically, Queens Residential single and multi family home prices are up 6.3%, Queens Condo prices are up 16.7%, and Queens Coop prices are up 3.4% from the same month last year. 


Queens Housing Inventory

The number of homes available decreased 26.2% compared to the same month of the previous year, with 4,084 Queens homes available for sale in March. This translated to 6.1 months of supply. Historically, inventory typically remains low during March due to the cool weather and then loosens as the weather warms in April. Specifically, there are currently 2,574 Residential single and multi family homes, 1,300 Coops, and 405 Condos available for sale in Queens County.   


George and Abigail Herrera_Queens Home Team at Keller Williams Realty_HEADSHOT_ROUNDCourtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: MAR 2015

TMIQRE QHT HeaderWebMarch 2015 Queens NY Market Update

Homes sales declined in February on a monthly basis, and continued to show declines year-over-year. Prices followed a similar pattern as the sales, posting a monthly decrease, however, prices remain well above the previous year’s levels. Inventory tightened slightly coming out of February and things have remained very tight with winter being the usual lowpoint for the year. However if inventory remains low moving into the warmer months, it could constrain home sales even further and cause larger price increases.

Month’s Supply: 5.7 Months

Last Month: 5.6 Months

Last year: 7 Months
*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.

Interest Rates

rates30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.76%; 15-year fixed rate, 3.05%; 5/1-year adjustable rate, 2.97%.

Queens NY Home Sales

queens real estate market report _home sales march 2015The seasonally adjusted annualized rate of Queens home sales declined from January to February to a pace of 564 homes, a 3.3% decline. Queens home sales were 1.4% lower than the same month of the previous year, with February making eleven months in a row of year-over-year decreases. Residential home sales are up 6.4%, Condo sales are down 31.1%, and Coop sales are down 3.7% from the same time last year.

Queens NY Home Prices

queens real estate market report _home prices march 2015The median home price for Queens reported by the Long Island Board of Realtors declined 4.7% in February to $405,000. Queens Home Prices, however, remain 9.6% higher than the same month of the previous year. The consistent rise in year-over-year price growth is probably due to low inventory levels in the last 12+ months. Residential home prices are up 9.3%, Condo home prices are up 11%, and Coop prices are up 2.4% from this time last year.

Queens NY Housing Inventory

The number of homes available decreased 27% compared to the same month of the previous year, with 3,902 Queens’ homes available for sale in February. This translated to 5.7 months of supply. Inventory will likely remain low during the cooler months of the year and then loosen as the weather warms. Still Inventory levels are extremely low, and the low inventory is continuing to drive price increases across the county. With the Spring market right around the corner, we may see a large amount of pent up demand hit the market soon, otherwise, we will likely see the same market conditions persist for most of the year.

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

BUY: http://www.exclusivequeenshomes.com | SELL: http://www.queenshomeselling.com