Queens Real Estate Talk by queenshometeam
Queens Real Estate Market Updates, Trends, and General Information. Courtesy of the Queens Home Team at Keller Williams Realty.
Oct 22, 2014 | 8182 views | 0 0 comments | 32 32 recommendations | email to a friend | print | permalink

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This Month in Queens Real Estate: OCT 2014
by queenshometeam
Oct 22, 2014 | 1736 views | 2 2 comments | 57 57 recommendations | email to a friend | print | permalink
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Oct 2014 Queens NY Market Update

The pace of Queens home sales reached its second-highest rate of 2014 in September, but was slightly slower than the previous month and remains below 2013 levels. Prices however, saw an increase over last year, but remained the same as last month’s median home price. Prices continue to post year-over-year gains, but at a slower pace than earlier in the year. Interest recently saw a small increase, but a steady rise in rates does not yet appear to have materialized as a broader trend.

Month’s Supply: 6.9 Months (Last Month: 7.9 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_Rates

30-year rates increased 13 basis points from the same week of the previous month, showing the first significant movement in rates in recent months. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.23%; 15-year fixed rate, 3.37%; 5/1-year adjustable rate, 3.06%.

 




Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_OCT_2014

The seasonally adjusted annualized pace of Queens home sales dropped 3.9% in September compared to the previous month. Queens home sales were down 9.5% compared to last September which posted one of the highest pace of sales in 2013. Residential home sales are down 9.5%, Condo home sales are down 14%, and Coop home sales are down 8.4% from this time last year.

 




Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_OCT_2014

Queens NY home prices remained the same in September, with median home price coming in at $400,000. However, year-over-year prices continue to increase, with September showing an increase of 7.4%. Year-over-year price gains in the 4–6% range are a continued indication that the Queens housing market has returned to a more stable balance between available inventory and the pace of home sales. However, in many areas across the county, there is still an uneven balance of high demand and very limited inventory. Average home prices came in at $449,465, an increase of 3.6% compared to this time last year. Residential home sales are up 2.7%, Condo home sales are up 16.8%, and Coop home sales are up 10.6% from this time last year.

 




Queens NY Housing Inventory

The number of Queens homes available for sale was down 22% from last year, with 4,707 homes, coops, and condos available for sale in September. That translates to 6.9 months of supply, keeping the market slightly in favor of sellers. With less Queens homes on the market, buyers will have even less options, and in many local markets timeliness will still be a factor when putting in an offer on a home.

 




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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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godfather
|
October 25, 2014
copy and paste-The nightmare of attaining a Commercial loan by well known bank.

http://queensexaminer.com/pages/my_blogs/user_blogs/post?postid=26005261

This Month in Queens Real Estate: SEPT 2014
by queenshometeam
Sep 17, 2014 | 6503 views | 0 0 comments | 321 321 recommendations | email to a friend | print | permalink
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Sept 2014 Queens NY Market Update 

In August, the pace of home sales continued to improve amid decreasing inventory levels and interest rates below last year’s. This summer’s housing market has presented opportunity to buyers with low interest rates and slower price increases in Queens, helping to alleviate the affordability crunch created by last year’s rapid price gains. Queens Home Sellers remain well positioned in most local markets with price gains continuing, albeit at a slower pace than last year.

Month’s Supply: 7.9 Months (Last Month: 8.4 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_Rates

30-year rates dropped 3 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.10%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 2.95%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_SEPT_2014

The pace of Queens home sales rose 6.2% in August to a seasonally adjusted annual pace of 792 homes. This is down 10.2% from the same month of the previous year; however, the portion of sales that were distressed is down significantly from last year. This means that conventional sales are likely higher than in August of last year. Residential home sales are down 9.8% from this time last year, Condo home sales are down 32% from this time last year, and Coop sales are down a slight 3.2% from this time last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_SEPT_2014

Median home prices continued to increase in August, increasing by 3.8% to $401,000. This is up 3.5% from last year, continuing the summer’s pattern of sustainable increases in Queens home prices. Residential home prices are up 11.7% from this time last year, Condo home prices are up 3.1% from this time last year, and Coop home prices are up 6.5% from this time last year. All in all, home, Coop, and Condo prices are continuing to increase this year.



Queens NY Housing Inventory

The number of homes available for sale was down 6.6% from last year, with 5,627 Queens Homes, Coops, and Condos available for sale in August. That translated to 7.9 months of supply, keeping the market slightly in favor of sellers in most neighborhoods, especially Residential and Condo home sellers. With less homes on the market across Queens county, buyers have less options so in many markets timeliness will be a big factor when putting in an offer on a home, coop, or condo.



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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: AUG 2014
by queenshometeam
Aug 19, 2014 | 8088 views | 0 0 comments | 310 310 recommendations | email to a friend | print | permalink
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August 2014 Queens NY Market Update 

In July, home sales dropped slightly from June when we saw a slight jump in sales. The increase in sales pace in June & July led to another substantial increase in home price which is likely a result of a decrease in the number of homes on the market in Queens. Mortgage rates are now below the previous year’s level, offering an opportunity for home buyers who thought they missed their opportunity for low rates last year to secure them now. This summer’s growth in the housing market is a positive sign for the overall economy after the county got off to a rough start earlier in the year.

Month’s Supply: 8.4 Months (Last Month: 8.75 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_Rates

30-year rates dropped 4 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.13%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 2.97%.

 

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_AUG_2014

The seasonally adjusted annual rate of home sales dropped to 732 homes in July, a month-to-month decrease of 1.5% and a slower pace of home sales since last July. Sales were down 17.9% from last year. Residential home sales were down 13.3% compared to this time last year, while Condo sales were also down, by 51% year over year. Lastly, Coop home sales were down 14.4% from this time last year. So all in all, home sales are down across the board year-over-year. 

 

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_AUG_2014

The median home price increased 2.6% in July to $385,000, up 4.1% from the same month last year. As we move into the peak months for the Queens’ housing markets, we are observing home price growing at a similar rate to last year on a monthly basis. However, the year-over-year price increase in July was less than half of that seen last year. This slower rate of annual appreciation is more consistent with sustainable growth. Median home prices for residential homes were up 4.8% while the median home prices for Condos were up a significant 16.4%, and finally, median Coop sale prices were also up by 6.2% year over year.  

 

Queens NY Housing Inventory

The number of homes available for sale decreased by 2%, the second month in a row of decrease in homes on the market. That translates to 8.4 months of supply. In general, the market is still slightly in favor of sellers across the county, especially if you are the seller of a residential home or Condo. However, there are still neighborhoods with more supply than there is demand, and in these areas, the buyers still have an advantage. Inventory is down 8% from last year, so buyers still have very limited options available to them. 

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: JULY 2014
by queenshometeam
Jul 24, 2014 | 9374 views | 0 0 comments | 352 352 recommendations | email to a friend | print | permalink

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June 2014 Queens NY Market Update 

 

The pace of home sales rose sharply in June but was still below the pace of sales in June 2013. Prices posted moderate gains in June as well, remaining on pace with the year-over-year growth seen last month and keeping home prices growing at a sustainable pace. The rise in inventory slowed from the previous month, leading months of supply to tighten slightly due to the pickup in sales. Rates have continued to remain flat for the first half of this year, and buyers should be looking to take advantage. With home prices posting slower but solid year-over-year gains, those looking to sell should also be well positioned with recent equity gains in most markets of Queens.

Month’s Supply: 8.75 Months (Last Month: 8.7 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

Queens_NY_Interest_Rates30-year rates rose a mere 3 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.17%; 15-year fixed rate, 3.30%; 5/1-year adjustable rate, 3.00%.

 

Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_JULY_2014

The seasonally adjusted annual pace of home sales increased 10% from May to June, to 722 homes. This is still 8.8% below the pace at this time last year, which in combination with higher levels of inventory has helped keep prices rising at a more sustainable pace than we saw the previous year. The pickup in home sales in June is further evidence that the market is recovering after the slow first quarter of 2014. Residential and Condo home sales are down year-over-year, while Coop sales are up from this time last year.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_JULY_2014

According to the Long Island Board of Realtors, the median home price was $372,900 in June. This is an increase of .8% from the previous month and a decrease of 3.1% from the previous year, when prices were $385,000. Year-over-year price gains have slowed in recent months due to higher levels of inventory and a slower pace of home sales than those in the previous year. This moderation in price should help keep affordability more stable in the near term. Average Home price in Queens was $422,756. Median price for residential homes, condos, and coops are all up year-over-year. Average sale prices for residential homes and coops are up, while condo average is the same as last year.

 

Queens NY Housing Inventory

 

The number of homes available for sale decreased by .9% in June to 5,760 homes, which translates to 8.75 months of supply. Despite the decrease in availability, the months of supply increased from the previous month, as the increase in available homes did not keep pace with the rise in the pace of home sales. In the same month of last year there was 9.3 months of supply, meaning that buyers will have less options available this summer compared to the same time last year.

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

 

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: JUNE 2014
by queenshometeam
Jun 19, 2014 | 16950 views | 3 3 comments | 606 606 recommendations | email to a friend | print | permalink
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June 2014 Queens NY Market Update

The pace of home sales rose in May after a slow start in the beginning of 2014. Inventory increased slightly again in May, meaning buyers should have a bit more choices moving into this year’s peak home buying season and may have less competition in certain neighborhoods. While the overall inventory in the county has increased, there is currently a great deal of variance in local neighborhoods, with inventory levels in some areas remaining substantially lower than the average Queens’ numbers and inventory levels varying by price point within many neighborhoods. Prices continue to increase this year, helping even more homeowners return to positive equity. Interest rates remained below expectations at the beginning of this year and have dipped even further in recent weeks. With buyers having more options available and sellers poised to take advantage of equity growth, the summer months should offer opportunities for all individuals looking to participate in the housing market.

Month’s Supply: 8.7 Months (Last Month: 8.4 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

Rates

30-year rates dropped 20 basis points from April to May due to global market activity resulting from turmoil overseas. Rates have remained flat in the first quarter of this year but are still expected to rise in the future; volatility in several global markets has indirectly placed downward pressure on mortgage rates in the United States. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.14%; 15-year fixed rate, 3.25%; 5/1-year adjustable rate, 3.96%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_JUNE_2014



According to the Long Island Board of Realtors, the seasonally adjusted annual pace of home sales increase 10% in May to 634 homes. This is down 17.8% from the same month last year, when the pace was 771 homes. While home sales are expected to remain below the previous year’s levels, May was the second month-to-month increase in sales this year. Sales should continue to pick up as we move into the summer and recover from the first quarter’s sluggish pace.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_JUNE_2014



Median home prices decreased .1% in May to $370,000.This is a .5% increase from the same month last year. Average home prices increased 3.4% in May to $428,383. This is a 3.7% increase from the same month last year. Year-over-year increases should remain slower than those we have seen in previous months, as more inventory is entering the market than last year.



Queens NY Housing Inventory

The number of homes available for sale increased 1.4% in May to a seasonally adjusted 5,812 homes. This translates into 8.7 months of supply, up from 8.4 months in April and 9.6 months last year. This places the market in fairly balanced territory, however, there is currently a great deal of variation among several Queens’ neighborhoods, with many areas still retaining highly competitive markets with low inventory levels.



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



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

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jimmyturano/broker
|
July 12, 2014
Looking for an apartment-updated July 12, 2014

Ideas to benefit you.

With plenty of competition out there looking for the same apartment that you are looking for, do you think it is a good idea to:

Have on hand three months rent(security,rent, and real estate fee) in case you find what your looking for?

Have on hand some copies of paychecks?

Have on hand your credit scores?

Since there are many looking for apartments today, it would be in your best interest to look like the perfect candidate for the apartment, in front of the landlord.

Landlords are looking for tenants who will live in the same house as them. There concern is to attain tenants that can afford to pay them. If you see an apartment you like, negotiate, and you tell the landlord you want the apartment, but you can't leave a deposit, or pay within 24 hours, you do not look good to the landlord in their eyes.

To many embarassing stories to tell lately.

Just shop for an apartment when you are ready with the money needed, and have your paperwork ready to show.


This Month in Queens Real Estate: May 2014
by queenshometeam
May 15, 2014 | 9428 views | 4 4 comments | 371 371 recommendations | email to a friend | print | permalink
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May 2014 Queens NY Market Update 

The pace of Queens home sales was pretty flat in April as the county began to transition out of one of its most severe winters in recent history. Now that we are getting warmer weather and in the peak selling season, we should see Queens home sales start to improve. Both prices and inventory rose in April as the weather improved, encouraging more people to get into the Queens housing market. Tight lending standards and lower affordability than was available at the same time last year have also dampened sales early in the year but their effects have been difficult to discern from those of the weather. Market conditions remain favorable for sellers to take advantage of newfound equity. Queens Home Buyers should begin to find more homes to choose from as inventory continues to loosen across Queens.

Month’s Supply: 8.4 Months (Last Month: 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

Interest_Rates

Rates dipped slightly from March to April as they continued to hover in the 4.3% to 4.4% range. Rates will likely follow a slow upward trend into the future; however, volatility in several global markets has led to some fluctuation in mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.39%; 5/1-year adjustable rate, 3.03%.

 

Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Sales_MAY_2014

The seasonally adjusted annual pace of Queens home sales dropped to 559 homes in April. This is down 16.9% from the same month last year and down 18% from the previous month. Queens Home sales are generally expected to remain below last year’s levels; however, the pace of home sales has been slower than expected due to a combination of lower affordability, tighter lending standards, and weather conditions.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_MAY_2014

Median Queens home prices held steady from March to April at $370,000, according to the Long Island Board of Realtors. Year-over-year prices were up 2.8%. As inventory levels continue to loosen year over year, price growth will likely continue to slow but remain positive across Queens.

 

Queens NY Housing Inventory  

Inventory levels have continued to increase through the year with 5,731 homes on the market in April, up 3.6% from 5,534 in March. This is a 8.4 Months’ supply of inventory at the current sales pace, up from a 7.5 months’ supply in the previous month and a 9.7 months’ supply in the previous year. Inventory is expected to continue to ease as we get closer to the peak home-buying season and this should help slow down rises in Queens home prices.



Blog content courtesy of George Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 



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www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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jimturano/broker
|
July 22, 2014
update-I have offered my 36 years of experience to Zillow web site for almost 12 months already. I wish to improve the site for the Queens areas, especially the Middle Village, NY area. The Zillow Zestimates are antiquated and although I notify Zillow regarding this the problem still exists today.

My point for buyers is, if they go by Zestimates to bid on a home, they will never get an offer accepted. The Zestimates are 5-8% lower than current market.

Many people knock many sights, but I am offering my 36 years of experience, and having completed over 4,000 written appraisals to date, I believe when a background check on Google is completed, that you will see my creditability, reputation makes me qualified to correct the problem that currently exists.

Recent:July 21,2014 Zillow Zestimate on 61-37 79 street, was at $504k. Yet the home sold for $550k, almost 9.5% higher than the Zestimate.

Improve the Zillow site so that buyers bid accordingly.

This Month in Queens Real Estate: April 2014
by queenshometeam
Apr 10, 2014 | 11299 views | 4 4 comments | 561 561 recommendations | email to a friend | print | permalink
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April 2014 Queens NY Market Update 

The pace of home sales remained sluggish in March according to the most recent data released by the Long Island Board of Realtors. A combination of higher prices and new lending standards have played a role in the slower pace of sales, as did February’s severe winter weather. Prices continued to rise despite the slower sales pace, but at a much slower pace than what we saw at the same time last year. Inventory levels have risen slightly & slowly. Based on the first quarter inventory activity, it seems that these low levels of inventory may continue through 2014. Interest rates have continued their slow and steady increase, and potential buyers should anticipate this general trend continuing throughout the year.

Month’s Supply: 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

Interest_Rates

Rates rose slightly from January to February, and they will likely continue to do so throughout the year as the economy improves and the Federal Reserve reduces its asset purchases. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.40%; 15-year fixed rate, 3.42%; 5/1-year adjustable rate, 3.10%.



Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Sales_APR_2014

The pace of home sales rose from February to March with LIBOR reporting an annual pace of 646 homes. Sales were up 13% month to month and up .5% from the same month last year. Winter weather likely played a role in the slow pace of home sales in January & February but March sales picked up likely due to the warmer weather. As we move out of the winter months, and lenders and consumers adjust to the changes in affordability and regulation, we should see sales begin to pick back up.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_APR_2014

Median home price decreased slightly in March to $370,000, down 2% from the previous month. Prices remain above those seen at this time last year with March posting a 4.2% year-over-year gain, and many sellers continue to benefit from equity gains accrued in last year’s substantial price recovery in Queens County.

 

Queens NY Housing Inventory

 

Inventory levels picked up once again with 5,534 available for purchase, up 3.7% from last month. This represents 7.5 months of inventory at the current sales pace, which is down 23% from last year and up 6% from the previous month. As we move further into the year, we should continue to see inventory loosen, giving buyers more choices and putting less upward pressure on prices.

 

Courtesy of the Queens Home Team at Keller Williams Realty Landmark II.



BUY
www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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JAMESTURANOBROKER*
|
May 04, 2014
Viva La Difference! Compare what is on the market today. ***MIDDLE VILLAGE NORTH***

Location, size of interrior sq.ft., how many levels, number of beds.,

number of bathrooms, and the asking prices.....

Now if you have seen homeS for sale between $550k and $659k asking, see the difference of what will be available on May 15th. and the reason why this home will sell in 7 days or less.

NO SIGNS AND NO MLS, ONLY PRIVATE SHOWINGS

COMPARE: CORNER HOME NOT SANDWICHED IN THE MIDDLE OF A BLOCK

*DETACHED 1 FAMILY*TWO ENTRANCES*HUGE THREE LEVEL HOME* GARAGE LOCATED BEHIND YARD WITH ACCESS FROM 66 ROAD* YARD OF BEAUTIFUL LARGE COUNTRY EAT -IN KITCHEN THAT HAS A HALF BATH ON 1ST.FLOOR* A FINISHED FAMILY ROOM OFF THE KITCHEN & HALF BATH,*THREE BEEDROMS FULL BATH,* A WALK UP ATTIC FOR THE 4TH BEDROOM-DEN-OR OFFICE. *LOW TAXES* PLENTY OF ENORMEOUS POTENTIAL* WALK TO ALL STORES/SCHOOLS/BUSES AND ON UNIFORMED BLOCK WITH PLENTY OF PRIVACY*YOU WILL NEVER HAVE TO MOVE AGAIN.*

Educated buyers will see the value per sq.ft. for their money!

After apprasing over 4,000 homes to date, and a recent sale last month on this particular block of $635,000 dollars, this home will be placed at an asking price of $649,500 asking. SOMEONES 'DREAMHOME' FOR SURE!

To be posted on Trulia May 14th. Showings begin May 15th, 2014

/////////////////////////////////////////////////////////////////////////////////////////////////////////////

Jim Turano/Broker-Diverse Real Estate-Celebrating 35*years in the Business.

1-347-837-9206 cell

(Must give my agents the opportunity to sell this home)

This Month in Queens Real Estate: March 2014
by queenshometeam
Mar 11, 2014 | 8066 views | 2 2 comments | 330 330 recommendations | email to a friend | print | permalink
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March 2014 Queens NY Market Update 

Home sales declined in February with the combined effects of severe winter weather and the decline in affordability due to higher mortgage rates and prices than those seen in the previous year. Sales have also been hindered at the beginning of this year by new mortgage and flood insurance regulations that recently took effect. The flood insurance regulations are currently set to be reviewed, and buyers and sellers in flood-prone areas may want to become informed on how these regulations and potential changes are affecting their market. Home prices however, rose slightly from January to February even as inventory levels loosened slightly and home sales slowed. In addition, prices are still well above those seen at this time last year. Buyers willing to brave the cold may be able to take advantage of some of the short-term price breaks seen early this year. With prices still showing an upward year-over-year trend and inventory levels still tight, sellers remain well positioned in the Queens real estate market.



Month’s Supply: 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

Rates

Mortgage rates have remained relatively flat from last month. The upward pressure on rates generated by the Federal Reserve’s winding down of quantitative easing has been counterbalanced by downward pressure on Treasury yields being generated by turmoil in emerging markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.35%; 5/1-year adjustable rate, 3.08%.

 

Queens NY Home Sales



Queens_NY_Real_Estate_Market_Home_Sales_MAR_2014



The annual pace of home sales was 547 homes in February. This was down 19.1% from January and down 3% from the same month of the previous year. Severe winter weather likely affected home sales in many parts of the county in February; however, higher mortgage rates and prices, combined with new regulations, have also had a significant dampening effect on home sales. February also saw more severe weather than usual and this will likely be reflected in next month’s numbers. As we move out of the winter months, and lenders and consumers adjust to the changes in affordability and regulation, we should see sales begin to pick back up.

 

Queens NY Home Prices



Queens_NY_Real_Estate_Market_Home_Prices_MAR_2014

The median home price rose 1.3% from January to February regardless of a slight increase in inventory and a fall in the pace of sales. Median prices are not seasonally adjusted so some decline at this time of year is considered normal. Prices remain almost 16% above those seen at this time last year, and many sellers continue to benefit from equity gains accrued in last year’s substantial price recovery.

 

Queens NY Housing Inventory

Inventory levels recovered slightly in February after taking a bit of a dip in December. The total number of homes that were available for sale remained the same from January to February, a total of 5,338 homes for sale. This represents 7 months of inventory at the current sales pace, which is up 6.1% from the previous month. As we move further into the year, we should continue to see inventory loosen across the borough, giving buyers more choices.

 



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VINNYBATYR
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March 20, 2014
This confirms that 35 years veteran Broker, Jim Turano was correct on what he commented.



Listings soar 10 percent in February from a year ago | Inman News



inman.com in Editor's Pick





Rising home prices are bolstering seller confidence, fueling rapid growth in the number of homes on the market in many markets in...






This Month in Queens Real Estate: February 2014
by queenshometeam
Feb 13, 2014 | 8946 views | 3 3 comments | 388 388 recommendations | email to a friend | print | permalink
TMIQRE Header


February 2014 Market Update

Homes sales were down in January from the previous month, likely a result of the severely cold weather which affected many markets more than in typical years. Inventory levels remained tight but did increase slightly. The weather may have affected the number of listings coming onto the market, but we still ended the month with 149 more homes on the market. The decrease in sales pace and tightening of inventory is reflected in the moderate price decrease in January, however, prices are still up year-over-year. Low inventory and sustained price gains throughout 2013 has left individuals looking to sell in a great position heading into the New Year. New mortgage regulations that took effect in early January may slow the buying process in the beginning of 2014, but those looking to buy this year will want to take advantage of rates and prices as early in the year as possible as both continue to follow an upward trend into 2014.

Month’s Supply: 6.6 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

 
Rates

On January 29 the Federal Reserve announced it would continue to curtail its nontraditional asset purchases in February, as the strength of the economy continues to improve. As the Federal Reserve draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Recent turbulence in emerging markets may be having a dampening effect on mortgage rates as investors move heavily into U.S. treasuries, driving down yields which will have the effect of lowering other interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.39%; 15-year fixed rate, 3.44%; 5/1-year adjustable rate, 3.15%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_FEB_2014

The year-over-year sales pace in December was down. The annual pace of sales in January was 657 homes, down 4.5% from last year and down 18% from last month. Surprisingly, Coop sales were up year-over-year in January, while Condos and residential single/multi-family home sales were actually down.



Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_FEB_2014

The median home price increased 4.6% year over year in January, according to the Long Island Board of Realtors, to $375,000. From December, prices were down 2.6%, which is usual for this time of year and consistent with the tight inventory levels reported. The price gains of 2013 have returned thousands of homes to positive equity and positioned their owners to participate in the market for the first time in years. Residential & Condo home prices continued to increase, while Coop home prices decreased slightly year-over-year.



Queens NY Housing Inventory

January marked a slight increase in inventory month to month with the overall number of houses available for sale rising from 5,190 to 5,338. Months of supply, which reflects both the number of houses available and the current pace of sales, rose from 6.3 to 6.6 months. Year over year, however, inventory is still down. The colder-than-usual January weather likely has had an impact on inventory levels in Queens.

Courtesy of…

Siege Prints Profile

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JIMTURANOBROKER
|
February 24, 2014
HIGHLY RECOMMENDED BY 35 YEAR VETERAN REAL ESTATE BROKER, JIM TURANO.

LANDLORDS-READ ALL ABOUT IT.

ADELE SCALFANI-APARTMENT SPECIALIST

http://glendaleregister.com/pages/full_story/push?blog-entry--HIGHLY RECOMMENDED- APARTMENT SPECIALIST-ADELE SCALFANI &id=24632765

JUST LISTED: 1 BR Condo @ Baybridge Condominium in Bayside NY...
by queenshometeam
Feb 05, 2014 | 8830 views | 0 0 comments | 393 393 recommendations | email to a friend | print | permalink

Queens Home Team Introduces another GREAT Condo for Sale @ Baybridge in Bayside NY! 

Privacy and convenience are featured in this lovely Bayside Queens Condo for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This One bedroom Condos is located in the sought-after community of Baybridge…

Located in prestigious Bayside, Queens NY and close to all of the best that Queens NYC has to offer. This Home Features:

Fully Renovated 1 BR 750 sq ft Condo w/Private Outdoor Patio For Your Enjoyment. Living Room Features An Open Layout To the Kitchen, Perfect For Entertaining Guests. Living Room Also Includes Brand New Hunter Douglas Window Treatments. Kitchen Includes Granite Countertops, Frigidaire Stainless Steel Appliances, Dishwasher And Custom Aluminum Shelving Unit. Hardwood Floors, Recessed Lighting, and New Lighting Fixtures. Bathroom Features Marble Finishes Along With A New Vanity. Second Room Includes A Pocket Door For Easy Enclosure From The Kitchen, And Can Be Converted Into A Junior 4 Bedroom As Well. Basement Storage Is Included With The Sale. Also Included Are Your Personal Maytag Washer & Dryer Located In The Basement. Outdoor Parking Space Included. Amenities Include: Swimming Pool, Gym, Racquetball Courts, Basketball Courts, Tennis Courts, Running Track, Exercise Classes, Steam Room, Sauna, and Jacuzzi. If Shopping Is More Your Thing, The Baybridge Commons Shopping Center Offers A Convenience Store, A Pizza & Italian Restaurant, A Bagel & Sandwich Shop, A Dry Cleaners, And Much More!
 

This Bayside NY home for sale is located at 208-11 Estates Dr #23128 in Bayside NY. Bayside Queens is a unique neighborhood in the New York City borough of Queens.

This Bayside Queens Condo for sale is being offered at $488,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2642270/. George Herrera & Abigail Herrera are Springfield Gardens NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Bayside Queens NY.
 
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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