August 2012 Queens NY Real Estate Market Update
The Queens’ housing market continues to recover, indicated by a balanced supply of inventory and increasing home prices across the county. Abigail Herrera states, “The very favorable market conditions are helping to unleash a pent-up demand, which is why housing supplies have tightened and are supporting growth in home prices.”
However, rising demand has led to tight supplies of affordable homes for first-time home buyers, who now only represent 32% of purchasers. Abigail claims “a healthy market share of first-time buyers would be about 40%, so these figures show that tight inventory in the lower price ranges, along with unnecessarily tight credit standards, are holding back entry-level activity.”
Regardless, with the Queens’ market heating up and mortgage rates continuing to hit record-lows, now is one of the most favorable times in history to buy a home in Queens County.
Queens NY Interest Rates
Mortgage rates at or around 3.53% continue to drop and boost home affordability. These are some of the lowest rates on record since 1971, increasing the urgency to buy now.
Queens NY Home Sales
Home sales increased .01% from last month to 634 units, while year-over-year sales decreased 4.2%. This is the third consecutive month of year-over-year decreases, which is a sign that although home prices are gaining momentum, tightened lending standards & housing inventory are still affecting Queens NY Home Sales.
Queens NY Home Prices
Shrinking inventory and a decline in distressed properties on the market continue to drive Queens NY home prices up. The median home price rose 8.4% from last month, and 11.1% compared to a year earlier to $379,500. This is the third consecutive month of year-over-year price gains, which hasn’t been seen since February to May of 2006, a period of peak performance in the Queens’ housing market.
Queens NY Pending Home Sales
Queens pending home sales increased 4.2% from June and 17.5% year-over-year to 794. Through July 31st, Queens County has experienced year-over-year increases in Pending Home Sales every month, with the exception of June. This is a very good sign because it means that more homes are going into contract, however, the decrease in home sales is a strong sign that that not all contracts are reaching the closing table.
Tips for Queens NY Home Sellers
With many Queens markets heating up, home prices are rising and inventory is shrinking. This high market activity puts Queens Home sellers at a strong advantage, but to ensure that your property sells quickly and for the highest price, here are some tips to turn that “For Sale” sign into a “Sold” sign:
- List at market price. Even though the market is in your favor as a seller, incorrectly priced homes will not attract buyers. If you list your home at market price, your home will be on the market for fewer days, you are twice as likely to have multiple offers, and your chances of fewer price reductions and your sales price being close to your list price are much greater.
- Condition is key. Keeping your home in excellent condition includes enhancing your curb appeal by landscaping your front yard, as well as making necessary updates such as painting and roof repair. 93% of homes that were in better condition received offers close to their list price.
- Stage your home. Many buyers prefer to see a depersonalized home, devoid of the seller’s personal items, so that they can picture themselves in it. Staging can be as simple as rearranging furniture or uncluttering a room. The cost of it can be minimal compared to the benefits of more showings and, ultimately, a higher asking price.
Brought to you by your local Queens NY Realtor: Abigail Herrera