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As we finish the first half of 2019 our Queens market continues to normalize after years of steady increases in prices and the number of properties sold. Affordability has been a problem as well as a lack of homes for buyers to choose from over the past several years. Today's steadying price increases in combination with more homes coming on the market and attractive, lower interest rates will start to convince buyers now is the time to "get off the fence" and buy their first home or trade up to their dream home. Read More

Posted

As we finish the first half of 2019 our Queens market continues to normalize after years of steady increases in prices and the number of properties sold.  Affordability has been a problem as well as a lack of homes for buyers to choose from over the past several years.  Today’s… Read More

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We have been appreciating in the double digits for the last couple of years and those prices kept going up so we are becoming more level. Inventory levels at this point in time are 6.3 months versus 4.8 months last year at this time. Last year we had a shortage of homes for sale and a 6 month supply of inventory signals a more balanced market with an equal amount of homes for sales as buyers looking to buy. Read More

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Similar to trends reported for the national housing market for April (NAR), Queens inventory of homes for sale has increased and price appreciation is continuing to stabilize. This shift is helping to normalize the housing market here in Queens which has seen double-digit appreciation in some areas over the past several years. Read More

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There are also more homes to choose from and in Queens, there was a 26% increase in the inventory of homes for sale compared to what was available last year at this time - 4,012 for sale last year and 5,063 properties for sale at this time. Months supply of homes for sale has risen to 6 months from a 4.9 month supply in 2018 at this time. We now have what's considered more of a balanced market with an equal number of buyers and sellers. Read More

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As interest rates dropped closer to 4.5% from the 5% mortgage rates that prevailed through the fall of 2018, buyers began to take advantage of this 1/2 point difference and a real savings in monthly payments. The Federal Reserve has indicated rates should remain fairly stable throughout the year. This in combination with an increase in the number of homes for sale, should help create an active spring housing market. Read More

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The Luxury market in Queens is usually thought of as single family residences $1,000,000 and up in price. There are currently 381 of these homes listed for sale at this time. Here are some Queens neighborhoods with $1 million+ properties currently listed (not all neighborhoods shown): Bayside- 49 homes; Beechhurst - 8; Douglaston - 24; Flushing - 76; Forest Hills - 15; Fresh Meadows - 20; Jamaica Estates - 15; Little Neck - 21; Malba - 7; Whitestone - 46. Read More

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As we finish 2018, buyers are being cautious, taking their time to find the right home and bidding carefully, eager to keep within their housing budgets. A recent update on the housing market (station 880 radio segment 12/16/18 on Ric Edelman's Program) mentioned that the housing market was starting to look like 2005. Housing prices have had a 10 year run-up in values and wages have definitely not increased at nearly the same rate. There is an affordability problem that is being felt nationwide and certainly here in New York City. The advice given was that when buying a home today, make a buying decision based on lifestyle needs and not investment expectations. This rate of increase for the past 10 years is not the norm and likely will not be repeated for the next 10 years. Read More

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There may come a time when living in the same home you've lived in for years may not be the best circumstance for you or your family. When contemplating a move, there are four indicators to consider: hazards in the home, maintenance issues, finances and loneliness. Read More