According to Walletinvestor’s New York real estate market research, home values will increase in the next 12 months. Boston Q3 2020 Urban Office Insight. Every three months, a quarterly analysis is published. https://www.queenshometeam.com/wp-content/uploads/2020/10/Queens-NY-Real-Estate-Market-Report_Q3-2020.pdf, Click Here to See all Queens Housing Market Reports dating back to 2012. It really comes down to your objective, your priorities, your personal circumstance, and your goals after the sale. There are several reasons why a homeowner would want to know their home’s value but no matter the reason, we are happy to oblige. The average 15-year fixed mortgage rate is 2.550% with an APR of 2.840%. This is a staggering number that we have not seen since the global financial crisis. , Make smart decisions when investing or finding a location with commercial real estate market research featuring global, national and local trends. Broker Price Opinion Vs Independent Appraisal In our opinion, the best way to understand the value of your property is to sit down with a local agent who can go through the comps with you and explain how they draw their estimated valuation of your property. Active Properties; Address Beds Baths Living ft 2 List Price Cost per ft 2 DOM; 1289 QUEENS ISLAND CT: 3: 2: 2,540: $519,500: $204: 4 days: LOT 33, 34 MARSH HARBOR DR: N/A In a reversal from last month in the Northwest Queens market, median rent gains were more significant in the entry-markets. Price range valuations are good for out-of-state owners, landlords who don’t want to disturb tenants, or someone who just wants to get an idea (i.e. - a real estate franchise company. Now that we are 6 months into the global pandemic, we are starting to get a good feel for the short term impacts COVID-19 is having on our local real estate market. Queens is not only the easternmost borough of NYC, but is also a very family friendly county. What this means is less competition than you would have had last year or in previous years. There are several factors that we have yet to see play out fully (i.e. Brooklyn If you would like to get an even better idea of your property’s current value, have 3-4 agents give you their valuation. As for active listings, currently there are a total of 6,321 homes for sale in Queens. Queens Real Estate Market Report 2020, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. By Zoe Rosenberg June 24, 2019 The 5/1 adjustable-rate mortgage (ARM) rate is 3.100% with an APR of 4.070%. In general, from the date of contract signing, it takes about 60-90 days to close on a residential home or condo in which the buyer is obtaining a mortgage. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. Your overall selling timeline will depend on the agent you choose and how quickly they can get you an acceptable offer. This month saw the first year over year increase in landlord concession market share in five months. About Us. Contact Us anytime. If it is a cash deal, then the typical timeline would be one month less (i.e. It is very rare for homes and condos to close in less than 30 days unless you are selling to an investor, and when that is the case, you are usually selling for WAY below market value. NYC Real Estate Market Reports. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. *The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. the queens rental market report compares fluctuation in the city’s rental data on a monthly basis. In our experience, experienced agent valuations tend to be more accurate than appraisals because in addition to the sales data which we both have access to, a local agent can also apply their recent sales experience, knowledge of the area, and local market trends to get a better idea of the property’s current value. Click Here to learn more about the timeline to sell in Queens. Most of our listings are still selling, albeit not as quickly as they did last year. The median house sale price in Queens in Quarter 3 was relatively flat year-over-year at $649K. San Antonio Office Insight - Q3 2020. Here we are, just wrapped up the third quarter of the year and we are heading into a very uncertain fourth quarter. Unlock the Full Report Is there room to negotiate on listing prices? In Quarter 3, the median price per square foot was $475, a -4% YoY change. Bronx More broadly, the real estate market has softened, with reports of a glut of new luxury rentals in Manhattan and Brooklyn. And average days on market for condos in Queens is 86 days. Comprehensive Valuation Now, if you want to get a really good idea or more specific valuation for your property, then that would require a property tour. 60-90 days). The value we give is never a specific number because true “market value” is what a buyer is willing to pay for it, and without being on the market, it is impossible for us to know that. 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