Friday, 23 June 2017

Queens Real Estate: 2016 Year in Review + 2017 Market Outlook

Written by Posted On Wednesday, 01 February 2017 16:12

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

2016 Year in Review

When it comes to the Queens real estate market, 2016 was an interesting year to say the least. Interest rates remained very low for most of the year, home sales were consistently below 2015 levels, home prices continued to increase at double digit levels, and inventory remained very tight for most areas of Queens. As you can imagine, demand remained very strong last year, especially with all of the publicity that Queens has been receiving.

Most of the houses/apts we sold last year still had multiple offers and ended up selling at or above asking price so the buyers were definitely out there. Constrained inventory however, made it tough for a lot of buyers to purchase and that is likely why home sales were down even with the still low interest rates.

2017 Market Outlook

It’s pretty evident that entry level buyers are looking for affordability, while investors are following the train lines for good rental income and appreciation. We noticed last year that some of our higher priced listings weren’t getting as many offers as they did the year before which was very interesting. On the flipside of that, some of our listings in less talked about neighborhoods were extremely hot and ended up going well over asking price with multiple offers. We expect that trend to continue this year because based on what we see, most Queens’ home buyers are looking for value rather than just to be in the hottest neighborhood.

All in all, even though prices were still rising last year, it wasn’t at the dramatic pace of 2015 and in our opinion that is healthy for the market. 2016 seemed to be more stable, and towards the end of the year, changes were made which could have a significant impact on the Queens real estate market in 2017. With the new administration in office, it will be important to see what housing policies go into effect because they can obviously have an impact on our local Queens’ market.

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George and Abigail Herrera

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! 
 
We look forward to serving you!  
 
Sincerely,
George Herrera, Abigail Herrera, Chris Tomeo, Sonia Martinez, Ana Delgado

www.queenshometeam.com
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