Queens Real Estate Market Report: Q2 2022

There is currently 5.8 months of supply in Queens NY.

Based on the current month’s supply of housing inventory, the Queens real estate market would currently be considered a “Balanced Market”.

If your plans are to sell your home within the next 1-3 years, then we would recommend selling sooner rather than later. On the other hand, if you have no intentions of selling in the near term, then there is no need to explore the option of selling. For a free consultation feel free to contact us.

Buying is all about your situation and when you are prepared to buy. If you plan to own your property for 10+ years, then it is always a good time to buy. However, if you are looking to buy and re-sell within the next 3-5 years, it is harder to say. Mortgage rates are expected to rise and whenever rates rise, we see an impact on demand and home prices.

The median price for a residential home in Queens NY is currently $900K. Median price for a condo in Queens is currently $590K. And the median price for a coop in Queens is currently $315K.

Average days on market for Queens NY is currently 82 days.

In general, if a property is priced right, a seller should be able to find a buyer within 30 – 60 days. As for contract-to-close, from the date of contract signing, it typically takes about 60-90 days to close on a residential home or condo in which the buyer is obtaining a mortgage. If it is a cash deal, then the typical timeline would be one month less (i.e. 30-60 days). 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. As for coops, the typical timeline to close, from contract signing, is 90-120 days. If it is a cash deal, then the timeline would be one month less (i.e. 60-90 days).

Your overall selling timeline will depend on the agent you choose and how quickly they can get you an acceptable offer. Keep in mind that there are several issues that can cause delays to your transaction so it’s important that you hire an agent who has sold a lot of properties and knows how to anticipate and resolve issues quickly.

Click Here to learn more about the timeline to sell in Queens.

One of the main reasons why we Queens homeowners contact us is to find out how much their property is worth. 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.

Some of the most common reasons for needing a home valuation include things like future plans to sell, probate & administration proceedings, divorces, bankruptcies, and of course plain curiosity. Many times we speak with homeowners and they have no plans of selling their home, but they would like to get an idea of what the property is worth.

Now, the way we typically answer the question, “How much is my property worth?” is by offering a Free Home Valuation. What our team does is offer two types of home valuations, one is a price range valuation (if we cannot see the property in person), and the other one is a more specific home valuation which requires us to see the property in person to assess the size, layout, condition, etc.

Price Range Valuation

A price range valuation is just what it sounds like, a price range for the value of your home based on the recent comps as well as our experience in your neighborhood. 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. ballpark figure) of what their house is worth at any given time.
Most agents will not offer a price range valuation because in our industry agents are trained to schedule an appointment before sharing any price or value information. On our team however, we believe in full transparency and quality information so that people can make good decisions. As a result, we have no problem offering free price range valuations and we actually send a lot of them to Queens homeowners.

Something important to note regarding price range valuations is that the range (or spread) will largely depend on the size and type of property you own. For example, the price range offered for a 1 bedroom coop may be $50K (+/-) while the price range for a 3 family may be $200K (+/-).

The only downside to a price range valuation is that you won’t have a very specific value, but if all you want is an idea of, then this can be helpful.

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. What we call this is a home valuation or broker price opinion. With this type of valuation, we would come in to see the property in person so that we can assess the size, layout, condition, internal obsolescence, external obsolescence, etc. The walk through usually takes 10-15 minutes, and after seeing it, we usually sit down with the homeowner to go over everything together. This allows us to not only provide the seller with the comps, but it also allows us to explain how we come to the valuation we are providing. If a homeowner cannot meet with is for some reason, then we will typically send the analysis and valuation by email.

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. This is different from an appraisal because when you order an independent appraisal, the appraiser will come by to see your property, then they will create a written report for you and send it to you a few days later for review. Appraisers will typically include a handful of comps in the report, and they don’t typically sit with the homeowners to explain how they came up with the appraised price that they provided. It’s very common for homeowners to disagree with an appraisal because they don’t understand the methodology, or because the appraiser may not know the area well.

The way our team likes to provide home valuations is by looking at the property in person, then sitting down with the homeowner(s) to go through all of the data (closed, pending, available, month’s supply, etc) together and ultimately offer our professional opinion of the value. 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. Instead, what we provide is a realistic idea of where we believe offers would come in if we were to list the property at that time. We are able to do this based on our recent sales and experience selling properties in that area.

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.

If you would like to get an even better idea of your property’s current value, have 3-4 agents give you their valuation. After hearing and seeing 3-4 valuations, the value should be pretty clear as long as you are realistic and not just looking to hear the highest price 🙂
So, to answer the age old question, “How much is my house worth?”, the answer is that it depends, but if you live in Queens we would be happy to offer you a free price range valuation or a free comprehensive home valuation.

If you have any questions regarding your home’s value, or if you would like to know how much your property is worth here in Queens NY, feel free to reach out anytime.