Fresh Meadows Real Estate Market Update: March 2012
The Fresh Meadows real estate market experienced a 1.2% decrease in February. Median home sale prices, of all property types, decreased from
$580,250 (February 2011) to
$573,250 (February 2012). In the last 24 months the Fresh Meadows Real Estate market has seen a bottom point of $565,000 (Jan. 2012) and a peak of $597,500 (Jan. 2011). 2 years ago, the median home sale price was $570,000 which means that we are at just about the same place as we were in 2010.
- Residential median home sale prices decreased from $627,000 to $605,000
- Condo median home sale prices increased from $372,500 to $384,000
- Co-Op median homes sale prices increased from $152,500 to $155,000
What this means for potential Fresh Meadows Home Buyers?
If you’re looking to buy a Condo in Fresh Meadows, they may have increased in value, therefore, make sure that you are keeping up with the local trends to make sure that you don’t end up overpaying.
If you’re looking to buy a Co-Op in Fresh Meadows, they may have seen a slight increase in value but nothing to get worried about. Coops seem to be remaining pretty stable and I expect that continue throughout 2012. Coops are very affordable right now, just remember that most coops require 20% down payment so if you don’t have the capital, you may need to go the Condo route.
What this means for Fresh Meadows Home Sellers?
If you are a Fresh Meadows Residential (Single/Multi-Family) home owner, you should request and review a Comparative Market Analysis to see what is going on in your neighborhood because the decrease in median home sale price was pretty significant.
If you are a Fresh Meadows Condo owner, your home’s value probably did not change dramatically but you do still have the GREAT opportunity to buy something bigger and better! The interest rates are still low and home values are stable so a strategic sales plan coupled with a smart buy will help you maximize value.
If you are a Fresh Meadows Co-Op owner, you are more than likely in the same boat as a Condo home owner. My advice is to request and review a Comparative Market Analysis to see exactly where your home stands on the market and stay current with the local trends. Keep in mind that these housing affordability conditions will not last forever so don’t just look at your home’s value when deciding when you should sell.
Regardless of your situation, you may have experienced an increase/decrease in your home’s value. So, it is important that you review a Comparitive Market Analysis regularly to see what your home is worth on a month-to-month basis.
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