Highlights Of The Quarterly Survey Of Residential Sales - 3Q 2015 Queens Sales

Report Summary

The housing market in Queens set price records in the third quarter as a result of rising sales and slipping inventory. Both prices and sales are rising across the borough.

Related - Selling Your Home? The Importance of Using a Real Estate Agent

About Our Reports

Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.

CLICK HERE => Full ELLIMAN REPORT for the 3Q 2015 Queens Sales 

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HAVE A REAL ESTATE QUESTION?
FILL OUT THE FORM ON THE RIGHT,
AND I WILL GET BACK TO YOU IMMEDIATELY.

DANIEL PENA

Licensed Real Estate Agent Salesperson

Douglas Elliman Real Estate

516.967.2554 Cell

646.598.7362 Cell
516.327.6432 Office
390 Franklin Ave. Franklin Square, NY 11010

Servicing NYC and Long Island

Email: Daniel.Pena@elliman.com

Highlights Of The Quarterly Survey Of Residential Sales - 3Q 2015 Long Island Sales

Report Summary

Sales activity in the Long Island housing market was at the highest level in at least twelve years. With the decline of inventory, the upward pressure on prices continued. Median sales price increased to the highest level seen since the financial crisis began.

Related - Selling Your Home? The Importance of Using a Real Estate Agent

About Our Reports

Produced in conjunction with Miller Samuel, a leading independent appraisal firm, our market report series is the benchmark for residential real estate market information and an essential reference source for consumers, the media, financial institutions, government agencies, researchers and other market professionals. Each report provides an analysis of price and sales trends as well as many other metrics to give readers an idea of current conditions as well as historical and emerging market trends.

CLICK HERE => Full ELLIMAN REPORT for the 3Q 2015 Long Island Sales 

If you found this information useful, feel free to share this post
with your friends on social media.

HAVE A REAL ESTATE QUESTION?
FILL OUT THE FORM ON THE RIGHT,
AND I WILL GET BACK TO YOU IMMEDIATELY.

DANIEL PENA

Licensed Real Estate Agent Salesperson

Douglas Elliman Real Estate

516.967.2554 Cell

646.598.7362 Cell
516.327.6432 Office
390 Franklin Ave. Franklin Square, NY 11010

Servicing NYC and Long Island

Email: Daniel.Pena@elliman.com

Selling Your Home? The Importance of Using a Real Estate Agent

When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past two years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.

However, the report also revealed that for the second year in a row 96% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.

Buyers search for a home online but then depend on an agent to find the actual home they will buy (53%) or negotiate the terms of the sale & price (31%) or understand the process (63%).

Stephen Phillips, the Chief Operating Officer for HSF Affiliates LLC, put it best:

“Home buyers are more informed than ever with their Internet searches and ongoing research; however, there’s a critical need to transform that information into analysis and advice that helps consumers make the best home-buying and selling decisions.”

The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

Bottom Line

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

Source: Keeping Current Matters


Related: What Is a CMA ...And Why Do I Need One!

If you found this information useful, feel free to share this post
with your friends on social media.

HAVE A REAL ESTATE QUESTION?
FILL OUT THE FORM ON THE RIGHT, I WILL GET TO YOU IMMEDIATELY.

DANIEL PENA

Licensed Real Estate Agent Salesperson

Douglas Elliman Real Estate

516.327.6432 Direct

516.967.2554 Cell

390 Franklin Ave. Franklin Square, NY 11010

Servicing Queens and Long Island

Email: Daniel.Pena@elliman.com

What Is a CMA ...And Why Do I Need One!

The CMA (Comparable Market Analysis) is the best way to determine the best listing price for your home. CMA is the process real estate agents use to conduct an in-depth analysis of a home's market value in today's market, using closed transactions of comparable properties.

Or, learn how a CMA is prepared, below!

If you've sold a car you had to find out what people were willing to pay for it, by checking the Blue Book or used car ads. After some quick research you set a price that potential buyers will find attractive. It's pretty simple and does not require any special expertise. 

Pricing your home is not so simple. Market value is much more difficult to predict and the information available from friends, relatives, co-workers, or the internet, can be unreliable. Lenders, lawyers and other professionals play an important part in the process, but relying on their 'opinion' about the value of your home can be a costly mistake. 

A properly prepared CMA can take several hours, but is usually provided at no charge to the prospective client, providing a great opportunity to meet and get to know your agent. 

Beware of agents looking to list your house without preparing a complete CMA, perhaps pulling a number out of thin air, or quoting some statistics without backing them up. Even worse, is the agent who simply agrees with the home owners price, just to get the listing! Your agent should be able to show you right from the start that he or she has the knowledge and understanding of the market to properly price your home. First, an agent will walk through your home. The home does not have to be in perfect condition, but it should be clean and in the condition a potential buyer will see it in. 

The agent will measure, take photos, and ask some questions. Don't feel put off if your agent seems pre-occupied as you tell the story of the funny lamp on the coffee table. Your agent has a big responsibility and will be focused on the task at hand; gathering enough pertinent information to accurately assess the market value of your home. 

Second, the agent will research comparable properties in the area, primarily those properties similar to yours, geographically nearby and most importantly, having closed within the last 6 to 12 months depending on the market conditions. Closed transactions are most important because unlike active list prices which can be all over the place, closed transactions tell the truth about what people are willing to pay for a home like yours. There's no fluff, no bargaining margin, nothing but one simple number ...the price at which the buyer is willing to pay. 

A completed CMA report is presented, which includes an extraordinary amount of information about the properties that have sold, and the various criteria that were cross checked to arrive at a probable selling price for your home. In most cases, if the closed properties (comps, as they are referred to) are similar enough or recent enough, they will form the entire basis of the report, along with some notes from the agent, and some pricing suggestions. 

However, in some cases, the agent may feel it necessary to examine some other types of comps, although they will usually carry less weight than the closed comps. For example, in a declining market the CMA may predict a slightly higher price based on prior closings, but your agents market knowledge may suggest otherwise. In this case, your agent may pull some active comps to ensure you're listed price is not near the top of the active range for your property type. In most cases you should be priced near or below the middle of the range for a reasonably fast sale. Expired listings are the least often examined but can be useful in determining at what price similar homes simply expired due to lack of interest at a particular price range. 

The most important part of your CMA, is the probable selling price. This is usually presented as a price "range", with a recommended target price. From this target you will set your listing price, which depending upon the market, your agent will recommend the spread between the selling price and the listing price. 

Remember, your real estate agent is a trained professional, often with hundreds of hours of class time, and sometimes just as many closed transactions under his or her belt. You are probably very good at your job, but how many homes have you successfully priced and sold? Listen to your agents guidance. When selling your car, an incorrect price might cost you a few hundred dollars. If you set the wrong price for your home, you could lose tens of thousands of dollars by under OR over-pricing your home. Do your homework and ask a real estate professional for a Comparative Market Analysis to ensure you get the most value for your home.

>> WHAT'S YOUR HOME WORTH? <<

If you found this information useful, feel free to share this post
with your friends on social media.

HAVE A REAL ESTATE QUESTION?

FILL OUT THE FORM ON THE RIGHT,
I WILL GET TO YOU IMMEDIATELY.

DANIEL PENA

Licensed Real Estate Agent Salesperson

Douglas Elliman Real Estate

516.327.6432 Direct

516.967.2554 Cell

390 Franklin Ave. Franklin Square, NY 11010

Servicing Queens and Long Island

Email: Daniel.Pena@elliman.com