My Opinion-With almost 36 years completed in the Business, over 4,000 written appraisals to date, testifying as an expert witness on appraising in State Supreme Court, unless an attached home, happens to be a 20footer, English Tudor, with two working fireplaces, a back yard, with a two car garage, a half bath in the Mater bedroom, then it warrants the asking price.
But a typical townhouse off Eliot Avenue, with no Yard, just two large rooms on first floor consisting of a living room, and large eat in ktchen, does not, I repeat does not warrant a asking price of $685,000 dollars. No mater if it has been updated throughout.
GOOD EXAMPLE: Detached 1 Family, 3 stories high, with 3 bedrooms, a walk up attic, half bath on the first floor, with an eat-in Kitchen, access to yard off kitchen, full finished family room basement, +half bath, and detached 1 car garage, in Middle Village North, just sold for $605,000 dollars.
And most recently on 78 street, a tweenty footer 1 family brick, done up in triple mint condition, with 3 bedrooms, just sold for $650,000 dollars.
Every home is a different style home. Some offer more square footage, private yards, triple AAA locations, a formal dinning room, a bigger yard, and updating with quality Kitchens and bathrooms.
In cases where owners just fix up to sell quickly, placing the most affordable kitchens and bathrooms, plus adding pergo wood floors, does not mean the asking price is WARRANTED!
Think about the cost factor. $685k asking, with 20% down means about $540,000 mortgage.
Thats about $2,500 per month with taxes to $2,700 a month.
Buying a Home is a great write off. Afforing the monthly payments is even more important.
Better to pay less and eventually place a new kitchen or bathroom when you can.
My opinion as a Real Estate Broker for 36 years in the Middle Village, NY area.
P.S. Most overpriced homes are with out of area Realtors, who never can show the home when you want. So their sign sits on the lawn and they get free publicity for 3 months.
Not once but twice in one week this just happened.
Buyer gets committment and goes on vacation. Seller wants to close but now has to wait extra weeks.
Another case, buyer gets committment, title is in, bank wants to close, buyers wants to close, and seller is leaving for 2 week vacation.
Believe it or not, it is true.
These two instances can not be digested by me, and the shouting yelling, people carrying on, loosing bank rates, with their apartments already re-rented, defines inconvenience beyond.
Never in 35 years has this happened but there is always since 1979 something new that comes up that has never happened before.
Hopefully it will all work out.
With demanding discounted commissions it becomes a hard working three ring circus.
Ideas to benefit you.
With plenty of competition out there looking for the same apartment that you are looking for, do you think it is a good idea to:
Have on hand three months rent(security,rent, and real estate fee) in case you find what your looking for?
Have on hand some copies of paychecks?
Have on hand your credit scores?
Since there are many looking for apartments today, it would be in your best interest to look like the perfect candidate for the apartment, in front of the landlord.
Landlords are looking for tenants who will live in the same house as them. There concern is to attain tenants that can afford to pay them. If you see an apartment you like, negotiate, and you tell the landlord you want the apartment, but you can't leave a deposit, or pay within 24 hours, you do not look good to the landlord in their eyes.
To many embarassing stories to tell lately.
Just shop for an apartment when you are ready with the money needed, and have your paperwork ready to show.
Important information for buyers!
The serious.....many buyers have seen homes these past 2-4 months, and have also seen the homes they viewed sold already..........
Trend..Prices have climbed up between $25,000 to $60,000 in just 6 months.
Buyers....Many buyers looking currently. Competition is strong and supply & demand is the theme right now.
Cause...Greenpoint & Williamsburg is outpricing the market. Many flocking to our area.
Middle Village has much to offer.
10 block long Juniper Valley park, nursery schools, 2 top rated Public schools, bus lines, M train, Express Buses to every part of Manhattan, and shopping galore.
Met Supermarket, Silver Barn, C Town, CVS, Wallgreen's, Artis & Columbo Drug stores,
several butcher shops, 5 Pizzerias, Dancing schools, Pre-k, Atlas Mall and Metro Mall.
Taxes are low, and no flood insurance required.
Recently a buyer purchased a home for $570k. She started 6 months before that and ended up paying $30,000 more for the same home she seen 5 months earlier.
I average two open houses per week. Many buyers walk through and state they just go to open houses to get ideas. Going to College these days is costly, and so is it for buyers who must learn the hard way, that what they see today, will be higher in price come this fall.
Not of importance...You see a home that you like, but it has oil heat. Just convert to Gas.
If the home is located in a Triple AAA location, has many good features, and the price is right, then buy it.
Sad...To see the same buyers attend an open house that you met 4 months ago.
Do they think prices are going lower? Do they think mortgage rates are going lower?
Conclusion....When I started in 1979 most buyers said $69,500 for a 1 family is to high.
Last year a 1 family sold for about $520,000 dollars.
Today, they are selling at $587,000, $570,000, $560,000 and the large ones attached are selling at $650,000 dollars.
I always said the time to buy is now!
Your choice to buy, or watch yourself get priced out of the area and market.
Rising home prices for sale continue, July 9th, 2014
$685,000 61-39 79 street, Middle village,ny 11379
As you can see prices are still climbing since December 2013.
Mortgage rates are still low.
If you get the opportunity to buy now before the fall, you will be better off.
1st.time buyers special "Open House' this friday,July 11th.
time 5p.m. - 7p.m. address:61-37 79 street off Eliot Ave.
Town House One full bath+2 Half baths
Two bed. Home with Huge rear Deck
Base.+Garage near Park!
Wal to all stores/Express buses to Manhattan.
You will not see this price much longer. $560k
When selling your investment property, it is time to step up the ladder of Real Estate.
Broaden your areas, and consider areas that are standouts for decades.
With 35 years of experience, I can only suggest to buyers the wealth of information I have attained over the years.
Comfortable investing where you live or close by is okay. In Queens, other areas are so close by, it still would take less than 15 minutes to get to the 'Top Locations' that go up in Value moreso than other areas.
For example....You live in Middle Village, but have never gone on the other side of Woodhaven Blvd., to the Cresent areas. It is Long Island living but here in Queens. A prestigeous area of Rego Park, that will have you simply amazed of the uniformed Detached homes that stand out. Huge Brick Homes that have 80 ft. Driveways, with all having an average 40'x100' lot.
Rentals in this area....5 rooms rent an average of $2,000.00 per month.
A quality of Life, with a different type of mentality, and privacy with a capital P.
If you sell a investment property, whether in Glendale, Middle Village, etc., always keep an open mind to an area that has gone up in value far greater than Middle Village over the years. And you always collect top dollar rents from tenants that you may not be accustomed to.
Buying an investment property like a 2 or 3 family, should be in a top location.
If you can choose a totally Detached Home, with fireplaces, long Driveways, Detached two car garages, and have more privacy than a home on top of Juniper Park, attached, with neighbors within inches of your home, it should be a no brainer.
All I ask is to have an open mind when considering a new investment property when doing a 1031 exchange.
Step up to a new level in Real Estate.
Finding the right Home for you and your family is important.
Affordability besides Location is Key.
Being Realistic Is essential.
Three bedroom homes are over $600,000 dollars in Middle Village,NY.
Average Two Bedrooms is around $560,000 to $599,000 dollars.
Ok, you place a bid and it is accepted.
Information is exchanged regarding sellers and buyers atorney's.
One week later a contract will be drawn up and sent to buyers attorney for review.
Next buyers attorney schedules an appointment for the buyers to come in the office,
with 10% of Purchase Price to be held in escrow. Buyers sign the contract and their attorney sends it back to sellers attorney.
Sellers attorney reviews the signed contract and schedules a time for sellers to come in and sign the contract.
Once a contract is fully executed, a copy is sent back to buyers attorney.
Time frame from accepted offer to fully signed contract by both parties about 3 weeks.
Buyer then gives a copy of the contract to Bank rep. and an appraisal is scheduled.
Two weeks later, a commitment is issued to the buyers. (Mortgage rate can be locked in)
Buyers attorney and sellers attorney are given a copy.
Now buyers attorney orders Title on the property that buyer is purchasing.
This is to make sure there are no Liens on the Home, etc..
This takes about 10-15 days.
Final stage- Everything in order then it goes to banks closing department, otherwise known as underwriter to check every bit of info needed to then set up a closing date.
Attorney from bank contacts buyers attorney and buyers attorney calls sellers attorney to schedule a closing. 7 days normally.
Total time frame usually from beginning to end, is three(3) months from date of accepted offer. In some cases, the time frame is 60 days after accepted offer or 10 weeks total time.
(Sellers time frame the same as above)
So if you buy now, lock in low rates, you will probably close in October 2014.
Buy in August and go to contract then you will close in November 2014.
July & August are big buying months. Many buyers and sellers do not want to close on a home during December-Christmas time.
Informative information for all Buyers.
Completing my 36 year in Real Estate in September 2014.
Jim Turano/Broker*Diverse Real Estate*