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Living in Fo…, Both Buyer and Seller in Forest Hills, Queens,...

What is happening in Forest Hills Real Estate market?

Asked by Living in Forest Hills, Forest Hills, Queens, NY Mon Jun 3, 2013

It seems that there is a huge shortage of inventories in Forest Hills now. The moment there is a house comes on the market, it gets sold higher than the asking price! This is definitely a seller's market now. Does anyone have any suggestions for our middle class buyers looking for an affordable house in Forest Hills?

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Hi,

Well if you're looking for a Residential home in Forest Hills then you are at a disadvantage at the moment, because the Absorption Rate (A.K.A. Month's Supply) in Forest Hills is currently 4.27 months (For Residential Homes). When Month's Supply is above 6 months the market is said to favor Buyers and when it is below 6 months. the market is said to favor Sellers. Therefore, it is indeed a Seller's market when it comes to Residential Real Estate in Forest Hills, NY.

With that said, my best advice for you is to evaluate your timeline. If you are looking to buy in the next 1 - 3 months, then you should be prepared to submit your strongest & best offer and be one of the first to do so, that way you can get in the game. If you are not in a rush, then monitor the home sales and inventory levels until supply begins to exceed demand again. You can follow our Blog to keep up with the FH real estate market: http://queensrealestatetalk.wordpress.com

Hope that helps:)
0 votes Thank Flag Link Mon Jun 3, 2013
If you are not working with an agent consider the idea. If you see a property that you like, always make your best offer within your means right from the start....
1 vote Thank Flag Link Mon Jun 3, 2013
You are correct about it being a seller's market because of the low inventory in Forest Hills and elsewhere. The first thing you should do is get pre-approved by a lender so you know exactly how much you can afford to spend. Next, start working with a real estate agent. When they show you something you like in your price range, be aggressive in immediately making an attractive offer to the seller. Don't hesitate or try to negotiate too much. You need to be taken seriously and outsmart your competition.
0 votes Thank Flag Link Mon Jun 10, 2013
Thank you all for answering. Does anyone have any market predictions? Is the sellers' market going to continue for the next couple of months or years, or will it turn around soon?
0 votes Thank Flag Link Fri Jun 7, 2013
Hi "Living in Forest Hills",

April & May typically see the most significant gain in inventory in any given year, so low levels of inventory are likely to persist throughout the year. So, to answer your question, this Seller's Market (for residential real estate in Forest Hills) is likely to continue for the next couple of months and throughout 2013. As for the next few years, that will depend on several factors such as home sales, prices, inventory, interest rates, and affordability. We track these numbers on our blog monthly, if you follow the trends you'll see when inventory starts to increase consistently and that's when we'll probably see the market start to favor buyers again...

Hope that helps!
Flag Mon Jun 10, 2013
Unfortunately you are correct, it is a sellers market due to the low level of inventory. The only recommendation would be to be very proactive in your shopping and jump on houses right away as soon as the come on the market with your best offer.
0 votes Thank Flag Link Fri Jun 7, 2013
Get an experienced local agent. Look for fixer-uppers, you will have less competition. Some lenders like Wells Fargo offer renovation loans bundled with purchase mortgage. Get such a pre-approval and ask your agent to hawk every possible home. Forest Hills is one of the most desired neighborhood in Queens and expect fierce competition. Good luck!
0 votes Thank Flag Link Thu Jun 6, 2013
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