After completing my 31st. year in Real Estate, in Queens, I thought I would share my opinion and insight for the Communities of Glendale, Ridgewood,
Maspeth, Middle Village, which I have serviced in, for many years.
Yes homes are now selling, but if people who purchase do not use a local community bank, they can expect a long troublesome experience resulting in denial for a mortgage. Ask any Real Estate Broker in your Community.
Next, the rents are beginning to come down in some areas. Especially Ridgewood, Glendale,Maspeth, and Middle Village. Job loss, is mounting to a critical level these days.
Getting back to Houses being sold. Yes they are selling, but much less than asking prices. Homeowners have seen a huge decline from 1-2 years ago,
however if they do not come down on prices today, the bank appraiser who comes in your home for the buyer, won't appraise at the price sold for.
And if you do not come down today in price, you can expect another 10-12% reduction by next year too. It is going to get worse before it gets better. Let me point out some recent sales.
DETACHED HANDYMAN SPECIAL IN MIDDLE VILLAGE NORTH-SOLD $335K
MIXED USE ON METRO, SOLD FOR $525K. AND A TWO FAMILY, WITH 5ROOMS,+5ROOMS,+WALK-IN APT. SOLD FOR $650K
RIGHT NOW THERE ARE MANY TWO FAMILIES IN MIDDLE VILLAGE FOR SALE AVERAGING AROUND $450-$550K.
AND LASTLY, A 20 FOOTER, 1 FAMILY,3BED., STEPS FROM THE PARK, SOLD FOR $400K.
AS A REAL ESTATE BROKER FOR MANY YEARS, IT WOULD BE AN INJUSTICE TO THE HOMEOWNER, IF A REALTOR/AGENT ACCEPTS YOUR LISTING, AT THE PRICE YOU DEMAND. ESPECIALLY, IF IT IS NOT FEASIBLE TO EVER ATTAIN
IN THIS CRUCIAL MARKET OF OURS. THOSE BROKERS WHO DO THEIR JOB PROPERLY, AND COME UP WITH A REALISTIC PRICE, SHOULD NOT BE DISCARDED. IN FACT, IF YOU HAVE DOUBT, GET AN APPRAISAL FROM YOUR LOCAL BANK TO CONFIRM THAT PRICE. IT IS IN YOUR BEST INTEREST ANYWAY, BECAUSE WHOMEVER PURCHASES YOUR HOME WILL END UP GETTING IT APPRAISED BY A BANK ANYHOW.
ANY FURTHER QUESTIONS,PLEASE COMMENT, AND I WILL RESPOND.