Spotlight on Queens real estate
Manhattan and Brooklyn hog a lot of the real estate headlines but Queens is the borough with the the largest area and is second to Brooklyn in population. Trends in the Queens real estate market are similar to Brooklyn—there are fewer listings, lots of sales taking place, and prices are going up—as New Yorkers find themselves less tied to a Manhattan commute and are looking for deals in farther-flung areas. In the last quarter, the median sales price in the borough rose year over year to reach $660,000—its second-highest level on record.
In this episode of the Brick Underground podcast, host Emily Myers talks with Bianca Colasuonno, a broker at Compass who has been representing buyers and sellers in the borough for 17 years. She says there's a huge interest in single-family homes in Queens as buyers look further east into areas like Queens Village and Bayside. There are tips for sellers—for example, buyers right now have very little appetite for renovating and that means the condition of your place is more important than ever. Colasuonno has low budget tips to help sellers get the highest bid.
Some buyers are forgoing inspection contingencies to make their bids more competitive—but you should know the risks before you do this. For buyers, it's all about finding out what is most important for the seller—do they want to close quickly or do they need more time? With mortgage rates low, it might be a good time to consider an aggressive bid for something you love.
As always, the podcast aims to help you better navigate the market, find a deal, make sense of the legal jargon, and stay one step ahead of the competition whether you’re selling, buying, or renting.
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