Real estate trends come and go. They change every year so sometimes it is not easy to keep up with them. That is why we are here to tell you everything about real estate trends in Queens. And Queens is a well-known part of New York so it shouldn’t come as a surprise when we say that a lot of people want to live there and are searching for their new homes.
Rising prices
Salesmen see this as something good, but you as a buyer don’t. The prices of homes in Queens will be on a rise this year. During the course of 2017 and early 2018, home prices made a 10% rise. And for this year it’s expected to be much less. We can’t say precisely but not more than 2%. So why does this keep happening? Because people are getting more and more into the mortgage. And of course, when the overall economic uncertainty is added to that, you get rising prices as one of the real estate trends in Queens.
But even when the home prices are on the rise, the search for a perfect home never stops for those who seriously want to live in Queens. DA Moving NYC says that even when the prices were the highest, they had a lot of moving to do.
Who are the homebuyers?
You will be shocked to find out that lately, most homebuyers were millennials. They are getting older and making stable careers for themselves. Their income is increasing so they started looking for homes in middle and upper-middle class neighborhoods. But as we already mentioned, mortgages became a very common thing. Next year, millennials will lead the way in the number of mortgages.
When millennials decide to buy a home, that is basically a done deal. So be prepared to do a lot of searching and if you see something that suits your needs, you better act fast. Because if you don’t, the home might already be sold the next day to another buyer. That is one of the real estate trends in Queens you must follow.
Quality over size
If you live in Queens and you want to sell your house, we suggest you renovate your house first. This will increase the price even more and this will allow you to sell the house much faster because today’s homebuyers are looking for quality. They would rather live in a nice house with A+ quality that is smaller in size than in a big house with poor quality. So investing in your property might not be a bad idea at all in this case. Or any case for that matter. Selling your home for the highest price possible is always the best way to go.
Popular locations as real estate trends in Queens
Yes, location is very important for modern homebuyers. They want to live in a place that is easy to find and to get to. That is why a lot of people have been moving out of Jamaica, Queens. Precisely, Jamaica Estate. It’s a nice place to live in, don’t get us wrong. But for the price that you are paying it could be better.
South Jamaica, Ozone Park, and Howard Beach have become very popular over the last year. The location is very good. It’s near Brooklyn and the center of New York is not as far. You are close to the John F. Kennedy airport but not to close. You still get your peace and quiet. And you are paying a reasonable price for such home in such a place. The seaside is very popular and affordable too.
Oakland Gardens, Auburndale and Murray Hill are more expensive locations. But even though they are expensive, they are still highly wanted as a location for modern day homebuyers in Queens. You are basically in the center of Queens if you live here and nothing seems far away even if you don’t have a car.
Renting in Queens?
Queens is not your typical renting location. This is where families buy homes and young couples. You can only imagine how hard it is to move during Christmas season in Queens because this is where a lot of families live. But have in mind that renting in Queens is very expensive. So it’s better to just find another place somewhere else or potentially get a mortgage to buy a home there if that’s how bad you want to live there.
But if you do decide to rent a home in Queens, you won’t need much to find what you are looking for.
Smart Appliances in your home are a must this year
In this day and age, having smart appliances as one of the real estate trends in Queens shouldn’t surprise you. Not having this is a big NO for millennials. They want to be able to do everything as easy as possible. And having these appliances means the home has a higher value. If you aren’t offering these, it might be the reason why you are having trouble to sell your home. Millennials will look elsewhere or lower their offer if a home doesn’t have these so they can upgrade after they buy the home. That is if they decide to buy it. Even when buying commercial property, modern day people opt for the option with smart appliances.
