Real estate trends in Queens
When it comes to dealing with real estate in NYC you need to know what you are doing and you need to be quick. This concrete jungle of a city has massive earning potential for any homeowner looking to sell. And it has some terrific homes that future homeowners might want to buy. But, the city is large and always changing which is why your best bet is to focus on an area and study it carefully. So, in this instance, we are going to go over current real estate trends in Queens. With any luck, this knowledge should help you get a better understanding of the local real estate market and yield you a better deal.
Home prices in Queens
To get a good idea of home market trends in Queens, we should first look at some numbers. After all, numbers to paint an objective picture that every experienced realtor finds essential. So, if you plan on dealing with the Queens home market, keep these numbers in mind.
The median home value for homes in Queens was $647,000. Once you boil it down to the square foot, it shows that the average per foot costs are about $539. Now, this may seem like a lot. But, you have to understand that we are talking about NYC. One of the challenges of living here is that the median list per square foot is $675. This makes Queens one of the least expensive areas in New York. One of the problems of the Queens home market is mortgage delinquency. This is when a buyer doesn’t make mortgage payments after singing for a home. The national average for this is 1.1%, while in Queens it is 2%. While this may not sound like a lot, it does cool down the Queens real estate market considerably.
The median rent price for homes in Queens is around $2300. This is lower than the NYC average, which is around $2,899. But, it is still on the expensive side. This is why most renters in NYC are young professionals that have high paying jobs. So, if you plan on renting an apartment in NYC, know that your best bet is to target young professionals.
Newest real estate trends in Queens
Now, knowing the exact prices of homes is useful, but it doesn’t really paint the whole picture. If you plan on dealing with real estate property in Queens you need to know what is currently trending and what is popular within the local market. After all, real estate trends in Queens change from year to year. This is why you need to update yourself regularly and keep track of what is going on.
One of the most surprising real estate trends in Queens is that there is a large number of Millenials buying homes. Namely, a lot of young people manage to get high paying jobs, be it IT or entertainment, and then processed to get real estate loans. And, once you consider that Queens is relatively cheap and safe and that there are is a lot of choices when it comes to homes, you can easily understand why so many Millenials choose to buy here. So, if you are planning on selling your NYC and moving out with the help of DA Moving NYC, know that Millenials are your target group.
Smart homes are quite a popular trend, especially in big cities like NYC. More and more people are realizing the benefits and the long term cost-effectiveness of owning a smart home. And, seeing that that people are becoming more tech-savvy, it is safe to assume that there is only going to be an increase in demand. So, if you plan on selling or renting your home in Queens, consider implementing some smart home technologies. Solar panels, heat control systems, home safety features, all of them tend to be a cost-effective way to increase both the value and the alure of your home. And, as it is currently going, having these features will be a must in the near future. So, you might as well get ahead of the curve.
More and more people in NYC are turning towards owning pets. This is why it should come as no surprise that pet-friendly homes are one of the real estate trends in Queens. If you can manage to make your home suitable for a pet you will bring in a whole plethora of people looking to buy or rent. This goes from having pet-friendly furniture to providing appliances that help with pet care. Plus, if you own a home that is close to a park, you will have a much better time renting to pet owners. This is why many of them are relocating to a neighborhood such as Forest Hills. Make sure to explain how to get to the vet and parks are in your neighborhood, as this small gesture can go a long way.
A feature that almost goes hand in hand with smart homes is the eco-friendly design. Namely, more and more NYC people are becoming more and more aware of their environmental footprint. Therefore, most of them are constantly looking for ways to make their lives greener. This is why when dealing with real estate in Queens, you also need to have eco-friendliness in mind. Even in small apartments, you can use clever design ideas to make the whole of it much more appealing and eco-friendly.
Start by installing top-notch insulation and smart energy monitors. Whether you are simply staging your home or doing a complete remodel, keep eco-friendliness in mind. If there is an eco-friendly option that you can use, go for it. You’d be surprised at how ready people are to react positively to your eco-friendly installations.