Updated 02/27/2010 05:17 PM
Home Sellers Have The Advantage In NE Queens
By: Shazia Khan
In some parts of northeastern Queens, prospective home buyers have few choices in the housing market. NY1's Shazia Khan filed the following report.
Kamlita Reddy, her husband and two children are looking to buy a house in Fresh Meadows, but they have had little success.
"It's been very difficult to find a house there because there are so few houses to begin with to choose from," says Reddy. "But when you do find a house you like, there are about 20 buyers there waiting for the house. And the other thing is that there is a bidding war. Sometimes you have to expect that in this market, which is very unusual."
While parts of southern Queens have some of the highest numbers of foreclosures in the city, NY1 has learned from realtors who represent Fresh Meadows, Bayside, Whitestone, Flushing and other neighborhoods in northeastern Queens that they are hungry for homes between the $400,000 to $700,000 price range.
Judy Markowitz, the owner of the Flushing-based Energized Realty Group, says in northeastern Queens many sellers have their choice of buyers.
"My buyer specialists tell me that buyers are waiting with bated breath to buy a home. You're not seeing a glut of houses coming on the market and you're not seeing houses as much sitting on the market," says Markowitz.
One seller, James Messina, listed his two-family attached home in Whitestone back in mid-November for $588,000. After receiving multiple offers, he accepted one within a week of the listing. He is slated to close next month for the selling price of $552,000.
"I expected to sit on it for maybe six months or at least till the spring, because that's usually when the flock of the buyers come out," says Messina.
While sellers may have their pick of buyers and may even get more than the asking price, realtors are careful to call it a "sellers' market," since sellers can't continually raise prices.
Julia Shildkret of the Julia Shildkret Realty Group in Fresh Meadows says buyers are still looking for value, so the price needs to be right to sell the property.
"Correct pricing under these market conditions is crucial," says Shildkret. "As long as the sellers understand it and look at the comparables and understand that not only will the buyer be dissecting that price, but also the bank, when they receive the prospective buyer's loan application, will be making sure that the house is actually worth what the buyer is paying for it. Once they understand the process and price the home correctly and competitively, then the buyers come out and make offers."
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