This week marks one month since Phase 2 began in Queens, allowing real estate professionals to reopen for business after a three-month pandemic shutdown. The fact is, I have found it challenging to find the time to provide you with an update on the market or perspective on the current real estate climate. It is more than a little surprising how economically resilient our industry and our neighborhoods have been since NYC stabilized the Coronavirus outbreak. I have been particularly impressed by the cooperation of most, although not all, of the agents who have provided additional information on showing safety procedures. This practice has been a necessary upgrade and has allowed us to avoid unnecessary showings to unqualified buyers, thereby decreasing the risk of exposure to others and ourselves.
From where I stand, sales have ramped up quickly. The Energized Realty Group made up for lost time due to the pandemic by assertively targeting our database and positioning properties to sell close to the asking price and, therefore, not languishing on the market. I equate my explanation on proper pricing to sellers by explaining the football player concept. Imagine your house is a football player on a national team. There are 55 players on a football team, but only 11 are on the field at any given time. Some players are benched for an entire season, even though they are “on” the team. But those players are rarely IN the game. Any home can be on the market, but it’s those properties that are priced attractively, IN the market, that gets sold. That is the objective of any seller, to be IN the market and not just on the market.
But I digress…
HERE ARE THE FACTS:
According to the Long Island Board of Realtors (online statistics between June 1 and July 15)
- Available properties in Flushing, Bayside, and Whitestone are up 17 percent from the same time last year.
- Home sales in contract in Flushing, Bayside, and Whitestone are down 43.3 percent from the same time last year.
- Closed sales in the same areas are also down by 43.7 percent from the same time last year.
There is a huge silver lining here. Homes are selling since June and, in some cases, even before June. Fairly priced properties are selling, and they are selling fast. It’s an even playing field; buyers and sellers are similarly motivated to move. In some cases, homes are taking just weeks or even days to get sold. If you are over 50, you know the rates buyers are enjoying, currently under 3% for a 30 year fixed rate, were previously unimaginable! Even for buyers in our area who have at least one member of their household who is self-employed, and therefore ineligible for the lowest full income verified loans, the mortgage rates are driving the market. If someone wants to sell, there are no obstacles once intelligent pricing has been put into place. Buyers are flocking to my properties. Every single one of the homes I have had before and after the pandemic has received multiple offers, and a majority of my smart sellers are in contract, with late July and August closings pending. My first seller, who sold post-COVID, just closed last Friday, only 34 days after our official reopening. There will be many more to come.
Never bet against Queens. That would be a losing bet.