Since the outset of the COVID-19 pandemic, housing prices in Queens have climbed while the number of units available for sale have fallen.
Co-owner at Exit Realty Interlake Kristopher Snarby says that has created a sellers market.
“How things were before was that, there was so much inventory, it really was always a buyers market because the buyers would have 20 or 30 choices when they were looking at a house and now they’re down to only having two or three,” said Snarby. “I don’t really see it changing unless there’s a sudden surge of inventory.”
Snarby says sales between January and April of this year broke records.
Another lockdown in May and June took the wind out of the sails, but Snarby says the market has already rebounded since July.
And while he doesn’t see the market cooling anytime soon, he says the buying frenzy has leveled off.
“A few months ago, in January to April we’d see if there was a new house on the market there might be five offers on it. Now we’re seeing one or two,” said Snarby. “So the quantity of offers coming in is lower so the prices aren’t going quite as crazy as they were but they are holding.”
Snarby says in the first part of 2021 home prices were 20 per cent higher than the same period in 2020.
And a two-year average shows sellers are getting 40 per cent more for their properties now than when the pandemic started.
Snarby says that jump is good news for people moving out of their homes but is putting others in a tough spot.
“It’s a horrible situation for people looking to rent or for first-time homebuyers who might not be able to be approved for a higher value property. It means that the properties that are under the $100,000 or under $150,000, they are selling very quickly.”
Snarby expects the trend to continue at least through the end of November.
He says anyone looking to buy a home needs to set themselves up for success.
“We always recommend that people go and get pre-approved. So go to your bank, go to a mortgage broker, find out what you can afford, find out what your timeframe is like. If you have that, that gives you an advantage, right off the bat. Then we recommend sitting down with a realtor, going through what your looking for and often times, if you do that, you’ll have an inside track on what’s coming on the market.”
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