I published this article almost exactly one year ago. In that time, a lot has happened to the real estate market in Queens neighborhoods like Jackson Heights, Rego Park, Woodside, Elmhurst, etc. As prices rise, more and more reputable brokerage firms and real estate professionals are showing an interest in Queens. This activity has resulted in better educated sellers and – in turn – more visibility, activity, multiple bid situations, and higher prices.
That said, the problem I expose in this article still exists. Sellers continue to be pitched the 3% fee by some agents as if it’s in their best interest, while brokers charging sellers a full 6% commission are breaking building records for price/share. Take notice Queens — the sooner you rid yourself of the old way of thinking and the 3% commission, the better off everyone will be.
I have been a resident of Queens for the past 13 years and a co-op owner in Jackson Heights for the last 6. It’s a wonderfully diverse, vibrant community, and I love being a part of it! Unfortunately, most homebuyers will never know this, due to the business practices of many real estate brokers in Queens. A lack of transparency is suppressing the value of our properties and delaying neighborhood development and infrastructure. It is high time we address this.
The real estate market in NYC has recovered, and has been very active for the past couple of years. Rents are at an all-time high, while interest rates and inventory are at all-time lows. As a result, Manhattan and Brooklyn have seen significant increases in price/sq ft, a large uptick in number of sales, decreases in time on the market (properties are selling faster) and a positive change in neighborhood infrastructure such…
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