Queens real estate has many great potentials for homebuyers and real estate lenders. Now, when buying Queens real estate, you have many great options. The Chinese American Real Estate Association has recently expanded its membership to more than just licensed brokers and representatives. They now let members join from real estate-related professions. including lenders, lawyers and abstractors.
Although Queens real estate prices have fallen from their past years' highs, many members of the CAREA believe that Queens real estate market prices look to have stabilized this year already. Many believe that the $8,000 tax credit was a large part of moving the Queens real estate market so far. However, even with the tax credit, Queens real estate saw more transactions in the smaller priced homes ($350,000 and less) rather than the higher priced homes of years past.
During the real estate boom, before the housing crisis, many new housing units in Queens grew rapidly. Now, if demand doesn’t keep pace, this increased supply will result in more lower home prices.
Lending practices have changed for buying Queens real estate as they have for most every other area around the nation. Historically, lenders required down payments between 20% and 25%. However, during the Clinton administration, that changed and many home buyers could get a home for $0 down without proving their income. Many “no doc” loans were made, putting the housing market where it is now.
Today, when purchasing Queens real estate, you should expect a required 20% to 50% down payment, which is steep compared to the down payments we’ve seen in years past. And you should not expect a speedy closing. Banks and lenders will now require documentation for all your household income and they have to cross reference all documentation now, too.
Through all this, Queens real estate has continued to move right along with all the new stipulations and requirements for buying real estate, making it easy to buy even if the process is slightly slower.
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