Appraisals…Myths and Facts

There are so many myths about real estate appraisals. Therefore, we are laying out the myths and facts about real estate appraisals here in our latest blog. Real estate property value is unique to each property. The appraiser relies on general expertise and specific research to arrive at an opinion of value. Most consumers have little experience with appraisals, which makes them have some misconceptions about the whole process and results.

 

Appraisal Myths and Facts

Myth: The purpose of an appraisal is to make sure the buyer doesn’t pay too much.

Fact: Appraisals provide information for the buyer and seller. However, the primary mission of an appraisal is to protect the lender.

 

Myth: A specific formula is used in appraisals, like price per square foot.

Fact: All information is taken into consideration. The size of the lot, the location, the condition of the home, recent sales prices of comparable properties and more is taken into consideration when appraising a home.

 

Myth: Good housekeeping will increase the home’s value.

 

Fact: The cleanliness of the home has nothing to do with the final appraisal. They look for neglect, such as cracked walls, chipped paint, broken windows, bad carpeting, damaged flooring and appliances that are inoperable.

Myth: Anyone can be an appraiser.

Fact: Federal law requires states to establish standards for licensing real estate appraisers. Most states require several courses, passing an exam and several hours of supervised experience.

Myth: Appraisers don’t have to reveal home defects to the buyers.

Fact: The appraiser must disclose to the buyer potential problems if the buyer is applying for a mortgage that will be insured by the Federal Housing Administration. For non-FHA mortgages, this obligation does not exist. A home inspection will also let the buyer know what potential problems the home may have.

Home Ownership Remains Strong in America

It’s looking like home ownership remains strong in America, according to Fannie Mae. The Fannie Mae 2010 Own-Rent Analysis has recently released their research of homeowners and renters. The research explores consumer decisions to buy or rent a home. According to the study findings, 51% of current owners and renters say that the housing crisis has not affected their decision to buy a home. Aspirations are high for the long run.

However, the National Housing Survey shows in the third quarter that 33% would be more likely to rent their next home. Among people already renting, 59% say they would continue to rent in their next move.

The Fannie Mae Survey conducted in November shows there is hope toward home ownership rates, but decisions to buy are tempered by current consumers' cautious attitudes toward home buying in the current financial environment.

The study shows a strong desire to own homes and reveals that life events are greatly influencing family decisions to rent. The trend with the housing crisis has caused consumers to approach home ownership with greater caution.

Fannie Mae’s research analysis shows shifting demographic and lifestyle trends correlate to consumers’ housing decisions, which may have long-term implications for the housing market. Many things are effecting decisions. For example, in the past, married couples have been more likely to own. Now, married couples are a shrinking portion of the population. Having children, however, has increased the propensity to own. In today’s market, single mothers are renting due to financial constraints and the percentage of households with children is declining overall as well.

Fanny Mae compares current consumer actions, attitudes and financial consideration with historical consumer behaviors, market experience and economic conditions to analyze today’s market of owners versus renters.

Santa Visits Queens, NY This Christmas Season

Santa will be ready for visits all season long in Queens' largest mall. Santa events to look for at Queens Center Mall include the following:

* Mid November to December 24, every day except Thanksgiving Day, visit with Santa.

* 11 a.m to 8 p.m. all days except Sundays, noon to 7 p.m on Sundays and Christmas Eve 11 a.m. to 5 p.m. Santa will be available.

* Santa Breaks are Monday-Saturday 1 to 2 p.m. and 5:15 to 6 p.m. and Christmas Eve 2 to 3 p.m.

* Photo packages available for pictures with Santa.

* Breakfast with Santa is December 5, 8-10 a.m. for Q Kids Club Members and require RSVP.

* Pets with Santa on December 6, 7:30 to 9:30 p.m.

* Santa is on Level 3 in the JC Penney Wing.

* Queens Center Mall is located at Queens Blvd (on north side) and Woodhaven Blvd, just off the L.I.E. in Elmhurst , NY 11373.

Purchasing a Home is a Good Financial Decision

A recent survey done by the 2010 National Housing Pulse Survey shows that eight out of ten people believe purchasing a home is a good financial decision. This is surprising news because of the ongoing challenges of the housing market, but very good news none-the-less.

The National Association of Realtors® released this annual report that helps measure how affordable housing issues affect consumers. The survey also found job security concerns to be the highest for the first time in eight years. Almost 70% of Americans say that job layoffs and unemployment are a big problem in their area and eight in ten say these issues are a big barrier to homeownership.

Although job recovery is what is needed right now to help get the economy and housing market back on track, many people still say owning a home is a big part of the American dream and a great long-term investment in their future.

More of the survey shows that, despite the economic uncertainty, 68% say it’s a good time to purchase a home. 63% of respondents who rent say that owning a home is a future priority and close to 40% say it’s their highest priority.

Even with improved affordability, nearly 80% of surveyors say having enough money for a down payment and closing is a big obstacle to their buying a home. And 73% say they lack the confidence to be approved for a loan.

Myers Research & Strategic Services for NAR’s Housing Opportunity Program and American Strategies are responsible for conducting the 2010 National Housing Pulse Survey. There were 1,209 adults surveyed who live in the 25 most populous metropolitan statistical areas.

 

A Queen’s November to Remember

It will be a November to remember in Queens, NY this month with several holiday related activities all month long. When visiting Queens this month, whether you’re visiting family, friends, or looking for Queens real estate, be sure to check out some of the local events going on in the Queens Borough.

Renaissance in Newton Creek – Join Queens historian and urban geographer Jack Eichenbaum on November 13th at 11:00am for a walking tour along Newton Creek. This event is sponsored by the Municipal Art Society and is $15 to enjoy.

LICBDC Annual Luncheon and Trade Show – The biggest business networking event in Queens will be held on November 17th. This annual affair is run by the Long Island City Business Development Corporation. It’s a great opportunity to connect with other entrepreneurs at the free trade showe.

Thanksgiving Dinner in Queens – Restaurants all throughout the Queens Borough will be serving turkey dinner complete with all the trimmings on Thanksgiving Day.

Macy’s Thanksgiving Day Parade – In just a short drive to New York City you can join people from around the world at the 84th Annual Macy’s Thanksgiving Day Parade on November 25th at 9:00am. The parade route will begin at 77th Street & Central Park West and end at 7th Avenue & 34th Street.

Public viewing areas for the parade include:

Central Park West – West side of the street from 70th Street to Columbus Circle and the east side of the street from 70th to 65th.

6th Avenue – Between 42nd and 34th Street

7th Avenue – Between 58th and 42nd Streets

34th Street – The South side of the street between Broadway and 7th Avenue

42nd Street – From 7th Avenue to 6th Avenue

Columbus Circle – The West side of the street

For more information about the 84th Annual Macy’s Thanksgiving Day Parade, visit their website at www.MacysParade.com.

Queens, NY Fun in October

There will be alot going on throughout the month of October in Queens, NY for the whole family to enjoy. Everyone loves it when the weather begins to turn pleasant during the fall. Therefore, we have found some great activities you can enjoy during the rest of the month.

 

Queens October Activities:

 

Oct. 16th – Highland Park’s Fall Harvest Festival – Come out from noon until 3 pm for a fun-filled time of crafts, games, music and more. Highland Park is on the Queens/Brooklyn border at Jamaica Ave and Elton St.

Oct. 17th – Halloween Harvest Festival LIC – The Halloween Harvest Festival gives everyone a great opportunity to check out the Socrates Sculpture Park in Long Island City. Children can learn from Socrates artists at many of the Halloween costume workshops. You can even enter your canine into the Canine Costume Contest. There will also be face-painting, art-making and pumpkin-painting all day long.

Oct. 17th – Hood – You can enjoy the Tale of Robin and his Merry Men at the Red Door Theatre Company at 11:30am and 2:00pm. There will also be a concert of Irish Mariachi and Mexican Bluegrass. Socrates Sculpture Park is located at 3134 Vernon Blvd at Broadway.

Oct. 30th & 31st – Smash That Pumpkin – At 1 pm and 3 pm, you can join in on launching pumpkins to their death with a catapult. This activity will be held at the NY Hall of Science on 111th Street and at Flushing Meadows Park.

Oct. 30th & 31st – Boo at the Zoo – For the Halloween animal in you, come out to the Queens Zoo with the family so you can all enjoy face-painting, pumpkin decorating, a haunted habitat and trick-or-treating.

Oct. 31st - The Jackson Heights Halloween Parade – This is the second largest Halloween parade in the state of New York. It turns into a day all about the neighborhood kids and their costumes. Grownups are even known to get in on the fun. Parade begins on 89th Street. Time is to-be-announced.

Any of these activities will make for a fun-filled time in Queens, NY this October and its communities of Forest Hills, Forest Hills Gardens, Rego Park, Kew Gardens and other areas.

The Best Places to Eat in Forest Hills

Forest Hills is full of great places to eat with a wide selection of restaurants.  Austin Street and Metropolitan Avenue contain the most restaurants in the Queens Borough.  You’ll find a quality range of restaurants in Forest Hills and more in the wealthy Forest Hills Gardens area.  There are good Italian, Chinese, Japanese, Thai, Uzbeck, and Argentine restaurants, plus a Japanese market and several Irish pubs.

We have found a list of Forest Hills' top restaurants from local reviews online and would like to share them.

Some of the top restaurant picks for Forest Hills include the following:

Best Restaurant – Danny Brown Wine Bar & Kitchen

Best Pizza – Nick’s Pizza

Best Breakfast – Just Like Mother’s

Best Place for Uzebeki Kebabs – Sult

Best Burgers, Fries, and Beer – PJ’s Steakhouse

Restaurants change and new ones open from time to time.  However, for the time being, these restaurants are what’s topping the Forest Hills' best restaurants list.

Enjoy Apple Day Festival When in Queens, NY

On September 26th, if you’re in Queens, NY, you can enjoy the Apple Day Festival. This will be a free all day festival on Sunday from 11am to 5pm. The streets between Orchard Street and Grand will be transformed into an apple orchard. Truckloads of apples of all varieties will be coming in for everyone to feast on.

Local restaurants will offer apple-themed treats for visitors to enjoy. Visitors will also enjoy musical performances by local groups and art from Miller’s Art Gallery. People from areas such as Forest Hills, Forest Hills Gardens, Rego Park, Kew Gardens and surrounding areas will be attending the Apple Day Festival, so don’t miss out.

The Apple Day Festival was established in hopes to bring more people to the area during daylight hours since the area has been a long time thriving nighttime destination. There aren’t as many office buildings in the area which decreases foot traffic.

If you will be in the Queens area during the Apple Day Festival, drop by the event. You are sure to have a great time. For more information on the festival, you can call (212) 226-9010 or visit the website at www.lowereastsideny.com.

Forest Hills Festival of the Arts

The Forest Hills Festival of the Arts is just around the corner. The date is set for Sunday June 13th at 10:00am, and it will be here before we know it. This is a huge event that draws in more than 60,000 people who come to the Forest Hills community to enjoy shopping, dancing, concerts, arts and crafts, cultural performances, children’s theaters and lots of fun!

The festival will be conveniently located near express and local subway stations, buses, major thoroughfares and the Long Island Railroad. The Forest Hills Festival of the Arts is the perfect place for small businesses to sell your merchandise, market your company and distribute your promotional material right in Queen’s most affluent neighborhood; Forest Hills.

Not only is Forest Hills an affluent neighborhood, it is also famous for its many co-op properties that help make Forest Hills a tight-knit community. You can find one, two and three-bedroom units with most buildings being conveniently located near private streets, premier retailers, million-dollar homes, and the Forest Hills Tennis Club.

Living in any of the Forest Hills Co-Ops will put you only 25 minutes from New York City and thirteen minutes from the Long Island Railroad. And, if you have children, students here attend P.S. 196 or P.S 175.

Once in Forest Hills, you’ll soon agree that it’s a great place for shopping, dining, entertainment and being pampered.

Sky View Parc Condos in Queens, NY

The sprawling complex of Sky View Parc condos in Queens, NY real estate has been an uninhabited fortress of solitude for quite a while, until now. The first closings at Sky View Parc are set to begin in June.

The Sky View Parc condos are several towers of condos that sit atop a shopping center at Roosevelt Ave. and College Point Blvd. Original construction began in 2007 and includes three buildings with a total of 448 residential units ranging from studios to three bedroom condominiums. The first tower is 35% sold and the third tower is already 70% sold. There are also plans for another phase for three additional towers with 650 apartments, but no starting date has been set for construction yet.

Retail spaces below Sky View Parc are 70% filled. Some stores include Old Navy, Marshall’s, Bed Bath & Beyond, Best Buy, Target, BJ’s Wholesale Club and Sky Foods.

Queens Realty can help you with any Queens, NY real estate purchase. So, if you’re interested in the Sky View Parc condos, come by our office or give us a call anytime.