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The Faruqi Team

Salim Faruqi - queens real estate

Salim Faruqi

Team Leader

Salim has 25-years of real estate experience in both small- and large-scale residential and commercial sales. He is well-versed in just about every aspect of real estate…

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Amber-Faruqi queens real estate

Amber Faruqi

Team Leader

Amber has 9 years of residential and 2 years of commercial real estate experience, including extensive short sale negotiating and contract processing.

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eric-ferrara queens real estate

Eric Ferrara

Listing Manager

Eric is a veteran real estate agent who specializes in co-op, condo, single-family and multi-family residential sales. He is a multi-generational native New

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The housing market continues to grow this year. Low mortgage rates, job, and wage growth are driving demand and enticing new players to get into the market. In fact, a large part of the new entries into the market are Millennials and first-time home buyers.   However, sometimes the road to homeownership can be complicated and being financially prepared is key. We interviewed KB Home Chief Operating Officer Matt Mandino, who shared tips on how millennials (and all first-time homebuyers) can prepare for buying and looking for a new home. First-time homebuyers made up more than 55 percent of the quarter two 2019 business forRead More →

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According to ATTOM Data Solutions, the months of May and June offer the greatest home seller premiums in the U.S. – with ten of the best days to sell in the month of May alone. ATTOM Data Solutions’ recent analysis of 40.1 million home sales from 2011-2020, home sellers selling in the late spring and early summer are realizing the biggest premiums – on average 13.4 percent above estimated market value in May and 11.7 percent above in June. The analysis looked at any calendar days in the last ten years with at least 10,000 single family home and condo sales. The months realizing theRead More →

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With the red-hot real estate market, we’re experiencing, many consumers are understandably concerned. The soaring home prices and a lack of homes for sale may feel eerily similar to the 2007 housing bubble that led to The Great Recession.  So, is there a reason to worry? There are many reasons that can lead to a housing bubble: A rise in economic activity. Low mortgage interest rates. Loosemortgage lending practices (this one created the last recession) New mortgage products. A sudden increase in migration. The time it takes to build a house. Speculative and risky behavior.   Are we in housing bubble right now? Most expertsRead More →

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From which season you choose to list your home down to the month and even the day can impact how quickly your home can sell and for how much. Keep reading to learn the best time to sell a house for the quickest turnaround and the most money. Homes listed in the spring sell faster. According to Redfin data, homes listed in March and April not only sell the fastest, but they also sell for the most money. If we had to narrow it down to the best possible month to list your home, April reigns supreme. If April doesn’t work for your timeframe, March,Read More →

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March was a record-breaking month for the housing market, with the worsening imbalance between supply and demand pushing median home prices and buyer offers to new highs. The national median home price rose 17 percent year over year to $353,000 — a new high according to Redfin’s latest market analysis published on Thursday.   Despite skyrocketing home price growth and dangerously low inventory levels (-25 percent y-o-y), homebuyers were out in full force. The average listing sold within 25 days, and nearly half of those listings sold above the asking price (42 percent). No home sold below the asking price, with Redfin’s average list-to-sale ratio surpassing 100 percent forRead More →

First time home buyer FAQs - queens real estate

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  Mortgage credit availability increased in March, opening the mortgage market up to more borrowers. This was driven by an improving economy and job market recovery.The mortgage market is opening up and mortgage credit availability increased due to the recovering job market and economy. The Mortgage Bankers Association’s Mortgage Credit Availability Index increased by 0.6 percent to 125.4 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. Broken down by loan type, the Conventional MCAI increased 0.8 percent, while the Government MCAI increased byRead More →