Market Conditions in 11566>Question Details

joe, Home Owner in Merrick, NY

South Merrick, slight water damage from Sandy (wet carpet, built in furniture). Not water front except every 100 years. What's my FMV hit?

Asked by joe, Merrick, NY Sun Dec 2, 2012

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Thomas Brady’s answer
Have an agent (or two, or three) stop by and prepare a free CMA. A CMA is kind of like a snapshot in time, it should give you an idea of the market value of your home today, in either repaired or as is condiion. I can recommend an excellent agent that lives in Merrick and would be more than happy to provide you with a free CMA. Good luck.
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0 votes Thank Flag Link Mon Dec 3, 2012
You can dry out the carpet and try to save it, but if you just leave it there it will mold and you'll have to put in new carpet. You should pull back the carpet to let it dry properly, and your insurance company might pay to restore or install new carpet. I just think it depends on which company you have.
Flag Tue Oct 28, 2014
It depends on on how far into the future you wish to go. The current atmosphere is still very fresh with most buyers. A property analysis by a local agent would give you an idea.
0 votes Thank Flag Link Mon Feb 25, 2013
If your home or business has water-mold-fire-smoke damage contact Abelard restoration at 855-223-5273 email. we also offer repairs and reconstruction. Free estimates!
0 votes Thank Flag Link Mon Jan 7, 2013
Joe, the " hit". to a FMV really depends on a few things. First, are you looking to sell "as is". Then you could estimate the cost of the repairs off th asking price. Second, when do you wsh to sell? People have short memories, and anyone who wants to live by the water will.
I would be happy to offer you a no obligation consultation. I have lived in Merrick for 42 years, and I have an understanding of the area
0 votes Thank Flag Link Mon Dec 3, 2012
We don't really know the full effect Hurricane Sandy will cause on the housing market in the long run. It is too soon to tell.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Sun Dec 2, 2012
Unfortunately none of us really knows how the market will fare; therefore if you plan on making repairs, fix to suit your needs and don't worry too much about resale...
0 votes Thank Flag Link Sun Dec 2, 2012
Depending on how quickly you want to sell it, you should worry about making it comfortable for you if it is going to be a future sale. Drying out the carpets will be the first thing to do because, keeping or selling, the condition of the carpets matter. Personally, I don't enjoy soggy carpet under my feet.
Flag Thu Oct 30, 2014
Hi Joe,

Good to hear that you didn't suffer too much damage. We can only hope that we'll see storms like this past one only every 100 years. You can't ask any extra for the occasional waterfront.

It's a little soon to tell how Merrick and the whole south shore of Long Island market has been effected but this is what I would say: If you're planning to rebuild and put in everything new (to the extent that you personally need), in the next six months or so, your sales price will go up a little from what your house is currently worth. If you're just planning to gut and sell "as is," there are a ton of mainly-cash investors out there looking for a good buy. You will sell it for a lot less but, it may just be worth it to walk away. For those homeowners who are completely overwhelmed and paralyzed by the enormous task at hand, this could be the solution. Money from FEMA and any insurance you may have had is yours to keep. Feel free to check out my blog post on this topic. Jill Sackler…
0 votes Thank Flag Link Sun Dec 2, 2012
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