Market Conditions in 11238>Question Details

Sam, Home Owner in New York, NY

i am doing some retirement planning and have property in prospect heights - can you give me your best guess for annual appreciation rate going forward

Asked by Sam, New York, NY Wed Aug 8, 2012

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The only thing I can say is that the real estate market is good today. This can change quickly. There are many factors that go into determining the value of any property.
0 votes Thank Flag Link Thu Aug 9, 2012
So sorry, my crystal ball is broken. With global markets so uncertain and our domestic markets up one day and down the next, there is no opinion that I would trust concerning 'annual appreciation'. If I were you I would simply make decisions based on the status quo.
Naturally, I can also prepare a Current Market Analysis (CMA) as others have mentioned, and I'm happy to do so, but I have a feeling that you know the approximate market value of your property.
Best of luck whatever you choose to do and feel free to contact me if you would like honest, informed and professional assistance.
Douglas Meyer, Realtor
Bergen Basin Realty
718 915-8003
0 votes Thank Flag Link Wed Aug 8, 2012
Hi Sam
if you send me your direct email and address of the property I will be more than happy to

prepare a CMA for you, and advise you of all your current competition. However, to be
more on target I would have to see inside as condition is always an issue.

when are you planning on retiring as now is the best to to buy with many qualified buyers
asking for prospect heights. As far as a guess for annual appreciation nobody's crystal
ball is working but prices are creeping up in many areas.
0 votes Thank Flag Link Wed Aug 8, 2012
Unfortunately the question can't really be answered; none of us really knows where the market will head in the days to come...
0 votes Thank Flag Link Wed Aug 8, 2012
Dear Sam:

Nobody can predict the future, but my best guess for Prospect Heights would be about 7.5% annual appreciation during the next 2-3 years. Beyond that it is too far away to even fathom a best guess.

I have a question for you, do you know how much your property is worth right now?

If you want to find out I would love the opportunity to meet with you at which point in time I can provide you a list of all the homes similar to yours that have sold during the past six months along with an estimate (based on current market conditions) as to the value of your home. I can also provide you with a list of all the expenses you will incur when you sell so you can determine your "net dollar" if you do decide to sell your home.

We can also do a cost/benefit analysis to determine if it is best for you to stay, sell or rent the property.

I am a real estate agent who has been selling homes in the area since 1993. I would love the opportunity to help you any way I can. Feel free to contact me any time. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes Thank Flag Link Wed Aug 8, 2012
the interest rates are inching up and that will drive the prices down. many people say, well, i don't want to sell in this market, but it's the best time because, you sell low, you buy low, you borrow low. if you wait to get top dollar on your house, you may also be paying a higher interest rate on your mortgage, which, in the long run, you will be paying back WAY more than you would have MADE on the sale of your home.

Gina Mazza
Broker Associate
0 votes Thank Flag Link Wed Aug 8, 2012
Hello Sam!

Call or email me for a full report on your property. Your area is one of the best in Brooklyn and I deal with quite a few properties there... I would be glad to help you in any way I can.

Luke Constantino
Commercial | Residential
Direct: (212) 300-3919
0 votes Thank Flag Link Wed Aug 8, 2012
This would be like predicting the future which not many of us can do. Chances are things could go up since they are so far down.
0 votes Thank Flag Link Wed Aug 8, 2012
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