Will the market pick up in Lynbrook, NY 11563, in the next year or should I sell my condo now before I end up owing more on it than it is worth?

Asked by Priscilla, Lynbrook, NY Tue May 11, 2010

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Ed McNulty R…, Agent, Rockville Centre, NY
Sun May 16, 2010
Hi Priscilla,

Prices are likely to continue downward in the months ahead. Many sellers have already adjusted thier asking prices to compensate for the 'Home Buyer Incentive' that expired April 30th. However, I'm seeing a shortage of homes in Lynbrook Sd#20 as many sold last month because of the incentive. You have a good chance on selling between now and June 30th. Call me if you would like a free Market Analysis.

Ed McNulty 516-887-3603
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Lynn Pisani, Agent, Garden City, NY
Wed May 12, 2010
Dear Priscilla,
Sales volume is up in Nassau County but the pricing is still depreciated from 3 yrs ago and there is uncertainty in the months ahead as to the value of homes/condos. If you are looking to make a move up from your condo, now is a good time as there is less of a gap in the more expensive homes you may want to purchase. If you know your home has more value than you owe then selling now may be a better option than waiting. Call me for a camparative market analysis and I will show you the statistics of your marketplace. We also produce a market overview for Long Island, showing the real estate trends. This may help you make some decisions.
Lynn Pisani
Lic. Associate Broker
Prudential Douglas Elliman RE
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Fajardo Dela…, Agent, Flushing, NY
Wed May 12, 2010
If you like call an agent go over all your questions and ask for
a CMA report. See what would be the best curse for you.
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Anna M Brocco, Agent, Williston Park, NY
Tue May 11, 2010
Unfortunately, none of us know with certainty where the market will head in the days ahead. If you are behind on payments and are considering a short sale, you will need to prove hardship to the lender. Have you tried a loan modification or tried refinancing if applicable--if not do try first and go from there--to get a rough idea as to what other units in area are selling/sold for check out http://www.mlsli.com.
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Lenny Bobrow, Agent, Woodmere, NY
Tue May 11, 2010
If you can, you do not want to put yourself in the position of being underwater on your mortgage - owing more than your home is worth.

That said, no one can accurately predict what the market will bring in the next year. Right now, things that are priced correctly are selling. Homes that are overpriced are just sitting on the market and not selling.

The current market is pretty much all about price.

If you like I would be pleased to provide you with comparables in your area so you can see what your condo is worth in today's market.

Any questions? Ask away - I will be happy to answer them for you.

Donna Galinsky
Pugatch Realty Corp
Web Reference:  http://sellyourhomeli.com
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