This Month in Great Neck Real Estate: March 2012

Great Neck Real Estate Market Update: March 2012
The Great Neck real estate market experienced a 2.5% year-over-year increase in February. Compared to this time last year, Median home sale prices of all property types increased from $570,500 to $585,000.
      
  • Residential median home sale prices increased from $843,250 to $870,000
  • Condo median home sale prices increased from $432,500 to $475,000
  • Co-Op median homes sale prices decreased from $260,000 to $232,500
What this means for potential Great Neck Home Buyers?
If you’re looking to buy a Residential (single/multi-family) home in Great Neck, you may have missed the rock bottom prices but the home values seem to be relatively stable so you can still get a good deal out there when you factor in the historically low interest rates. 

If you’re looking to buy a Condo in Great Neck, you also may have missed the rock bottom prices because their has been a significant increase over the last 12 months, however, the interest rates are still very low and that makes it a GREAT time to buy no matter what!

If you’re looking to buy a Co-Op in Great Neck, now is a PERFECT time! The rates are low and Coop prices are lower than they were last year, and even 2 years ago. My advice is to get pre-approved and start your house hunt before the prices start going up. 

What this means for Great Neck Home Sellers?

If you are a Great Neck Residential (Single/Multi-Family) home owner, you may be in a better position than you were this time last year. Therefore, you should request & review a Comparative Market Analysis to see exactly what your home is worth and where it stands in today’s market. If your home is worth a good deal more, it may be a good time to sell because prices are expected to remain pretty stable throughout 2012.

If you are a Great Neck Condo owner, you also may be in a better place than you were this time last year but again, you should request and review a Comparative Market Analysis to find how exactly how much your home is worth now.
If you are a Great Neck Co-Op owner, you are on the other end of the spectrum because your home may have decreased in value. In any case, it is very important that you also request & review a Comparative Market Analysis to find out what your home is worth. Keep in mind, that you also have the amazing opportunity to get a GREAT deal on your next home considering the housing affordability and historically low interest rates!

Regardless of your situation, you may have experienced an increase/decrease in your home’s value. So, it is important that you review a Comparative Market Analysis regularly to see what your home is worth on a month-to-month basis. 

For more Great Neck real estate market information,
visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538
This blog brought to you by Abigail Herrera

Lic. RE Salesperson | Internet Marketing Specialist | Certified Buyer Representative
your friend. your neighbor. your Realtor.
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