Talking Syosset Real Estate

"What's my home worth?" or "What's the current market value of my home?" is a question that many Syosset homeowners are asking themselves these days. Some homeowners may want to sell, others may have to sell, some may want to benefit from the historically low mortgage interest rates and refinance, while others may simply want to do a pulse check on their overall financial position for future planning.  Whatever the reason, the subject matter has gained in popularity; it's heard at barbecues and at the grocery store.  The current recessionary environment has made every homeowner broach the question of late.

So, what is the market value of a single family home? It might seem simplistic, but one way to gain some clarity is to understand what market value is not. 

* It is not how much money you owe on your mortgage.

* It is not how much money you need to retire, to follow your dreams, etc.

* It is not how much you paid for the house

* It is not how much money you put into your house.

(All of which can be more or less than the actual market value of your home.)

Market value is what a willing buyer is willing to pay for your house and a willing seller is willing to sell the house for; all under the umbrella of a fair, arms-length sales transaction.

Here are some of the latest market statistics for Syosset and the entire 11791 zip code:

Number of  Sales:  

2009:  63           

2010: 115  

Days on Market: 

2009:  122                       

2010: 98  

Average Price: 

2009: $777,635                       

2010: $747,656

Median Price: 

2009: $550,000                       

2010: $555,000

Let's face it. When the real estate market was buoyed by double-digit appreciation, we were all feeling pretty good. We didn't need to know exactly what our homes were worth; we just knew we felt really good about the asset side of our balance sheets and slept well. Conversely, the reality of today's market fails to elicit those warm fuzzy feelings and dreamy nights. Market value of homes is like any other market, including stocks and bonds. All markets can fluctuate dramatically and are cyclical by their very nature. 

The reality is that the market value of a home is what a buyer will pay for it. Real estate professionals can provide an opinion of value, commonly known as a comparable market analysis.  Real estate appraisers are licensed to appraise the home and are engaged by lenders to validate or invalidate, as the case may be, the contract purchase price. Both an opinion of value and an appraisal are based on recent comparables; that is similar homes, in similar condition, in a similar location, that were sold recently. It is both an art and a science to determine market value absent an actual buyer. Experienced professionals with accurate data can determine a reasonable market value range. This is important to know if a homeowner is going to sell. While most homeowners fear selling too low, asking too high a price is a far bigger factor to fear in a declining market.

Next column:  So, what's the worst that can happen if I ask too much for my house?

Patricia Bretone is a licensed associate broker at Daniel Gale Sotheby's International Realty and is a member of its Gold Circle of Excellence.  She can be reached at at 631-427-6650 x 264 or at patriciabretone@danielgale.com.  For more information visit www.danielgale.com. Sales information courtesy of www.danielgale.com and Long Island Multiple Listing Service (MLS).   

Featured Home

North Syosset:  173 Berry Hill Ct. $749, 000 Multiple Listing # 2248568

Custom built in 1967, this traditional four-bedroom Colonial reflects modern sensibilities with an oversized master bedroom, walk-in closets, central vacuum, second-floor laundry room and many updates.  Great private road location on a flat 1/4 acre in North Syosset.

For more information, contact listing agent Lisa Lauricella at 516-297-1188 or by e-mail at lisalauricella@danielgale.com.