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Why Real Estate Agents Are Worth Their Weight in Gold

The Brooklyn New York real estate market has been really picking up over the past two months.

realtor-value-worth-pot-of-goldAs an example, I want to tell you about a listing appointment I went on several weeks ago. The owner of the house passed away and left the home to her son who lives in Texas. The son called me and invited me over to give them an estimate as to how much the home is worth and to consider hiring me to represent him with the sale of the same.

Upon viewing the house I expressed to them that in my opinion the home was worth between $500,000 to $525,000. When I told him this his jaw dropped and I asked them “why do you have that look on your face?” To which he explained to me the following…

“I had a neighbor approach me as I was cleaning out the house inquiring if I was going to be selling it. I told him I was to which he responded that he would like to buy it. I asked him how much he would pay me and he states $350,000. I thought that was a great offer because in San Antonio Texas those kind of numbers buy you a mansion and my Mom’s house as you can see is small, fully attached and in dire need of major repair work. So I accepted the offer and my lawyer sent contracts to that buyer. Instead of signing the contracts, the buyer started to play games and wanted changes to the contract that my lawyer would not accept. Continue reading this post

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Posted by: Mitchell Feldman on July 16th, 2009 under Regional

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January 2009 Market Update: Brooklyn, NY

There is a buzz in the air in Brooklyn right now which seems to be pointing to a busy Brooklyn real estate market for 2009. With today’s swearing in of Barack Obama the predominant feel in Brooklyn is one of hope and excitement. I believe this will have a positive effect on consumer confidence, especially with regard to buying a home in 2009.

As I stated in my previous Brooklyn, NY regional blog entries, record low mortgage rates combined with the correction that has taken place in home prices over the past year makes for many opportunities for a purchaser to get a great deal!

So far in January the market has been brisk. We have had a great surge of online consumers making inquiries on properties listed on the major “online” real estate portals. There has been a big response to our open house marketing; we had one property in Park Slope where we had 25 home buyers show up in a two hour time period. As usual, motivated buyers and sellers (and dare I say real estate agents) are making deals happen.

The main thing I stress to my agents is to pre-qualify their homebuyers, make sure they are educated about monthly carrying costs and then show them every single solitary property that is within their price range. Do not worry about meeting the purchaser’s expectations; simply show them everything out there and then some. The serious buyers will then pick the home that best meets their needs.

We just finished compiling our numbers for 2008. Sales volume for my company was down, but only by 3%, which relatively speaking is great (teetering on awesome). This is due to the fact that Continue reading this post

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Posted by: Mitchell Feldman on January 20th, 2009 under Regional

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December Market Update: Brooklyn, NY

In the month of October 2008 there were about 750 real estate deals transacted in Brooklyn, New York. This is down about 50% from a year ago. Half of the neighborhoods in Brooklyn have also lost about 10% of their home values during the same timeframe.

I am not stating these facts to be negative, quite the contrary; I view this as a positive!

Remember, in adversity lies opportunity.

You see, what had actually taken place was a correction in the market. From 2000 to 2005 real estate prices in Brooklyn tripled and quadrupled or more in some places. It basically was becoming impossible for your average buyer to afford a home. Buyer’s pretty much had no choice but to boycott the market.

However, given that prices are down and interest rates are at an all time low, Continue reading this post

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Posted by: Mitchell Feldman on December 3rd, 2008 under Market Trends, Regional

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Market Update: Brooklyn, NY

Now that the election is over and we know who our next president is going to be, we no longer have to listen to all the “hype” and focus on more important issues like what’s really happening with the real estate market here in Brooklyn, NY.

The fact is that even amongst all the economic turmoil as of late, the Brooklyn market is regaining its legs!

The primary driving force behind the real estate market in Brooklyn right now are first-time homebuyers who are taking advantage of the low prices along with near record low mortgage rates available. Many of these buyers could not afford to purchase a home in Brooklyn a couple of years ago, but can now fulfill their dream of homeownership. If you are a buyer with decent credit and a good job, it is still easy to get a mortgage! Buyers who have job security should be very motivated to purchase right now because they can use their strong qualifications to negotiate a better deal for themselves.

On a side note, inventory has gone down as of late due to sellers taking their homes off the market realizing that they cannot get the numbers they need. Other homeowners are taking a wait and see approach. This past weekend the buyers were out in droves, viewing open houses, and many have been leaving bids on the spot! Several of the open houses conducted by my office even experienced multiple bids during the open houses! This leads me to believe that Continue reading this post

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Posted by: Mitchell Feldman on November 11th, 2008 under Regional

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Market Update: Brooklyn, NY

In case you are not familiar with Brooklyn New York, let me give you some of the facts…

  • The estimated population of Brooklyn is approximately 2.6 million
  • Also known as Kings County, Brooklyn is the 7th largest county in the U.S.
  • Brooklyn covers approximately 71 square miles
  • Brooklynites represent over 90 different ethnic groups, 140 nationalities, and speak over 130 different languages

Brooklyn truly is a melting pot and the market conditions and property values vary from neighborhood to neighborhood. On the high end of the Brooklyn market you have many areas that are still realizing appreciation in property values. These areas include Brooklyn Heights, Park Slope, Williamsburg and several other neighborhoods towards the northern tip of Brooklyn. There is always strong demand in these areas due to the easy commute to Manhattan (minutes via bus or subway). These areas offer much more bang for the buck when compared to prices in Manhattan.

On the flipside, there are other neighborhoods in Brooklyn that are hurting right now due to the mortgage crisis that has affected our entire country. Areas like Bushwick and East New York are experiencing foreclosures at record numbers while many homeowners are trying to negotiate short sales with their lender so as to salvage their credit ratings. Continue reading this post

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Posted by: Mitchell Feldman on September 23rd, 2008 under Regional

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