January 2009 Market Update: Brooklyn, NY

Posted by: Mitchell Feldman on January 20th, 2009

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 ‚Äúonline‚ÄĚ 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 the sheer number of licensed agents in Brooklyn has decreased about 30%. Many offices have closed their doors or merged with other companies. This gives an opportunity to the ‚Äúsurvivors‚ÄĚ in the form of less competition.

The real estate professionals that are still in the game have learned to persevere and adjust to the market. We must work that much harder and smarter to remain successful.

I look forward to 2009 being a very busy and lucrative year!

Read more about Mitchell Feldman.

Learn more about Brooklyn, NY real estate and Brooklyn home prices.

Join the Brooklyn Real estate market discussion on HomeGain Nation

Read more Regional Market updates.



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