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 ‚Äúhype‚ÄĚ and focus on more important issues like what‚Äôs 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 thatthe rest of 2008 will be busy. As long as the property for sale is priced somewhere near reality, offers are coming in and properties are moving.
You have to consider that Brooklyn never sleeps, and thousands of homes are sold every month here regardless of market conditions. Demand here is literally that strong!
The most important factor when buying or selling a home still remains the age old question‚Ä¶ ‚ÄúHow much is this property worth on today‚Äôs market?‚ÄĚ Homes that are correctly priced usually have multiple offers come on the table in the first week and are often sold before they are even marketed. Homes that are not priced right get stigmatized real quickly; this is why you must price your home correctly when selling!
Brooklyn is a great place to live and to invest in real estate; it is truly a ‚ÄúLand of Opportunity‚ÄĚ. If you have any questions or comments regarding the Brooklyn, New York real estate market, please submit them to this blog or contact me.
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