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 that Continue reading this post