BROOKLYN REAL ESTATE
2019 MARKET FORECAST
2018 was another record breaking and busy year for Brooklyn real estate. Property values throughout the borough have continued to rise such that they are now the highest they have ever been in the herstory of man! When priced correctly, many homes are still selling for above the intial asking price! If you are thinking about selling in the near future, you should have a professional like me give you a free estimate of your home's value. Your home may be worth a lot more than you think! Many homeowners are realizing the financial advantages this market is offering and seizing the opportunity to make a move to improve their lifestyle.
Sales in Brooklyn have been brisk, mostly due to the fact that buyers still out number available homes nearly 25 to 1. This imbalance of supply and demand continues to drive prices in Brooklyn upward at record levels. Most of the homes that I list are selling within a matter of days, especially when they are strategically priced. Quite often (approx 30% of the time) my personal listings sell for the full asking price or more!
By the way, 2019 is also a great time to purchase real estate as well. This is due to mortgage rates which are still relatively low, making it very affordable to purchase a home right now. As a matter of fact, in MArch of 2019 30 year fixed mortgage rates dropped below 4% for the first time in over a year. It is also still a fact that owning your own home as a primary residence, in this day and age, is THE best investment you can make. There is no denying that. When you purchase a home you own an asset that you can later sell or pass down to your children/estate. A qualified buyer can borrow up to $500,000 on a 30 year fixed mortgage and the monthly mortgage payment would be less than $2400.00! That is often less than the cost to rent a similar property! Best of all, qualified buyers can use a down payment as low as 3%! A US veteran can purchase a home with no money down! When interest rates are this low, it opens up opportunities for consumers to purchase a house now which they would not have been able to afford in the past or the future if or when rates and prices go up.
Bottom line is that owning a primary residence is the easiest and best way to save money and create wealth in the United States (especially in New York City, and more specifically... Brooklyn). You get a big income tax write off (interest on your mortgage and real estate taxes) which can save the average family upwards of $5,000.00 a year on their income taxes (as compared to renting).
In my opinion as a licensed real estate broker selling homes in Brooklyn since 1993, our market offers much opportunity for both buyers and sellers as we move through 2018 and onward. Sellers can reap the benefit of sales prices that exceed the previous height of the market back in 2007 and buyers can feel confident that they are making a sound investment in their financial future.
If you are considering selling in the near future, do it sooner rather than later because the market is on fire right now!
As a courtesy for homeowners in Brooklyn...
Send me a text or email with your name and property address and I will reply with a FREE report showing the approximate market value of your home! This will include a list of all the properties similar to yours that have sold within a 10 block radius of your home within the past 3 months. I will also include a copy of my blog article & list of "Secret Tips on How to Increase the Value of your Home When Selling". There is no cost or obligation so contact me today and find out the true value of your home in today's market.
Call or text Mitch at 917-805-0783 or
send an email to: Mitchell@PrideEstates.com
Request me as a friend on www.FaceBook.com, add me to your LinkedIn network at www.LinkedIn.com/in/RealtorMitch and follow me on Twitter at www.Twitter.com/RealtorMitch.
Mitchell Feldman, e-Pro Realtor
Pride Estates, Inc.
Office: (718) 596-2888/ Cellular: (917) 805-0783
Licensed Broker in New York State