Are People Still Buying Homes In this Market

I had to respond to this question because it drives me INSANE when people in general tell me that NO ONE is buying homes. Let me just say, that I love the real estate business because even though we all had to make adjustments to this crazy market, everyone has to live somewhere.


There will always be home owners that have to sell for whatever reason and buyers that need a place to live for whatever reason. It's a never ending cycle, so if you're one of those people that say this then you have to realize what a ridiculous and general statement it is.


**Now that I got out my frustration and have taken a deep breath, I will continue.


When the market was thriving and prices were high, homes were selling like hotcakes. People were getting 100% financing and they didn’t even qualify. Little did we know that this would be the cause of a crumbling market. For the last two plus years there has been an overwhelming amount of foreclosures and short sales on the market than ever before. The result is, with so much inventory on the market and the increase in the unemployment rate home prices dropped.


Since 2007 prices fell dramatically in other states. For instance, in my city, which is Brooklyn, New York a two family brick home in Canarsie that used to sell for $700,000+ is now selling between $500K to $550K or a 1 family three bedroom duplex home in the East Flatbush area code that used to sell for $450K—$500K can sell today between $375K to $420K.

Even though banks are not as lenient buyers that would have never been able to buy a few years ago when prices were high are doing whatever it takes to take advantage of a lifetime opportunity. First time home buyers are taking a leap of faith and buying real estate. They are working hard to fix their credit reports, join first time home buyer programs, seeking out co-signers, and saving their cash. While I'm typing in my pj's interest rates are at an all time low (quoting 4.75%) and prices are still affordable.

So you better believe buyers are out to play this real game and most of them are winning.

If you have to sell your home this is a great time to get your home on the market. It may take a little longer due to the mortgage process but if you hire an excellent real estate agent or broker then you can sell your home in this market. If you're looking for a top producing agent Brooklyn, New York give me a buzz, email or text.











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