Forum Archive

I know this is an age old debate and I’m sure people are sick of talking about it. But… if anyone is willing to throw in their opinion on buying in this market, I would appreciate it.

We are getting close to an accepted offer on a place in Park Slope. We have a personal need to buy (first baby on the way and current rental a bit too small). We like the place we are negotiating on. We could see ourselves there for the next 5 years or so. But it’s also not like a dream, perfect home either. It’s doable, we like it, but wouldn’t be heartbroken if it didn’t happen.

Also, we are VERY nervous about the economy and the impact that is likely to have on Brooklyn RE. Manhattan and to a large extent Brooklyn have bucked the national trend of bloodbath in the RE market to date, but we’ve seen prices starting to get cut in Brooklyn and places just not moving- even in prime areas. So we’re worried that we’re at the cusp of a real downturn, and are pretty nervous that we are “buying at the top of the market”. We are likely to get our place for about 7-10% less than ask, but is that enough of a correction to insulate us a little bit if there is a downturn (which we feel is likely)?

It’s confusing. I know that no one has a crystal ball on this- I’d like to hear peoples opinions on the topic.