Anyone out there buying houses?
Is anyone out there buying houses in Brooklyn? We have had our house on the market in Park Slope for almost 3 months now with A LOT of interest and a few offers(one offer which was low, but we were happy with almost went to contract but financing was the issue). But it seems to…
Is anyone out there buying houses in Brooklyn?
We have had our house on the market in Park Slope for almost 3 months now with A LOT of interest and a few offers(one offer which was low, but we were happy with almost went to contract but financing was the issue). But it seems to me the “buyers” who are out there either are scared, not really serious or are hoping to receive major discounts
However when I check around, I notice that none of the houses in prime nabes are selling or “flying off the shelves” and the only houses selling are the old junkers going for cheap!
Just posting to get some insight from other sellers and buyers and armchair quarterbacks….
It’s a very frustrating time
I am looking to buy but there are many questions I ask. Now the numbers have to make sense for a bank to give you a loan. If you are collecting 60,000 dollars a year in rents what is the value of your Bronstone? If rents go down will the homeprice follow? What happenes if the cost of money starts to go up? You really think morgatge rates are going to stay at 4.5 for the next 40 years like our government has projected? sorry but I am still waiting for major discounts
Gemini, I’m looking for a two family in Bushwick. They run about $430,000 now. (Or as low as $250,000 with no plumbing.)
I would pay $520,000 for a place with most of the original details, three rooms deep, owner’s duplex, three bedrooms over three bedrooms, backyard.
Trouble is, most of the places are four rooms deep (very dark and poky little rooms) and have been altered beyond recognition.
If it were a brick, it would have gone for $600,000 in June 2006. $520,000 isn’t that bad, do you think?
It would have to appraise, of course, because I’d be taking out a mortgage. But I think it would pass.
Agree with Slick above. The poster who said he is looking in the $1.5m range and expects to put 20% down is going to have a hard-to-impossible time in this market finding a lender who will do 80% LTV on that loan. Unfortunately it’s more like 65%. Even if you have the equity you then have to sweat it out getting the appraisal to support the price (which was also discussed in the forum yesterday) – appraisers have few comps to go buy so they’re arbitrarily slashing 10,15,20% off of whatever comps they do have to reflect weak market activity.
Also, as noted yesterday, financing has created breakpoints in sales. Houses that require jumbo mortgages are more difficult to move than anything that can get a conforming loan.
Mopar – hahaha – where are you looking and what for?
For my part, I’m willing to pay high market price for the right property. I really wish some seller with a decent house would put it on the market.
M4L – That’s what I have been thinking
so many people I know are former owners, now renting sitting on GOBS of cash just waiting to pounce
but there is no urgency but an abudance of patience on their part
you are right – I certainly don’t want to hear the bad news(or the truth) but I remain optimistic
Bkny – looking to sell so we can do different things with our life and the cash will give us some options. We feel trapped owning the house as we dont make that much money in our current jobs.
g10, we’ve been looking for over a yr already. made big low-ball offers (30%+ discount) on 3 houses – got beaten out each time by massive down payment (40% or more) or all-cash offers (even when the offer was slightly lower than ours). This is good example of seller going with buyer where financing risk is lowest among the choices but it also means the deeper pocket buyers are likely the ones squeezing for the bigger discount (ie knowing & leveraging their deep pockets). Those sellers had to sell hence the low-ball offers were viable. Given how econ is, we assume more owners will fall on hard times and have to sell & accept low-ball offers. If we’re pressed for more space, we’ll sell our current place and rent a bigger place. Until prices go up and we’re convinced that it is a legit upward trend, we feel no urgency to buy.
Not the responses you want to hear but hope it gives you some perspective of serious buyers out there now.
gemini – are you selling to downgrade? and move to a smaller place or different ‘hood?