Good time to buy real estate?

Hello everyone, Fairly new on brownstoner, I wanted to ask you all if this is a good time to buy! Going back and forth between buying a house….I’m wondering if the prices are high or low. Dont really know much about real estate but what area would be good to look at in Brooklyn. Looking idealy for a 2 family 3-4BR. Any advice will be greatly apprecaited.

kaylyew

in About Brooklyn 12 years and 10 months ago

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melvinsmith532 | 12 years and 10 months ago

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What’s your price range? what area are you looking into?

brucef | 12 years and 10 months ago

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It is impossible to give you a “tip” on a property available for $300,000 less than market. But you do have an option to save $300,000 on a purchase. Seek a property that for whatever reason, already suits your purpose. It seems absurdly simple, but with your lack of baggage (subconcsiously, I need to be within two blocks of my favorite _______), you can reject perfectly fine houses that happen to be laid out differently than what works for you. You save the $300,000 by not having to re-configure to suit you.

daveinbedstuy | 12 years and 10 months ago

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Very difficult to answer.   Let’s start by asking what you can afford, price wise and downpayment wise.  That will largely detwrmine where you can realisticaly look for a 2 family.  You should really try and put at least 20% down.

fractalogical | 12 years and 10 months ago

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This is a complex question with no simple answer. So as a complete amateur I will attempt an answer. For some here, it’s always a good time to buy, for others, it’s never a good time. Brooklyn is a tremendously diverse collection of neighborhoods from the overhyped to the relatively obscure, and the relative value of real estate varies accordingly. In general, the value of Brooklyn as a brand has skyrocketed recently, which makes it harder to find bargains across the board. Low mortgage rates have also contributed to relatively high prices, especially when comparing historical rent-to-buy ratios. I would recommend renting for a while in your neighborhood of choice to become more familiar with the local market before buying a house. As with most things in NYC, it is extremely difficult to get a good deal unless you ‘know a guy.’ Pricing on the open market right now appears to be quite robust, and many markets are reaching unprecedented peaks even when compared to 2007-8.