Good time to buy real estate?

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

melvinsmith532

in About Brooklyn 13 years and 2 months ago

4

Please log in, in order to post replies!

4 replies

Newest Oldest

kaylyew | 13 years and 2 months ago

string(1) "1"
object(WP_User)#5162 (8) {
  ["data"]=>
  object(stdClass)#5109 (12) {
    ["ID"]=>
    string(6) "177908"
    ["user_login"]=>
    string(7) "kaylyew"
    ["user_pass"]=>
    string(34) "$P$BES3Ojgyj750jcMzyUElcaBbwRgPrF/"
    ["user_nicename"]=>
    string(7) "kaylyew"
    ["user_email"]=>
    string(18) "kay.lyew@yahoo.com"
    ["user_url"]=>
    string(22) "/forums/users/kaylyew/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:18:44"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(7) "kaylyew"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(177908)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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.

fractalogical | 13 years and 2 months ago

string(1) "1"
object(WP_User)#5161 (8) {
  ["data"]=>
  object(stdClass)#5160 (12) {
    ["ID"]=>
    string(5) "73067"
    ["user_login"]=>
    string(13) "fractalogical"
    ["user_pass"]=>
    string(0) ""
    ["user_nicename"]=>
    string(13) "fractalogical"
    ["user_email"]=>
    string(17) "drhagus@yahoo.com"
    ["user_url"]=>
    string(20) "/forums/users/qbert/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:30:02"
    ["user_activation_key"]=>
    string(20) "bqzsS6Umxwc11eBXoy0H"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "fractalogical"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(73067)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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.

daveinbedstuy | 13 years and 2 months ago

string(1) "1"
object(WP_User)#5157 (8) {
  ["data"]=>
  object(stdClass)#5163 (12) {
    ["ID"]=>
    string(4) "3864"
    ["user_login"]=>
    string(13) "daveinbedstuy"
    ["user_pass"]=>
    string(34) "$P$BtJYyObAQmff2MQp.qFP7/kmwU1bBZ1"
    ["user_nicename"]=>
    string(13) "daveinbedstuy"
    ["user_email"]=>
    string(19) "djl135e54@yahoo.com"
    ["user_url"]=>
    string(55) "http://bstoner.wpengine.com/forums/users/daveinbedstuy/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:23:53"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "daveinbedstuy"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(3864)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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.

brucef | 13 years and 2 months ago

string(1) "1"
object(WP_User)#5162 (8) {
  ["data"]=>
  object(stdClass)#5164 (12) {
    ["ID"]=>
    string(4) "4724"
    ["user_login"]=>
    string(6) "brucef"
    ["user_pass"]=>
    string(34) "$P$BBW3UzNM8B1w6uproJMdiiw1vnHriz1"
    ["user_nicename"]=>
    string(6) "brucef"
    ["user_email"]=>
    string(20) "bruce@jerseydata.net"
    ["user_url"]=>
    string(21) "/forums/users/brucef/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:13:36"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "brucef"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(4724)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

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.