Bullish Words from One Brownstone Brooklyn Broker
We asked a broker we know and trust how things are going. Here was the response: It is extremely busy. Buyers are out in droves. A lot of them have their places sold already or in contract and are very motivated. Or else they are just extremely motivated based on interest rates, lame rental selection…
We asked a broker we know and trust how things are going. Here was the response:
It is extremely busy. Buyers are out in droves. A lot of them have their places sold already or in contract and are very motivated. Or else they are just extremely motivated based on interest rates, lame rental selection out there and lower prices to buy. Now we are seeing deals come together fast for a lot of listings and a fair number of places are having 6-15 people bidding on them within the first couple of weeks a property comes on the market. Location is a big selling point now. Prime in all the neighborhoods we serve moves very fast. It is interesting how things changes so suddenly after January 1. It will be interesting to see whether this will translate to more listings coming on the market when sellers start realizing things are moving briskly, or if inventory will still stay low, which could (gasp…) raise prices down the road. ‘Never enough inventory’ is a constant mantra brokers and buyers are saying for prime properties.
Interesting, no?
“Brokers manipulate the market; that is their job.”
The market is what it is.
A used-car dealer I trust told me he can get me a great deal on a 2008 A7, only 20 miles on the clock and one careful old lady owner apparently.
It is foolish to use a phrase like “realtor whom we trust.” On a website that functions in part as a facilitator of real estate business, to post something like this is particularly egregious, and reminds me of the kind of articles run by the NY Times about real estate in which brokers are quoted about the market. Brokers manipulate the market; that is their job. You cannot “trust” what any broker tells you; the brokerage business depends upon opacity and is asymmetric by design. Must we be reminded of something so elemental?
kids…
No it alls definitely can’t admit that they don’t know it all.
Meanwhile, back to the topic at hand. What would cause people to start buying at seemingly bubble-like conditions? Strange indeed…
And, I admitted it!
you can’t say DIB is a know-it-all. He didn’t know who Bjork was for Chrissake. 🙂
It’s very difficult to try to time the market with real estate. You can’t get in and out of real estate the way you can with stocks + bonds. I estimate the transaction costs for entry and exit at about 15% which means you need a 15% gain just to break even. If you’re going to buy a home in NYC I think you need to be committed to living in it for at least 10 years. Otherwise, you’re better off renting.
don’t bother Putnam. Some people are blind on one side and refuse to see how deregulation of financial industry and stifling of regulators, nearly took down the world financial system. They’d rather believe that getting more people insured for health care somehow would be ruination of civilization. Yet corporate welfare will bring us salvation.
Posted by: Petebklyn at March 16, 2010 10:46 AM
Pete,
no not blind at all,
just tuned into the reality of the situation,
please check out youtube video of congressional hearings on tightening regulations recommended by the bush administration secretary of the treasury (Snow) in 2003 and 2005 were attacked and shot down by prominent democrats like Frank, Dodd and Maxine Waters who implied it would be “racist” of the Bush administration to regulate the booming housing/lending market through fannie mae/freddie mac.
So you see, the truth is out there if you will look for it.
I already stated that Bush spent too much, he spent too much on Medicare Part D, he spent too much on the military,
but not on the scale that Obama is spending today.
Not during the worst recession since the depression.
it’s about accountablity to current problems, not about Bush any longer. so please stick to the problems at hand.