The concept of â€œstarter homesâ€ cropped up after the end of the Second World War, when millions of young families took advantage of low-cost new developments to gain a foothold in homeownership: the emblematic first step in fulfilling the American Dream.
Todayâ€™s first-time Brooklyn home buyers are a lot less predictable - just as the market itself is altogether different. As we recover from the previous yearsâ€™ economic declines, which temporarily suppressed the number of New York home buyers, the combination of low interest rates and historically affordable home prices allows many to aim for bigger and more accommodating housing - skipping the starter home altogether.
For sure, the market hasnâ€™t completely abandoned the starter home idea - especially if you include Brooklyn REO and foreclosure fixer-uppers as financially rewarding targets for handy young householders. The FHA 203(k) loan, which includes a built-in â€œlimited repairâ€ budget, can enable that route. But new home buyers also find other prospects can be newly within reach - among them, larger older homes and newer New York condominium and townhome choices.
If the combination of bargain prices and low mortgage rates isnâ€™t enough to call prospects to action, the clear trend toward rising prices may do the trick. As inventories of the best bargains begin to shrink and mortgage rate rises look more and more inevitable, Brooklyn home buyers could well imagine a â€˜tick-tockâ€™ sound growing louder. For area sellers waiting to make a move upward on the housing ladder, the same conditions could well make this springâ€™s real estate market the one theyâ€™ve been waiting for.
It all means that prospective home buyers in Brooklyn stand to be rewarded by keeping an open mind about the variety of properties they may now find within reach. By seeking the help of an experienced agent, the widest choice of possibilities will be open for consideration.Â If you are looking forÂ the areaâ€™s most up-to-date market advice, Iâ€™m here to make sure you have access to the tools you need to make the right decision - the first time around, and every time after!