Home Buying in 11205>Question Details

M, Home Buyer in Brooklyn, OH

I've found a 1BR co-op apartment in Clinton Hill that I like for $275K, but have the same question: should I

Asked by M, Brooklyn, OH Thu Jul 17, 2008

wait for prices to drop in the next 1-2 years? The price is a good deal for what I could get now, but could there be an even better deal later?

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4
Rhonda Holt’s answer
Hello, right now we have seen prices go upwards in the last few months and especially since the Stadium has been completed. Prices do not drop in every location equally, in Brooklyn we have seen a increase and less low price deals like before. If you can get a deal now while the interest rates are still low as well then you may want to go for it.

Remember, nothing this good lasts forever so don't miss the boat, jump on and ride the wave while you still can.
0 votes Thank Flag Link Tue Jan 8, 2013
This is a wonderful question, one that is asked in any market. It looks like you have a very good opportunity for a valued neighborhood. If you like the co-op and the deal, why not?
1 vote Thank Flag Link Tue Jul 22, 2008
As someone who has just bought a brownstone, and who is also trying to sell her coop apartment (in Clinton Hill), I've been on both sides of the market equation, and can just confirm that it is a great time to buy, and not a great time to sell. I'll just mention that the buying process is very, very complicated and time consuming, and that many deals fall through because the reality is what it is right now with banks/finances/loans. So keep that in mind: Just because you like a place and think you can afford it, doesn't mean it'll be quick and easy.

As a seller, I can tell you that I (and many other sellers, I imagine) will lower our price only so much. I think many people would rather take their property off the market, do some renovations, or a combination of both to keep their asking price, rather than lower it beyond a certain point. Or they may sublet it until the market improves. True, some sellers have unrealistic expectations, but I think most people do their homework, they know what the average asking price is in their neighborhood, and the average income, and they may lower it so that they're in that ballpark. Maybe you'll find someone desperate to sell, but I don't think that happens quite as often as buyers think or hope. So judging from a psychological perspective, I don't think prices will continue to drop. This is NYC, after all, and although prices MAY keep going down, you will never pay for an apartment in NYC what you would pay for it in another city or state. You can drive yourself batty thinking about what prices may be two years from now, or what they were five or ten years from now. For example, I remember when 1-bedroom coops in Clinton Hill were $75,000-$85,000 in 2001 (that's right, that's not a typo), and then they were selling for $399,000 in 2005. I suggest you live and act in the moment. If it's a good deal, take advantage of it.
0 votes Thank Flag Link Sat Jul 24, 2010
I don't have a crystal ball. Nobody knows what's going to happen exactly. There could be a better price. Or maybe not. Here are some additional questions to help you: How many similar units are in the area? How often do they come on the market? At what price? Bottom line - Do you want to buy, or do you want to look? Now is a good time to buy in most markets, assuming you will stay for a while. Anytime is a good time to look. Real Estate goes in cycles. What is the local cycle? 5 years? 10 years? Get a good buyer's agent to help you look at the local trends.
0 votes Thank Flag Link Thu Jul 17, 2008
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