Home Buying in Clinton Hill>Question Details

M, Home Buyer in Brooklyn, OH

I've found a 1BR co-op that I like in Clinton Hill for $275K, but am wondering if I should wait 1-2 years for

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

prices to get lower?

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Dear M,

I see that you received both "Now's the time to buy" and "Now's the time to wait" responses, based on predictions about prices and interest rates. I don't think it's realistic for most buyers to try and "time the market." In most cases, it's an individual decision about whether it is the right time for YOU to buy. You don't have a crystal ball, and neither do we.

In 22 years of helping homebuyers as a mortgage professional, I've never seen any "timing" work to a homebuyer's benefit. I take the approach of preparedness and persistence, instead. That's how a HomeBuyer sets the BEST time to buy a home.

Prepare to buy:

Get Prequalified for mortgage financing: focus on monthly payment
Understand your price range: determine your price limits for making offers
Know the location where you want buy your home: when you do, find an experienced Local Realtor
Have your "wish list" ready with the preferred features of the home you want: the "Dream Home" exists in our minds. Knowing your preferrred features of the home you most want helps you compromise when you find the right house at the right price that meets most of your preferred features.

WHEN you go out there, shop 'til you drop. Buying the right home is hard work. Looking at homes, then giving concise feedback to your Realtor helps you find a home that meets your needs and a Seller willing to sell at the price you're willing to pay. You'll be disappointed a few times, that's part of the process. Stay with it and you are sure to make your own "BEST" time to buy a home.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Fri Jul 20, 2012
You are right. In fact, in just the time it took for you to write your question, the price of a 1BR co-op in Clinton Hill dropped to $225,000. It's right here: http://tinyurl.com/6mfspoe And it's not Adolphus' listing - this one is an owner-sell only.
0 votes Thank Flag Link Wed Apr 25, 2012
Check out my website at http://www.lanalavenbarg.com or http://www.lanalavenbarg.net to see what you can buy here for that kind of money!!
0 votes Thank Flag Link Tue Jul 28, 2009
Hello, if you wait any longer the prices are going to rise. The news has been reporting over several weeks slight increases in prices and the sales market. If you found a good deal today then you should jump on it now because the market is beginning to have an upturn. Location is everything in this market and if you can get a one bedroom co-op in Clinton Hills for under $300k then I don't know what you're waiting for. Don't forget we have prices drops for over two years now and the lowest interest rates in over 40 years so you should jump at this opoorunity before it's gone for good.

Read the following news headlines

House Sales Are Up! (more buyers means more demand = higher prices)

Hopeful Signs In Housing
0 votes Thank Flag Link Tue Jul 28, 2009

I have a coop in Willoughby Walk apartments across from Pratt Institute that was just reduced to $225,000. Call my office at 718-624-9500 to discuss further.

Adolphus Dickerson
clinton hill RE
0 votes Thank Flag Link Tue Jul 28, 2009
M - You take two risks if you wait. Risk 1 is that prices go up, and risk 2 is that interest rates on loans go up. Have you spoken with a local Realtor about whether this co-op is at a reasonable price? All markets are local. What are the local trends? How long will you be likely to live there? If it's more than a couple years, it could be a good investment even if prices don't go up by much. You will be building some equity, not paying rent. I think it's time for you to make some assumptions based on your local market, and do some number crunching. best of luck!
0 votes Thank Flag Link Thu Jul 17, 2008
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