Market Conditions in 11209>Question Details

Buyer, Home Buyer in 11209

looking to buy a home in bay ridge...are prices going down...should I wait?

Asked by Buyer, 11209 Sun Feb 20, 2011

Help the community by answering this question:

Answers

18
Attorney Chris’ answer
Trying to time the market bottom may cause you to lose sight the big picture - if you can comfortably afford the home today and qualify for whatever financing you will need, there's really no reason to wait. If interest rates move upward, your monthly payment may actually rise while you're waiting for that bottom price, and that's assuming that underwriting rules don't change and you can still qualify.

Think of it more as purchasing your home...and not so much as an investment. If the numbers work for you now, go for it and good luck!
1 vote Thank Flag Link Sat Mar 19, 2011
Your specific situation and needs are the most important factors to consider.

Very few lucky people can time the market exactly.

Bay Ridge seems to be in demand and prices are stable.

Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
davidrogoff@fillmore.com
1 vote Thank Flag Link Fri Feb 25, 2011
If you are ready to buy, and need to buy, no reason to wait--unfortunately none of us can answer with accuracy as to where the market will lead tomorrow, or down the road, none of us knows, but we all know today.
1 vote Thank Flag Link Sun Feb 20, 2011
Hi Buyer-

Take a look at Trulia's market trends: http://www.trulia.com/real_estate/11209-Brooklyn/market-trends/

Hope you found something, let us know if you still need help!

Ali, Community manager
0 votes Thank Flag Link Wed Jan 23, 2013
to be honest with you. Bay Ridge has been steady. You will find something in the price range of 750,000 - 2 Million dollars. When it comes to Bay Ridge your paying for what your getting. Bay Ridge is a great neighborhood.
0 votes Thank Flag Link Wed Jan 23, 2013
If you are able to purchase a property in the current market, you should consider to do so. It is a great time. You should consider working with a local agent. Also, if you haven't done so already, you should consider getting pre-qualified for a mortgage. By being pre-qualified you would be able to determine what price range you need to stay within, what your estimated rate and monthly payment might be. If you're interested, feel free to contact me directly at 347-462-4210.

Good Luck!

Rocco Guercio
Loan Officer
0 votes Thank Flag Link Mon Feb 21, 2011
According to the MLS data, for the last 6 months residential 1 to 3 family homes, 44 houses are sold versus 77 active on the market. It is a healthy market with 10% monthly absorption rate and prices has been very stable. I think now is the time to buy with low interest rate and buyers are not yet willing to bid up on the prices. But....you should focus on your own financial first. Talk to a lender to see how much you could borrow and the monthly payment. Compare your current rent and debt. Figure out a price range that makes sense and your are comfortable with. Owning real estate you would enjoy tax benefits and could build up equities but you have to be able to keep up with the payments. Good luck with your decision!
0 votes Thank Flag Link Sun Feb 20, 2011
The median sales price for homes in Bay Ridge & Fort Hamilton, Brooklyn for Nov 10 to Jan 11 was $697,668 based on 41 sales. Compared to the same period one year ago, the median sales price increased 1.1%, or $7,668, and the number of sales decreased 18%. Average price per square foot for Bay Ridge & Fort Hamilton was $390, an increase of 8% compared to the same period last year. There are currently 504 resale and new homes in Brooklyn on Trulia, including 15 open houses, as well as 16 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bay Ridge & Fort Hamilton was $479,264 for the week ending Feb 09, which represents a decrease of 0.3%, or $1,624, compared to the prior week.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Sun Feb 20, 2011
You should have a budget worked out. If you need financing start with pre-approval through a lender. They will look at the front and back end debt to income ratios and tell you where you fit in. A rate lock is something your lender should discuss with you. If you don't have a window of when you will shoot you'll end up shopping around. You should have a list of homes you've had your eye on and ask the real estate salesperson to see if they fit in with your budget. When you are ready to pull the trigger the lender quarterbacks the whole team. Good luck. If you would like to learn more email me through my profile.
0 votes Thank Flag Link Sun Feb 20, 2011
Buyer,

Prices may be going down but in man locations...so is the inventory. In many cases the shrinking inventory results in a very noticable decrease in the quality of those home that remain on the market.

Our best advice is to not commit to making a purchase now but remain active in your select market, collecting information and remaining current with the RE market. By taking this approach you are not putting pressure on yourself to make a decision but will be better prepared to make a good decision when the opportunity presents itself.

Best regards,

Bill
0 votes Thank Flag Link Sun Feb 20, 2011
it seems that all the Real Estate agents that have answered thus far, are in agreement. This is a buyers market, which means that inventory is high and prices are regulated by the competition of your nearest neighbor. What motivates buyers to buy remains the same, rent vs mortgage and a lenders willingness to lend. Currently interest rates are low but will not remain so for long because banks want to make more with fewer loans and less liability. Give me a call, I work for the largest Real Estate firm in Brooklyn and specialize in that area amongst others. 917.374.4295. Thank you.
0 votes Thank Flag Link Sun Feb 20, 2011
Dear Buyer:

Nobody can predict the future. If the stock market were to crash again tomorrow, the economy and real estate market as a whole would also go down. There are too many factors that come into play to predict the future otherwise we would all be rich!

You simply have to look at the here and now. Right now prices are extremely low (statistically and relatively speaking based on past history). In addition to that interest rates are relatively low. A qualified buyer can still get a rate of 4.75% on a 30 year fixed mortgage. This means you would be paying about $522.00 per hundred thousand you borrow! This is still very cheap money from a mortgage perspective!

It has been rare in the history of man that you have a market where both real estate prices and mortgage rates are low. Nobody know how long this will last. If you buy know your going with a sure thing as the future is always uncertain.

Also, the sooner you buy the sooner you will get the tax benefits of home ownership. Remember, the interest you pay on your mortgage and the real estate taxes you pay annually are an income tax deduction. Hence, if you were to borrow $400,000.00, you would get an annual tax write off in excess of $20,000.00! Ask your accountant how much that would save you on your taxes. For the average homebuyer it would be approximately $3600.00 per year. That is a tax savings of $300.00 per month (again, speak to your accountant to make sure as tax savings are on a case by case basis depending on how you do your taxes)!

If I can be of further assistance please let me know. Good luck!!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Feb 20, 2011
I'm very much in agreement with the 3 colleagues of mine who have already answered. I have lived in Bay Ridge for 30 years now & have been in the real estate industry here for just about 24 years so have pretty much seen it all. Bay Ridge IS one of those areas that, even if prices have fallen, tends to bounce back more rapidly & with greater strength than some other neighborhoods. Prices at this time seem to have stabilized & interest rates ARE still low (although they have crept up a bit) so if you really DO want to buy now, then NOW is the time! If you don't feel you're ready financially or emotionally, then you shouldn't make the move no matter WHAT the market conditions are. Good luck in whatever you do.
0 votes Thank Flag Link Sun Feb 20, 2011
Hello home buyer, Bay Ridge prices are at bottom right now comparatively. It all comes down to supply and demand. Waiting at this point may not be a good idea. Also, keep in mind that interest rates are at an all time low and gradually rising. So, my advise to you is, GO FOR IT!
0 votes Thank Flag Link Sun Feb 20, 2011
Unfortunately we cannot predict the future. Bay Ridge Brooklyn is a highly desireable area in Brooklyn. The location is attractive and there are many fine restaurants and activities which continue to keep home prices steady.
0 votes Thank Flag Link Sun Feb 20, 2011
Buy your House NOW! according to toSmart Money Magazine.

As far as your local market conditions, your local realtors are best suited to direct information about your specific needs; however, I thought you might be interested or might want to know about the emerging proposals by the current administration that will affect both buyers and sellers.

According to a just published article in Smart Money Magazine, Why You Should by That Home Now, sounds the opening cannon shot into what everyone is wondering about when wanting to buy or sell a home.

Consumers ask the following questions: Has the market stabilized ? Is it a good time to buy my home ? Should I wait and see what happens to the housing market? Is my local market affected ?

The Smart Money Article makes the following major predictions and observations:

Fanny and Freddie exit the scene
Government backed loans are shrinking in number and size
Smaller mortgage loan amounts
Higher fees for loans
Bigger down payments

Real Estate Professionals and Mortgage lenders struggle to lead in mixed currents and muddy waters. The short answer is who knows for sure.

I think back to many storm forecasters before modern prediction tools came to bear on stormy weather. I am no storm forecaster; however, our mothers taught us to carry an umbrella just in case ....

" The future, according to some scientists, will be exactly like the past, only far more expensive." John Sladek

Michael Chalambaga
BROKER ASSOCIATE | Realtor
DeRiso & Haynes Realty - Texas

All information is provided "as is" with no guarantees or warranty. M. Chalambaga © 2011 - -
0 votes Thank Flag Link Sun Feb 20, 2011
Actually price have crept up in the Bay ridge area. Bay ridge is one of the Brooklyn neighborhoods that have continued to stay strong as far as prices are concerned. Buying now or waiting is a personal choice. As for the future there really is no way of forecasting the market accurately. I f you are interested in looking for a great Bay ridge home contact me at Fillmore Real Estate anytime.
0 votes Thank Flag Link Sun Feb 20, 2011
No one knows what the future holds. If you find the right house at the right price you can afford its the right time. If your trying to buy at the bottom you'll never be happy. With interest rates climbing it may create more uncertainty... But that simply means if prices do go up you get less for your money.

Regards,

Jack Menashe
917.797.0215
http://www.SHERestates.com
0 votes Thank Flag Link Sun Feb 20, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer