<![CDATA[Where's the Beef?]]>Some of us remember the popular commercial with the “Where’s the Beef?” line. In some Real Estate markets, that line could be “Where’s the Merchandise?” Many buyers in the markets I deal with are finding that the inventory is quite low. You might wonder how that is possible in the midst of a recession.

 

A specific neighborhood may be considerably small in some areas. If the demand is even moderate, the supply could dwindle quickly. To make matters worse or better, depending upon whether you’re buying or selling, the homes that are priced correctly sell quickly making the inventory even smaller. Therefore as you can see, although we are in a recession, homes are still selling and the Real Estate prices are still strong in these neighborhoods..

 

What is interesting about this is the fact that buyers looking in these areas are still not willing to pay more than market value just to be in the neighborhood they want. Most are willing to wait for a new home to come on the market or for a seller to reduce their asking price. Others still will make multiple offers at or just below market value and see what happens.

 

This could be good news for real sellers in these areas. With the demand high and the inventory low, a home offered at or just above the market value will most likely sell and sell quickly!  Is your area one of these neighborhoods?  Right now certain parts of Brooklyn and the Neponsit & Belle Harbor neighborhoods of the Rockaways are. I would like to know which other neighborhoods are seeing the same situation.

 

One thing that is a common factor regardless of the neighborhood is that a professional Realtor can be of great assistance. Their knowledge of the neighborhoods they service can help you with your buying or selling needs.

]]><![CDATA[When is the Right Time to Buy?]]>I have been selling real estate for over 25 years. As you can imagine, I have heard thousands of questions. Some were interesting like "who pays closing costs?"  Some were on the funny side like "Do I have to move after the closing?" Many questions were asked because of timing. Lead paint and asbestos issues arose causing many buyers and sellers to wonder about their rights. When the economy changes, like it just did, many questions are asked about prices and interest rates. One question that seems to be asked a lot regardless of the circumstances is When Is the Right Time to Buy? 


This has been asked of just about every broker who stayed around for more than a few weeks. The answers I have heard span the spectrum of possibilities. There are some very standard ones that also are connected to timing or the economy such as: "Always buy when the market is depressed" or "Better buy now before the market rises any higher" or one of my favorites; "Best time to buy is Spring, Summer etc - depending on what the present season is!

    My feelings have changed over the years as I began to realize that the answer to the question is as unique as the person asking it. So now when I am asked When is the Right Time to Buy, I answer-When It is Right for YOU!


    You see, every buyer looks for a home for their own reasons. Maybe they are expecting a baby. Maybe they are being transferred. The reasons go on and on. If a buyer is waiting for some outside signs regarding market conditions, they may find that market conditions are always changing. If they are waiting for a dip in prices then that is the Right Time to Buy for them. If they are waiting for interest rates to bottom out then that is The Right Time for the. In any case, only the buyer knows when is the right time. All we as Brokers can do is be available when the time is RIGHT.

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