Home Buying in Brooklyn>Question Details

Gabrielle Jo…, Home Buyer in Morningside Heights,...

Should I wait to buy in Flatbush-Ditmas Park assuming that prices are going to fall?

Asked by Gabrielle Jones, Morningside Heights, New York, NY Wed Nov 19, 2008

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If you're assuming that prices are going to fall, and that's the determining factor for you, then, yes - you should wait.

Regardless of what anyone tells you, the future is uncertain. Predictions can be right or wrong, and there are no guarantees.
0 votes Thank Flag Link Thu Nov 19, 2009
Look at about 16 million unemployed people 10.2% rate.
Look at 2.7 million foreclosures in the works today.
Look at 7 million foreclosures to come from 2010 to 2012.
Look at the economic problems in the country. Look at the economy in your area.
Do you see it as improving a lot OR do you see it as abd and staying bad or even getting worse?

NEW YORK is having financial problems. 1 million people left because of the high taxes. property and personal.

You will lose the specific house you want now if you wait until later. It will be bought. Yet, you are very likely to find more houses comparable for sale in the future cheaper.

Unemployment is 10.2% about 16 million out of work americans. we increased that number about 1/2 million today. Unemployed people do not buy houses or get mortgages often.
I think waiting now makes sense.
0 votes Thank Flag Link Thu Nov 19, 2009
don't wait....i've lived here for 7 years and this is a very coveted neighborhood. it's also a very very small neighborhood with finite boundaries and b/c it's historically protected, not much new building happening now or in the future. as the realtor below said, pigs get fed, hogs get slaughtered
0 votes Thank Flag Link Wed Nov 18, 2009
If you are assuming that prices are going to fall, It's safer to wait. There are a lot of people that wish they waited. Some are now foreclosed. Don't be one of them. Good Luck
0 votes Thank Flag Link Wed Nov 19, 2008
To the non realtor guy. I am interested to what do you think is safer about waiting. Most people wait to long. The buying a home is not what got people in trouble. It was the mortgage brokers giving people more money than they could chew. Look at a book from Warren Buffet called the snowball. Warren is doing something most people right now think is crazy. He is buying stock. Most prople think you gotta be crazy right now to buy stock with it going down. Warren and all smart people do the opposite of what the rest of the world is doing. Right now stocks are down. People are on a money pinch. What is Warren doing? He is buying when the market is low. What will he do later? He will sell when it goes up and everyone is buying because now they have money again. IF you want a deal you got to do the opposite of everyone else. Right now is the time when everyone wants to sell. Now is the time to get your home. Later when the market is doing good again. It will be the time to not buy, but to sell. It may go down a little more so ya you may get a little bit more break on price. But remember what I said earlier. Usually the bottom is more of a bounce than a slow turn. A great saying " pigs get fed, hogs get slaughtered". The meaning here is if you try to get every little of extra penny out of something it is quite possiable your gonna miss the overall picture. I see it in our business every day. Agents try to micro manage this business. The result is that they spend to much time micro managing it and not enough time on the phone prospecting. The prospecting is where you get deals to happen not the mocro managing.
0 votes Thank Flag Link Wed Nov 19, 2008
Mortgage Interest rates have dipped below 6% again in my market area (Huntsville,AL - One of Forbes "10 Best locations in US to ride out the recession" ; There has been a noticeable increase in buyer calls about my seller's properties, and in offers on those properties. Every market is different, but we may have reached the bottom of the falling prices. Still some great opportunities as banks stumble through the foreclosures, which represents less than 1/2 of 1% of the total mortgage market (even though the media would have us believe differently).
When prices stabilize and start to trend up, it will only be "seen" by looking at the historical data, ie the great purchase opportunities of today will have passed by a buyer waiting for prices to fall and wondering how low can they go. No one can predict that with accuracy, not until it has passed and looking back can say "Oh look, prices are going up. That was a great opportunity to purchase and I missed it. Better jump in now and buy." Of course, by then the best deals are gone.
If you are buying a home for yourself, today is a great opportunity with more selection and the best interest rates; if you are buying for investment, there are some great values with the best "deals" being in short sales and/or foreclosures....but you'll need some cash to make a deal work. Talk with your trusted real estate advisor for current information about your local market and then make your decision on those facts rather than trying to guess about the future market or falling prices.
0 votes Thank Flag Link Wed Nov 19, 2008
A lot of people loose out on a great home by waiting and thinking they will get a better deal later. I dont know your market place, but I will tell you I think waiting is a bad idea. I would start looking and find a really motivated seller before waiting. The national banks are pushing for higher interest rates. They want them to go back up. They say it is effecting our moneys worth overseas. I dont understand all that, but I know the banks are doing everything they can to get the interest up. The loans are tightening up. If you wait it might cost you on the loan side. I will tell you I have noticed a lot of times real estate does not usually hit a bottom and than start to turn. It will usually bounce off the bottom. Noone really knows where the bottom is. It is a guessing game. And if you dont read the reports monthly, you may never know when that time is. It is hard to ask agents if it is at the bottom as well. We all have different opinions as to where the bottom is. Bottom line (LOL) I think the longer you wait the more it will hurt you on the loan side. Can you win on the house side, maybe. So go with what you know and dont pay attention to what could be. Just my 2 cent.
0 votes Thank Flag Link Wed Nov 19, 2008
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