Brooklyn Homes for Sale: 2010 Market Forecasts
Those with Brooklyn homes for sale are buckling down for the long haul, but exactly how long will that be? I spent a little bit of time roaming the Internet to get the general “feel” from people on the housing market. It turns out that the answer all depends on who you ask…
Housing Predictor
Housing Predictor.com says, yes, the housing market appears to be making a rebound. However, that rebound, says economist, John Hines, is a false front. The government is pushing the rise in sales to make the housing markets look good and increase buyer confidence. Will the market ever get back on track? According to Hines, if Congress can get the lending pipeline going again, we might finally see a bottom around the third quarter of next year.
The Ledger
According to an article at The Ledger, Stephen Blank of the Urban Land Institute isn’t at all optimistic. Blank says there’s no quick fix, and that 2010 will be sobering. While the housing market is being helped by various factors, the foreclosure rate probably isn’t going to drop and lenders aren’t lending. Blank worries that financing may be lacking, even for those wanting to buy. He doesn’t see the market doing much for another year.
CBS Money Watch
The best article I’ve come across so far, however, was written back in June at CBS MoneyWatch. The article says give the market at least seven years to recover. The author doesn’t just quote doom and gloom, however. She has some great points for people with Brooklyn homes for sale. I highly recommend the read, but here is the quote that stuck firmly in my mind:
“If you are a seller, get realistic about what you can get for your house. With so little upside in the foreseeable future, you may be better off to sell, even at a loss, since you can probably get back into a similar house at a lower price and very low interest rates.”
It’s a buyer’s market; the supply of empty homes is much higher than the demand for them. If you have one of the Brooklyn homes for sale and it’s not selling, you may need to change your mindset a little. In this buyer’s market, sellers may just have to bite the bullet.
Ready to buy or sell? I can help. Give me a call today at (718) 253-9600 ext.206 or email me at [email protected].
Charles D’Alessandro
Fillmore Real Estate
tel 718 253-9600
fax 718 253-9573
Tags: brooklyn homes for sale
Interest rates at six percent are still great. Any increase in rates will stimulate buyers that dont appreciate that these will soon be called the good old days.
The pending increase should be a wakeup call to all of the home buyers who are sleeping out there.
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Interest rates might be rising, but home prices in NYC are dropping faster. Stop the hype to “buy now”.
Prices will not stay down and you cannot time the market.Real Estate will rebound before you realize it.When you notice it it will be too late and the interest rates will be higher and will not return for a long time
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