High Brooklyn Foreclosures Equals Great Deals

The extension of the homebuyer’s tax credit, as well as the expansion to include upgrade homebuyers, has a lot of people looking for their dream home. Many are looking for that dream home in the listings for Brooklyn foreclosures. Why?

The Law of Supply and Demand

Quick marketing lesson: every market is dependent on the law of supply and demand. When the demand for a product is higher than the supply, prices go up. When there’s more product than demand, prices go down.

This is what’s happening now, especially with Brooklyn foreclosures. Around the U.S., the supply of homes has doubled in the past two years, reaching as high as a ten-month supply. While Brooklyn homebuyers have been reluctant to buy a foreclosure in the past, people are starting to rethink the situation because:

  • Foreclosures are usually less expensive than traditional homes for sale.  In fact, some buyers have found their dream home and bought it for pennies on the dollar.
  • Foreclosed properties are generally in better condition that they used to be.  In the past, foreclosed homes had a higher than average amount of repairs needed compared to other homes for sale. This is no longer necessarily true. Many foreclosured homes have been lovingly taken care of by their previous owners.
  • Potential buyers of foreclosures have a wider variety from which to choose. They aren’t stuck with just one type of house in one Brooklyn neighborhood. For the careful new homebuyer, the possibilities really are almost endless.

Most foreclosed homes aren’t money pits. To protect yourself, make sure your real estate agent includes in the contract that you want to have the home inspected, and that if the home inspection finds major problems, you then have the right to walk away from the deal.

If you’re looking for a great home at a great price, I can help. Call me at Charles D’Alessandro of Fillmore Real Estate at (718)253-9600 ext 206 or email me at [email protected] for more information.

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10 Responses to “High Brooklyn Foreclosures Equals Great Deals”

  1. […] Charles D’Alessandro charlesda[email protected] tel 718 253-9600 fax 718 253-9573 Brooklyn Real Estate Blog High Brooklyn Foreclosures Equals Great Deals […]

  2. Dong Flaker says:

    I do realize the opportunity in the real estate market today but this article from Brooklyn Real Estate Blog opened alot of thought for me, thank you.

  3. Milan Mclee says:

    If you don’t mind me asking I just wanted to find out on if you could write another post to go a bit further into detail on the topic? This one was great but I would love to hear more!

  4. Hi,

    Good read. Foreclosures suck and I’m stuck with it but it’s great to know people still write good none BS articles like this. Helps me get through the day

    Thanks for writing it!

  5. Marlo Boldue says:

    Hi,

    Good Article. hate seeing all these foreclosures around but it’s good to know people still write good none BS stuff like this. Helps me get through the day

    Thanks man!

  6. Brooklyn real estate has less foreclosures then some of the rest but one is too many, We will keep trying to keep Brooklyn Real Estate Blog current and interesting.

  7. Yes Edris Foreclosures are a fact and can be a challenge to any home owner. There are options to some Brooklyn Real Estate Blog is here to help choose options to forcelosure and help continue home ownership

  8. Holgie says:

    This is my first visit here, but I will be back soon, because I really like the way you are writing, it is so simple and honest

  9. Thank you Brooklyn foreclosures are up but there is a light at the end of the tunnel, as well as great deals to be found in the Brooklyn real estate market.

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