Is 2010 the Year for You to Buy Brooklyn Real Estate?
Is it possible? Is this the year to buy Brooklyn real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:
- Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
- Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
- The high number of foreclosures has been painful for many homeowners. However, it has also created great deals for those who want to buy Brooklyn real estate, but don’t want to spend their entire life savings at once.
- The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many Brooklyn home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.
So, is it the year to buy a house in Brooklyn? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.
For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. The Brooklyn real estate around the corner with the “SOLD” sign might have been your dream home!
If this is a good year for YOU to buy a Brooklyn home, I can help. Call me at (718)253-9600 ext.206 or email me at [email protected] for more information.
Tags: brooklyn real estate
