Now Is The Best Time To Buy or Sell In Brooklyn, Or Is It?

buy or sell

Now is the best time to buy or sell in Brooklyn!

“I’d like to buy a new home, but is now the best time to buy?” “I’d like to sell my home, but is now the best time to sell?” Is there an urgency to buy or sell in 2015? The answer to each of these questions is, “YES!” Here’s why …

Now is the best time to buy in Brooklyn because:

  1. Waiting could cost you thousands. “With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep, said Jonathan Smoke, chief economist for realtor.com®. View the realtor.com® Opportunity Cost Report market list here:  Opportunity Cost Report
  2. Interest rates are projected to increase in the next 12 months. Your ability to build substantial long-term wealth is decreasing. Each time interest rates increase, monthly mortgage payment amounts increase decreasing your ability to build long-term wealth. A little increase in interest rates can make a huge impact on your monthly budget.
  3. Home prices are expected to continue to rise in the next year.
  4. Homeownership has financial benefits. Buying a home delivers a financial benefit well over$100,000 over a 30-year period. Get the projected wealth increase for almost 100 cities here.

The cost of living is increasing. The costs of gas, taxes, insurance, etc., everything is going up.  You only make so much. You can only qualify for so much. Find out how much house you can actually afford. Can you really afford to live in the neighborhood you want to live in? Find out. Also, find out how rising interest rates will affect your ability to build wealth long-term. Take time to do the math. Reach out to a mortgage specialist. You can calculate your monthly mortgage payments using this online calculator.

Buyers, don’t get boxed out because you are waiting. You’ll miss out on significant, long-term financial gains if you choose to stand on the sidelines waiting. The longer you wait, the farther those financial benefits will distance themselves from you. Get started on the road to homeownership now!

Now is the best time to sell in Brooklyn because:

  1. Job growth is increasing. More than 3 million jobs have been created in the past year. As job growth increases, demand follows.
  2. Homes are selling more quickly.
  3. The supply of houses is down making it predominantly a seller’s market. A tight inventory puts the ball in the sellers’ court driving home prices upward helping you build additional equity in your home.
  4. There are fewer cash buyers. The increase in home prices has slowed from its recent growth. Moderate increases are still expected this year, but with fewer cash buyers.
  5. Interest rates are heading upwards. Since mortgage rates are still low, more buyers are expected to move into the market in the not-too-distant future because of the projected increase in interest rates.
  6. Rents are rising, too. Rising rental costs are encouraging renters to take the plunge into home ownership.

It’s a great market for sellers! Here are a few more reasons to consider listing your home in today’s sellers’ market:

If you’ve built up equity in your home, now is a good time to sell. Find out how much equity you’ve built up in your home. Ask your Brooklyn real estate agent, Charles D’Alessandro, to run a free comparative market analysis (CMA) to find out what the approximate value of your home is.

It’s worth selling your home if you’ve built up enough equity to provide 20% equity to purchase a new home. A down payment of 20% or more will keep private mortgage insurance (PMI) down.

If you’ve paid off all your non-mortgage debt and have saved 3-6 months of monthly expenses in an emergency fun, now is a good time to sell. It’s a good time to look for a new home that may be more accommodating to your current lifestyle. Read more about reasons for considering selling right here.

Now is a great time to buy or sell in Brooklyn. Take a good hard look at your finances. Then, partner with your Brooklyn real estate agent,  Charles D’Alessandro with Fillmore Real Estate. He puts service before a sale. He knows how to get things done when it’s time to sell your home or buy a new home that is better suited to your current needs. Call at (718) 253-9600 ext 206 or email [email protected].

Sources:

http://rismedia.com

https://www.dailyworth.com

http://realtormag.realtor.org

http://money.cnn.com

http://www.daveramsey.com

http://money.usnews.com

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