If you’ve been looking at your finances to see if you can afford a Brooklyn home for sale, or a home in any area for that matter, a new report from the National Association of Home Builders and Wells Fargo says, “Yes, you can!”

According to this report, the prices for over 72% of the homes purchased in the first quarter of 2010 were affordable for families making an annual income of $63,800 (the median national income). One of the main reasons for this is because of the national median price: just $175,000. Adding to that is the still historically low interest and mortgage rates, as well as companies once again beginning to hire new employees. These “affordability” numbers are based on 28% or less of a family’s take-home pay.

Many new homeowners agree. The National Association of REALTORS® released the statistics for existing home sales on May 24.  April saw a 7% increase in sales from March, and Freddie Mac reports that 30-year, conventional, fixed-rate mortgage commitment rates rose to 5.10% in the same month.

What Does This Mean for Buyers and Sellers?

While this still means slow going for those with a Brooklyn home for sale, this means an incredibly hot market for buyers.   With over 4 million homes available for sale, sellers are definitely competing with each other.  In many places across the country, homeowners have dropped their prices 10% to 50%, in an effort to attract attention.

Can You Afford a Home?

If you’re looking at the real estate market and wondering if you can finally afford the home of your dreams, it’s time to quit wondering. Start doing your research.

Before you begin shopping for a home, shop around for a lender. Finding a good lender with reasonable rates is one of the best first steps of buying a home.

Next, get pre-approved for a mortgage.  Pre-approval lets you know how much you really can afford and whether your credit is acceptable for a mortgage. As well, if you do find the home you’ve always wanted, being pre-approved gives you a strong standing in negotiations, because the seller knows you’re seriously looking for a home.

Finally, if you can afford a Brooklyn home for sale and have been waiting for the best time, you’ve reached it. There’s never been a better, more affordable time for buyers in the last 50 years.

If you’re looking for your dream home, I can help. Call me at (718) 253-9600 ext.206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Cool Your Brooklyn Home for Less This Summer

You placed your Brooklyn home for sale on the market weeks ago, but it seems no one is interested. What you may not realize is that the most desirable, most treasured buyers arrive at your home every day. They may not knock; they may not schedule an appointment; they may even need Map Quest to figure out where you are, but they’re viewing your home.

Buying habits are changing rapidly. More than 70 percent of today’s buyers find the house they want to buy through online resources. Why aren’t they just getting into their cars and coming by for a visit? Because a large part of your potential buyers are looking at your Brooklyn home for sale from states away…

The Invaluable Relocation Buyer

You want the relocation buyer. In fact, every seller, every agent and every community wants the relocation buyer. Why? Relocation buyers are those who have to move. They’re incredibly motivated to buy, and the chance of them buying a home in the community is high.

Your Buyer’s Profile

Your relocation buyer is probably an educated professional in his or her field. Relocation buyers usually know exactly what they’re looking for, and aren’t willing to budge much. They’ve commonly moved before and are knowledgeable home buyers.

If you’ve never sold a home, they’ll most likely understand the buying/selling process better than you do. They also know that real estate activity and values are different in every area. As well, they know how their companies’ relocation assistance programs work, which affects their moving budgets.

Reaching buyers is a competitive process. If you want highly motivated buyers like these knocking on your door, you need a well-organized marketing strategy.

Talk to your real estate agent about your online presentation. Perhaps a video tour would be the best strategy to attract buyers to your Brooklyn home for sale. Whatever you decide to do, if your marketing strategy doesn’t include a well-put-together online presentation, you’ve already lost the relocation buyer.

Are you missing a large buying market for your home? I can help. Call me at (718)253-9600 ext.206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

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