Is This the End of the Buyer’s Market?
Apr 06, 2021
Click to make your 15-minute appointment with Victoria.
Brooklyn real estate in the middle of COVID was truly a once-in-a-lifetime experience. First came the dizzying number of neighbors who left town for more room (or, sadly, because they lost a job) and then came a seller free-for-all—along with rent drops that ensured the cost of renting and buying had never been closer in this expensive city we love.
The Current Outlook for Brooklyn Real Estate
What we’re seeing now, though, is an economy on the rise, and a buyer’s market that is quickly becoming a seller’s one. The good news for buyers though, is that if they can find their ideal place despite the property crunch, those historically low interest rates are still holding (for now). If you can afford to buy and you plan on being here for at least five years or more, it likely still makes good financial sense to invest in your piece of Brooklyn real estate. Just don’t sit on the fence too long.
There are a few reasons things are changing quickly. First, we’re finally at the point in the pandemic when we can see the end in sight—even if we don’t exactly know when that end will arrive. Next, spring is always a busy real estate season, with rapid-fire deals happening constantly.
Renters who’ve decided to stay are now looking for more space, given the number of us now working from home, a trend which seems likely to stick. They’re increasingly looking to put down roots and invest in a bigger space. All that inventory that was sitting for so long is now being snatched up.
What We’re Seeing in Brooklyn Real Estate
Right now at Realty Collective, we’re taking more calls, booking more viewings, and seeing more property go under contract. We’re even beginning to see more competitive bidding scenarios. Whether you’re a buyer or seller, this is an ideal time to take stock and plan your next move. As Realty Collective founder Victoria Alexander notes, “It is an exciting time to be buying and selling in Brooklyn right now. Working with my clients to reach their home goals is so rewarding and we all see the value of our relationship as we navigate these extraordinary times.”
If you’re a buyer who’d like to make a move, we recommend getting in touch soon. Potential sellers, now is the time to assess your wants and needs. If you’ve considered selling before but didn’t, consider how selling now might yield an even greater return on investment. Curious about your home’s value and what we see in the coming months? We’re happy to provide a complimentary estimate. Click to make your 15-minute appointment with Victoria.