The Brooklyn sales market is back in full swing. 70% of New Yorkers have received their first COVID-19 vaccine, and our beautiful borough is coming back to life. Many who left the city during the pandemic are now returning, and those who stayed are ready to plant roots and pursue their home-owning dreams, particularly while interest rates remain at all-time lows of around 3%.
In a vaccine-controlled pandemic world, many of us have shifted priorities and our lifestyles now incorporate more flexibility with less time spent in a cubicle or office and more time spent in our homes or on the go. For some, home features that were once relegated as desirable have shifted to becoming a necessity, such as separate home offices or remote workspaces and outdoor space. Others have found they can comfortably maintain homes in multiple locales and toggle back-and-forth between them without disrupting their working lives.
Residential sales inventory is relatively low across all sectors of the market and demand is quite high, as evidenced by heated bidding wars throughout Brownstone Brooklyn. Though summer tends to be slower seasonally, the market is anticipated to continue to remain strong. For those targeting a purchase, August tends to be the slowest month of the year for sales, so you might get an opportunity to scoop something up without as much competition. Post Labor Day, we expect another burst of activity.
When priced appropriately, staged and marketed effectively, a property should generate significant interest within the first few weeks on the market.
A knowledgeable buyer’s agent can serve as an advocate to buyers throughout the purchase process, help build your team, alert you to new listings, conduct a comparable market analysis, identify any red flags, advise on an offer strategy, guide your negotiation and consult with all affiliated parties for a smooth process from start to finish.
Please give us a call at 718-622-7600 if you’re considering buying or selling, and we can walk you through the process. We believe in careful pre-market preparation prior to hitting the market, so now is the ideal time to talk if you are hoping to launch your home in the fall.
To ensure everyone’s continued good health, our team has been vaccinated, practices safe social distancing and follows all appropriate coronavirus protocols.
As always, we welcome the opportunity to offer you confidential advice and support on your real estate endeavors—contact us for more info.