Spring 2021 Brooklyn Market Update

By Elizabeth Kohen | April 5, 2021

Strong market fundamentals are generating a busy spring sales season. In Brooklyn, the vaccine rollout is underway, and our economy is buzzing again. In a post-COVID-centric world, we anticipate a surge in spending on all fronts. And, hopefully, a lot more hugs.

We suspect residential sales inventory will remain rather low and demand will increase this spring and into the fall sales season, as economic confidence strengthens and homebuyers are once again ready to pounce, evidenced by a recent resurgence in bidding wars throughout Brownstone Brooklyn. Summer will likely be slower seasonally, especially once travel becomes more viable, so we would advise listing property now through Memorial Day or waiting until after Labor Day to launch.

Rental prices have been falling due to higher rental vacancies and landlords have been offering incentives to renters, while buyer demand has increased. For those who want to enter the sales market, rock bottom mortgage rates offer an enticing incentive. Rates are likely to increase incrementally from current lows of around 3%, so buyers are eager to leverage their buying power before the window of opportunity tightens.

When priced appropriately, staged and marketed effectively, a property should generate significant interest within the first two weeks or so 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. Spring is typically peak sales season, and we believe in careful pre-market preparation prior to hitting the market, so now is the ideal time to talk.

To ensure everyone’s continued good health, our team wears masks, regularly sanitizes our hands and surroundings, practices safe social distancing and gets tested for COVID-19 at regular intervals. If you don’t feel comfortable attending an in-person viewing, virtual 3D tours are available for most of our listings.

As always, we welcome the opportunity to offer you confidential advice and support on your real estate endeavors—contact us for more info.


                  
         
        
         
   
   
         
                  
         
More Articles