Winter 2020 Brooklyn Real Estate Market
‘Tis the season to buy property. After a tentative fall market, well-priced homes are now being scooped up for a reasonable value, many with multiple offers. For those who feel the desire to plant roots, now is an excellent time to take advantage of a market that is often willing to listen to your demands.
A contentious and protracted election amidst a global pandemic was anathema to the market, but shortly after the 2020 election outcome was announced the stock market surged, news of promising vaccines made headlines, and buyer confidence has increased. This measure of certainty in America’s future has given buyers the ability to look ahead and take action in their own lives. Interest rates have never been lower than they are today, ever since Freddie Mac began tracking them in 1971.
If you take the long view, quality and availability in a coveted location trump the quest for rock bottom prices—and yet, prices have also leveled out significantly in 2020. The real estate market is cyclical, and that window of opportunity will eventually close, so if buying is on your to-do list now is a great time to seize the moment.
Though we typically advise sellers to wait out the winter months and market their homes during peak spring sales season, this year we are encouraging clients to list in the wintertime. Several sellers have pulled their homes from the market and plan to re-launch in the spring, along with an expected influx of new-to-the-market property. Perhaps an abundance of eager buyers will fulfill the demand for those listings, but that remains to be seen. We know that buyers are ready and active right now and there is less competition from other sales listings, so it makes sense for sellers to also take advantage of the probability of attracting a ready buyer.
Perhaps more so than ever, we recommend staging and pricing strategically, with the goal of bringing as many buyers as possible through the door within the first few weeks and capturing their interest immediately. It’s important to analyze comparable sales data with a real estate professional who can advise you candidly about market trends, the optimal price in which to list your property, and any upgrades that will help facilitate your sale.
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.
