In response to an article from Crains magazine, it seems like buyers are facing a more difficult landscape trying to buy property in Brooklyn. Inventory is approximately 50% of what it was prior to the 2008 recession, prices are up 17% for the year, what’s a buyer to do?
Although this may seem self serving, it seems to me that Brooklyn real estate brokers still have plenty of property to sell and there are a significant amount of sales going on. My advise to serious buyers, is to check in consistently with several active neighborhood brokers. Remember, the squeaky wheel gets oiled. Checking in every other week with 3 or 4 busy brokers will keep you at the top of their list.
Know what you want! This is not a market for tire kickers. When a broker calls you with a property that matches your criteria, be decisive. Get in there, make your qualified bid, and be prepared to sign a contract. I’ve seen many buyers dilly dally after seeing a home, and then come to the decision that they want it a few days later, and ta da, it’s sold to someone else.
So finally, in response to Crains, you don’t require good luck, but a little luck never hurt anyone. Be prepared, be communicative, and be decisive. Do that, and you shouldn’t have a problem buying in Brooklyn.