Brooklyn Real Estate Q&A and Info

According to an article posted on the New York Post Website, home sales in Brooklyn have dropped sharply compared to the same time last year.  “They’re down a staggering 43.6 percent in the last 12 months” the article states. 

The article futher adds that some of the hardest-hit neighborhoods in Brooklyn are Crown Heights, East New York and Bedford-Stuyvesant, where the number of sales dropped 53.7 percent and median prices plunged from $561,350 to $499,902.  

What does this mean for you?  If you plan on selling a property in Brooklyn it means that you’ll be getting less money then you would have a year ago.  If you’re serious about selling, putting your property up for sale at the correct price is essential.  For a comprehensive evaluation of how much your property is worth right now, fill out my Home Evaluation Form.  Its free and there’s no obligation.

If you’re planning on buying, it means a property in Brooklyn, in Crown Heights or Bedford Stuyvesant in particular, are more affordable then ever.  Its a great time to buy!  If you’re interested, use the form below to set up an appointment so we can get the ball rolling and get you into your new home.

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If you want to send potential buyers running for the hills, having offensive odors meet them at the door is a great way to do it.

I recently had an open house at a home that always smelled fine on all the other occasions that I visited it, but this particular Sunday afternoon, the house smelled like pee.  As tactfully as I could, I asked the homeowner about the “slight urine smell”.  She quickly answered that her youngest son often peed the bed, and she just didn’t have time to do laundry that weekend.  Sure enough, as I went toward her son’s bedroom, my eyes began to water.  Air freshener didn’t help, and removing the offending linen seemed to be too little too late.

Needless to say, the home was not sold that day.  First impressions in real estate sales is almost everything (pricing is more important, but that’s another blog entry), so when you’re planning to sell your home, give it a good sniff in every room (don’t forget the basement).  If you can detect any bad odors such as mold, cat or dog smells, cigarette or cigar smoke, or strong food odors like garlic, then its time to take measures to correct the problem.

Often times, a good scrubbing is all your home needs.   Soft surfaces hold odors so cleaning carpets, curtains, bed linens and other fabrics will often solve pet and food odor problems.   Cleaning (or removing) ashtrays, mopping floors and wiping down walls, in addition to cleaning all soft surfaces, will often eliminate or reduce the stale cigarette smell left behind by smoking.  However some odors require the replacement of old carpets or the priming and painting of walls to remove them.

If you want to get the best possible price for your home, preparation before every showing is essential, and part of that preparation is to eliminate any offensive odors.

There are over 3,500 properties for sale in Brooklyn on the local MLS alone, and that number doesn’t include FSBOs and properties for sale that never make it to the MLS.  Competition right now is fierce, so if you want to increase the odds of getting your property sold, make sure that your real estate professional, and any other realtor who wants to show your property, gets access quickly. 

Do you insist on 48 hours notice? - We all have very busy lives these days, but the last thing you want is for potential buyers to fall in love with another property before they ever get the chance to see yours.  Buyers won’t wait around to see your property, so do everything you can to make your property available for showings within a day or two of the request.

Do you have a multifamily home with tenants who make showing their apartment difficult? - Do everything in your power to get them to cooperate.  One landlord offered a $25 credit to be applied to her uncooperative tenant’s rent every time she made her apartment available for open houses. 

Remember, in a tough market like we’re experiencing right now, access is key.  Don’t let a potential buyer get away!  The easier it is for buyers to see your property, the sooner it will get sold.

The New York Daily News reports that according to the Real Estate Board of New York’s quarterly report, the average home price in Brooklyn fell 3% to $582,000 for the first three months of 2008.   In contrast, apartment prices rose 13%.  Good news for all the Condo and Co-op owners.

The same report shows that Manhattan Real Estate prices have continued to soar, with the average home price reaching a record $1.6 million .  The board said the prices of co-ops, condos and townhouses were up a staggering 41% over the $1.1million in the first quarter of 2007.   Congratulation to all you Manhattanites.

Considering the subprime mess that has caused Real Estate prices around the country to take a nose dive, this is the number one question anyone thinking about selling their home has on their mind.

Well, I guess the answer to that question depends on why you want to sell.  Truthfully, If you really don’t need to sell and maximizing the amount of money you get for your home is very important to you, then its probably better for you to wait until prices recover.  Unforunately, you could be waiting a while.  Economists predict that we shouldn’t expect to see a “turn in the market” until late 2008 or even early 2009. 

However, if you really need to move, or if you have so much equity in your home that getting a lower price then you would have 6 months ago doesn’t faze you, then now is as good a time to sell as any.

The main thing you’ll need to do to get you home to sell quickly is to price it right.  Just because “Joe”, who used to owne a house on the same block that is very similar to yours, said he sold his house for x amount of dollars, doesn’t mean you’ll get the same price (and truthfully he could be exaggerating).  When your neighbor sold has a lot to do with what price he got for his property.  If it was during the “real estate bubble” he got top dollar and now that the bubble has burst, you shouldn’t expect to get the same. 

The best thing to do is to find a Real Estate professional who has knowledge of your area and get him or her to do a CMA (Comparative Market Analysis) so that you can get a realistically idea of what your home will sell for.  Don’t let the news of doom and gloom scare you.  Do your homework and you’ll be able to sell your home successfully no matter what the economy is.