Multiple bidding is occurring with increasing frequency especially for entry level homes and well priced properties under $2M. As competition heats up, it’s worthwhile to review four competitive bidding tips.
A heated bipartisan debate began earlier this month in the House and Senate over proposed changes to the Federal tax code. While it’s too soon to predict exactly how a revised structure will play out, tax incentives for homeownership are in jeopardy. How will reducing and maybe even eliminating tax benefits for owning a home affect our housing market?
Numbers tell only part of the story. At the end of each quarter, we’re showered with statistical reports that require us to consider the macro and the micro of our market. Yet each neighborhood and even each building has its own contextual history. To best serve buyers and sellers, agents need to dig deeply into quarterly reports and then plough even deeper into individual comps, examining both sold and current properties to scrutinize every factor that influences a sale including condition, staging, monthly carrying charges, price drops, time on the market and extenuating circumstances.
According to nyc.gov, Bedford-Stuyvesant measures 2.782 square miles and has a population of 154,332: 64% black, 20% Hispanic, 11% white, 5% other. Occupying north central Brooklyn with Crown Heights to the north, Clinton Hill to the east, Williamsburg to the south and Bushwick to the west, Bed-Stuy is a small fraction of its parent Brooklyn borough which totals 71 square miles and 2,629,150 residents. Its housing stock, dominated by an estimated 6,000 3-4 story townhouses that date mostly from the late 19th century, is increasingly attracting more and more homebuyers who feel priced out of the other residential markets as well as U.S. and foreign investors looking for steady return and appreciation.
Buying a home for the first time in New York City, one of the nation’s most complex and competitive real estate markets, can be a daunting and overwhelming experience. But it doesn't have to be. Real estate novices are advised to collaborate with an experienced professional who will narrow the multitude of choices, minimize the stresses and streamline the process from start to closing.