Archive for the ‘Brooklyn’ Category
Brooklyn foreclosure homes: How to get the deal?
Wednesday, February 3rd, 2010Brooklyn foreclosure homes are a great asset for those planning to make profitable home investments. The city has a large transportation and educational system which favors living. There are also big corporations employing many people and hence the city is ideal for people wishing to settle in. Foreclosure homes help you settle at affordable prices. These homes come at half the market price and hence one can save a lot of money besides enjoying instant equity and the provision of a readymade built in home.
Foreclosure homes find listings in the county office. But one needs a lot of patience and time to browse through these listings and find the best home. The classified ads do not advertise these properties like that of the real estate homes and so the best way to get a reliable and comprehensive list is though the online resources. There are a number of real estate websites which update the foreclosure list frequently. On subscribing to any of the agencies you get their services for payment of a small fee. One can also use the free listings. For instance, the government foreclosure listings found in the official government websites come absolutely free of cost. These homes come for very low prices and are also very secure homes since the foreclosure proceedings would have taken place judicially. But these homes may need little renovation and repair work. So before buying the home, visit the home once, inspect it, estimate the costs and calculate the profit and propose your bid accordingly. Hire a real estate agent who is licensed to deal with these properties. The contact information of these agents can be obtained from the websites. Submit your bid through the agent.
One can also buy the homes in the government foreclosure listings at government foreclosure auctions. Here, one needs to bid the highest amount to acquire the property. Upon acquiring rights to the property, 10% down payment needs to be made immediately. The rest of the money should be settled in a month. As one is not entitled to apply for mortgages for buying foreclosed properties, it is wise to make proper financial arrangements before the auction. Reviewing the market prices will help a lot in buying a profitable purchase of the Brooklyn foreclosure homes.
Average Price for homes can not be Overlooked while investing in Brooklyn Foreclosures
Friday, October 2nd, 2009Investing in real estate is not a simple thing especially if you are interested in foreclosures. It is a fact that almost all of the cities are currently experiencing an overwhelming increase in foreclosed properties and Brooklyn is not an exception at all. But, it is a fact that you have to think hard before investing in Brooklyn foreclosures.
When it comes to investing in foreclosures, you must keep in mind that there is nothing as important as considering the recent changes in real estate market. Here, it is better to take a look on the real estate market of Brooklyn from 2007. That was the time when residential real estate market was quite strong in Brooklyn, though few ups and downs were there in number of sales.
According to report presented by HMS Associates, it was found that average sales price in Brooklyn rose by 4% in total. But, it is crucial to know that the rise in average sales price was more in the third quarter which was up to 12%. Now, that’s the average price in 2007 but you must also take average price for 2009 into consideration. Following is the chart to provide you some more information about the rise and fall in average price during the 2009.
This chart is taken from Trulia.com to let you understand the average price in 2009. You can see that there was a clear increase in price from Feb 11 till Feb 18 and price touched the $670 K limit. But, decrease in average price was also quite overwhelming and price touched the $666K. After this decline, the price started to rise again till Mar 04 and touched $ 672K.
With this increase in price, average price was $671,793. It is however quite fascinating to see that there was a decrease in the average price per square foot. In fact, the price was $286 which was a decrease of 13.9%. This rise and fall in average price affects the median price which creates an impact on Brooklyn foreclosures.
As a whole, it can easily be said that average price is crucial to consider. After taking a look at these price changes, everyone can gather the fact that the real estate market of Brooklyn is subjected to big changes. The rise and fall in price can be severe within no time, and that’s the reason why it is extremely important to conduct a research before investing in real estate or Brooklyn foreclosures.
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