Does A Buyer’s Market Grow In Brooklyn?

Abstract

The UrbanDigs Market Pulse for the Brooklyn real estate market has dipped into buyer's market territory for the first time since the pandemic recovery began. A buyer's market in Brooklyn? The Market Pulse measures the ratio of pending sales to active listings to gauge the overall strength of the market. The underlying mechanics While the Pulse signals a weaker market, the underlying mechanics of the market have not really deteriorated. So while the technical definition of a buyer's market in Brooklyn may have been met, in reality, this market remains a tough nut for buyers to crack. The goal is to adjust to the market quickly versus waiting for the market to come to you, which is why it is just as important to have a plan if the market doesn't respond in the first two to three weeks. If you're a buyer who needs to buy, timing the market for a better opportunity later may not be the best idea. There are some forces against you: To conclude, while the Brooklyn Market may be flashing buyer's market indicators, the current level of supply and demand suggest otherwise.