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Brooklyn Real Estate Analysis – Look Before You Buy

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Ah, that excitement of buying a home only comes around once or twice in a lifetime. Three times if we are lucky. Everyone who has ever bought a property knows that besides that excitement, there are also a lot of things to be taken into consideration. Unfortunately, they are easily overlooked and can lead to horrific financial consequences. Therefore, we here at U.Santini Moving & Storage have decided to help you out in your time of need. Our Brooklyn real estate analysis will give you a better insight into what you need to do prior to paying a deposit on a property. Pay attention!

Brooklyn Real Estate Analysis

Brooklyn’s real estate market has experienced notable shifts in 2024. The median home sale price in Brooklyn stands at $850,000, reflecting a 10.1% year-over-year increase. This surge highlights a robust demand despite the broader economic uncertainties. The median price per square foot is $860, slightly down by 3.6% from the previous year.

men conducting Brooklyn real estate analysis
Conducting Brooklyn real estate analysis is not easy, but it is necessary

Sales Trends

The number of properties sold has dramatically increased, with 1,193 transactions representing a 107.1% rise year-over-year. Homes are moving quickly, typically going into pending status within 23 days, indicating a highly competitive market where bidding wars are common. If you’re considering moving to New York, Brooklyn’s vibrant market presents both opportunities and challenges. The competition for homes is fierce, and buyers need to act fast to secure properties.

Neighborhood Insights

Brooklyn’s rental market shows mixed trends across different neighborhoods. Rental prices for studios and one-bedroom units have increased by 3.27% and 3.67%, respectively, while two-bedroom unit prices have slightly decreased by 0.77%. Overall, rental prices have risen by 2.43% compared to last year. Notably, Dumbo continues to be the most expensive area for rentals, with studio prices averaging $3,976 and two-bedroom units at $7,205. In contrast, Bay Ridge offers more affordable options, with studios averaging $1,781. If you’re planning a move within the borough, Brooklyn local movers can help you navigate the diverse neighborhoods and find the best rental options that suit your budget and lifestyle.

Home Prices by Neighborhood

Different neighborhoods exhibit varying price trends. For instance, Crown Heights and Park Slope have seen significant price increases, with rental prices rising by 4.09% and 3.57%, respectively. Conversely, areas like Downtown Brooklyn and Greenpoint have experienced slight decreases in rental prices.

Factors Influencing the Market

For those looking to relocate to or from Brooklyn, Brooklyn long distance movers suggest you pay attention to several factors that can contribute to the current market dynamics in Brooklyn:

  • Interest Rates: The increase in mortgage rates has impacted purchasing power, potentially reducing the pool of qualified buyers. However, the overall demand remains strong due to Brooklyn’s desirable living conditions.
  • Economic Conditions: Broader economic trends, including employment rates and economic growth, continue to influence the real estate market. Brooklyn’s resilience amidst these factors underscores its appeal.
  • Local Amenities: Proximity to parks, schools, and public transport significantly boosts property values in Brooklyn. Neighborhoods with robust amenities tend to attract more buyers and renters.
looking at a door while conducting Brooklyn real estate analysis
Many factors contribute the the value of the property

Environmental Considerations

Brooklyn faces several environmental challenges that can affect real estate:

  • Flood Risk: Approximately 23% of properties in Brooklyn are at risk of severe flooding over the next 30 years. This factor is crucial for buyers and investors to consider, especially in waterfront areas.
  • Heat Risk: Due to increasing temperatures, 69% of homes in Brooklyn are at severe risk of heat-related impacts. This trend is expected to intensify, with the number of days over 98°F projected to more than double in the next 30 years.

Future Outlook

The Brooklyn real estate market is expected to continue its growth trajectory, albeit at a potentially slower pace. Experts forecast a slight dip of 2.2% by April 2025, which reflects a natural market correction after the recent rapid growth. Long-term prospects remain positive, with Brooklyn’s appeal as a dynamic and desirable place to live likely sustaining property value appreciation.

Your Brooklyn Real Estate Analysis Begins After Making a Decision

Everything starts with a decision to do something, in this case, to buy a property. We are sure you already know that you should not be taking something such as buying a real estate lightly. This is by far the most expensive purchase you will make in your life. Therefore, before making a final decision, you need to be sure you have thought about the following things:

  • Will I be moving soon?
  • Is buying a better choice for me than renting?
  • Am I emotionally ready to become a homeowner?
  • And will I be able to financially support my Brooklyn real estate analysis and everything that comes with it?

If, at the end of the day, you are sure that moving to Brooklyn and buying a house is the right thing for you, stay with us. We are about to tell you how to perform your own analysis of the Brooklyn real estate market. 

woman doing Brooklyn real estate analysis
Think well before you decide

What Makes a “Perfect Place”

There are, in essence, three things that will make that place your trusted and all-around residential movers in Brooklyn move you to “perfect”. These three important features are as follows:

  • Size – The size is rather important for obvious reasons. The bigger the size, the more living space and the more comfortable living. However, it is good to know that nowadays, there are a lot of good ways to live in cozy spaces with relative ease.
  • Location – In the same way location is so essential for Brooklyn, it is important for your place to. You ought to find a place near the subway or any other logistical line. This will help you immeasurably.
  • Prize – This one is directly influenced by the aforementioned. Best among tips for first-time Brooklyn homebuyers? Don’t go over budget… NYC isn’t cheap, and it is not getting cheaper.
A key in the lock.
There are a lot of things you need to do before becoming a homeowner in Brooklyn.

Take an Early Start on Brooklyn Apartment Hunting

Planning your NYC relocation is not something you do overnight. Preparation well in advance can determine whether you will be living in a Brooklyn double-bedroom apartment or a New Jersey house. And even though you might think that it’s all the same, it’s not. Even though you can find a whole lot of neighborhoods and opportunities in New York, not every one of those is suitable for you personally. It also depends on the location from which you are moving. If you are moving from a place far away, then you should check out some long distance movers in NYC so that you can find the best offer. Not all neighborhoods are that affordable or even that desirable for a new home. So before you even start packing all your life possessions for that Brooklyn apartment fishing project, be sure to research your destination. And this is something you should do a couple of months in advance.

Decide on the Location

Yes, we already know that you are moving to Brooklyn, but Brooklyn is a big borough. Five times bigger than Manhattan to be precise. This means that there are a lot of different places for life in Brooklyn. From brownstone blocks to hip and fancy places throughout Williamsburg and Dumbo, Brooklyn has it all. 

Therefore, to be able to perform a real estate analysis on a couple of houses, you first need to decide where you want to look for them. Naturally, the median house prices will vary around different neighborhoods. It is a good idea to get familiar with what you can afford first. There is no point in getting your hopes up and falling in love with a house if you cannot afford it.

Woman researching Brooklyn Real Estate
Brooklyn real estate analysis begins with the right location!

Research Neighborhood Amenities and Quality

Before you move to your new property with the help of movers New York, you’ll need to research its neighborhood. Street View by Google Maps is a great tool to use to do real estate analysis of the Brooklyn market and narrow down your new property without leaving your home. If the house is near a major highway or garbage dump, you can just remove it from your list and take a look at the next one.

Other neighborhood amenities and qualities that affect the value of the property are closeness to public transportation, proximity to shopping and schools, as well as nearby recreational amenities such as beaches and parks. If you’re not familiar with the neighborhood and where the property is located, this research is going to be very useful and can be a big factor when deciding whether or not you should buy it. We all have basic needs in everyday life, and a lot of them are linked to a good infrastructure where we live. Without a doubt, security is an important problem in today’s world. So, make sure to evaluate the crime rate in the neighborhood and find out how your lifestyle might or might not be influenced by problems like this.

An Apartment or a House?

Another decision to make before being able to perform an analysis is deciding whether to buy an apartment or a house. There are a lot of pros and cons to buying both a house and an apartment. Only you can decide which one is the right choice for you. Of course, a lot depends on your financial state of affairs. Also, your family is another thing to take into consideration when buying a property in Brooklyn. It is a fact that large families function better in bigger houses. Moving with family is much different than moving alone. The important thing is to choose one option and stick with it. You will waste a lot of time by being indecisive. 

Shortlisting Your Options Will Help with the Brooklyn Real Estate Analysis

After deciding on the location and on the type of property, the time has come to choose a few favorites. It is always good to have a couple of options. However, too many options are a recipe for disaster. Whether you are working with a real estate agent, or by yourself, you can easily find properties for sale in Brooklyn. Just search the Internet and you will find more than enough sites that contain all of the information about the real estate market at that moment. After deciding which properties you are interested in, it is high time to visit open houses. A Brooklyn real estate analysis can only be performed when going through the house in person

Kitchen of house
Visiting open houses is a must!

Visit Open Houses and Perform a Real Estate Analysis

An open house is the deciding moment of your property purchase. By seeing the house, you will know whether you feel right at home or not. It is important to visit a property more than once. Moreover, it is advisable to visit once during the work week, and once on the weekend. It will give you a chance to see the neighborhood realistically. After all, the neighborhood is an important factor in your Brooklyn real estate analysis.

Finally, when visiting a house, there are certain things you need to do. Here they are:

  • Check whether there is enough storage space in the closet.
  • Pay attention to the curb appeal of the property.
  • Check whether the roof and flooring need fixing, as these are expensive renovations.
  • Ask about the latest improvements and renovations done to the property.
  • Find out what the monthly utilities are.

Also, don’t be ashamed to ask questions. There are no wrong questions when it comes to buying real estate. 

A Real Estate Agent Showing a Brooklyn House Interior
Make sure to visit the home planning on buying. By doing this, you’ll know if you feel right at home or not.

Evaluate the Building, Land, and Location

More strategic issues also need to be evaluated, especially with a view to the future of the neighborhood where the property is located. It’s important to evaluate the land, and understand if in that space there are going to be more explored areas. For example, the construction of new real estate projects near your property. Another important factor of Brooklyn real estate analysis is the location of the property because it impacts its value. Neighborhoods that go through urban growth and expansion will have a better appreciation down the road. This is very important because, after all, the property is a heritage. Always try to evaluate the neighborhood, where the building was built, and its surroundings.

Find a Good Real Estate Agent

When doing a real estate analysis in Brooklyn, real estate agents are important. They will give you helpful information on houses, apartments, and neighborhoods that are not easily accessible to the public. The knowledge they possess of the process when buying a home, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And the best part is that a real estate agent won’t cost you anything. They are paid back from the commission paid by the house seller.

Get a Home Inspection

Typically, purchase offers are contingent on a home inspection of the property to see if there is any kind of damage or things that might has to be fixed. The real estate agent will most likely help you arrange to have this inspection conducted within a few days of your offer being accepted by the seller. The contingency can protect you by giving you a chance to withdraw your offer or renegotiate or it without penalty if the inspection finds any severe material damage. Both the seller and you are going to get a report on the home inspection’s findings. Then you can make a decision if you want to ask the seller if he will fix anything on the property before closing the deal. Before the deal closes, you’ll walk through the house. This will give you a chance to confirm if any agreed repairs have been done.

Make Sure it Supports the Dimension Needs

Analyzing the property’s dimensions is also important when doing a Brooklyn real estate analysis. If you’re starting your life alone, without a spouse, or kids, maybe your needs are less in this regard. A big home will take more work to keep clean and organized. That would take effort, time, and worries that may not be important at the moment. However, bigger families will need a home that can comfortably accommodate everyone, which demands something with more space. From there, choose a home that will fit your space needs well. Also, remember that these issues are going to affect the final price.

Researching on a computer
Make sure to analyze the property’s dimensions.

Learn about the Purchase Conditions

Before you hire movers in Downtown Brooklyn to help you move to your new home, you’ll need to learn about purchase conditions. The purchase conditions are also important when making the decision to buy real estate. Analyzing Brooklin real estate also involves knowing how you can complete the purchase in a way that is comfortable, according to your financial possibilities and limitations. Financing is usually a common and useful choice, but it’s not the only option. Even though the cash purchase, needs lots of time savings, it is a possibility as well. In this case, better understand if there is some kind of discount that justifies full payment. Evaluate the purchase conditions, as well as what advantages they offer, and decide which one is the best for you.

Find out if the Property Meets Legal Requirements

Every construction must have legal requirements. These requirements need to be met and also, and this is the direct responsibility of the builder. Bigger companies that have experience in the market, won’t have problems like this, because they’re highly concerned with their legal responsibilities. Therefore, the first step is finding this type of construction company. Either way, always ensure compliance with these legal requirements. Make sure to ask the construction company to give you all documentation of the property as well as authorizations for construction in that area. Even though this may seem laborious and detailed, we’re talking about your next home.

Put your negotiation skills to good use

Once you spot an opportunity, it is important not to agree on the price before trying to reduce it a bit. Therefore, you always try to negotiate with a landlord in order to get a better deal. Sometimes, they are willing to reduce the price if you are willing to pay a couple of months in advance. And if you have that option, it could be your wild card in these negotiations.

There is a possibility that you will find a good offer, but active only for a short period of time. This will mean that you will need to move fast. And you must be prepared for such events. Therefore, make sure you can pack and move on short notice. A smart thing to do is to get some moving boxes Brooklyn movers provide, while you are still looking for an apartment. This way, nothing will surprise you, and you’ll manage to get a great deal.

Hire a Reputable Moving Company

After you have done your analysis of the real estate market in Brooklyn and have chosen a house for you, it is time to move in. Luckily, there are a lot of movers NYC-based, so we do not see you having trouble finding the right ones for your needs.  

Movers moving a couch
Fear not for your loaded boxes, as they are in good hands with our capable local movers.

While every borough has its own specialized movers, we consider our local movers in NYC to be among the very best! You can trust them to take good care of your precious belongings.

Final Thoughts on Brooklyn Real Estate Analysis

That would be our short guide on how to perform your very own Brooklyn real estate analysis. As you can see, Brooklyn’s real estate market in 2024 is characterized by high demand, rising prices, and competitive conditions. Buyers and renters need to be strategic and informed to navigate this dynamic landscape successfully. Whether moving locally or from afar, understanding these trends and leveraging professional moving services can make the process more manageable and rewarding.

These guys are TRUE PROFESSIONALS! We've now moved with them twice (once in 2017 and then again this week) and we really can't say enough good things about them. Simi is incredibly easy to work with for scheduling and quotes, and the crews - John, Super Mario, and everyone - are just awesome. They're quick, incredibly careful and conscientious, and super friendly. If we ever move again (and god I hope we don't have to) we're absolutely calling them.

Allison "Elnoods" N.

From Brooklyn, NY

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CALL: 718-768-6778

Frequently Asked Questions

At U.Santini Moving & Storage Brooklyn, we've earned our reputation through honesty and transparency. We're here to address all your questions and provide peace of mind as you choose our moving services in Brooklyn.

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Does U.Santini Moving & Storage offer insurance?

Absolutely! We offer various types of insurance to protect your belongings, including a full replacement option. The cost depends on how much your things are worth and the deductible you choose.

How soon should I schedule my move?

It's a good idea to book your moving company at least 8 weeks before your move. If you're moving during the holidays or in the summer, it's best to schedule it 12 weeks ahead. But if your move is between September and May, you can often book movers with just 2 weeks' notice. The key is to secure your moving crew as soon as you have all the details about your move.

Do you provide packing supplies?

Yes, we do. Along with the necessary boxes and packing materials for your move, we offer various 'Saver' packages tailored to the size of your home. If you don't use all the boxes you purchased, you can return them to our team after the move, and we'll refund the unused portion.

What type of storage do you offer?

At U. Santini Moving & Storage Brooklyn, we offer complete storage solutions in climate-controlled units. Our units are monitored 24/7 to keep your belongings safe, whether you need short-term or long-term storage. We even provide storage options for very short durations, including as little as 24 hours.

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