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Bidding wars grow in Brooklyn

Looking to buy a home in Brooklyn? Get ready for a bidding war.

Everybody wants a piece of Brooklyn.

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It’s no news that Brooklyn has become just as pricy as Manhattan. But for those of you holding on to the dream of owning in the popular outer borough, there’s some more bad news.

Local real estate authority StreetEasy just released its Q2 2015 market reports and according to Alan Lightfeldt, StreetEasy Data Scientist, in order to score a home you have to play ball.


“Sellers are still in the driver’s seat with buyers eager to lock in low mortgage interest rates and willing to enter into bidding wars to nail down a home,” he said.


With bidding wars, the sale-to-list price ratios are at or above 100 percent, meaning sellers are getting either full asking price or more. Homes in Park Slope and Prospect Heights sold for 4 percent above asking price, and homes in Crown Heights sold for almost 2 percent above asking price according to the report.

And while the report indicated the Brooklyn Price Index reached an all-time high of $526,474 — with prices growing by 4.1 percent — and homes in the borough were quicker to sell than even Manhattan, there is one bright spot.

For those who can't afford to buy: Brooklyn rents dipped in the second quarter. Two-bedroom rentals saw the greatest price drop, with the median asking rent declining 7.4 percent from last year to $2,500.


 

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