It is unusual for a property to sell for above market value. The market value usually begins the discussions and negotiations. The listing may supersede that number, but the value usually wins out. Market value is extremely subjective, and price fluctuations can occur based on certain reporting methods, the source of an appraisal, etc. Regardless of that, a certain market value window exists, and properties do not typically go above that.
Brooklyn is the exception. Brooklyn real estate is like a whole separate universe compared to how real estate traditionally works. Brooklyn properties are in absurdly high demand. It is not particularly uncommon for a Brooklyn property to sell above market value. It is almost unheard of in many cities. In Brooklyn, it is often expected.
Where is the Brooklyn market now? The city is far removed now from the near financial collapse years ago. It has bounced back slowly. Investors and retail home buyers are now asking the question, how far has it bounced back? Has it bounced back enough to get properties at market value with a Real Estate Lawyer in Brooklyn NY?
Market value is theoretical. The valuation is only as good as its source. Assumedly, anyone can state what they believe a home is worth. Also, consider that that number is often vastly different from the value they would pay for a home. Wise buyers go into a home purchase with an understanding of how close they want to stick to the market value and price range. Most markets consider the listing as a starting point, and negotiations will often bring that number down. Brooklyn properties often begin above market value (in the listing), and they are rather restrictive. Consider the demand, the type of people in the city, and the overall hard-headed and progressive business culture in Brooklyn.
It is a thrilling environment, but a competitive one. Work with a Real Estate Lawyer in Brooklyn NY that knows the business in every way, because that is the only acceptable experience. Speak with The Law Offices of Elan Wurtzel to learn about market fluctuations, the time to buy, and how Brooklyn is moving into the next 24 months with excitement. Watch our Youtube video for more info on our professional lawyers.
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