So let's get down to it!  Last year was a rollercoaster for the New York City market.  At first we couldn't even give away certain apartments and then we sky rocketed to one of the best year's yet with apartments going over ask, inventory shortages, and cut throat bidding wars.  

 

Every broker will tell you the time to buy is NOW (it is), but a few things to consider if you are thinking of dipping into New York City: 

 

1) Lock in your rate NOW.  Rates are most certainly going to go up this year so best to lock in a decent rate if you are thinking of purchasing in the next quarter. 

 

2) Prices are also expected to rise; much like everything else going up in price.  The first half of 2021 was volume recovery: the second half was pricing recovery. As inventories shrink and replacement costs rise, expect home prices to rise too.  Seasonal cycles still affect the home buying process so might be a great time while it's cold and people are traveling to warmer climates.  Less competition! 

 

3) If you are currently a renter and have perhaps toyed with the idea of making a purchase, now might be a great time to crunch some numbers.  The rental market is at an all time high like I have never seen it before and will likely continue to rise into the spring, so instead of continuing to pay a high rent, perhaps a purchase might make better sense.  Especially if you are in NYC for the long haul or to become a landlord yourself and have those rents coming in!

 

4) The idea of home has changed quite a bit in the last two years and so have our work patterns.  Maybe you need an extra space to have a real hybrid work from home area or perhaps you have always wanted to check out a new neighborhood.  With a shake up, comes opportunity.  Take the chance!

 

5) The great news is that you don't have to do it alone!  Purchasing a home takes a skilled and knowledgeable team of professionals to get you from starting line to the closing table.  From your mortgage broker (unless cash), to real estate attorney, and of course savvy broker, everyone is here to help you along the way.  Taking time to assemble a team and getting all of your ducks in a row, will give you the best shot of landing your dream home when you walk into the space. 

 

Questions?  Contact me if you like some more information on the current market, want clarification on something or just want to chat!  Happy New Year!