Is NOW the right time to buy Real Estate?

Reasons to Buy

  1. Prices are have declined again - On average, prices are down 25% from 2017 numbers and values are now on par with the bottom of the 2007 recession.

  2. Interest rates are the lowest they have ever been - We are seeing purchasers looking at rates at or below 2.5% APR.

  3. Much less competition - This means you are more likely to win terms outside of price. Think of things like timing, post and pre-possession, closing costs, conditions, delivery requests, etc.

  4. You are king - Brokers, lawyers and bankers will roll out the red carpet for you. It is a buyer's market and all your service providers know it.

  5. Protection. Today you are going to receive more contingencies then ever before. Things like Funding and closing contingencies that will leave a buyer not only protected but with power over the deal once it is in contract.

Reasons not to buy

  1. Uncertainty - Will prices drop even further?

  2. Move-in challenges - Some buildings are still hampering their move in processes, not allowing any until further notice.

  3. Harder to see things in person - In some instances, you must buy over the internet, relying heavily on images and videos. You should be permitted to do a walk-thru prior to signing a contract and once again before closing.

  4. Virtual closings, virtual notaries and new bank rules - These things will undoubtedly cause headaches. They are all here to stay, but it will take the market time to get used to them and until that happens, problems will occur.

The answer to the question “Is now the right time to buy?" will be different for each person. Find out where you land. Many buyers will make once-in-a-lifetime deals during this season. Others will avoid making mistakes.

#Covid #RealEstate #NYCRealestate #NYC

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20 Rockefeller Plaza, New York, NY 10020 Tel: 212-641-3732

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