Shopping around for real estate is all about timing. It is when you go, when you want to sell, when you look to buy. All of this comes back and plays a very big impact into the overall kind of home you are able to afford and even the kind of home on the market. In the New York apartments for rent market, there are always new trends moving through the region. At Town Residential, they want to make sure you are always able to not only land the best luxury home (or sell your luxury home) but also understand what the market intends on doing. This way, you know whether or not you should stop, buy a house now, or if you are able to take your time.
Currently, as Town Residential points out, the New York real estate has shifted down. The property values are not expected to move up or down in the coming months, which means both buyers and sellers can take their time. Now, if you find a house you really like you should still move on it, because there is always the chance it is sold to another buyer. It simply means you don’t need to settle on a house you don’t really like simply because the market is going to jump up sometime in the near future. With that being said though, interest rates are likely going to inch up over the next several months. So, you might see a quarter of a percentage point increase over this time. In the high-end real estate market, this can end up costing you tens of thousands of dollars more over the course of a 30 year mortgage, so it is something to keep in the back of your head, but again, never just buy a house to buy a house.
Lastly, due to the leveling off of the real estate market, you are likely not going to land a deal on a property. Unless someone is desperate to sell or the house is in really bad shape, most deals are not going to materialize, which means you’ll need to pay closer to asking price.