is it a home buyers market in new york city?

i am looking to buy a co-op and the ones that i have seen are priced fairly, but i feel that the interest rates on mortgages now are kind of high at 6-7%. is it an ideal time to buy? should i wait till the mortgage rates go down?

another thing is that iam looking in nyc, but i heard that house apraisals in Long island have been droping is this good or bad? and how does that affect the mortgage rates?

By | 2013-08-26T23:19:07+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|4 Comments

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4 Comments

  1. evelinka420 August 27, 2013 at 1:34 AM - Reply

    Hi. My fiance and I are in the process of buying a co-op right now too lolz. We already found a place and are about to file paperwork with the board. We had the same fears and questions as you, but after much research and talking to different people… we know this is a great time to BUY as prices are very low. Interest rates are actually not high if you look at the history. When my parents bought a house in the mid 90s, their interest rate was over 8%. Usually, when it is a seller’s market interest rates tend to be lower and when it is a buyers market they tend to be higher — pretty much even each other out— if you get a cheaper selling price u pay mor ein interest and vice versa.
    However, they are slowly creeping up so if you may want to lock in your rate…
    If you have questions, email me at evelina420 at aol.com

  2. tianaramal August 27, 2013 at 1:07 AM - Reply

    I’m an appraiser in Long Island and the NYC area. Home prices in LI have taken a little bit of a dip but it depends on what area. It is a buyers market and that’s good. I’ve seen houses worth $400,000 take offers at $350,000. That’s around 10% below market. Honestly, mortgage rates are pretty good. Pre 9/11 they were 8%+ so it is still relatively low. Just make offers below market and see what happens. The trick is to know what the true value of the property is and offer accordingly. I’m offering about 15-20% below market to try and get a steal. In 2004/2005 there were crazy bidding wars and people overpaid. Now it has calmed down and you have options. I would take my time and make crazy offers on properties till you get a bite.

  3. NY PTK August 27, 2013 at 12:15 AM - Reply

    If you can find a home on LI that suits you, do it. The Manhattan market is very much alive right now and the average price is just under $1M. Suffolk county (as far as Ronkonkoma) provides you a 1:30 train ride into Penn Station for a commute.The market is not bad for an average (excluding the Hamptons) of $400K.

    Housing inventories are up on LI and it is a great time to be a buyer for the next 12 months at least. Mortgage rates are currently stable (the Fed is still keeping them the same) and you will have the power to bid lower then in Manhattan…and seal your deal!

    If you need any referrals on LI or Manhattan, email me.

  4. beachlover August 26, 2013 at 11:21 PM - Reply

    its a buyers market and the lower appraisals force sellers to ask a lower amount

    none of this affects your interest rate only the amount you are willing to put down and your credit rating. now is a great time to buy if you can find a lender that will give you a great rate.

    my favorate is http://www.directlendingplanet.com
    no middlemen here to pay and they give you the bests rates.

    i had a friend refinance with them and they saved him 120k in adden interest just by getting them a fantastic rate. the articles can save you and its the only place i know of that gives you straight answers im sure this company is not making friends with brokers but my friend sure loves them

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