BUYERS OF PROPERTY IN NEW YORK: It could be “time”.
June 11th, 2007 category: Buyers
You’ve watched an adjustment in property values. Some people bought at a high; some bought when things were much better a few short years ago. Now, homes are waiting for you, having reacted to an overblown and frenzied market- they are settling down, these homes. Attainable pricing is back, and available, and your home is waiting…
If your mindset is that you’d prefer to get in on the make-big-bucks frenzy, you missed the boat for the short term. For the long term, however, a real estate purchase has proven, over and over again, to be a premium investment.
What is clear is that sellers have adjusted their pricing.
Hindsight is always best when viewing a real estate purchase. Markets tend to be cyclical. Seven years, give or take, and then…BOOM. A boom. If you bought at the top of a boom, relax- you likely purchased a home that (industry average) you will live in for seven years, and then sell. No coincidence, in my view, that you’ll make your next move when the market is “hot”- just a few years, and you’re ready to trade up.
If you desire home ownership, it’s available. No frenzied pace- just sellers that need to sell. Real estate is rarely just a financial investment. For your family, it’s a life experience, and your home will create memories that far eclipse any short term financial gain.
What’s key is a clear understanding of what a reasonable price on a home IS. When the numbers make sense, the house makes sense. You’re doing business with sellers that are very aware of the market drop. If it’s priced competitively for today’s market, make no mistake about it- they wish they’d sold a year and a half ago. That the house is available for less in such a short span of time is your gain. If it feels like “home” when you walk in, and it fits your budget, go for it.
The unknown involves interest rates. Today, you can enjoy a below 7% interest rate. If rates rise, then every month that you’ve debated has increases your payment, through no fault of “your home”.
Homes for sale on the North Fork of Long Island, New York: Riverhead, Jamesport, Aquebogue, Mattituck, Cutchogue, Laurel, Peconic, Southold, Greenport, East Marion and Orient, NY- are waiting. Call Options Realty- We’d love to help you locate “the one”… 631-727-2227.
2 Responses to “BUYERS OF PROPERTY IN NEW YORK: It could be “time”.”
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June 12th, 2007 at 11:27 pm
Good to hear your market is recovering. For most, real estate is a lingterm investment. Hopefully buyers will begin to realize that and not expect another run like we had in 05 and 06.
June 13th, 2007 at 10:12 am
Keith- balance seems to be the key, and sellers are looking at the current market conditions and understanding the change. Clearly, buyers have some great opportunities- good luck in your area, and thanks for visiting!