Forum
« Manny Lassalle KITCHEN RENOVATION: MARBLE COUNTERTOPS »
December 8, 2007
Advice Needed: First Time home buyer
As someone who is looking to purchase a home for the first time, I am having a difficulty trying to seperate the truth from reality. It seems to me that co-op/ condo prices have continued to go up despite the housing problem that is affecting the rest of the U.S. I've been waiting since 2004 for the market to level out - it never happened. Now I am hearing that it will happen in Q2 2008. I'd like to know if people think that prices will continue to rise in Bklyn/ queens or if 2008 will be a buyers market. Thanks!
Comments
Trying to time the market, especially in NYC is sheer folley. Buy when you are comfortable you have enough money and find a place you really like.
Paying attention to ever-shifting market forces and trying to time the lowest point in the market will keep you on the sidelines forever.
Posted by: newsouthsloper at December 8, 2007 11:32 AM
"I've been waiting since 2004 for the market to level out - it never happened."
Are you serious? You've been waiting to buy since 2004? That's insane. Like previous poster said, don't try to time the market. If you see a place you love and want, make your best bid (what it's worth to you) and that's it.
Posted by: guest at December 8, 2007 11:51 AM
Prices WILL NOT continue to rise in 2008 in Brooklyn or Queens. But that doesn't mean the market will tank either.
Posted by: guest at December 8, 2007 11:56 AM
prices have leveled off. adjust your reality.
Posted by: guest at December 8, 2007 2:14 PM
" been waiting since 2004" ?
Well gosh, you're as Skittish as a long tailed cat in a room full of rocking chairs.
Posted by: Rick at December 8, 2007 3:24 PM
Buy what you can afford and don't treat your house like you are flipping Amazon shares.
Posted by: guest at December 10, 2007 10:20 AM
The problem with prices possibly going down in 2008 is people with properties you'd actually enjoy living in, will hold off on selling until the market recovers a bit. So the inventory of existing houses, older coops and condos gets low. If you are thinking about buying a new construction condo though, wait for 2008 then offer lower than asking and try and pick up a bargain in a building where they've had trouble selling all the units. There is and will be a glut of new condos on the market in Brooklyn.
Posted by: guest at December 11, 2007 12:09 AM
Post a comment
Please be patient while your comment is published. It may take a moment.