Prices will go down?

Thanks for the comments. I'm definitely not looking to buy an investment property, just my own place. Because my budget is limited, I would be willing to wait if I can get a better place for the same money in a few months. But I have to agree with what you are saying...trying to time the market is not going to work.

Posted by: poiuy at September 21, 2007 5:00 PM in response to Prices will go down?

Hey 5:08, in a way what you are saying is true. This will be my first place and I don't think I'll be there for the next 10 years or something (though you never know).

I don't think of it as an investment simply because I'm truly interested in finding a place I can be happy in for, say, the next 4 or 5 years at least. If when I sell it in a few years I make a profit, hey I won't complain. But right now I just want my own place.

Posted by: poiuy at September 21, 2007 5:22 PM in response to Prices will go down?

Many people who buy coops and condos do so primarily as an investment, even if they live there, because they are buying their first property, and can predict that they will want to sell in just a few short years so yeah, that is buing primarily as an investment, if they are trying to be sure that they won't lose money on the sale when they sell in a few short years. Many hold on only to these apartments only two years before they move on to something bigger, and aren't interested in holding the property for the long run. I have found those are the usually ones who, like the poster, are trying to time the market. Others are just looking for a home they can see being happy in a decade from now, and aren't so worried about interim price fluctuations.

Posted by: guest at September 21, 2007 5:08 PM in response to Prices will go down?

Well the original poster very clearly just stated they are not looking for an investment, they are looking for a home.

Everyone, in an ideal world wants to try to time the market. No one likes to overpay for things they don't have to.

You might want to quit while you're behind, 5:08.

Posted by: guest at September 21, 2007 5:18 PM in response to Prices will go down?

Hey 5:08, in a way what you are saying is true. This will be my first place and I don't think I'll be there for the next 10 years or something (though you never know).

I don't think of it as an investment simply because I'm truly interested in finding a place I can be happy in for, say, the next 4 or 5 years at least. If when I sell it in a few years I make a profit, hey I won't complain. But right now I just want my own place.

Posted by: poiuy at September 21, 2007 5:22 PM in response to Prices will go down?

I've known many couples who bought not-very-large apartments, and planned to sell in two years, once they had kids. Those who bought in the late 80s and sold shortly thereafter did sold at a loss - they had only seen the run-ups in prices in the 80's, didn't realize the market could fall so fast, and many regretted buying spaces they knew they would outgrow soon, only to sell at a loss. So it really does make sense to consider how much of an investor one really is, depending on the length of one's outlook. Even if the market does fall in 4 or 5 months, that doesn't mean it won't fall further. Not many people can time the market, though they try, so the length of time one plans to stay in the apartment is a critical factor in deciding whether to buy an apartment in this uncertain market.

Posted by: guest at September 21, 2007 5:35 PM in response to Prices will go down?

A lot of people who were interested in our very reasonably priced (we'd already bought another place so we were motivated sellers) prime North Park Slope co-op last year, passed on making an offer because they thought prices in Park Slope would go down in early 2007. Because of all the doom and gloom people on Brownstoner. They actually told our broker they thought they could pick up great deals in early 2007 so they were waiting. Boy were those buyers wrong. Like everyone is saying, don't time the market if everything else financially makes sense for you to buy. But, if it's a stretch for you financially and you are in a cheap rent control apartment, it can be just as smart to keep paying low rent and sock away as much as you can in savings each month. I'm gung ho on buying, and even I can say that. Cheap rent control apartment in NYC can be the same as ownership if you are putting a lot of money into savings.

Posted by: guest at September 21, 2007 5:46 PM in response to Prices will go down?

Hi poiuy -

I'm probably not saying anything you haven't already realized, but the other thing to consider is where you're looking. You can read almost daily about the softness of the housing market in Bed Stuy and Bushwick and more fringe or up-and-coming neighborhoods. Some of those same articles will tout the stable or rising prices in neighborhoods like Park Slope and Brooklyn Heights (and my own Boerum Hill). Point being that there's a reason they say "location, location, location." Brownstone Brooklyn is a very limited commodity. I'm not saying it won't go down. I'm just saying you'll have lower risk buying (and then re-selling) in those areas. Good luck!

Posted by: chuck at September 21, 2007 10:23 PM in response to Prices will go down?

If you can, check out the September 24, 2007 New York magazine. The cover story is an insightful one about how the "bubble" is/may/will affect real estate prices.

Posted by: bheightsejp at September 21, 2007 11:23 PM in response to Prices will go down?

We closed on Thursday without giving it a thought. It's your home, not a mutual fund!

Posted by: guest at September 22, 2007 6:11 AM in response to Prices will go down?

If you like a place and you can afford it; buy it. Then stop looking at anything real estate related in the paper or on-line for about 18 months. If you do, you'll inevitably see something else for cheaper and wonder why you didn't wait. It will give you undue stress. Wouldn't you rather just be happy in your new home? I guess what I'm saying is "Ignorance is bliss".

Posted by: guest at September 22, 2007 8:21 AM in response to Prices will go down?

this thread is pointless really

Posted by: guest at September 22, 2007 9:15 AM in response to Prices will go down?