Local Housing Market Headed for the Trash Can?
Real estate experts are convinced that the New York region’s housing market is about to undergo a serious correction, according to an article in yesterday’s Times. Analysts expect the coming bust to be significantly worse than it was in the early ‘90s, particularly in New York’s suburban markets. Nevertheless, Manhattan—and by proxy, pricey Brooklyn—has so…
Real estate experts are convinced that the New York region’s housing market is about to undergo a serious correction, according to an article in yesterday’s Times. Analysts expect the coming bust to be significantly worse than it was in the early ‘90s, particularly in New York’s suburban markets. Nevertheless, Manhattan—and by proxy, pricey Brooklyn—has so far mostly weathered the national housing meltdown, and the decline in values here isn’t expected to be as bad as in our outlying suburbs. During the year that ended in November, prices in the NY metro area fell 4.8 percent, according to Standard & Poor’s/Case-Shiller Home Price Indices—a drop that pales in comparison to Sun Belt cities, many of which saw double-digit declines. Still, economists predict that house prices in the region will drop by at least 15 percent in the current correction. Ouch.
Home Prices Start to Dip, Recalling ’90s Slump [NY Times]
I sold my place FSBO so there were very little outside expenses, 6:03.
Either way, I’m quite happy.
For someone on my modest salary, I did quite well.
6:01 – outside of NYC – virtually EVERYTHING has declined over the last 18mo
If real estate is such a bad investment now and will be for a while – why are all you losers on a real estate web site?
why aren’t you on a bond website, or a stock board?
You are on a real estate website because you wish you owned. You are on a real estate website because you espire to buy.
You are naysaying because you know you blew it and didnt buy previously but that is getting you no where.
Add value to this real estate web site or go somewhere else.
Renting is not real estate.
Oh and 5:57 you didnt make 89K either – didnt you pay taxes? a Brokerage commission, closing costs, interest, etc….
– just saying
No, there is no correct answer, 5:59. I agree with you on that.
But since we all need a home to live in anyway, I’d rather take my chances on ownership, since above all else (numbers) it just feels GREAT.
To me, anyway.
And who knows…maybe all these great years living in the place I love will turn out to be a financial windfall for me. Maybe not.
Either way, it’s a great roof over my head, where I can do as I please and know that I have some control over where I live in this crazy, crazy city we all call home.
It’s a nice feeling.
5:55 – ah most properties if not all have increased in value over the last 18 months.
I bet there are loads of people on this board who have bought and sold in that time period and made money. You are a fool.
5:57 please work on your reading comprehension – your apartment did not “subsequently decline in value”
Yes – 5:54 your point is exactly the same as mine – no one knows what is going to happen – and under some (unknowable) circumstances it is financially advantageous to own and under some (unknowable) circumstances it is better to rent.
Over the last 15 years in NYC hindsight PROVES beyond any doubt it was better to own. The problem is that no one knows what the next 15 years will bring and THEREFORE there is no CORRECT answer to this debate.
Rent, own, who cares? As long as you don’t get married!
Crazy Man Lady