Friday, November 13, 2009
Why now is a good time to buy
The rain is coming down, a bit of a chill, and the holidays approach. I met a new buyer last night and did my real estate 101 for new apartment buyers-coop vs. condo-how the process works etc. Of course, anyone that wants a similar coaching, just contact me. As I wrote in my last piece, buying real estate in New York is a more complicated process that in most other parts of the United States. But in talking to this new buyer, it is clear this is a good time to buy, especially for those interested in Manhattan. Interest rates are historically low. The credit crunch is somewhat diminished. There are good values and I suspect with great certainty, that if you were to buy an apartment now, you would make a decent profit within a five year period. There are no guarantees, but it appears the economy is making small gains and that New York is in a good position to prosper. I think there is clearly a ways to go. But I recently sold an very nice apartment in Bushwick in Brooklyn and though there has been some steps back, many New York neighborhoods still seem to moving forward with new, younger residents and new businesses. Of course I am happy to be of help in this process. Have a great weekend!