Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Will the housing prices for two family homes in Queens come down in the next 1-2 years, with higher interest rates and a market correction? Should I buy in expensive Woodside, Jackson heights, etc or invest in a 2 family rental in up-and-coming cypress hills?
Or shud I buy in woodside, jackson heights before prices go up even higher?
I can't believe how the prices have shot up in the past 3-4 yrs. HELP
no one can answer that question as rates going up have historically increased housing prices . but there are so many other factors besides rates .
rates go up more than a token amount when the economy is doing better . that means the economy is humming nicely . once rates start rising folks go we better buy now before we can afford even less home and demand typically picks up putting pressure on home prices to rise .
the best appreciation has been in the 6% mortgage range . we are a far cry from that .
it isn't until rates sky rocket that prices are effected in a bad way . there is so much more to housing prices than where rates go .
Last edited by mathjak107; 09-05-2016 at 04:20 AM..
"Over the past four years, prices in several Queens neighborhoods have risen considerably. In Sunnyside, the price per square foot rose from $168 to $427; in Woodside from $132 to $306; in Jackson Heights from $170 to $302; in Elmhurst from $204 to $258; in Corona from $222 to $351; and in Flushing from $190 to $203."
the question is always go up compared to what ? historically equity markets blew away the residential real estate market . so if you had dollars to invest you had decisions to make .
our manhattan real estate did great , the kew gardens real estate no where's near as good and lagged our market investments .
I think rushing into a market because you see prices are going up is a mistake. Buy to suit your needs or because you can see a positive investment cash flow TODAY, not hoping for a good cash flow in 10 years.
without plunking down a big down payment it can be very hard to get positive cash flow day 1 . like any long term investment making a profit day 1 is very iffy .
none of ours had positive cash flow day 1 . but they were eventually worth a lot of dough .
Will the housing prices for two family homes in Queens come down in the next 1-2 years, with higher interest rates and a market correction? Should I buy in expensive Woodside, Jackson heights, etc or invest in a 2 family rental in up-and-coming cypress hills?
Or shud I buy in woodside, jackson heights before prices go up even higher?
I can't believe how the prices have shot up in the past 3-4 yrs. HELP
No one can make that determination except for you as you are the only one who knows your financial situation.
without plunking down a big down payment it can be very hard to get positive cash flow day 1 . like any long term investment making a profit day 1 is very iffy .
none of ours had positive cash flow day 1 . but they were eventually worth a lot of dough .
Absent a positive cash flow, one likely presumes a negative cash flow. An investment yielding a negative cash flow is painful if it goes on too long. If it provides you with your home, then it can be another story, especially if the negative cash flow is less than what you would have to lay out for alternate housing.
Of course, this forum is replete with stories of people forced to share housing with monsters from Hell, so it's not necessarily all dollars and cents.
real estate investing in high demand markets is about time in the markets , not timing the markets as they say .
you plant your seeds and as long as once depreciation is figured your are near even let the seeds grow .
it isn't always about investing for income either . all our investments in the city were near break even . but we knew eventually we could see big gains on the property's . so we tolerated near break even rents for years and once the apartments were free ,bada bing ! it was raining profits
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.