Real estate prices are starting to rise — what this means for first-time home buyers in New York City (Inwood: best neighborhood, sales)
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.
As the real estate market continues to recover from the pandemic and luxury sales increase, prices are starting to rise. The price growth is driven by new fall inventory and an uptick in luxury sales.
“We will see prices slowly but surely go up,” said Scott Savory, a New York Licensed Associate Real Estate Broker with Compass.
People should be motivated to buy now while mortgage rates are still low, said Savory who is part of the StreetEasy experts program that allows buyers to work with partner agents for free to navigate the home buying process. There are no signals in the market indicating it will collapse or correct anytime soon. Demand is outpacing supply, so people should think about purchasing now versus later, he said.
“I think we’re going to see more listings come to market in the fall, and I think the market will resume its normal state which is a slow rise,” Savory said. Adding, “As fall inventory comes to market, buyers will see the market rise even more as buyers will have new inventory and listings to engage with.”
In StreetEasy’s annual study to find the neighborhoods with the most homes accessible to first-time buyers post pandemic, Sheepshead Bay was ranked the number one best neighborhood for first time home buyers by SteetEasy.
Flatbush, Prospect Lefferts, Windsor Terrace, Kensington, Ditmas Park, Redhook, Midtown West, Harlem, Rego Park and Rockaway Beach are all booming areas that are still affordable compared to other neighborhoods. Aaron Seawood, a New York licensed associate real estate broker and member of the StreetEasy experts program, said Cypress Hills, Flatland, Inwood, Manhattan and Sunnyside, Queens are areas to consider as well.
“I am seeing buyers come to Prospect, Flatbush, East Flatbush because it’s close to the Q line, which is a 30 min express train to Manhattan, and close to the park,” Savory said.
I sold in March for almost double what I paid in 2009. A 1500 sq ft nothing special Staten Island townhouse.
Cannot believe what places are going for now out on SI. Mind you thought people were pricing their properties pretty steep even before covid.
Nothing houses from 1970's or so on small lots (many not even with a driveway) going for near, at or over one million.
Time was spending large money got you a nice house with a front yard (curb appeal), and a nice back yard (for the kids, BBQ's etc...), that seems all over now. You've got to spend dearly now to get anything like that.
Keeping in mind any house on a good sized lot you're up against developers looking for a tear down so they can shove more GD high density housing, with city's blessings of course.
Cannot believe what places are going for now out on SI. Mind you thought people were pricing their properties pretty steep even before covid.
Nothing houses from 1970's or so on small lots (many not even with a driveway) going for near, at or over one million.
Time was spending large money got you a nice house with a front yard (curb appeal), and a nice back yard (for the kids, BBQ's etc...), that seems all over now. You've got to spend dearly now to get anything like that.
Keeping in mind any house on a good sized lot you're up against developers looking for a tear down so they can shove more GD high density housing, with city's blessings of course.
NYC RE outpaces inflation but if you take into account mortgage interest, RE taxes, water bills, repairs, etc. Most people aren't as ahead as they think.
The people who are really ahead bought before 2000 (give or take) or in very highly appreciating neighborhoods.
For the size of my home, I was never paying even close to what rent would have been. I've had this argument a millions times with Mathjak. From 2012 on, my mortgage payment was only $1600. The house next door was renting for $2500+ that whole time. And I bought with only $14,000 down so its not like I sunk a ton of investable money into it.
Even if repairs and maintenance put me equal with rent, I couldn't have lived cheaper during my 12 years of NYC homeownership absent circumstances I wouldn't have accepted (smaller place, roommates, etc).
For the size of my home, I was never paying even close to what rent would have been. I've had this argument a millions times with Mathjak. From 2012 on, my mortgage payment was only $1600. The house next door was renting for $2500+ that whole time. And I bought with only $14,000 down so its not like I sunk a ton of investable money into it.
Even if repairs and maintenance put me equal with rent, I couldn't have lived cheaper during my 12 years of NYC homeownership absent circumstances I wouldn't have accepted (smaller place, roommates, etc).
Exactly, and whatever you put into it, wisely, you capitalized on largely when you sold.
I’m building a garage that is costing me a lot more than the first house I bought in 1993, that house had a garage, and in ground pool, and was sitting on a large lot in a nice neighborhood. Mind you, the price of materials in COVID times has really put an added value to existing properties.
For the size of my home, I was never paying even close to what rent would have been. I've had this argument a millions times with Mathjak. From 2012 on, my mortgage payment was only $1600. The house next door was renting for $2500+ that whole time. And I bought with only $14,000 down so its not like I sunk a ton of investable money into it.
Even if repairs and maintenance put me equal with rent, I couldn't have lived cheaper during my 12 years of NYC homeownership absent circumstances I wouldn't have accepted (smaller place, roommates, etc).
Owning is always better because you control 100% of your own living environment. I bought a ranch house on SI in the early 1990s. Best thing I ever did. It's not cheap but nothing good is cheap anyway.
My parents bought a 2-family home in Brooklyn in 1959. Best thing they ever did. They weren't chased around by crummy NYC landlords, banging on the pipes for heat every winter. They paid off the house a few years before my dad retired. Made their lives so much easier.
Cannot believe what places are going for now out on SI. Mind you thought people were pricing their properties pretty steep even before covid.
Nothing houses from 1970's or so on small lots (many not even with a driveway) going for near, at or over one million.
Time was spending large money got you a nice house with a front yard (curb appeal), and a nice back yard (for the kids, BBQ's etc...), that seems all over now. You've got to spend dearly now to get anything like that.
Keeping in mind any house on a good sized lot you're up against developers looking for a tear down so they can shove more GD high density housing, with city's blessings of course.
I can't figure out the crazy S.I. home prices either. A 1960-built ranch (1-family) house, similar to mine but honestly nicer, on my block just sold for $664K. It was in excellent shape with modern amenities but $664K? New 2-family homes on the east shore of SI can easily sell in the $1M range. It's good for us but I just don't get it.
For the size of my home, I was never paying even close to what rent would have been. I've had this argument a millions times with Mathjak. From 2012 on, my mortgage payment was only $1600. The house next door was renting for $2500+ that whole time. And I bought with only $14,000 down so its not like I sunk a ton of investable money into it.
Even if repairs and maintenance put me equal with rent, I couldn't have lived cheaper during my 12 years of NYC homeownership absent circumstances I wouldn't have accepted (smaller place, roommates, etc).
However if you sold that house and had a few hundred thousand dollars to either dump in another house or buy a lucrative business or invest in more lucrative investments then it is a whole other thing vs just starting out from scratch.
If I didn’t buy our first apartment as an insider in the 1970’s when the building converted I would have not been able to buy a house for cash a few years later since the apartment made so much for us .
When we sold that house in 2003 and now I had a few hundred thousand my options grew tremendously as far as renting and plunking that money down elsewhere in better things .
Today we can subtract out out all the rent we paid and taxes and have enough left to buy multiple homes like we had because the money generated far greater profit being in the real estate business we bought in to rather then tied up in a house
Last edited by mathjak107; 09-25-2021 at 01:03 PM..
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.
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.
