The New York real estate market has always been complex. This is true for buyers and sellers. When considering options whether as a prospective homeowner or a person who is trying to sell, it is imperative to keep track of the current trends. This is true regardless of a person’s goals and their financial circumstances. Significant attention is often paid to luxury purchases and commercial endeavors. However, recent statistics and research shows that while the market is rapidly improving, there are still opportunities for middle-income people who are trying to buy a home.
Real estate recovery extends to first-time home buyers
The ongoing health challenges have impacted people across the board. Now, as society slowly but surely returns to normal, people are taking steps to buy a home. Many are first-time buyers. Despite known increases in prices, mortgage rates remain low giving people who would be otherwise reluctant to move forward with buying a property a chance to think about it and take that leap. The outer boroughs of New York are said to be fertile ground. Examples cited were Sheepshead Bay in Brooklyn with the most affordable properties for those who are buying for the first time. Many are categorized as “millennials” and are, on average, 37-years-old. Other noted areas include Forest Hills, Jackson Heights and Flushing in Queens.
Included in calculating whether a person can afford a home is if they can make the 20% down payment and pay all the other costs like taxes, maintenance and more. It is important for people to understand that the buyer’s market will not last forever and taking advantage of opportunities as they arise is crucial to making that first home purchase. In addition, current city residents who are thinking about buying should also be aware that as things incrementally get back to normal, more people from other states and countries will move to New York making the market increasingly difficult and raising prices.
Navigating New York real estate may require experienced assistance
For those who are of moderate means, affordability is key. So too is financing, getting a mortgage and being fully prepared for the responsibilities inherent with buying and owning real estate. It is inevitable that the unexpected will happen. From the start, it is wise to have professional advice with the entire home buying process. Consulting with those who are experienced in these matters from all perspectives can be helpful in achieving the desired outcome.