If you're looking to buy in 10011 zip code- a generic (VERY ) overview of most recent data I've seen (year over year) is showing an increase in the median price,and contracts,decreased average days on market and decrease in inventory as compared to August 2011.
It has been my experience in that area over values have held and appreciated.What you should also be looking at as well,is the rental market- in case you absolutely need to "step up" and purchase something larger and for some reason a sale is not happening as quickly as you might like.
What type of property,size and its relation to the broader overall market also matter. (If you would like more of a breakdown of a specific ,area and year over year comparisons,glad to provide ).
I have attached a link (if you haven't seen similar already) to a closing costs overview for both cooperatives and condos/townhouses.
Hope this makes sense- tried to keep it in "plain english" and not broker babble.
Count how much money you lose by renting an apartment 5 years. The rent is going up every year, so all the many that you invest in your apartment is investment no wasted money. The closing cost are about 4%. Compare that to 60 month rent going up every year by 20%. The interest that you pay on your mortgage and the real estate tax are tax deductible. 85% of your mortgage is the interest in the first few years. If you put all this one the paper then you will be happy to buy.
5 years is enough time to invest in real estate and make money. Now is the good time to buy.
I hoe I helped you.
Veronika Baba Kian Relty NYC
I would be glad to discuss and help you analyse, if it makes sence for you to buy in your current situation.
646 593 7207