400 E 84 St
So I wouldnâ€™t be in any hurry, take all day if you want, but get a property under contract before sundown. Play with some loan amounts and see what it will cost you if the rate goes up 2 points, 3 points or heck, say 5 points higher than they are today, that last one would put them back in the average range if you look back long term. It is a very big pile of money! Good luck,
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
The debate of rent vs buy in my opinion is dependent on area of purchase, type of ownership (coop or condo) and amount of inventory for the price point your searching in.
The popular areas of Brooklyn have low inventory which is driving prices up and offers above asking. In Manhattan, coop prices remain to be affordable and condo prices are rising. In LIC/Astoria in Queens, condo prices have also gone up and continue to do so but coops remain the same.
It is always good to start with writing a draft financial statement, get an understanding of how much liquid assests you have for downpayment, closing costs and for monthly maintenace or common charges after. Like Joseph mentioned, consult with a mortgage lender to see how much borrowing power you have.
Seasonally, I've always thought Nov-March are good times to go look for deals as there is less buyer competition (bidding wars).
Here's an article back in the summer from Trulia about rent vs buy:
I hope this helps. If you need further info, please feel free to give me a call or shoot me an email.
You'll never be able to "time" the market. It's too changable. The things to be aware of are interest rates which determine not only what your monthly debt service is but it also controls how much home you can actually buy. Rates are still at an all time low. As such, they make buying a very attractive thought and of course Mortgage interest is deductable.
The pro is that you are paying down on your property instead of paying someone else's mortgage, which is the con of renting. the immediate view is the market will remain strong. That's not a big jump as Manhattan real estate has a limited supply. This drives prices and good properties always sell quickly. If you are ready, why not go for it? Good luck.