Home Buying in Croweburg>Question Details

Katrina Tucci, Other/Just Looking in New York, NY

is new york good to buy in at the time?

Asked by Katrina Tucci, New York, NY Tue Sep 14, 2010

becausewe want to stay close but still have a farm but be close family

Help the community by answering this question:


Your question includes all price ranges and all types of homes. You really need to refine the question to include what you are looking for so we can better assist you. I have spent years analysing the New York market from my desk in an investment bank, so i'd be happy to work with you.
0 votes Thank Flag Link Thu Sep 16, 2010
With home prices generally down, and interest rates for mortgages at all time LOWS, this is a great time to buy with several caveats....First, your time line should be 5 years or more before you may wish to sell this new home. Secondly, keep your mortgage payment at or below the prevailing rental properties for the area of interest that keeps you close to your family. Do not use this purchase as an investment, per se, or expect to generate a profit from the sale of this new home for 5 years at a minimum.
I bought a home at the top of the RE Bubble back in 89 or 90, where the market promptly shrunk over 35% on my home. By 95, I was back to the value I purchased the home. By 2006, the house had tripled. Now, is it worth just over twice what I paid. I was VERY disappointed from 90-95, as you might imagine. BUT, I needed a roof over my head, my mortgage was LOWER than comparable rent, so home prices didn't really effect me save my mental anguish. Then, of course, the market came back in a HUGE way. And even though mentally I was bummed about the prices of homes and my "loss" on paper, I kept paying my mortgage down, and eventually, I was made whole.
I predict that if you have this same outlook, sooner of later, the market will come back a bit, and you should be fine. One thing for sure most experts say is mortgage rates will probably never be this low again!
BESTwishes, I hope these comments helped! Jim Ryan, Home Savings of America. 703 591 5626 ext 419.
By the way, I attended Washingtonville and John S Burke High Schools and my Dad attended NYMA.
0 votes Thank Flag Link Wed Sep 15, 2010
You never know when the market has hit the bottom, until prices start going back up.

With interest rates at a 50 year low, and home prices down, it's a great time to buy - all depends on your personal circumstances!

Sally Griffiths
Real Estate Sales Associate
Weichert, Realtors
0 votes Thank Flag Link Wed Sep 15, 2010
look at the site below


Price change expected all going down.
Manhattan − 13.8%
Brooklyn − 10.3%
Queens − 10.3%
Albany − 10.8%
Rochester − 7.0%
Buffalo − 7.3%
Syracuse − 7.9%

Wait until 2012. It should be a lot cheaper then.

research bad loans, mortgage resets and recasts. Look at high unemployment levels and housing inventory level. Search out how many bank owned properties exist and prices should be dropping a lot more.
0 votes Thank Flag Link Tue Sep 14, 2010
Hi Katerina,

If you are looking to buy in Croton-on-Hudson, there are currently 71 single family homes on the market ranging in price from $279,900 to $2,950,000. There are 11 condos on the market that range in price from $329,999 to $925,000. 9 co-ops on the market ranging from $82,500 to $179,000 and 1 multi-family listed at $375,000.

Robin Lynch
Keller Williams Realty Group
0 votes Thank Flag Link Tue Sep 14, 2010
When you are ready to buy, and/or, need to buy, it's always a good time to purchase anywhere you would like.
0 votes Thank Flag Link Tue Sep 14, 2010
Hi Katrina, New York is pretty broad, are you talking about any specific county? Generally speaking I would say it is a great time to buy in New York. We have seen many areas prices drop enough to allow many new buyers into the market. Alot of these buyers couldn't afford to buy in these areas before and now are finding deals.

Here are some market stats taken directly from a press release from the New York State Association Of Realtors....Statewide sales of existing single-family homes in New York State fell by 50 percent in July compared to the record-setting June total, which was bolstered by buyers who closed before the then-June 30 federal homebuyer tax credit deadline. The preliminary single-family sales data accumulated by the New York State Association of REALTORS also showed selling price growth as the July statewide median increased nearly 5 percent from June.

“The falloff in sales from the record June totals was expected,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that the revised total of 11,518 sales was driven by tax credit buyers. “We believe the bulk of the tax credit sales were in the pipeline for June closings before the deadline was extended to September 30.”

“The federal homebuyer tax credit gave the market a much-needed boost in the first half of 2010, but it also appears to have resulted in buyers shifting the timing of their home purchases to take advantage of the opportunity,” MacKenzie said. “As a result, the pool of buyers on the market during the typically busy summer market has been reduced, which in turn contributes to fewer sales.”

“We are optimistic that today’s historically low mortgage rates and a good selection of available inventory will continue to entice buyers to remain active through 2010 despite concerns about the economic recovery,” said MacKenzie.

New York REALTORS sold 5,697 existing single-family homes in New York State during July 2010, a 50.5-percent decrease compared to the June 2010 sales total of 11,518. The July 2010 sales total was 34.9-percent below the July 2009 total of 8,755.

The July 2010 median sales price in New York State of $227,000 represents an increase of 4.9 percent compared to the June 2010 median of $216,437, and an increase of 15.2 percent from the July 2009 median of $197,000.

I can also email you the latest Westchester County Sales Report, just send me a message with your email address if interested. One thing to keep in mind is most areas have been affected differently and will have different stats. So once you narrow down where you want to live then we can focus more closely on that areas underlying economics, etc.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
Legends Realty Group
0 votes Thank Flag Link Tue Sep 14, 2010
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