Market Conditions in 10956>Question Details

S, Home Buyer in New City, NY

What are the market condition at this time, if you want to buy a new house or few year?

Asked by S, New City, NY Fri Aug 15, 2008

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Buying a house now or in a few years really depends on your needs. First question to ask yourself is how long do you plan to live in the house? If it is only for a couple of years or for several years - enough to ride the market back into an upswing? I can't say that it is a good market or bad market right now, some areas are feeling a decline, and others are holding steady.

Buying on the short term in a down market may not build you equity and may net you a loss. However, buying on the long term, enough to ride the market back into an upswing, you fare better at building equity over time. If you already own a home too, and need to upsize into something bigger, buying up in a down market may also be a move to consider. As the market turns back, so does your equity postiion.

Of course there would be mortgage factors to consider as well. Possibly discussing your needs with a financial advisor may help you determine if now is the best time for you. I service Orange and Rockland counties, if you would like a more specific evaluation of your area, I would be happy to be of service.
1 vote Thank Flag Link Mon Aug 18, 2008
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