Like many people out there in the housing market today, you may be thinking that with interest rates being higher than before, now is not the time to buy. There’s only one catch. If everyone else is waiting for the rates to go down also, what do you think will happen when they finally do come down? Do you think that buyers will flood the market, and if so, what impact do you think that will have on prices? In other words, if everyone’s playing the waiting game too, you would want to buy now while the competition is thinner; wouldn’t you?

Now of course I know you won’t just take my word for it. You’ll need to hear something a little more concrete. Something that paints a clear picture. So let’s get to everyone's favorite topic shall we? Math and Statistics :) For example, did you know that home values in New York have been appreciated at a whopping 10% annually? That’s right, according to the Federal Housing Finance Agency (FHFA) in a report from March 2024, New York real estate boasts one of the highest annual appreciation rates. Surprised? You can check out the full report here. 

Now, to put this into perspective, let’s do a little math with a $500,000 home and a $700,000 home. At a 10% appreciation rate, that $500,000 home could possibly increase by as much as $50,000 in just one year! And the $700,000 home? It could grow by as much as $70,000! So the real question to ask yourself is this: what is the likelihood that I will come across that much extra cash if I decide to wait? Unfortunately what few buyers realize is that by purchasing now, you're actually saving tons of money in appreciation regardless of the rates because you can refinance later when rates drop, but you can never renegotiate the purchase price.

And for all you renters out there, ask yourself this question: Am I really saving money renting or am I simply losing out on a wealth creating investment? In other words, every rent check you write is technically a 100% interest loan because you’ll never see that money again and will have nothing to show for it. By comparison however, when you buy a home, your mortgage payments build equity and you also get the added benefit of property appreciation. That sounds good, doesn’t it? Have more questions? Want help navigating this market as a buyer? Let’s have a conversation. I look forward to hearing from you. Just dial 718-216-2804 for more information today!