Uncertain economic times are keeping some people from taking the plunge and buying a new home. We have seen evidence of this in the hyper-active rental market. With less than a 1% vacancy throughout the city it is quite clear that a large group of would be buyers have decided to sit it out and rent until things on Wall Street stabilize.
That being said, even during uncertain times there is always an opportunity to be found if you know where to look. Right now the number of studio and small one bedroom apartments is at an all-time high. When inventory increases prices tumble and we are now seeing buyers, primarily young first time buyers assisted by their parents, entering the market place and taking advantage of low prices. Why rent for $2,000 a month when you can own for the same monthly payment?
Interest rates are still hovering around 4% and with a decline in the price of smaller apartments there is great opportunity for savvy shoppers. Below is an article which talks further about this opportunity. I hope you enjoy it as much as I did:
http://nymag.com/realestate/features/starter-apartment-bargains-2011-10/
http://nymag.com/realestate/features/starter-apartment-bargains-2011-10/
As always, if you or someone you know is thinking about buying, selling or renting an apartment in NYC please let me know.
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