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Neighborhood
Market Conditions
S -
It seems that supply and demand have finally
leveled off. This will be a great cooling off
period. As NYC properties always have a higher
level of turnover, the demand will never
evaporate. Single people turn into couples and
then into families. Each life change usually
requires a change of address. Obviously, rising
interest rates will make home ownership more
expensive. Buyers may think that waiting for
lower home prices is the smart option, however,
interest rates increases are outpacing price
reductions. Waiting may actually cost the buyer
more. Here's the math: Purchase Price $1,000,000
Mortgage – 75% $ 750,000 Interest Rate 6%
Mortgage Payment $4,500 Purchase Price $950,000
Mortgage – 75% $712,500 Interest Rate 7%
Mortgage payment $4,745 Monthly difference: $245
Buyers should try to lock in good deals while
interest rates are still relatively low. Look
for properties that are priced realistically.
The market should remain steady throughout the
end of the year.Average prices
Studios: $375K
1 Bedrooms: $495K
2 Bedrooms: $1.05M
3 Bedrooms: $1.95M
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