Is it the right time to buy in this Manhattan Market?
If it is a good time for you to buy in terms of your finances and lifestyle then don’t get too caught up in trying to “perfectly time” the Manhattan market. While it is true that prices could eventually come down it isn’t wise to wait it out. It is smart to get into the current market that is experiencing a prolonged downswing. Nobody can time the market properly and consistently.
Interest rates are so low that it is a no-brainer to buy now. There’s no guarantee that they may go up in the future how
ever if there is an increase it will probably be very small.
One strategy that is advise my buyers to use is to buy in the third quarter which is typically weaker than the second quarter. The only problem with that strategy is that new listings don’t come on until September the start of the fall market. However, if there is a listing that you like that is lingering on the market in the third quarter the seller may be more negotiable in order to get a deal done.
My own personal experience buying my Fifth Avenue condo back in the soft market of the mid 1990’s is not one where I got a bargain at all! There were articles in the media about Jack Heller the developer calling my building “Heller’s Folly because he was asking an insane price for the time a $1,000 a square foot! However, I loved the apartment and knew that because it was a condo and because of its prime location and views that the apartment would appreciate in value. I just couldn’t begin to imagine how much! The market value for my apartment is now over $3,000 a square foot.
At the end of the day the best time to buy is when you are ready to buy rather than trying to time the market. However, if now is time for you to buy then this market is certainly benefits buyers.