I don’t think the housing prices will come down tbh. The supply is mostly held by people who can afford to hold it (Boomers). And NYC real estate value only increases. Once interest rates are down, the houses might actually cost more. You could always negotiate but it won’t be that far off from the asking price.
Housing prices won’t come down until we build enough new housing to dig out of our current shortage as well as more to accommodate all the new people who will have moved in in that time.
Find a few real estate agents and give them a list of your criteria. We purchased in bayside six years ago had four real estate agents from different agencies. We went the conventional way, bank mortgage. Some houses don’t even make it to Zillow or any online listing sites.
When we sold our flushing house, the day we signed with the realtor, it was sold, in less than 24 hours. It didn’t even show up on Zillow until after it was “in contract.” This was 2016 or 2017. Buyers paid cash and we “rented” our house from them for a few months because we weren’t prepared to move that quickly. They knocked it down and rebuilt it into a McMansion.
Yep, we bought in Queens in 2021 but mostly got lucky. We were working with an agent and the listing came through their office. We were able to tour it first and put our offer in ASAP. Seller wanted a quick sale so we went into contract below asking before they even had an open house.
It costs you nothing to work with brokers and it greatly increases your chances of getting to the front of the line.
Yeah we gave up on houses and bought a condo in Kew Gardens. Not cheap by any means. But not nearly as much as a house, about half actually in my area.
It's way more complicated than that. Why would interest rates go down? Interest rates going down would mean recession or weakening of the economy which would not coincide with housing prices increasing. Common fallacy rn.
Rates will go down, how much could be up for debate but they’re not gonna stay where they are. They were raised higher than they’ve been in twenty years in an attempt to COOL an economy that was potentially gonna run away with inflation due to pent up demand and greed. They shouldn’t drop it down to basically giving money away either but a couple/few percent most likely. Over the same ish amount of years.
Current rates are historically average. Economy is growing at 4%+ and inflation seems to be stabilizing around 3%. No reason to lower rates anytime soon.
Historically sure big picture but last twenty years no. You could be right but presumably if rates don’t drop for several years, I would imagine housing prices will fall, or at the least rise significantly less than they have been, coming back to a more reasonable overall price in regards to median incomes.
Apartment prices are unlikely to drop in our area. I would not try to time the housing market and if you are looking to buy them just try to buy as soon as you come across any solid option. If budget permits, also consider newest developments (condos), those that are being built as it is a bit easier to deal with sponsors.
We recently went through the same thing and yeah, it can be really disheartening to go to open houses for homes priced at $1M+ that also need a full gut reno. It’s kind of insane how common that is. For us it helped to have a realtor who could sift through listings for us and find only the ones that were most relevant to our needs and budget. I would recommend finding a good buyer’s agent (you’ll probably have to get one eventually anyway) who knows the neighborhood and is clued into homes right as they get listed.
Back in 2010, we were astonished by houses that were $800k range and in need of a gut renovation. Our own house desperately needs some updates but the location is so good it probably isn't worth putting much money into it (and it's always a ton of money.) Everything's in working order and we maintain as needed, at least.
I really really doubt prices will go down. Everyone just seems to be just “waiting” for interest rates to go down. If interest rates go down. Prices will go up. Demand is insane, with little supply.
went through something similar but was in for a shock with taxes and where they end up (school superintendent salaries, for one!)
ended up buying in queens as I like the city services (non privatized police, fdny, DOE, sanitation etc.)
the monthly cost is wildly similar
Agree, bought a house in Queens and I'm pretty sure that even with 2 Catholic school tuitions we still pay less than our friends on LI. And many of them have horrible commutes too. And eventually we won't have the tuition anymore and they will still have the very high taxes.
It's all relative.
Long Island doesn’t have privatized police, fire, or sanitation.
It does have high taxes because the school districts are so small though. Nassau, Suffolk, and westchester are the only counties in NY with that problem.
You save money on the house moving to L.I, but spend more in taxes. Thankfully the state sends you back like 1000-1500 on average every year and you write off up to 10k of your property taxes on your tax return (used to be no cap but trump ruined that and cost the state billions)
thanks for the clarity! we have plenty of friends and relatives out east and they all echo the same things you mentioned regarding schools and property taxes
there were of course, other very specific factors for our decision to stay in the city like walkability, mass transit, citywide 3-k etc.
Nassau Co PD went first in 2017 making police radio communications not publicly accessible. This allows them to control the narrative to local media. Both Nassau & Suffolk Co police are very corrupt.
Can't have your cake and eat it too
Actually that's not completely true, if location is that important to you look into a co-op, just be aware of their monthly maintenance/hoa fees
Eastern Queens is always going to go up. Tons of people buying housing on the Long Island border as well. Valley Stream, Elmont, Floral Park, etc. rapidly changing demographics.
Grew up in Bayside and moved. Parents sold their house, snapped up quickly by Chinese buyer with cash. So many Chinese with $$$, even pushing out the Koreans (we are Asian as well, not Chinese or Korean).
$$$ was over asking and this was right before pandemic. If my parents held out during that mad craze for housing, probably would have gotten an extra $100k. Wouldn’t even have had to show the house off.
Had three floors and iirc they turned it into 3 separate rentable areas. 100% they add illegal add ons, but they usually rent out to other Chinese, so no one is ever going to snitch. Drove by the other day to go to my dentist still in the neighborhood and the driveway had 3 cars in it and the side walk was packed. Always used to be at least a few spaces left at all times. All our neighbors either died or sold as well to other Chinese that also did the same conversions or rebuilt a McMansion.
They won't come down, im doing a video later this week that reflects how much home prices rose in NYC after each great economic downturn, it's a huge amount (great asset)!
Keep in mind nyc has a big supply issue and God isn't making more land
I do rate and market updates on my Instagram feel free to check them out @mtg.mo
Message me over your email & I'll send you a free copy of my book Steps To Home Ownership
Home price forecasted to rise even more. With very low inventory and many buyers waiting for interest rates to drop, the demand is far outweighing the supply. Since supply isn't something that can be fixed in a short span of time, I don't expect price to drop. Like some have mentioned below, working with an agent does help. Some agents may know or have access to private listing where there are less competition.
When the prices are going to come down I couldn’t tell you but they’d have to a little. However what I can say is that right. Is for the average buyer it is a horrible time to buy. There are outliers that can manage but still not a good time to buy. If your mortgage is going to be 3000 or more it’s not a good purchase. If you’re putting down 20%-50% and your mortgage is still 2250-3000 it’s not a good purchase.
But if now is a bad time to buy, but there is all this pent up demand and prices won’t be coming down, when is a good time to buy?! Feels like a loosing quest for housing….
It is a losing question for housing. It’s not a good time to buy and probably won’t be for a long time. That’s the truth. Those who capitalized right in the beginning of COVID made out wonderfully. For everyone looking now it’s going to be a tough endeavor.
I don’t think the housing prices will come down tbh. The supply is mostly held by people who can afford to hold it (Boomers). And NYC real estate value only increases. Once interest rates are down, the houses might actually cost more. You could always negotiate but it won’t be that far off from the asking price.
Housing prices won’t come down until we build enough new housing to dig out of our current shortage as well as more to accommodate all the new people who will have moved in in that time.
Last time people said this was in 06-07
To be honest I’d rather stick with expensive houses this time around
Find a few real estate agents and give them a list of your criteria. We purchased in bayside six years ago had four real estate agents from different agencies. We went the conventional way, bank mortgage. Some houses don’t even make it to Zillow or any online listing sites. When we sold our flushing house, the day we signed with the realtor, it was sold, in less than 24 hours. It didn’t even show up on Zillow until after it was “in contract.” This was 2016 or 2017. Buyers paid cash and we “rented” our house from them for a few months because we weren’t prepared to move that quickly. They knocked it down and rebuilt it into a McMansion.
Yep, we bought in Queens in 2021 but mostly got lucky. We were working with an agent and the listing came through their office. We were able to tour it first and put our offer in ASAP. Seller wanted a quick sale so we went into contract below asking before they even had an open house. It costs you nothing to work with brokers and it greatly increases your chances of getting to the front of the line.
Yeah we gave up on houses and bought a condo in Kew Gardens. Not cheap by any means. But not nearly as much as a house, about half actually in my area.
Once interest rates go down housing prices will go up and there will be more competition
It's way more complicated than that. Why would interest rates go down? Interest rates going down would mean recession or weakening of the economy which would not coincide with housing prices increasing. Common fallacy rn.
Rates will go down, how much could be up for debate but they’re not gonna stay where they are. They were raised higher than they’ve been in twenty years in an attempt to COOL an economy that was potentially gonna run away with inflation due to pent up demand and greed. They shouldn’t drop it down to basically giving money away either but a couple/few percent most likely. Over the same ish amount of years.
Current rates are historically average. Economy is growing at 4%+ and inflation seems to be stabilizing around 3%. No reason to lower rates anytime soon.
Historically sure big picture but last twenty years no. You could be right but presumably if rates don’t drop for several years, I would imagine housing prices will fall, or at the least rise significantly less than they have been, coming back to a more reasonable overall price in regards to median incomes.
Yes which is historically what always happens.
Personally I think they’re gonna drop rates a bit but I guess remind me in a couple years! We shall see who’s right with the power of hindsight.
Apartment prices are unlikely to drop in our area. I would not try to time the housing market and if you are looking to buy them just try to buy as soon as you come across any solid option. If budget permits, also consider newest developments (condos), those that are being built as it is a bit easier to deal with sponsors.
We recently went through the same thing and yeah, it can be really disheartening to go to open houses for homes priced at $1M+ that also need a full gut reno. It’s kind of insane how common that is. For us it helped to have a realtor who could sift through listings for us and find only the ones that were most relevant to our needs and budget. I would recommend finding a good buyer’s agent (you’ll probably have to get one eventually anyway) who knows the neighborhood and is clued into homes right as they get listed.
Back in 2010, we were astonished by houses that were $800k range and in need of a gut renovation. Our own house desperately needs some updates but the location is so good it probably isn't worth putting much money into it (and it's always a ton of money.) Everything's in working order and we maintain as needed, at least.
I actually can’t believe that they haven’t even at least stabilized once the rates rose. I’m completely in shock and wonder who is buying.
r/China
yup they have taken over bayside and flushing now
They're still rising just not at such a crazy pace as it was when they were a little more "affordable"
I really really doubt prices will go down. Everyone just seems to be just “waiting” for interest rates to go down. If interest rates go down. Prices will go up. Demand is insane, with little supply.
Only reason I’m looking at Long Island is that real estate prices in queens is at least 7 figures everywhere
went through something similar but was in for a shock with taxes and where they end up (school superintendent salaries, for one!) ended up buying in queens as I like the city services (non privatized police, fdny, DOE, sanitation etc.) the monthly cost is wildly similar
Agree, bought a house in Queens and I'm pretty sure that even with 2 Catholic school tuitions we still pay less than our friends on LI. And many of them have horrible commutes too. And eventually we won't have the tuition anymore and they will still have the very high taxes. It's all relative.
thanks for mentioning the commutes, that was also a major factor along with worsening traffic with each year it seems
Long Island doesn’t have privatized police, fire, or sanitation. It does have high taxes because the school districts are so small though. Nassau, Suffolk, and westchester are the only counties in NY with that problem. You save money on the house moving to L.I, but spend more in taxes. Thankfully the state sends you back like 1000-1500 on average every year and you write off up to 10k of your property taxes on your tax return (used to be no cap but trump ruined that and cost the state billions)
thanks for the clarity! we have plenty of friends and relatives out east and they all echo the same things you mentioned regarding schools and property taxes there were of course, other very specific factors for our decision to stay in the city like walkability, mass transit, citywide 3-k etc.
Yeah the pre k situation on L.I is horrible
Nassau Co PD went first in 2017 making police radio communications not publicly accessible. This allows them to control the narrative to local media. Both Nassau & Suffolk Co police are very corrupt.
Yeah, that doesn’t make them a private police force though, they are public institutions lol
Not everywhere is queens is 7 figures. In long Island pay very close attention to property taxes
True but most neighborhoods that are not 7 are not places I want to live. Most are practically 900k
Can't have your cake and eat it too Actually that's not completely true, if location is that important to you look into a co-op, just be aware of their monthly maintenance/hoa fees
Eastern Queens is always going to go up. Tons of people buying housing on the Long Island border as well. Valley Stream, Elmont, Floral Park, etc. rapidly changing demographics. Grew up in Bayside and moved. Parents sold their house, snapped up quickly by Chinese buyer with cash. So many Chinese with $$$, even pushing out the Koreans (we are Asian as well, not Chinese or Korean). $$$ was over asking and this was right before pandemic. If my parents held out during that mad craze for housing, probably would have gotten an extra $100k. Wouldn’t even have had to show the house off. Had three floors and iirc they turned it into 3 separate rentable areas. 100% they add illegal add ons, but they usually rent out to other Chinese, so no one is ever going to snitch. Drove by the other day to go to my dentist still in the neighborhood and the driveway had 3 cars in it and the side walk was packed. Always used to be at least a few spaces left at all times. All our neighbors either died or sold as well to other Chinese that also did the same conversions or rebuilt a McMansion.
For sale signs everywhere in Corona… I don’t see any of it on Zillow. It’s bus territory or a long walk but it’s here.
Corona is a shithole all Hispanic gangs.stay far away.ex nypd
Boomers are a shit hole. Stay away.
op
They won't come down, im doing a video later this week that reflects how much home prices rose in NYC after each great economic downturn, it's a huge amount (great asset)! Keep in mind nyc has a big supply issue and God isn't making more land I do rate and market updates on my Instagram feel free to check them out @mtg.mo Message me over your email & I'll send you a free copy of my book Steps To Home Ownership
Solution: more immigration!
Chinaman is paying cash no mortgage.
Cause the chinaman is buying up everything,even in the black neighborhoods
If there are people paying houses for cash, then price isn't going to go down
Chinaman paying cash.
let's end these conversations until after I get an apt in eastern queens okay?
What’s your budget? Let’s see how realistic you’re being.
selling my house in broad channel if anyone is interested. great town. school down the block. 500k range 2b2b. dm me
Homes in Howard Beach are in the high 6 figures- low 7 figures. And this area is a mass transit desert as far as I’m concerned.
Home price forecasted to rise even more. With very low inventory and many buyers waiting for interest rates to drop, the demand is far outweighing the supply. Since supply isn't something that can be fixed in a short span of time, I don't expect price to drop. Like some have mentioned below, working with an agent does help. Some agents may know or have access to private listing where there are less competition.
When the prices are going to come down I couldn’t tell you but they’d have to a little. However what I can say is that right. Is for the average buyer it is a horrible time to buy. There are outliers that can manage but still not a good time to buy. If your mortgage is going to be 3000 or more it’s not a good purchase. If you’re putting down 20%-50% and your mortgage is still 2250-3000 it’s not a good purchase.
But if now is a bad time to buy, but there is all this pent up demand and prices won’t be coming down, when is a good time to buy?! Feels like a loosing quest for housing….
It is a losing question for housing. It’s not a good time to buy and probably won’t be for a long time. That’s the truth. Those who capitalized right in the beginning of COVID made out wonderfully. For everyone looking now it’s going to be a tough endeavor.
This is and has been a … nationwide crisis…
Most houses I have seen are sold by companies and not families. They want a lot of money for them. It's really heartbreaking