Me and my wife are renting at the moment. We got lucky and got a cheap 2 bed from someone we know. But she’s looking to sell soon and we don’t want to rent anymore. We want to own something that will build equity. We will probably go the condo route.
I’m seeing signs that the market is down but I’m clueless with this stuff so I could be wrong. My in laws house price dropped like around 300K from what they would’ve gotten a year ago. We’re also seeing 3 bed, 2 bath, condos in some good areas going for around 300K.
Again, I’m clueless when it comes to real estate and market value. So I would just like someone on here that knows what they’re doing to chime in. Can’t figure out if now is the right time to start looking!
Is the market down right now? (Long Island NY)
byu/yourfavoritepenguin7 inRealEstate
Posted by yourfavoritepenguin7
6 Comments
It’s extremely location based, so you would have to look at past listing/sale prices vs what is selling now in your area. I have noticed in my own area specifically that prices are trending down.
There are no guarantees in the market. Yes it is down right now compared to recent peaks in most areas. Is it down as far as it will go, or will prices continue to drop, is a question no one can answer. The right time to shop around and possibly buy is the time that works for you, which seems to be now.
Redfin makes some good market based stats available. Here’s what’s going on in Long Island:
https://www.redfin.com/neighborhood/31697/NY/New-York/Long-Island-City/housing-market
Before you decide, you wanna buy a condo to build equity, do a five or 10 year look back and see if condos actually have built equity. For example, in my area condos for last 10 years of actually pretty much been flat going up and down in a particular range.
Just be sure that any condo that seems underpriced doesn’t have a special assessment pending or crazy upcoming hike to the HOA.
Where are you seeing a 3br /2ba for 300k? I’d like to know and go buy there as well lol