The US real estate market has been on a roller costar in the past few years- ever since the economy took a hit and the mortgage market collapse, it has been almost impossible for an anyone obtain financing.
However, the New York real estate market is a very different story. The mortgage crisis and economic downfall had almost no effect on the New York real estate market. Just this past year many real estate brokers reported record sales.
With international buyers flocking to NY and buying up real estate at record speeds, the market is hotter than ever. As a result, many potential local buyers feel that they will not be able to afford their own piece of New York real estate. With this mentality, many resort to rental properties or even moving out of state.
The big question is to buy or not to buy? As we go back in history, the New York real estate
market has always been stable. During the great depression and during the stock market crash, real estate prices have not dropped. Properties keep appreciating and you can say that this is one of the most stable forms of investment.
To help buyers, there is a wide variety of government programs and private financing options that are available to a potential buyer. Many lenders, whether big or small, offer a range of creative financing options that may not be known to the average person.
I always suggest that clients consult an attorney, real estate broker, or a mortgage broker to see what kind of options are out there. The beauty of today’s market in New York is having more options than ever before. So go ahead, explore them!