The average listing price of New York City homes put up for sale stood at $1,904,025 as of May 21, 2008. The median sales was $1,067,500 for the quarter terminating at April 2008. The average price per square foot, as of the quarter closing April 2008, was determined to be at $1,372.
The plight for purchasing your home sounds like a cash buyer’s paradise in the sense that no one will tell you what to do if you want to buy your own property now that it is becoming cheaper to do so. But remember that buying something like homes in New York remains a good investment if you are thinking of long term gains. As an owner you gain for the long term (though some might purchase a property in order to refurbish it, and raise the value so they can sell the homes at a profit.)
You may keep living in your home yet still be able to raise its property values over the long term. This means keeping up with the maintenance of your property over the long term as well. If you do this, the value of your property would be roughly the equivalence of stock investments. The longer you have your home the more equity you will build, this is like putting money in the bank. One does have to be careful and watch the market before they decide to place a property up for sale, if the market is in a slump one could actually lose money. Right now would be a good time to invest in properties if one could afford to, as the condition of the economy has worsened. With gas prices and food prices on the rise many families may be finding that making their current mortgage payments places too much of a burden on them and may be lookng to sell a property at a reduced rate in order to make some kind of monetary gain. This places leverage into the buyers corner.
You can expect to put up a 2% median down payment for your first purchase of New York City homes for sale. If you are a repeat buyer who sought financing, then you can expect to shoulder up to a 16% down payment.
If you were to buy a new home at this point in time, you could expect to pay up to $585,000. A foreclosed property would command an estimated price of $249,000. There are significantly more foreclosed homes than new homes in the New York market as of the present time.
What about renting out your new home? Well, that is also an option, but remember that sometimes tenants do not take care of your property as well as you would like. To avoid any problems, you should have a lease agreement with the tenant that is as thorough in its stipulations as it can possibly be. This avoids misunderstandings in the future.
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