Do you want to buy a home in New York during this pandemic? Indeed, buying a home is a daunting task, particularly when the world is encountering such strange and uncertain times. While buying a home in NYC, the buyer needs to take into consideration different things like the median sales price, mortgages, leases, etc. Surely, this guide will help you with this process!
Real estate price in NYC:
Indeed, buying a home in NYC is very expensive as the median price is a whopping $779,000 in the current market. Overall, NYC’s home pricing is pretty high even during this pandemic. However, NYC has become a bit affordable now. NYC has a record number of fine apartments in different ranges to suit the best interest of the buyers. In case you need a bit cheaper home, you can look for apartments in Manhattan and Brooklyn.
Rent or buy: the decision to make!
Like most people, are you still thinking about whether to buy a home or to rent an apartment? If you are moving to NYC, then buying an apartment will be a wise decision for you. Also, you can put the new apartment on rent after you buy it. On the other hand, renting an apartment in New York will not just be expensive but you will have to pay additional costs for the mortgages and leases. So, buying an apartment is a better option in this scenario.
When is the right time?
While many say that the end of summer is the best time to buy an apartment in NYC, you need to determine the right time for you. The value of the real estate in NYC drops during the spring or the fall. While the springtime is a bit more competitive, the buyers get multiple options available to choose from. Many new developments were established at that period. So, you will surely have plenty of options at that time.
Now, if you want to know about the worst time, then it will be during the winter. Because at that time buyers have very few listings available on the market that simply means lesser discounts. So, think wisely and decide the right time for you!
Down payment value:
Before making a purchase, the buyer should be aware of how much down payment he or she needs to make. It is one of the biggest factors to consider when purchasing a home in NYC. Generally, 20% of the purchase price is the benchmark for a down payment. The lower down payment you need to pay, the more likely to pay higher interest rates afterward. This can potentially incur several other costs in the future. On the other hand, you can easily get a home loan with a higher down payment value.
Finally, you need to decide whether to choose a broker or get a lawyer. While you can buy real estate in NYC without a broker, you must hire a lawyer so that the purchasing process becomes smoother and easier. Besides, the lawyer will help you out if you face any confusion during this process!