Check out my video here discussing this topic.
There is no straightforward answer to whether it's a good time to buy in the current market. It depends on your financial status, location, and mindset. When we talk about mindset, we mean whether you're prepared for unexpected setbacks during home-buying, which is often out of our control. Knowing these potential challenges can help you prepare and make informed decisions.
Comparing your home-buying experience to others is not helpful since each market and home is unique. Real estate, especially in NYC, is a complex and highly localized market. Therefore, it's best to seek the assistance of an experienced broker who can guide you through these complexities and connect you with lenders offering loan products that suit your specific location or income. Additionally, an experienced broker can provide negotiation tips that can help offset interest rate costs and other expenses.
Ultimately, buying a home should only be made when you feel ready.
