When someone asks if it's a good time to buy in the current market, the answer is not straightforward. It depends on various factors such as your financial status, location, and mindset. By mindset, we mean whether you're prepared for any unexpected setbacks that may arise during the home-buying process, which are often out of our control.
Comparing your home-buying experience to others is not helpful since each market and home is unique. Real estate is highly localized, especially in NYC. Therefore, it's best to seek the assistance of an experienced broker who can 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, the decision to buy a home should only be made when you feel ready.