Should You Buy or Rent in NYC?
Deciding between buying and renting in New York City can be challenging—but asking the right questions will help you make an informed choice. Whether you're aiming to build equity or maintain flexibility, here’s what you need to know!
Key Questions to Guide Your Decision
How long do you plan to stay in NYC?
Staying for 5+ years? Buying may help you build equity. Moving sooner? Renting might be better—especially if your current rental deal is favorable. But the current rental market is strong.
What’s your financial situation?
Do you have funds ready for a down payment, closing costs, and liquidity? If stock market volatility has affected your savings, real estate could offer stability.
What’s happening in the market?
Spring brings more listings and active buyers, while summer or winter holiday season offers fewer options but better deals. Timing matters!
What are your long-term goals?
Need flexibility? Consider condos over co-ops—they allow subletting while co-ops often don’t or are restrictive.
How do interest rates factor in?
Rates remain elevated but stable—buy now and refinance later if they drop significantly. Within historical context the current interest rates are considered "normal."
“Real estate decisions in NYC aren’t just financial—they’re deeply personal.”
Spring vs Fall: Timing Your Real Estate Decision
Spring: The peak season offers more listings and competition—ideal if variety matters most!
Fall/Winter: Comparable to the spring season but do not disregard summer or winter holidays season and listings that were on the market for awhile because not priced correctly—perfect for savvy buyers looking to negotiate.
Ready to dive deeper into the specifics of your situation? Let’s connect and discuss.
