First Time Buyers Flood The Market

For the past few years as the real estate market here in New York (and around the country) has been in a state of flux, the rental market has flourished. With so many people losing their jobs at the end of 2008 and start of 2009 inventory of available rental properties sky rocketed causing the average price of rent to drop. Deals were out there and the landlords were adding all sorts of incentives to get people to rent in their buildings.

Those incentives have now dried up as inventory has dwindled causing prices to begin inching up. At the same time, interest rates of mortgages are at historically low numbers, prices of Coop and Condo apartments are lower than they were at the height of boom and many people are not comfortable with all of their money being tied up in a turbulent stock market.

So, what does this mean? It means that first time buyers are flocking to the Coop and Condo market in droves and the huge spike we are seeing in the number of contracts being signed is in great part due to these first time buyers.

Are you thinking about renting? Maybe you should re-think and talk to a real estate broker and a mortgage professional. Now may be the perfect time for you to become a first time buyer.