“Now is the perfect time to buy,” I’m being told by realtors in New York. “You won’t see prices this low again in your lifetime. And the mortgage rates? Forget it. Never be this low again.”
Oddly enough, they were telling me this last October — when prices were 8% higher and rates were at 6%. And again in December, when one apartment developer refused to cover closing costs and wouldn’t drop his price another $10,000 to meet our offer. At the time, we were sort of desperate and thought that apartment–with all its faults–was the only similar that we’d ever see in our price range. Now we know better. And that apartment’s still on the market. Has been on the market for over four months now. They’ve dropped the asking price. Even if we were to overlook all the faults and make another run at it, we wouldn’t offer the price we made last year.
Hey, developers and owners. Consider this. That offer might be 20% below asking price, but you might not see offers this generous again in your lifetime.