It's Not Always a Good Time for Everyone to Buy
No one regrets buying in New York and if you see something you want and you need a home you're crazy not to take it. All people who seriously buy and have sold and bought over the years in this area are saying this. We are not comparable to other markets. Take a look at the population vs. housing ratios in these parts. Only 20% of people own here anyways, if that! If you have the money and you were fully prepared to buy don't not do it because you read an article saying it was a bad idea. The market was crazy and now its correcting itself which is good for everyone with the exception of the sellers and top real estate agents.My first question is, HH Realty Group, who are you? And how long have you been around?
It's not a bubble bursting and nothing abnormal has occurred. If anything worry that interest rates are going to rise and if you're financing you won't be able to afford as much as you could-- a concern should be to buy something sooner rather than later. When everyone else is getting cold feet you have negotiating power-- why not choose to be thrilled at these media reports as a buyer?-- it cuts out the competition and scares the sellers and you have more negotiating power.
If you're buying a home in a neighborhood that is insulated and in high demand if you sell in a few years you will make a profit-- unless some kind of catastrophe occurs. Walk around and you can smell the growth in this city, why just let the super rich profit off of it. Buy now-- but in the end it's your decision.
This “love letter” to buyers is laughable. Fortunately, I believe that most buyers are sophisticated enough to laugh at this letter as well.
Sure, it makes one good point: that the current market is more buyer friendly than we have seen in about eight years. But it’s insulting to anyone who has been through a difficult market. Property was on the market for as long as TWO YEARS (circa late 80’s early 90’s).
At that time, when I received a phone call from a seller wanting to give me an exclusive, I and many of my colleagues were reluctant to take on property that wasn’t somehow “special.” In addition, many of those who purchased in 1986/87 had to wait approximately seven or eight years (some even longer) before they could recoup the money they had sunk into their apartments. Those who were forced to sell before then, often lost money and some quite a bit. There were even those who handed there keys to the bank and walked away from their apartments defaulting on their mortgages before sinking more money into their “investment.”
Look, I don’t believe we are headed for this type of environment now, but I do believe it is irresponsible for anyone to suggest to the entire buying public that you know for a fact that if they purchase something today, they will make a profit “in a few years.” That’s simply impossible to predict. A more accurate statement would be purchasing Manhattan real estate for the long term is a relatively safe bet. We as real estate agents are constantly getting slammed by the public for allegedly always saying “now is the right time to buy.” I would change that to “now is the right time to buy for some and if you are honest with your well-informed agent, they can help you to determine if it makes sense for you.’”
Chill Douglas, it was a lighthearted attack at the media who jumps all over stories and sends the public into a frenzy. It's not earth shattering, but the media is spewing propaganda which was the major point, and the buying public should not base their opinions on some financial reporter trying to make a career. I think HH Realty voiced an opinion that's not being reported on, and thats what blogs are about...
It's one hell of a long walk from the reasonable "no need to get hysterical" to the misleading, unsupportable, and designed-to-benefit-HHRealty "no one regrets buying" and "in a few years you will make a profit."
It's no secret that the media always prefers to report the "man bites dog" story but I think this was a feeble attempt at "attacking" the media and seemed to me to be an attempt to convince people that they should buy "now." Some should, but others shouldn't. I think HH could have done a better job focusing on their "media attack" and less blowing hot air about how "no one loses money when they buy in Manhattan." I also find it curious that your "anonymous" post has an eerily similar style to that of this ridiculous letter. It's no wonder the public is constantly treating us like used car salesman.
I could come up with 1005 reasons why its a good time to buy in New York City with no agenda in hand. Personally I could see one saying the photo of Douglas Heddings posted on DE's website looks eerily similar to a photo of a used car salesmen. But thats a cheap shot, too me echoing the viewpoint that you as a broker are soo sensitive to your buyers needs makes you look more like a wolf in sheeps clothing and patronizing-- becasue we all know you only seek to benefit if people buy. Supply and demand shows that NYC is a fantastic place to buy-- and rents are really expensive -- so it seems an eerily simple concept to say that buying is great idea and interest rates are low and this really is not at all controversial. I don't see how one can even rationally argue this point?!
I have found that in any kind of market, honesty and integrity tend to inspire good results--including referrals and repeat business. Just ask my clients.
well, agents have to be honest and responsible enough to deal with their clients so that discussions and negotiations run smoothly that it has to be.
