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Misconceptions about New York Real Estate – Debunked

Lisa Rina

The Big Apple is home to millions of people, and the real estate industry is thriving, to say the least. Being so popular, there is a lot of gossip about what to expect when you buy an apartment in New York. These myths have persisted in the minds of people. However, many of them are untrue and misguided.

Myth – It is too expensive to live in New York

Buyers on a budget often shy away from New York because of the fear of high prices. The boroughs of Manhattan, Brooklyn, and Queens are the most affected by this myth. In reality, New York is relatively affordable when compared to states like Washington and New Jersey. It is vast, and there are numerous housing options for various pockets. Everything does not cost $1,000,000; in fact, you can get some solid options for under $500,000. Yorkville, for instance, offers affordable housing opportunities in an up and coming atmosphere. It is possible to own a New York home without completely breaking the bank.

Myth – Buyers need a perfect credit score

Credit scores are impactful for any house-hunting venture, but a bad score doesn’t automatically write a buyer off. New York real estate is actually very flexible, and there are several mortgage products available. Mortgage rates are currently at historic lows, and buyers have a higher chance of getting better interest rates even with a lower credit score.

Myth – New York prices & monthly rates are steadfast

Renters in any real estate location in the US usually agree to a monthly rate, but that doesn’t mean it is set in stone. Contrary to popular belief, New York rent does not grow more expensive by the year. For instance, Queens saw a percentage fall in rent of 1.3 in 2017, and it is still on a decline. In recent times, this has given tenants and buyers in New York the opportunity to negotiate prices and monthly rents with owners. Even though it may not always guarantee lower prices, it definitely debunks the impression that most people have of the city.

Myth – There are no green spaces in New York

Tall buildings and apartment clusters are not all there is to New York. Homeowners will be moving into a city with almost 40,000 acres of land devoted to parks, playgrounds, and other green areas. Residents have quite a few places to breathe in clean air and enjoy the beauty of nature.

Myth – There are lots of apartments available

Buyers who are thinking of getting a New York apartment should not put it off. The vacancy rate in NYC, according to the Housing Vacancy Survey, is at 3.63%. It is not as high as most people think, and delay could very well cost you your dream home.

Myth – Buying a New York home is quick and easy

New York may be a fast city, but that doesn’t necessarily apply to the real-estate sector. The home buying process has many aspects and parties involved, and it is no different for New Yorkers. Some common reasons for delay are:

  • Title related issue,
  • Mortgage conditions,
  • Instrument survey-related issues,
  • Coordination with buyers, sellers, and attorneys.

Misconceptions affect the buyer’s experience and can hinder one from pursuing their dream home. Luckily, New York is an iconic and highly active market and remains one of the strongest real estate locations in the US.