Is it a good time to purchase a home in Staten Island now that housing prices have fallen again?

Housing prices have fallen 7.5% so far this quarter.  This raises the question “Is it a good time to purchase a home?”.

For many people the option to purchase a house is becoming more appealing as the prices fall lower and lower, especially for those who currently rent an apartment because in some cases a mortgage payment may end up costing less than the monthly payment for a mortgage.

As prices continue to fall there are many more people considering buying a home because they will able to get a house at the lowest price, get a good price on a mortgage due to low mortgage interest rates and, as long as they plan on owning their home for the next few years, they may be able to make profit off of their home once the market rebounds fully.

Here are some things CNN has listed as tips when considering to purchase a home:

  • Plan on owning the house you are purchasing for the next couple of years
  • Check out your credit history to make sure it is clean if you are applying for a mortgage
  • Shop for homes you can afford and don’t try to live beyond your income
  • Get professional help from real estate broker
  • Hire a real estate lawyer
  • Get pre-approval for a mortgage
  • Do your homework before bidding on a house
  • Have a home inspection done on the house you are considering purchasing prior to signing the contract (to read more about the value of home inspections click here)
If you are looking to buy a home in Staten Island or any other New York or New Jersey area contact Steven T. Decker, Staten Island real estate attorney.
Steven T. Decker is an experienced real estate lawyer, author and speaker. With over 20 years of experience, Steven represents individuals and investors in the purchase of residential and commercial real property. Steven is the author of "The Five Myths that can Ruin the Purchase of Your Home" and he is the publisher of the "New York Real Estate Law Blog". If you are buying or selling a home or commercial property in Staten Island, New York City or New Jersey contact Steven T. Decker, Esq. to discuss the services that he offers and how his legal representation will assist you.

IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Steven T. Decker, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Steven T. Decker, Esq.
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