Online House Hunting

Should I buy a single-family home now or wait because market's going to get even worse?

My husband and I found a 1-family home in Jackson Heights, Queens. We like this home a lot, even though it has termite problem and is in need of renovation. We agreed on a price of 480k, 11% off the asking price. If you are local RE who knows the market/area or have a better insight into Queens/NYC housing market, feel free to put in your 2 cents. Or if you live in this neighborhood, let us know what you think. Being a first-time buyer, I'm nervous. 1.Is the agreed price fair? For a 3br house with a garage. 2.The biggest question is should I hold off because it’s going to get even worse? How long and how much worse? I’m sure no one has an exact answer, because if you did, you should be making more than Warren Buffet. Just want to see what others are thinking.

Public Comments

1. check out trulia.com or zillow.com. Also you can go to http://nyc.gov/html/dof/html/property/property_val_sales.shtml and you will see recent sales in all the neighborhoods of NYC
2. Do some market research. What have homes sold for in the neighborhood, specifically what have comparable homes sold for on your block? This should give you a fair idea given the current market. I think if you love the home don't wait. But the termite problem is a major red flag, I would be sure to put the signing contingent on a clean report after the renovation is complete. Good Luck! ;-)
3. Prices are pretty stable in NY and in the area you want. Figure in the repairs you have to make and see if it's still under market value. If not then buy one that is not in need of repairs. If you are planning on waiting the price in some areas are going down but not in that area.