Home > Long Island, Manhattan, Nassau, NYC, Queens, Real Estate > NY Area: Home Ownership Still a Good Investment

NY Area: Home Ownership Still a Good Investment

December 10, 2010 Leave a comment Go to comments

No surprise here.

According to recent data from the National Association of REALTORS® (NAR), home ownership is still a solid (if not exciting) decision from an investment standpoint.

For the full Newsweek article, click here.

The better news for NYC area home buyers is that greater NYC area was named the 5th “Best Performing Big Metro” area in the U.S. with a +41% increase in home price from 1990 to 2010, which includes the near -20.0% drop in the past few years.

New York Skyline For more info click here.

Andrew C. WilsonAndrew’s Take:

Overall, none of this should be surprising, especially when you take into account the mid- to long-term time horizon and the source of the information (NAR). For housing in established areas to generally only modestly outpace inflation is historically normal. The major price increases of the early 2000s were an anomaly resulting in the recent decreases in home prices.

Even though the past data looks good for the metro market at large, the prevailing trends don’t apply evenly to every city or neighborhood. Be sure you work with someone who can put specific information in your hands when looking to buy or sell.

Work with a buyer’s agent who is also a licensed architect.

Andrew Wilson: NY Architect and REALTOR®

Looking for Queens or Long Island Real Estate? Contact Andrew today.

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