Rent or Buy? Mortgage Rates Up To 5.84%
Rent. We just read that “a positive economic report and an influential bond fund manager sparked a rise in mortgage rates this week.” Indeed, mortgage rates are slowly ticking up, but they are still low. And apartment sales are slowing…..
However, we have come to feel that (and this may be obvious to some) despite great mortgage rates, this is no time to buy. This is a great time to sell, but with the market this high, it is time to wait and buy when it comes back down.
That doesn’t mean the market will crash – we don’t know about that – but the market will inevitably balance itself out by dropping and then there will be good deals again. This is what Warren Buffet does, and it works for him. Always wait for a good deal, and save up your money until you do. (via Bankrate) MGR
REAL ESTATE LINKS
– Apartment Sales Down in September (RealDeal)
– Apartment Sales Dip Again, Martial Law Declared Below 96th (Curbed via elsewhere)
– Hudson NY landrush is on!! You’re almost too late!! (NYPost)
– Giant Robot coming to NYC (DailyNews via RealDeal)
– Living in the New Suburbia (Williamsburg), With Plans for Children (NYTimes)
– Tommy Tune sells his favorite pad for $9.9m (NYTimes)
– A doctor with a car finds a home on the UES (NYTimes)
– Clue: Irwin Cohen and the Nabisco Factory on 10th Ave for $57m (NYTimes)
– Mapping The Lower Middle West Side (Curbed via NYMag)
– New Jersey Barn Co. in the news again (NYPost)