The end of great deals on homes in New York City, that is. How can this be? Are we not still stuck in a shocked and awed economy?
Unlike many other major metropolitan centers in America, New York City, along with a handful of other cities, have actually seen house prices rise steadily in the last 4 months, as reported in this Forbes article. According to the article, New York City has seen four months of home price improvements, going up 1.2% in July and 0.2% in August.
New York City's housing was always in demand, since it was in short supply even before the crash. That demand insulated New York from the plunge in prices seen in the most overheated markets like Las Vegas and Phoenix.
Those that have been waiting to buy a home because they wanted to find the bottom of the market, you have already missed the boat. The good news however, is that the return of upward movement in house prices is a slow and steady one, that reflects more rational thought about the value of property. That means that there is still time to get in on what is possibly the best "system reset" of housing prices we will see in our lifetime. Combined with the incredibly favorable mortgage lending rates, this is still likely to be the best time to buy real estate in the next several decades.
The signals are clear: Slowly but surely, people will find fewer and fewer great deals on a home.