The Real Deal: Could now be the time to buy a home?
Rising mortgage rates are slowing home sales in New York - but we are finding there are some benefits of buying now.
News 12's Kristie Reeter has The Real Deal on where the market stands and the tricks to save.
"They are down 24% nationwide and that's the same figure here in New York," says Caleb Silver, of Investopedia.
Silver also pulled data on building permits - as the data shows people's intention to build, and buy and sell in the future in New York.
"NYC building permits are up 31% since April so people continue to want to build new homes in this area. Suffolk County up 4%, but then Nassau County is down 2%, and Westchester down 54%. So, high prices in Westchester and high taxes plus these rising mortgage rates is really slowing down building permits," Silver says.
MORE: Ready to buy a new home, or need financial assistance? Here are some financial resources for homeowners
GUIDE: The Real Deal
What does all this mean for you, if you are an interested buyer?
"Where consumers exit the market, it creates for good opportunities to buy, less buyers, less competition," says Manny Pantiga with Pantiga Group .
And they are seeing more homeowners open to negotiating.
"Maybe negotiate the closing cost into the purchase price, and that would have been basically impossible to achieve in the hot market of last year," Pantiga says.
If you are on the fence about buying, Pantiga points out that the rental market is tough.
"We are seeing bidding wars on rentals," he says.
What if that prompts you to buy, but then mortgage rates drop?
"The rates, as many expect are going to go back down and buyers are going to be able to refinance," Pantiga says.
He says when rates do drop - buyers who are on the fence, will jump in.