My Manhattan BFF, Noah Rosenblatt, hit the big(ger) times this week with his New York Channel 4 media gig. You can see his uncut interview at Urban Digs.
Noah is a former equities trader (this will become quite apparent one nanosecond into his remarks), and is one of the brightest, most articulate
agents people I have ever had the pleasure of meeting. And, you wouldn’t know it, but he is hysterically funny.
This interview dealt with the Manhattan real estate market, of course, but at least a couple of his statements apply to our San Diego market as well.
Having your assets in line, having your debt-to-income ratio below 28%, having enough liquid assets to afford the transaction fees… and also having a four-plus year timeline to own: If all of these things mesh up and line up, it’s probably a good time to buy.
The corollary is that if you don’t have some money in the bank, if the payments don’t pencil out, and if you are not looking to enjoy the property for the mid- to long-term, maybe it’s not a super-great time to buy. But then, these have always been sound considerations when contemplating a purchase. Hopefully, some lessons were learned during this last real estate boom cycle.