While mortgage rates have declined slightly this year, they’re still roughly double what you saw in 2020 or 2021. Back then, buyers were ravenous to get in on the action of the market and it was a prime time for bidding wars.
Today, buyers across the country, and in top markets like NYC, have understandable hesitation. Yet, there are still great deals to find and incredible properties to discover. So, with the current mortgage rates and economic climate, who should be buying now in New York and what can buyers expect? In the New York Design Guide 2026, top agents shared their expert opinions on this.
“If the payment fits your budget, it can still be a good time. Market conditions rarely line up perfectly, so focusing on long-term value is key.” – Ben Jacobs, Douglas Elliman
“Records are still being broken, and prime properties are selling quickly even though some pricing has dipped. I’m personally buying for investment right now. I like to purchase in a high-rate environment to target better pricing and then refinance when rates drop. Real estate has always been, and continues to be, one of the best hard assets to hedge against inflation.” – Carl Gambino, Compass
“The right time depends on your situation. Buyers can explore options like seller credits or adjustable loans and refinance when rates improve.” – Jessica Chestler, Douglas Elliman
“Yes. Although mortgage rates remain higher than in the past decade, they’ve stabilized and even dipped to a 10-month low. With 30-year fixed rates hovering near six percent-well below the nearly eight percent peak-many lenders are offering creative financing and incentives.” – Deanna Kory, The Corcoran Group
“Yes, if you’re buying for the long term. Rates fluctuate, but real estate in New York holds value. You can always refinance later, but you can’t always find the perfect property again. Focus on the asset, not just the rate.” – Steve Gold, The Corcoran Group
