How hard is it to get financing when market turns?

[Benjamin Qiu]

Greetings,

With market being so high and reasonable rate currently, if/when market turns, will rate go down since the economy needs a boost, or will it go up and become difficult to get financing?

We currently have enough money for a down-payment, is it wise to take advantage of the reasonable rate and buy at a high price or best to wait for price to go down and risk with difficulty getting a loan.

Thanks for any input

[John Bianco]

Benjamin, absolutely a great time to capitalize on low rates! Rates haven’t been this low since fall of 2017. Remember, lower rates mean higher proceeds. 

In the scenario you describe above, it is hard to imagine values dropping that dramatically in NYC anytime soon. I wouldn’t count on holding out for a 22% decrease in market values.