Why ‘Waiting for the Market to Crash’ Is the Biggest Homebuyer Mistake in NYC & Long Island

by Latisha Dash

If you’re sitting on the sidelines waiting for the housing market to crash, I have to tell you the truth: that “strategy” could be the biggest financial mistake you ever make.

Here’s the thing—buyers in Queens, Brooklyn, and Long Island said the same thing in 2020, 2021, and 2022. They thought prices were “too high” and that if they waited, they’d swoop in when the bubble burst. Instead, what happened? Prices climbed higher, interest rates doubled, and the same homes they once could afford became completely out of reach.

👉 The Hard Truth: In New York real estate, time in the market beats timing the market.

There is no crash coming. NYC is a supply-and-demand market. Inventory is still historically low, while demand for space near the city remains sky-high.
Interest rates matter more than prices. A $500,000 home at 3% interest in 2020 had a lower monthly payment than a $400,000 home at 7% interest in 2024.
Equity grows quietly. Even if prices dip slightly, homeowners still build equity while renters build nothing.

💡 Buyer Tip: Don’t wait for a mythical crash. Wait until you are ready—financially, mentally, and emotionally—to buy. That’s the only timing that matters.