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Is the market down right now? (Long Island NY)

Me and my wife are renting at the moment. We got lucky and got a cheap 2 bed from someone we know. But she’s looking to sell soon and we don’t want to rent anymore. We want to own something that will build equity. We will probably go the condo route.

I’m seeing signs that the market is down but I’m clueless with this stuff so I could be wrong. My in laws house price dropped like around 300K from what they would’ve gotten a year ago. We’re also seeing 3 bed, 2 bath, condos in some good areas going for around 300K.

Again, I’m clueless when it comes to real estate and market value. So I would just like someone on here that knows what they’re doing to chime in. Can’t figure out if now is the right time to start looking!

submitted by /u/yourfavoritepenguin7
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source https://www.reddit.com/r/RealEstate/comments/1rwe6f0/is_the_market_down_right_now_long_island_ny/
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