Big things are expected out of the real estate market in New York City in 2016. Closings transpiring this year, the fruition of condominium project sales of the past few years, and the rental marketplace heating up in Manhattan and Brooklyn, things look promising!
Here are some of the predictions for premium real estate holdings in new York City: market predictions for 2016:
1.There is a direct correlation associated with higher interest rates and a downtown in property prices. After years of the Fed teasing the real estate sector on its decision as to whether to raise or not raise the interest rate, there’s no denying that rates will start to inch upwards. Rates up, buyer desire down. It’s that simple.
2.Transactions will continue, but seemingly be more tedious and difficult to bring all parties together and close. Buyers are more finicky, reading every word of the contract instead of a mere glance and pushing the envelope by asking for more givebacks from the seller. Get resigned to more questions, more visits from buyers as the process seemingly dragging on.
3.Responsive pricing strategies will dictate as to who sells and who doesn’t. Sellers that are motivated will facilitate a quicker sale.
4.Though they are getting older, Baby Boomers are still a respected sector that should not be ignored. They still have plenty of cash and often in need of a secondary home to be near the kids and grandchildren.
5.With a downturn in the market, buyers are eager to catch a bargain and will look at the premium or preferred neighborhoods, instead of markets they would normally pursue in a strong market.
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Offices are strategically located throughout the city for customer convenience to facilitate a collaborative effort amongst buyers, sellers and representatives of TOWN Residential.