2016 New York City Real Estate Predictions

The New York City apartments for rent market can be an extremely tough and cutthroat environment. The key to navigating the maze of NYC real estate in a stellar manner is have the utmost in a professional acumen. In just five short years, TOWN Residential has established itself as real estate agency that has the best customer service, including in the areas of leasing, marketing, and commercial and retail as well.

 

The key to TOWN Residential’s success would be the unsurpassed professionalism of each and every agent that represents the firm. The representatives associated with this firm truly go the extra mile for each and every client and our proud of the fact that the firm was recently designated as a Best Firm to Work For.

 

Part of their excellent customer service comes from the fact that they are able to stay abreast of the current market trends. One interesting article they would recommend would be a recent one that notes 8 predictions for NYC Real Estate for the 2016 year. Consider the following:

 

  1. Interest rates will raise and there will be a cooling in prices.

One prediction has it that interest rates will raise up in 2016. If the rates do indeed rise, the buyer demand will go down and pricing will decrease.

 

  1. Real estate deals will be more complicated.

Deals will happen in this new year, but they will be more difficult to accomplish. The real estate transactions will be a bit more complicated. Buyers will want more deal contingencies and will require more of the sellers.

 

  1. Buyers will need more time to make decisions.

Buyers might need more time to make a purchase. They may need to make more than one visit to a property and might need up to three weeks to consider a contract.

 

  1. Buyers will desire prime locations.

The market is softening, which means that buyers will desire more prime locations.

 

  1. Baby boomers will still be an important segment.

Baby boomers will have a desire to be near grandchildren and they will often decide to purchase a second home or downsize from a suburban home in order to be close to them.

It is important to remember that a number of factors can affect the housing market, and so that is why the representatives at TOWN Residential believe it is important to learn and study the real estate markets as closely as possible.