The New York City real estate market has been rising since the end of the recession and new predictions in the New York Daily News is forecasting a slowdown in the real estate market in 2016. Here are eight of their predictions for 2016:
1) Prime real estate locations will remain attractive to buyers and will garner most of the attention of buyers
2) Interest rate increases will temper the market and lead to stable or lower prices
3) Buyers will be more hesitant to enter into transactions and it will take longer for real estate transactions to be completed
4) Baby boomers will start to drift into New York City as they downgrade from their suburban homes
5) Incentives will drive buyers to complete purchases and will be needed to initiate demand for properties.
6) New development buildings will attract buyers and premium pricing, particularly in the Brooklyn market
7) Sellers of real estate who understand the market’s shift will sell their homes but others who don’t will have their homes sit on the market for longer periods of time
8) Luxury buildings on the market will continue to extend for longer periods of time and more buildings will come on market in this class.
Most of these real estate market predictions for New York City predict that the real estate market will tighten, or at least become more difficult for sellers to maneuver in. Inside market information is needed and that is where a high quality real estate agency like Town Residential can come in and help you get an edge and obtain a quicker transaction and potentially higher sales price for your New York City apartment.
Town Residential real estate is a leader in the New York City real estate market and prepare a quarterly report on the local real estate market that is called “The Aggregate” which provides both data on NYC real estate and real insight and analysis on the market. This insight by experienced agents and other real estate professionals provides customers of Town Residential with an advantage in a rapidly tightening market.