The New Year is here and everyone is excited about it. The real estate industry in New York City is looking forward to a dynamic time, and everyone is hoping that the year will be good to them. There have been several condo developments in the past years that have been launched, and it is expected that they will start to get closings. In Brooklyn and Manhattan, new buildings for rental are expected to hit the market too.
Here are some predictions for the real estate industry in New York City apartments for rent in 2016.
The interest rates are expected to significantly rise with the corresponding prices. There has been a threat of interest rates rising for some time now, but the reality will be seen in 2016. The rates will go up, making the buyer demand to cool down, which will lead to cooling the pressure on the prices.
There will be deals in the industry, but they will difficulty to put in place, meaning that it will be hard to close them.
The buyers are also expected to take longer when making their decisions. Nowadays, buyers need to visit several house before they can settle on what they require. Most of these buyers have to consult too.
The existing gap between unrealistic and realistic sellers is expected to grow.
People buying the houses will focus more in the prime location when choosing their houses.
Baby boomers are also expected to increase importance in the market. This group is very important for the sellers.
The potential buyers in Brooklyn might be tempted to purchase new rental houses that will be offering initiatives.
Luxury condos that are considered to be from $10million located in Manhattan will increase in inventory as new buildings come up.
If you are looking for a firm to help you to sell or buy a house in New York City, TOWN Residential is the company to visit. The firm has been around for only 5 years, but it has grown to one of the best in real estate industry. TOWN residential has some of the best representatives, and they will serve you perfectly during your transaction.