An article by the New York Daily News has indicated some of its major predictions for the 2016 year in New York City and many of these predictions are projected around the challenges that the real estate market will be facing this year.
The major concern that is underlying these various predictions is the long awaited tightening of the real estate market mainly as a result of the rise in interest rates that has been foreshadowed by the Federal Reserve for several years now and had the first increase hit in the last quarter of 2015. While the first increase did not have a significant impact, the thought is that the increase in interest rates will make it more challenging to borrow money for a mortgage and sellers will start to face various pricing pressure as a result.
Beyond a prediction of increased interest rates, the Daily News article also is predicting that deals will take longer to be completed and individuals will be looking for amenities before signing for the purchase of an new unit. Gone will be individuals buying New York City real estate at any price.
New developments, particularly in Brooklyn will also continue to sell well and will fetch higher prices than before.
Another prediction is that the properties that do sell will be those in prime areas and with owners who have a solid understanding of the real estate market. That just goes to show the importance of having an high quality real estate broker like Town Residential Real Estate providing you with services when you sell so that you can easily move your unit and without the added pressure of trying to locate a buyer.
Town Residential real estate is one of the premier luxury real estate agencies in the New York City area and has worked with a large number of buyers and sellers and can provide good recommendations to those looking to sell or buy as a result. Having an real estate agent who understands the local market makes a big difference and should not be discounted. Town Residential is one of the best in the business.