The new year brings changes, and that is just as true for the New York Real Estate market. According to New York Daily News there are some trends and changes that buyers and sellers should be aware of in the coming year.
The first thing that will happen is that rising interest rates will cause buyers to slow down, which will cause prices to lower. While deals will still be made, they will be harder to close, as buyers will be more reluctant to make them. It will be harder to sell. Homes that sold during the first open house may take several weeks to a month to find a buyer.
There will also be a larger gap in the expectations of sellers. Sellers are likely to be either very realistic or have pie in the sky expectations. Because the market is softening one of the biggest changes is that buyers will focus more on prime locations, in part because prices are expected to be low. Even so, baby boomers, who often pay in cash will still be an important part of the market as both buyers and sellers. They buy residences in the city to be closer to their families or move out to the suburbs and sell their property in the city.
New rentals will try to tempt prospective buyers away from buying and towards renting by offering special incentives. Incentives such as reduced fees and deposits, as well as free rent for the first month or so are sure to entice many prospective buyers away.
Demand for luxury condos, which are generally in the 10 million price range and up will continue to grow. Additionally, the demand for entry level luxury condos, which are priced between one and three million, will also continue to grow.
Town Real Estate is a real estate company that specializes in the buying and selling of luxury condos and apartments in the New York City area. They are especially equipped to handle the kinds of changes that this market brings.
The team of experts at Town Real Estate deals with a diverse range of real estate properties in the NYC apartments for sale and luxury market. They have experts who deal exclusively in sales, new developments, and in commercial real estate. They can help you buy and sell luxury real estate easily and efficiently.