The year 2016 has begun and by all predictions, it will be a year of change for homeowners, buyers and sellers alike. In fact, 2016 will bring change for everybody and real estate will create a change in the way that property is bought and sold. New York City’s real estate market is reportedly going to see interest rates change people’s ability to purchase and how this will affect the housing market.
Here are the eight top-of-the-line market predictions for New York in 2016 as reported by the New York Daily News.
1. Interest rates will rise, causing buyers to chill off.
2. Housing deals will get more complicated and more difficult to seal.
3. Buyers will take longer to make their decisions.
4. Buyers will focus on prime properties.
5. Sellers stuck in 2015 will create distance in the realistic buyers of 2016.
6. Baby boomers will slowly move back to the city for many reasons.
7. Buyers will turn into renters in Brooklyn and be drawn to newer buildings.
8. The number of luxury condos, apartments over $10 million in Manhattan will grow as current purchases linger.
Town Residential is a leading luxury real estate agency in Manhattan and the Upper East Side; they specialize in matching spectacular condos, New York apartments and luxury homes with the right buyer or renter,
TOWN has their motto, “My Town. Our Neighborhood. Your Home,” which is the essence of the reality of owning or leasing an incredibly beautiful place in a thriving community. Town Residential buys, sells, leases and rents property for their clients. Manhattan has hundreds, if nor thousands, of luxury properties, and TOWN is proud to show most of them.
Luxury condos and apartments ranging from $1 to $3 million will continue to be in high demand as the exclusive real estate agency of TOWN Residential will continue to offer high-end properties for their clients.