Predictions for New York City Real Estate for 2016

A report published in New York Daily News summarized eight things that the author predicts will happen in the real estate market before the end of 2016. The professionals at Town Real Estate which is one of the fastest growing real estate firms in New York City agrees with those conclusions. CEO Andrew S. Heberger stresses these factors are the reason buyers and sellers must work with a professional team that understands current market conditions.

The first conclusion that the article reaches is that interest rates will gradually rise throughout the year. Therefore, buyers will not be as confident that they are making good decisions. Therefore, properties will take longer to close. Buyers will visit several times trying to decide if buying a particular property is the right one for them. Buyers will demand more contingencies than in recent years. Buyers will take more time to study the situation and listen to more advisors.

The second conclusion from the article is that location will be more important than in recent years. Therefore, sellers must be realistic about what their property is worth based on its location. Sellers, particularly in Manhattan, who demand more than 10 million dollars for their condominiums will find their property may sit on the market for a long time as the number of these properties will continue to grow. Those with properties valued between one and three million dollars will find their properties still in high demand. The inventory of these properties will be low.

You need to work with a professional fromĀ  Town ResidentialĀ  in this market. Choosing a real estate agent with convenient locations makes great sense since buyers will want to visit the property many times. That is why Town Real Estate has four different locations in New York City. Their experts in each office can guide you in buying or selling your property. They have a complete understanding of their individual neighborhood.