New York City has some of the best and most expensive real estate in the world. This city is loaded with a variety of buildings, apartments, condos and houses that have different styles and different price ranges. The real estate industry in NYC is ever changing and the year 2016 will not be any different. Here is some general predictions about what will be happening with New York property sales throughout the year.
- Rising Interest Rates
Interest rates in the Big Apple have been trying to go up for many years. However, they held steady. In 2016 this will not be the case. Interest rates will go up and less buyers will be willing to purchase properties. This in turn is expected to weaken the buyer”s confidence in the market. Ultimately, sellers will have to put downward pressure on prices just to keep buyers interested.
- Downward Prices will Negatively Impact Sellers
Many NYC property owners are going to want to sell their properties at higher rates. This will not work for them in 2016. The downward price trend is going to force them to lower their prices for property sales. There will be a lot of resistance to this trend but sooner or later most buyers will give in.
- Property Buyers will Look for Prime Locations
Buyers have always looked for prime areas for land within NYC. In 2016 this trend will be driven by a softening market. Buyers with the income will want to focus on prime locations and then secondary areas second. Buyers want to make sure that they can grab the better locations at a cheaper price. The secondary and lower end properties will not fare as well because purchasing the best property at lower rates will be the focus of buyers.
- Deals will be Harder to Close in 2016
Another reason why property in NYC will not move at a quick pace has to do with the closing process. The fact is that buyers and seller are going to have a harder time trying to close deals for properties. Buyers are going to be asking more for these deals and in most cases sellers are going to have to deliver more to get results.
Town Residential is a leading New York real estate agency that has been in operation for many years. This organization was started by Andrew Heiberger who is the company’s CEO. This real estate firm wants to ensure that the market is moving in a positive direction. They want to make sure that their properties are selling in the market.
Town Residential typically sells full scale luxury structures such as office buildings, condos and apartment complexes. They also sell homes that contain one to five bedrooms and penthouse units. Each of these properties are well maintained and primed for sale. Town Residential works hard to ensure that their client’s needs and desires are being met with each transaction.
These predictions are fairly accurate since they have been reported on New York Daily News. They are also based off the past and current trends that are currently taking place in the NYC real market.