The New York City real estate market has been increasing skyward for the past seven years and many real estate participants and observers have long been predicting that this trend is going to come to an end. An article in the New York Daily News has a list of their predictions for 2016 which include the long awaited tightening of home prices in New York City.
There are many tailwinds that are making the NYC market challenging for sellers and many of these factors have been treated out in a 4th quarter report by local real estate company Town Residential.
Town Residential has many qualified professionals who have intimate experience in the Local NYC market. This experience allows them to provide a higher quality service to their customers and help to provide them both with an better understanding of the real estate market as well as where to obtain the best value for their property.
The projected downturn in prices for homes in NYC comes as the Federal Reserve raises interest rates which raises the cost of a mortgage. This has an inverse effect on home prices and this pressure will begin to be felt by homeowners. Also hitting home prices is weakened demand from overseas and particularly in China where the market is in turmoil. These factors will weigh negatively on the real estate market in NYC and reduce demand and prices, though the pain won’t be evenly spread through the city. Certain areas will mostly escape the downturn.
The end result of this will be that apartments will take longer to close and buyers and sellers to come together. Certain types of apartments Such as new development units and prime locations. Sellers will have to stay abreast of the market conditions or will risk having their unit sit on the market unsold. That is where a high quality real estate agency like Town Residential can come in and guide you in the right direction. Their data models are significantly more precise than mere crystal ball predictions and are based on real and high quality data and analysis.