If there’s one thing that anyone involved in the dynamic New York luxury real estate market knows, it’s that change is a constant. Professionals who have weathered the years since the economic meltdown of 2008 know that to be a fact.
It took a lot of fortitude to hang in during the years of the Great Recession, but the last few years saw an incredibly gratifying comeback that had many real estate investors smiling. Now, in 2016, we’re seeing changes in the market and the important thing is to be aware and be prepared.
A recent article in the www.NYdailynews.com outlined some of the coming changes in the New York luxury real estate business in 2016, and it’s best to be prepared for what is coming.
The article notes that one of the biggest impacts on the market will be an increase in interest rates. That, along with an unstable stock market will bring on greater caution.
Buyers will be more cautious and the market will slow down. Buyers will take much more time to close deals. Sellers must be aware of these new realities, and the fact that prices will be pushed down. Sellers who want to keep prices up at 2014-2015 levels are going to be disappointed, no doubt.
One very bright spot will be the activity in the market from baby boomers who have access to cash. This generation will be interested in getting involved in this market and they will keep things flowing.
There’s no question that the intricacies of dealing with this market mean that savvy buyers will need help from top flight experts in the luxury real estate business. TOWN is one of the firms most well regarded in this aspect of the market, and it is poised to take on even more business in 2016.
Since its initial launch in 2010, TOWN has made a name for itself with its team of top notch real estate professionals, dedicated to client service. When it’s time to really get in on this market, it’s time to call TOWN.