New York has long been a dream place for people of every profession, from writers to artists to bankers. The exciting pace of life in New York, and the intriguing history and architecture that comes will it has been a major lure for real estate investors, too. Now, after the heady comeback in real estate prices that has come after the 2008 economic meltdown, there is change afoot once again.
Yes, New York is seeing changes again in its luxury real estate market, according to a recent article in the www.NYDailynews.com. After seeing prices shoot sky high in the last few years, the market is now due for changes as we face the realities of higher interest rates. Here are some key observations from the New York Daily News.
Interest rates will be going up, after a long period of staying low. This will impact prices for rental properties in Brooklyn and Queens, pushing them down as demand lowers. Swings in the stock market will also have an impact on buyer confidence.
Baby boomers with access to cash will continue to be a positive force in the market, however.
Sellers who cling to the idea of prices at 2016 levels will be disappointed if they are unwilling to adjust accordingly. They could lose big if they don’t face the new realities of this market.
Deals will be drawn out and take longer to close, with a lot of back and force and demands for more contingencies.
What’s clear is that investors will need to work with realtors who are true experts in the luxury market if they want to come out on top in 2016. One of the top firms working in this field today is TOWN. TOWN brings an incredible roster of expert luxury real estate professionals into the mix, which is why this firm has become on of the leaders in the market since its first launch in 2010.
If it’s time to get involved in this fast-paced real estate market, it’s time to call TOWN. Our professionals are ready to serve you.