2016 brings changes to the real-estate market for New York, the changes are brought about by the current Micro-economic climate effecting everyone involved in real-estate.
Increasing interest rates will ultimately cause prices to decline. Declining prices coupled with increasing interest will cause buyers to become skeptical about the market and adversely effect the ability for sellers to make quick sales and turn a fast profit as buyers will expect a greater number of deal contingencies will take longer to review contracts.
A gap will grow between motivated sellers and sellers with unrealistic demands. Ultimately, sellers with unrealistic demands will curve their demands and reduce their prices should they desire a sale. With the newly falling prices and lost confidence in the market buyers will turn to Prime locations and proven investments leaving secondary and tertiary neighborhoods behind struggling for growth.
It is important that sellers focus on a broad spectrum of potential buyers as the baby-boomer generation will likely make up a large portion of the market. Baby-Boomers have reached the point in their lives to begin downsizing and potentially taking on property in the city to be closer to extended family.
Perspective buyers of all ages may become tempted by the development of new rental properties, enticed by incentives, rentals may be the way of the future. With a number of newly developed complexes buyers and renters alike will be looking for reputable leasing agents while buyers will be in need of top level marketing of their property.
There are many business available for both buyer and seller, TOWN Residential is a one stop shop for both. TOWN Residential can see the seller through all phases of the real estate cycle while matching potential buyers to their perfect new home.
TOWN Residential focuses on high-end real-estate in New York and providing a plethora of options to those in the market to buy with a stable client base for motivated home owners. Clients obtain excellent service from real-estate agents,as well as having access to Town Guides, Relocation Services and market reports enhancing the experience for the buyer.