The ever changing New York City luxury real estate market is looking at more fluctuations in the days to come, according to market observers at www.nydailynews.com. There’s no question that those who do well in this dynamic market are those are willing to embrace change. That’s a lesson many real estate investment professionals learned in the aftermath of the 2008 economic meltdown.
New York’s luxury real estate market recovered with a boom after the downturn, but what is clear is that more changes are afoot in 2016. Here are a few of the observations from the NY Daily News.
One of the biggest factors to impact luxury real estate in New York going is a rise in interest rates. This will definitely affect the market in numerous ways, like
cooling demand by buyers for properties in Queens and Brooklyn, which will push prices downward. Swings in the stock market will add to the overall jitteriness we’re seeing.
The general slowdown will also affect the pace of deals, as buyers will take longer to close and will be asking for more contingencies in the agreements they make. Sellers who are unwilling to face the realities of this market, and who refuse to adjust their prices accordingly, will lose out.
Baby boomers, many of whom have cash on hand, will be a force in the market, and will keep things moving along even amidst the jitters.
What’s clear from all of this is that savvy investors who want to be involved in this market need expertise to help them do well. TOWN is one of the leaders in the luxury real estate market, and it is a firm that is well positioned to take on more clients in 2016.
Since its launch in 2010, TOWN has made a fine reputation for itself with its group of savvy real estate professionals. The realtors at TOWN know the complexities of New York luxury real estate, and they work with the best interests of their clients in mind. When it time to do a deal and do it right, call TOWN.