Many people are hesitant in NYC apartments for rent and real estate market will do in 2016. An article in the New York Daily News summarizes the situation. Town Real Estate believes the conclusions to be correct. With over five years in luxury real estate, they understand the market extremely well.
Overall, the market will continue much like it became by the end of 2015 with buyers ruling the market.
Sellers need to keep several factors in mind when looking to sell their properties. If the property is in a prime location, it will sell faster. The hottest location remain Brooklyn and Manhattan. Even in these locations, buyers have many choices in condominiums priced over 10 million dollars. Therefore, sellers can expect buyers to make many visits to the unit before making an offer. Sellers can also expect buyers to ask for more contingencies. Furthermore, sellers should not become impatient. Buyers will be asking more questions and listening to more advisers.
One of the ways that sellers must react to this trend in the market is to work with a professional realtor like those found at Town Real Estate. These professionals, headed by Andrew S. Herberger, understand how to answer questions to questions that buyers are asking. They also understand what contingencies make since for you to offer and which ones to avoid.
Professionals at Town Real Estate also agree with the article’s author that strength will continue to be seen in sales of condominiums between one and three million dollars. An important part of this segment are baby boomers looking to move back to the city. These buyers want to be closer to their grandchildren. This means that sales in Brooklyn should be particularly strong.
With the expectation that interest rates will continue to rise in 2016, buyer’s confidence will lower. Yet, when sellers are realistic, sales will still occur.