2016 New York Real Estate Predictions

The 2016 predictions for the New York, real estate market, were recently discussed in an article in the Daily News. Interest rates are predicted to increase which will result in lower sale prices for homes. Fewer potential homebuyers will purchase homes if interest rates rise. House negotiations will be more difficult and take longer because buyers will expect more concessions from the seller. There will also be more focus on homes in prime locations as homebuyers search to make the best deal. Homebuyers will require more than just one visit to the property and will take longer to sign contracts and may seek out the opinions of numerous advisors before moving forward with the purchase. Serious sellers will adapt to the new market changes, but unrealistic sellers will miss the market, and their homes will not sell until they make price cuts. Retirees and empty nesters will play a significant role in the housing market as they sell their family homes to downsize or relocate to be closer to grandchildren and their homes will add to the inventory available for sale, or purchase a second home reducing market inventory. Real estate experts predict potential buyers in Brooklyn will be drawn to the new rental buildings offering incentives such as reduced rent and no application fee so they will choose to rent rather than buy a home. Inventory for luxury condos in Manhattan will continue to develop saturating the market with new buildings and giving homebuyers more options to choose.

Town Residential was founded six years ago in 2010 by Andrew Heiberger and is one of New Yorks leading real estate firms. The company specializes in luxury residential sales, leasing, marketing and leasing of property commercial and retail. Town Residential is a New York-based firm with ten offices in Manhattan and one in Brooklyn.

Town Residential deals with housing, condos, penthouses and co-operative buildings. The have buildings available in Manhattan, Brooklyn, the Hamptons, Long Island and Florida. The firm has a strong team of professionals with an extensive knowledge of all aspects of real estate.