Changes to Come for New York Real Estate
Real estate is one of the biggest and most profitable investment opportunities. The type of market largely determines how successful one can be. Places such as New York can be difficult for beginning investors, but very profitable for those able to navigate the deadly seas of the housing market. According to the New York Daily News, many things with the New York market will begin to see some changes.
After the financial crash, interest rates and house prices were at rock bottom. This was great for markets like New York that had astronomical prices on the housing market. With the market seeing some recovery, there is potential for many things to begin happening. First, the interest rates are going to rise without the prices going down. This means buyers are going to be spending a lot more on interest than they were. Second, sales will no longer be a random purchase by an overzealous buyer who never had the chance to enter the market before. Houses will be on the market longer.
Another area that will be impacted is the luxury condo niche. Apartments such as Town Residential will not only see a difference in price but buyer availability as well. The cost to live in New York is becoming increasingly difficult, so buyers will take their time with purchases. It is definitely a positive for sellers, who hope to see a decrease in fake buyers and an increase in real bids for their properties.
The stunning buildings are well worth their hefty price tags. With multiple luxury condos spanning the entire city of New York, the housing market will also see in increase in serious buyers that may help the market for nearby properties.
There is still hope for the real estate market. With the influx of buyers entering the market, it will be interesting to see the developments in sales tactics and the fluctuation in prices as new properties are bought and sold at prices the rest of the country will never see.