NYC Real Estate Market Report Forcast
According to NYC real estate Experts,people looking to purchase NY real estate in 2016 should not rush it, but wait and compare prices with those of 2015 market report. What first time homebuyers need to know is that home prices will escalate at the start of the New Year but, if first home buyers are reluctant to part with their money due to high prices, pricing will drop back down to 2015 pricing. This is according to Doug Perlson,co-founder of RealDirect dot com an online sales real estate listings site.
Because of the small numbers of first time home buyers in the housing market at this time of the year than in previous years, the trend will most likely worsen. Sellers will have to rethink their prices in order to participate in an already competitive market. According to information from RealDirect and the decision by the Feds to hike up the current interest rate Perlson states, “if you do your homework and you do your research, you’ll be able to find something.” he said of “savvy buyers.”
Alan Light, StreetEasy data Expert notes that upper Manhattan real estate to the North of 110 Street is very favorable and demand for that particular area is at an all time high. And since there is no price control home owners can hike up pricing without being penalized. According to StreetEasy, upper Manhattan real estate is expected to experience a 10.2% rise in housing prices in 2016.
Manhattan Real Estate Rentals
Citi Habitats’s president Gary Malin anticipates the availability of rental units in excess of 5000 in the 2016. Most of these will be high end buildings like 66 1st avenue and 70 Pine Street which are rather expensive due to upscale amenities and beauty.
To attract renters in 2016, property owners will have to adjust prices and come up with creative ways, which they normally do in the winter anyway, he said. Lightfeldt, of StreetEasy had a different view. Even while vacancies will rise steadily in 2016, it is well below 5% and this is considered a housing crisis by the state government.
So while landlords may be stressed about attracting renters,real estate market analysis sees the market as still extremely competitive for apartment seekers and will only get more expensive, Lightfeldt said. Renters need to be ready to transact immediately,Lightfeldt said. “Bring your checkbook to the open house,”he said. Hope this info ny real estate is as helpful as can be.
Further reading
How Cosigning A Home Loan Affects You