What Direction Is The NYC Real Estate Market Really Headed In?
Is the NYC real estate market just getting heated up in 2016? Or is this bull-run just about out of gas?
New York City’s real estate market has been setting new records, giving way to new monuments on the skyline, and unleashing higher rents and tax assessed values. So is the best already behind us? Or is the best still to come?
Factors Influencing the NYC Real Estate Market in 2016
Facts to Know
There are many factors influencing the NYC property market, and they are constantly influx. There is no question the city has been enjoying a great recovery. All boroughs are expected to perform well this year. There may be some slowdown in the momentum of growth in some neighborhoods due to recent development and selling out new buildings. However, it appears New York has been one of the latest to recover, and while foreclosure activity is slowing, only now are many properties being sent to auction and resold. That suggests significant fuel in the pipeline to keep boosting property sales and prices through 2016.
Smart Real Estate Moves in 2016
For buyers success this year is all about finding good properties, in great locations, with room for growth, reinvention and income. Many of the best opportunities will be privately marketed off-market listings. Note that in addition to foreclosures it is worth looking at those which are just now selling for first time in a generation or more. With the right real estate professional on your team you may discover some are still more affordable than you’d imagine.
At the same time it might be time to sell. Given current interest rates and uncertainty about macro-economic factors those that don’t like to gamble could find this a great time to cash out while values are up.