For the past decade, one of the leading residential real estate firms in New York City has been Town Residential. Town Residential has been a leader when it has come to sales and leasing for all types of residential real estate in Manhattan, Brooklyn, and the rest of the city. The company has a large team of experienced brokers, agents, and consultants, which can ensure that their clients get the best deal possible.
Beyond providing sales services, the company also is frequently involved in delivering the best market knowledge and is known for making accurate predictions about the future of the real estate market in New York City apartments for sale. Earlier this year, the company made many bold predictions for the near future of the city’s real estate market.
The first prediction made is that the recent hot trend in real estate will cool largely due to increases in the interest rates. The federal government recently increased key interest rates, which ultimately will result in higher mortgage rates. While rates are incredibly low compared to historical averages, they are bound to increase throughout the year. Interest rates increasing will then result in less affordability, which will result in lower demand.
Another prediction is that the typical buyer will now take longer to make a decision on what they will buy. Many buyers in recent years have felt the pressure to make very quick decisions. In the coming year, there will likely be more supply than in prior years, which will mean a buyer has more choices. This will likely lead to longer times for homes to sit on the market, which could lead to a decline in prices.
Town Residential also thinks that buyers will now focus more on prime markets throughout the city. Along with longer wait times for sellers and increased supply, more buyers will try to get into the best areas of the city than ever before. Buyers will likely find that they will be able to get better deals and have more negotiating power in these neighborhoods than they would have had in recent years.