As real estate makes changes this year, Town Residential understands the changes and is capable of guiding potential buyers and sellers through the process. Town Residential is a company with experience and understanding of their TOWN. The Town team specializes in luxury residential and has the knowledge and experience of the New York area that makes them top in the residential luxury real estate industry.
The team at Town Residential understands the many neighborhoods and different areas of New York. With changes predicted for the New York real estate market it is an asset to have knowledgeable professionals to work with for major real estate purchases.
In late January, an article originally reported in the New York Daily News predicted changes for the New York real estate market in 2016. In this article the author gives 8 predictions for the New York market. He predicted a gradual rise in interest rates which would in turn cool buyer demands resulting in pressure to lower prices. The second prediction is that deals will happen, although they will be harder to put together and close. Third, sells will take longer due to the fact that buyers will take longer to make their decision. Fourth, the gap between serious and unrealistic sellers will become larger, with unrealistic prices being lowered after a longer time on the market. Fifth, prime locations will be the focus of buyers as they focus on prime neighborhoods and determine not to settle for secondary neighborhoods. Sixth, baby boomers are predicted to move back into the city to be near children and grandchildren. Seventh, prospects buying in Brooklyn will be tempted by rental incentives like reduced rent, free rent for a short period, and no broker fees. Lastly, the current listings on the market are expected to linger as the inventory of luxury condos in Manhattan continues to grow.