NYC real estate market predicted to decline in 2016

The New York City real estate market has continually risen since the end of the recession in 2009 and this increase in prices has put stress on many buyers but has yet to weaken the demand for real estate across the city. Both domestic and international real estate buyers have continually supported the market and prices have continued to increase with buyers snatching up available real estate quickly across the city. Per a new set of predictions detailed in an article by the New York Daily News, all of this will soon change in 2016.

The Daily News article predicted that market pressure will come about due to volatility in foreign markets that will weaken international demand as well as increasing interest rates by the Federal Reserve, both at the end of 2015 but also upcoming in 2016. Rising interest rates will increase the borrowing costs for buyers and will damper demand for real estate, per the predictions.

The article went on to issue some predicted consequences of this decreased demand, particularly in the location of demand and the end result of the weakening demand. While demand is expected to still be strong for new development projects, particularly in certain desirable parts of Brooklyn, it is expected to weaken in other parts of the city and drive down real estate prices. Deals are also predicted to close ia slower manner than in the past with greater negotiation on prices. Sellers are recommended to obtain the assistance of high quality real estate agents like Town Residential to provide assistance in selling apartments.

Town Residential is a premier luxury real estate agency based and founded in New York City luxury real estate and with many professionals who are local to the city and who have significant experience in the area and who understand the market This long history of experience provides buyers with the extensive experience of their professionals and often allows sellers to get a better price when selling real estate.

In what is likely to be a tumultuous NYC real market in 2016 this experience and market insight is likely to be needed.

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