Predictions Good For New York Real Estate Market
After over a decade of declining housing values and a slump in buyers, New York has made a definite comeback over the past year. Financial analysts are stating that 2015 ended up being a banner year in terms of real estate sales and investing. Whether you are in the market to sell or to buy a home or to simply invest in property, the forecast for the year ahead remains solid. According to experts, prices are becoming more realistic while investors continue to pour in, thus increasing the odds that the gains made in the past year will continue into 2016.
The Forecast for the Year Ahead
According to a January 2016 Forbes Magazine article on the New York real estate market, New York City saw end-of-year record sales that leave financial forecasters feeling optimistic for the year ahead. While 2015 turned out to be a record year in terms of sales prices, overseas demand for condominium properties and sales of newly developed properties throughout the area continue to drive sales into the new year and are expected to continue through the first quarter of 2016, at the very least. From an investor standpoint, Forbes claims that the New York market continues to stand steady despite foreign market upsets, and real estate continue to be viewed as a more stable, less volatile investment.
Drops in Real Estate Prices
While Forbes sings the praises of New York from an investment standpoint, reported drops in prices could have an impact on home buyers as well. According to a January 2016 New York Times article on drops in real estate prices, the hefty prices tags on luxury apartments and condominiums have dropped to a more reasonable level, making these properties more within reach of buyers. While the 2015 boom in the NYC housing market led some sellers to assign outrageously high prices, the sheer volume of properties available have resulted in those prices becoming more down to earth. Many developers and property brokers are now offering incentives to agents, which can be passed along to home buyers. If you are in the market for a home or property, your best bet is to proceed slowly. According to the New York Times, the original prices quoted are often over inflated, with plenty of room for negotiations. Buyers are smart to keep that in mind, as it may take several attempts to get prices down to where they are more realistic and affordable.
Contact Our Experienced Real Estate Attorneys
Whether you are in the market to buy or sell a property, contact our experienced New York real estate attorneys to help guide you through the process. At Cavallo & Cavallo, we have close to 30 years of legal experience in handling real estate transactions in the area, and can help you to use changes in the market to your benefit. With offices in the Bronx and Westchester, we continue to be your neighborhood law firm, there when you need us and providing the professional legal service you deserve. Call or contact us online today.