The new year of 2016 has some interesting prediction for the New York real estate market. Changes in the economy will impact the changes in the real estate market. The predictions for the real estate market will affect how people buy, sell, and finance properties.
According to the original New York Daily News there are eight total predictions for the real estate market in 2016. The first prediction is in regards to the rising interest rates that will occur due to the fluctuation of prices. The second prediction is that closing a deal for property will be more difficult. The third prediction is that people who want to buy real estate will take more time to decide to close the deal. The fourth prediction is the difference in realistic, and non-realistic sellers will increase.
The fifth prediction is that location will be a huge focal point for buyers. Sixth prediction would be focused on baby boomer generation buying and selling property for family reasons. The seventh prediction would be that Brooklyn residence will want to buy more of rental buildings to increase revenue. The eighth and final prediction is the condo market will increase in growth and sales over the next year.
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