Trying to predict the housing market is a very risky thing to do. While analyst can figure out some trends based off of current and past performance; this does not mean that things will play out as expected for the future. The following information was taken from an article in the New York Daily News about the coming trends in the real market in 2016.
Prices are Going to Fall in 2016
The decline in property prices will be an ongoing theme in 2016. This will be due to an increase in interest rates and fewer buyers in the market. Sellers are going to have to really put out some good incentives to get buyers to purchase their properties. Buyers are going to be more selective and take their time with making purchases.
Only the Best Land in NYC will be Selling Quickly
Since the overall prices in the housing market is going to be lower than in the past; buyers are going to purchase more high end properties. This makes sense because New York City apartments for sale is the secondary and lower end properties will not hold their value the same as properties located in higher end areas of the city. Sellers who own property in secondary and low end markets should brace themselves for a long selling process because their properties will probably be stuck in this phase for a long time.
Baby Boomers are going to be Buying a Lot of Real Estate
Baby boomers are going to be buying a lot of real estate in 2016 because they are going to want to live next to their children and grandchildren. More importantly they will have the cash to put down for property because they are more settled. Many baby boomers will also look for secondary places within the city.
High Demand for Luxury Condos
NYC property owners will definitely like the following prediction because it will be good news for them. Luxury properties are going to be more in demand even though the overall market is going to be tight. Entry level condos ranging between $1 and $3 million dollars are going to be among the hottest selling properties in NYC. One reason for this trend will be the increase in luxury properties (especially condos) since more buildings are going to be sitting in the market waiting to be sold.
These predictions may come true in 2016 or they might not. People who are interested about finding out more about the coming real estate market trends in 2016 should check out the article 8 Predictions for the New York Real Estate Market in 2016.