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How will uncertainty affect the real estate market?

If there is one constant within the real estate market in New York City, it is that uncertainty breeds hesitation. If buyers are not confident or sure about upgrading or expanding their real estate portfolio, they will not do so.

With a new President about to take office and interest rates poised to be raised once again in 2017, chances are that the variables of uncertainty will affect home-buying. There is an argument that a normalizing interest rates after years of historical lows was inevitable. After all, the potential for another crash may be tempered by keeping the market exclusive to a certain degree.

Another argument suggests that another slowdown is soon to come, and homeowners should brace for another tumble in values. If buyers are not ready to spend additional money for the same property could have been purchased for less a couple years ago, perhaps waiting for market corrections to complete themselves may be a novel idea.

Even with a climate where experts disagree on the outlook of the market, having an experienced real estate attorney to help buyers navigate the process of purchasing real estate. From assembling proper documents to negotiating an offer to arranging for financing, the uncertainty that can cloud one’s view of the market can be reduced with an experienced lawyer.

Indeed, this does not mean that having an attorney will eliminate real estate pitfalls altogether, but a skilled lawyer can help in making informed decisions that will lead to calamities being avoided.

 

The preceding is not legal advice.

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