The end of 2016 comes with great optimism for 2017. With that, renters and potential homebuyers want to know what the market will be like next year. Of course, there are many predictions. This post will highlight a few.
Interest rates will rise – The Federal Reserve raised interest rates for the first time in 2016 last week. This suggests that another rate hike will be in store in 2017. This may mean that sellers will adjust their prices to avoid being caught in a receding sales market.
Pricing will drive migration – Indeed, high prices for Manhattan real estate was the story this year. But with pricing run-ups in Brooklyn and Queens, prices in Manhattan may not seem so bad for some. As such, affordability will drive migration in all directions.
Experiences will be basis for amenities – There's only so many physical amenities that can drive buyers. Because of this, more properties will focus on experience-based, building-wide amenities to draw buyers. Think of free yoga nights, Monday Night Football celebrations and cookie of the month events.
More affordable housing – The mayor's Mandatory Inclusionary Housing Program will take effect, which will call for new housing in East Harlem, East New York and the Bronx. These developments will be nothing like the monolithic projects of the past, and will have the latest in “green” technology.
Regardless of whether these predictions come true, buyers can benefit from the guidance and advice of an experienced real estate attorney. If you have questions about the process, we invite you to contact us.