2015 saw awesome sales, the highest prices in years and a buyers market that was eager to buy and did it quickly. Real estate professionals have predicted that while 2015 was a stellar year, 2016 will prove to be a bit more conservative. Luxury sales will not drop entirely off, but they will slow down as buyers take more time to mull over their decision to buy.
Real estate brokers will find that they need to show properties multiple times to the same prospective buyers. As the Feds raise the rates, buyers will become more wary of what they are purchasing and how much it costs. The rising rates may also cause some prices to drop off just a bit. Brokers will find that they need to sweeten deals, especially in terms of luxury properties.
Town Residential is one such broker that deals almost exclusively with luxury rentals and sales. They have expressed no concern with their present rate of sales and feel that 2016 may be slower, but profits and sales will remain steady over the course of the year.
One item that Town Residential sites as the reason for steady and slowly increasing sales is the development of new properties. Throughout Manhattan and even Brooklyn more and more new developments are popping up. These are state of the art properties that will attract buyers and bring the sales in.
Another item that will help in continuing the exponential growth in sales will be the prime market. These are the areas that are central to any good neighborhoods and have any perks. These properties will draw in sellers and help stabilize a market that could potentially be considered shaky.
Prime market sales will draw in top dollar, and even if these dry up, the secondary and tertiary markets will help lift up higher prices and better commissions.
The Horizon for Manhattan real estate looks bright and does not appear to be dimming at all. Sales are strong and are expected to remain that way throughout 2016.