Seeing as 2013 is coming to a close, what should we keep an eye out for in the Real Estate Market in 2014? Lets first discuss the interest rates that seem to be drifting ever so slightly upwards. It is too soon to tell but brokers, developers, and buyers are keeping track as the year comes to an end and the New Year approaches. "An increase in interest rates might dampen activity in the long-term, slow the growth of home prices and impede commercial investors’ ability to refinance property.."(The Real Deal) Secondly, inventory of homes for sale has decreased due to home prices remaining steady. Homeowners looking to move out and into a larger home cannot do so. The amount they would make from selling their home is not enough for a down payment on a larger home. In Conclusion, in 2014 brokers will be looking at new construction. If you have not noticed, there are plans for new condos to be placed along the East River as well as Willets point. Check out our previous post (Willets Point Project) about the construction of the condos in Willets Point. Will the pricing of the units be able to cover the costs of the what the developers paid for the land? The best we can do as Real Estate Salespeople is to keep track of the rates and search for new inventory. Also be sure to keep following our posts and you will receive real estate updates every day. Be sure to also Google+ us.
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