New York Real Estate Investing Forecast
If you have your sight on investing in New York real estate, you had better get started now as experts are predicting that luxury rentals will decrease in price. The transportation infrastructure looks like it has already had an impact on housing prices and it will most likely continue. On the other hand, there is some talk of a housing crash in the Empire State. Learn more about New York real estate forecast from an experienced real estate investing mentor.
What About Transportation?
The L train, between Williamsburg and Manhattan, will be shut down for 15 months in April of 2019. This change in residents’ commute has already caused a steady decrease in home prices along this route, especially North Brooklyn. If you want to get a head start finding an investment property, this is a great place to start looking.
Will There be Another Housing Crash?
In the last one to two years, cities across the nation have seen an increase in average housing costs. The second quarter of 2017 showed that prices rose 6.2 percent compared to the same time the previous year. When comparing home prices with inventory, which is 9 percent lower than what it was in 2016, and the fact that incomes haven’t been keeping up with rising prices, people are raising the question of a possible burst in the future. Looking from Las Vegas to Tampa, there is quite a range in housing market forecasts. So what is the forecast in New York City?
Learn the New York City 2018 Forecast from a reliable Real Estate Investing Mentor
According to Annie Cion Gruenberger, a NYC broker with Warburg Realty, “We have a very positive market, but a targeted market of smart buyers.” And the New York State Realtor Association (NYSAR) chief economist Lawrence Yun is optimistic, saying that the younger, millennial generation is where the growth will be.
Because the job market is strong, young buyers are looking to find a place to settle down and they have the credit and inventory to make that happen. The smart buyers are seeing that they can negotiate prices before signing. In Manhattan, studio prices have dropped by 8 percent from last year and one and two-bedroom prices have increased. On the luxury end, overpriced listings failed to close, which means that rental prices in this demographic area are decreasing.
According to the New York Building Congress, there is a potential for over $12 billion in spending through 2018, with over 25,000 housing units. With a strong jobs forecast, the market in NYC is full of possibilities. If you want your own bite of the real estate investing market, now is the time.
New York City has low-end and luxury real estate up for grabs so if you have the know-how and the resources, being a part of the 2018 market could be incredibly lucrative. Whether you have just started out in the real estate investing industry or are a seasoned investor, get the tips and tricks from a professional real estate investing mentor.
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