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2016: A Buyer’s Market?

Posted by admin on 9th February 2016
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New York, NY – With new inventory on the rise, interest rates still low, and pricing at or near peak levels – all signs point to a more dynamic housing market in 2016, with much-needed leverage shifting back to buyers. While we won’t see a true buyer’s market anytime soon, this is certainly welcome news for first-time homebuyers who sat out much of last year during a period of “extreme” seller advantage. New condo construction has ramped up in virtually every neighborhood, from perennial hotspots like Chelsea, Dumbo and Long Island City, to newer bets on Jackson Heights, Bay Ridge and Inwood. “A block without construction seems to be the exception rather than the rule these days, as scaffolding, sidewalk sheds and tall cranes have become almost as common a sight as pigeons on the streets of New York,” quipped C.J Hughes in a recent New York Times piece. It may not be a buyer’s market per se, but it is certainly the best time to buy in years.

 

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