Do you have a property for sale in New York, USA? Things are heating up in New York real estate. While much of New York did not vote for Donald Trump and really wanted Hillary Clinton to fact, the fact is Trump’s Presidency has energised the housing market in New York, as well as in the rest of the country.
So what does this mean for you if you’re looking to sell your apartment in New York, USA quick? Well, to give you a hint, an average one-bedroom apartment in NYC rents for $3,440. That means one has to have an annual income of at least $138,000 a year to be able to afford that.
Keeping this in mind, here are the latest real estate trends in New York.
#1: The Trump Presidency is certainly going to have an impact.
President Donald Trump may not be all that popular in New York, which is a very liberal city, which has always voted for the Democratic Party, but he is set to bring in a number of changes to the real estate market here and in the rest of the country.
For one, there is a new wave of confidence in U.S. business under Trump. The Dow Jones Industrial Average hit 21,000 for the first time recently and has been making record highs every week since Trump became President.
A positive pro-business atmosphere is always good for the real estate market. One expects more investments to be made in the luxury end of the property market in New York, especially from rich overseas investors from China and Russia. The low end of the housing market is expected to pick up as well, as the unemployment rate has dropped to a historic low recently. Things are certainly looking good, and will get better for New York.
#2: The Fed will raise interest rates.
The Federal Reserve has been raising interest rates consistently since December 14, 2016. This is understandable because interest rates were at their historical low for many years until then.
This means mortgage rates are expected to increase slowly and gradually in 2017 as well as in 2018. This is not bad news, really, as this is expected to bring some stability in the housing market in New York, by curbing mindless debt-fuelled speculation in property.
#3: Rents will stay stable for the most part.
With a number of new apartments coming up in Manhattan, Brooklyn and Queens, it will become easier to get a rented accommodation in New York. Rents are expected to stay stable even as landlords offer incentives such as one month free to attract tenants. However, don’t get too excited as yet, as the average apartment in New York will still cost in the range of $3,000 to $5,000 per month.
#4: Demand for high end apartments in Queens is expected to take off.
With apartment prices in Long Island City already astronomical, there is going to be a new demand for high end apartments in Queens. Queens has always been considered to be a working class area, but this has changed since the mid-1990s. The average income of the residents here is much higher these days, as are the home prices. A number of new, modern apartments have come up here over the last few years, and the entire neighbourhood has been transformed. This is as good a time as any to buy an apartment in New York, USA online.