2020 Vision: A Look Ahead at the New York Real Estate Market
Happy New Year everyone! 2020 is already in full swing, and we expect this to be an exciting year for the Tom & Mickey team and in the New York real estate market, in general.
We do not possess a crystal ball, still, we do want to take this opportunity to provide our own little “look ahead” for this year and offer some personal real estate insight to anyone who might be buying or selling real estate in the city in 2020.
Rebounding from 2019
After slower-than-normal market activity in the Third and Fourth Quarters of 2019, we are already seeing 2020 start off hot in many markets throughout the country. Mortgage rates recently dropped and that always results in a flurry of home purchases. The average 30-year fixed rate mortgage dropped to 3.69 percent, which sparked more activity from home buyers and people refinancing their mortgage loans. It’s a good time to buy.
Though it’s hard to say if the mortgage rates will stay so low, we anticipate 2020 being a strong year for the New York real estate market. Inventory will likely stay somewhat tight, while favorable mortgage rates will have many buyers eager to purchase. Home prices have leveled out after several years of uptick. It’s the perfect recipe for a buyer’s market in 2020.
The Mansion Tax that went into effect last July has definitely made an impact in Manhattan’s luxury home market, which is our core business. Then, real estate investors and landlords throughout all the boroughs have found some challenges with a slew of new rent regulations passed in 2019.
Positive Market Activity
The market has a way of self-correcting, however, and we’re already seeing things get back to the normal we’ve come to expect in the past few years. Low mortgage rates and reasonable home prices make it a perfect time for buyers to trade in and move up. New York real estate will always be a valuable long-term investment. Smart moves now will certainly pay off over time.
Homeowners may continue to be content to hold onto their properties, so the inventory will likely remain fairly tight for the foreseeable future. That helps the listings that are on the market sell quicker and garner more offers, so the New York market will move at a fast pace like it almost always does.
New York Real Estate is Our Passion
As for us, we love New York real estate through thick and thin. From our primary home in Manhattan to our second property on Long Island, we are always in-tune with what’s happening and there’s nowhere else we’d rather be helping people buy and sell homes. Whatever 2020 brings, we’ll be here to guide our clients and help them make the best decisions for their real estate futures.
Tom Postilio and Mickey Conlon are leading New York luxury real estate brokers with many years of experience in the local market. If you are planning to buy or sell, this is the team you want on your side to provide expert service with a personal touch. Contact Tom & Mickey today and get the most out of your next move!