In the past, after Hurricane Sandy & the economic collapse, we watched as fewer homes were available for sale or for rent. It was truly a sellers market. Will the 2014 Real Estate industry be the same?
New construction in neighborhoods all over New York will bring the ratio of properties and buyers to a more even stand. Low unemployment rates and a better economy should make for excellent buying and selling opportunities.
I do expect mortgage rates to rise slightly but will not damper the spirit of home buying. There are some luxury condos in development but rates will match the luxury. I am not so sure the average home seeker will be able to commit long term to the cost of such luxury.
The new construction does lend a visualization that housing in New York, as well as elsewhere, will be readily available. I believe Brooklyn will show a growth rate not seen in the past couple of years. The coming months will reveal the truth