The year 2015 was all about records: new heights for sales prices, rentals … and the number of applications to affordable housing lotteries. But the market began to shift late in the year: sales price growth cooled, and landlords offered more concessions amid rising vacancies for rentals. Both are trends some brokers predict will continue.
Affordability will also remain a big issue as the de Blasio administration’s controversial zoning rules, intended to spur affordable housing, wind their way through the public approval process.
Here’s what else experts are talking about for 2016:
1. Sellers will no longer have an extreme advantage. Sellers will need to be more prudent about pricing as many buyers have reached their limit, many brokers said. “By no means will buyers have critical advantage, but they will have more leverage than in 2015,” said Noah Rosenblatt, founder of UrbanDigs, a site that analyzes the Manhattan market.
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