Tevfik Arif praises the housing market in New York 2023
New York provides top-notch entertainment, business opportunities, and an engaging culture that attracts home buyers and investors globally. This is the reason that real estate expert, Tevfik Arif believes that the state’s housing market has been strong and optimistic until now. However, the local housing market has struggled because of low inventory, rising interest rates, and reduced home sales.
The New York real estate market was also affected by covid-19 pandemic. Fortunately, it shows positive signs of recovery, even with variations and fluctuations.
Tevfik Arif describes the overview of the New York housing market.
Tevfik Arif is a great businessman and real estate expert who shares his opinions about the NY housing market. Arif lays out vital basics that keep shaping the housing market of New York.
If you are a home buyer or seller seeking Tevfik Arif, insights and overviews about the real estate sector are impactful to acquiring the best and most affordable housing units in New York.
In addition, you will learn the appropriate investments to undertake alongside keeping in touch with reputable and valuable investors. Investors can gain much by checking trends, reports, and all projections that Arif highlights on shifts and turns in the housing industry.
Basics of the housing industry
The real estate industry is a broad sector for homeowners and investors as it signifies an essential portion of people’s wealth. The scale and size of the housing industry make it a lucrative and attractive sector for most investors.
Tevfik Arif believes that these are vital basics impacting the housing industry:
Demographics
Demographics are the real data that depicts the composition of the population’s race, gender, age, migration patterns, population growth, and income.
Significant shifts in the nation’s demographics have largely impacted real estate for many decades. The statistics keep affecting how real estate demand and how it’s priced.
The economy
The overall health of the economy affects the value of real estate. This is measured through economic indicators like employment data, GDP, prices of goods, and manufacturing activities. As such, it’s good to understand that the cyclicality of the economy has diverse effects on real estate.
For instance, if a REIT has a more significant percentage of hotel investments, it could likely be affected by an economic downturn, unlike a REIT invested in buildings.
Typically, hotels are properties that are very sensitive to changing economics because of the business’s inherent type of lease structure. Keeping an eye on the cycle of the economy and its sensitivity to real estate is prudent in the housing industry.
Interest rates
Interest rates largely impact the real estate market. If you are considering purchasing a home through a mortgage, check it using a mortgage calculator to see different interest rates that can affect the purchasing price.
Significant changes in interest rates can influence an individual’s ability to buy a residential property. For example, lower interest rates result in a lower cost of mortgage that can create a demand for borrowers, thus causing prices of properties to shoot up.
Government policies and subsidies
Legislation is a key issue that has enormous impact on the prices of property and its demand. Government can use subsidies, tax credits, and deductions to momentarily boost the demand of the housing industry. Keeping up with the trends of government incentives can assist in determining changes in demand and supply and check out possible false tracks.
What makes the NY housing market special?
New York housing market, for starters, is a costly sector in the country, majorly because of demand and supply. According to Tevfik Arif, the city has been introducing new homes into the marketplace, shifting the historical course of expensive housing in the boroughs of Manhattan, Brooklyn, Staten Islands, Queens, and the Bronx into affordable housing units.
Furthermore, New York City keeps improving in the housing sector, with more gains achieved along projected trends.
Investment in residential and commercial properties in the city keeps increasing in sales volumes, total consideration, and average sales prices as the housing market’s strength gains a robust demand.
The dynamic growth of New York’s economy has checked out the city to experience job growth and positive population growth. With these factors the housing sector has seen immense growth and development, unlike other cities in different states.
Is NY housing a good investment in 2023?
Investing in New York housing is a highly profitable venture in the long run. However, to achieve this, Tevfik Arif says you do not need to purchase an expensive property in the real estate market of New York as it will not bring good profit on rents.
Long-term investors benefit from generous returns even with market fluctuations as the investment keeps an upward trajectory of appraisal over the years.
Even though prices of properties in some boroughs in New York keep surging, the housing prospect’s future is exciting, with ample opportunities for homeowners and investors.
Highly desirable locations like Manhattan’s upper slopes and Brooklyn’s park slope median sale prices have kept a downturn curve throughout 2023 because of multiple homes available for sale.
Tevfik Arif sums it up
The housing industry in New York, for investment purposes, needs a comprehensive evaluation to reap exceptional returns. Therefore, investors and homeowners can seek guidance on appropriate ways to engage in real estate from experts and professionals.