What Does Abraham Sanieoff Think About the Current State of The Real Estate Market
What Does Abraham Sanieoff Think About The Current State of The Real Estate Market
As per Abraham Sanieoff’s belief, at present, the New York (NY) real estate market is speedily entering the traditionally hot spring phase. Mainly, Abraham Sanieoff thinks you can expect that an extensive part of the vendors will be focused on delivering sales reports showing high growth levels: annually, quarterly, and monthly. Inspired by such indicators, another aspect of the vendors will set the right prices.
Generally, the value of the real estate will be somewhat inflated relative to economically justified expenses. However, for now, consumers are willing to spend.
In the current situation, the New York City (Manhattan) market is truly a seller’s market along with high-interest rates from buyers. However, sellers, should act quickly and flexibly, especially given the upcoming growth in the rates of key lending, as well as increased economic tension amid developments in Eastern Europe.
Customers/Buyers who aren’t willing to pay extra should take a wait-&-see approach. A large volume of new real estate is believed to hit the market shortly, and it will be necessary to act quickly to buy homes at low starting costs. That is what Abraham Sanieoff thinks of the current state of the real estate market in NYC.
As Per Abraham Sanieoff the Current State of the Buyer’s Market on Real Estate
As per Abraham Sanieoff, changes in the mortgage rate and a slowdown in the pace of sales will allow buyers to form stronger arguments for “bargaining” with sellers. For sure, the Fed will raise the short-term interest rate another 3–4 times, which will increase the cost of mortgages to 5.5% per annum. This will speed up the market correction from a “seller’s market” to a “buyer’s market”.
What does this mean in practice for a landlord or a company in NYC? Depending on the location and project, buyers can already count on discounts of up to 20%, and in some cases even 25%. Some clients make wholesale sales when they buy several apartments from the developer at the same time. In such cases, the discount can be significant and reach 30%.
Thus, the US real estate market is currently favorable for the buyer, especially the international investor who purchases real estate without attracting mortgage lending.
New York On-Trend
More than 20,000 new apartments are claiming to hit the New York market this year, primarily in areas like Brooklyn, Manhattan, and Queens. Demand for affordable housing is expected to be high. But most of the glittering tower apartments, many of which were conceived at the height of the housing boom, will enter an already saturated market and are unlikely to find buyers before the end of the year.
According to statistics from Abraham Sanieoff’s International Realty, the pace of sales slowed down significantly, and now the average sale price fell by 7% to $20,430 per sq. m. m.
Since last spring, the agency commission has increased, as sellers are trying to encourage agents to promote their properties. Some developers offer to pay property transfer tax or general fees for customers for a year or more. So, the developer Extell announced that instead of customers, they would pay general fees for their apartments for several years.
Price cuts and developers’ flexibility make it possible to count on successful acquisitions, especially in development projects that have just entered the market. The real estate market is cyclical and undulating; after a price decline, a rise usually begins. Russian developers are actively investing in real estate in New York and one of our current cases shows an IRR of about 30%.
There are times in the real estate industry when the landlord gets false claims and needs help. In such cases, you can request a solution for any filed complaint against you regarding your real estate issue. Abraham Sanieoff has all the required data to help you out with the most appropriate piece of intended advice. Abraham Sanieoff believes that Defendants too can get out of a tricky situation if he is not at fault.
Abraham Sanieoff thinks that with the help of a competent tax professional/lawyer, you can optimize (reduce) the amount of tax by writing off the costs of maintaining the property (for example, claim mortgage interest, insurance claiming, payments to the homeowner’s association, affected repair costs, etc.).
For more detail, you can visit the official websites/pages of Abraham Sanieoff like Facebook, Twitter, Pinterest, etc.