Investing in real estate requires knowledge of local market trends and the laws and regulations governing the industry. Agents and other professionals in the field must also be aware of changes to legislative requirements that affect their professional role, especially with respect to real estate investments.
Real estate market trends differ across regions and even by neighborhoods, so it is crucial for real estate agents and investors to understand what influences the local market. Some of these factors are outside of a market’s control, such as social tastes (e.g., fads like wood paneling) or other personal preferences that drive demand for certain housing types. Other forces are more directly correlated to affordability and buying power, such as interest rates and overall economic conditions.
Despite the current climate of rising mortgage rates and declining buyer confidence, New York’s real estate market continues to show resilience and stability. The market currently tilts slightly in favor of sellers, with inventory hovering near multi-year highs and price growth slowing significantly. However, regional markets are diverging and buyers will face stiffer competition in the coming years as they vie to purchase homes in a market with limited availability.
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