There is no denying that the Manhattan real estate market is one of the most popular in the entire world. This real estate market is not only popular now, but statistics have shown that this market isn’t declining in popularity any time soon. There are many reasons as to why the Manhattan real estate market has shown no signs of slowing down or declining in popularity. Understanding these reasons can help any person, considering buying in the market, get the push they need to make a decision on buying in this popular NYC neighborhood.
One of the many reasons why this market continues to stay popular, and why prices aren’t declining any time soon is that new development construction cannot keep up with the demands in the market. Even though there have been a number of different new developments in the area, particularly for those in the high end market, these developments haven’t been able to curb the competitive nature of the market. This is because there are all types of people looking to buy in this area of the city. Manhattan is no longer exclusively for those working on Wall Street. The area has become popular for investors, those working as social media and internet entrepreneurs, as well as baby boomers.
Another big influence in the Manhattan real estate market is that rents have stayed high, while mortgage rates have stayed relatively low. This has continued to drive buyers, searching for homes in all different price points, into sales. Also, many have found that Manhattan is far more accessible than they once thought. Many are seeing how safe that New York and Manhattan are. Manhattan has been seen as a people-friendly and family-friendly atmosphere. Many families, including ones with small children have found Manhattan to be a safe place to live. In addition to seeing many people in Manhattan with strollers, there are also many seniors who are locating to the area. This has shown many potential buyers that the Manhattan real estate market is one that is meant for all types of buyers.
With these strong factors in mind, those considering buying in the Manhattan real estate market, can buy in confidence knowing that it is a smart investment as this market continues to stay strong.
This blog is brought to you by: http://www.blurealtygroup.com