Winston Churchill once said “To improve is to change; to be perfect is to change often.” Nowhere is this truer than in a big city like New York. Sometimes it seems as if all of NYC is a construction site, with cranes dotting the changing skyline. Perhaps the big town is just in the process of giving itself a makeover.
Everything changes, nothing remains the same. Much of the talk in real estate these days is about peaking prices and low inventory levels. The market prices rose because of supply and demand for a long time — however currently, more new properties are coming for 2016.
Energy levels are high in the city that never sleeps (or even powernaps these days) with folks of all ages and and backgrounds taking to the streets to express the endless creativity that has become the hallmark of this metropolis. Isn’t this vitality one of the reasons we live here?
Focus on commercial properties remains constant. Construction cranes, demolition and rebuilding are more prevalent than in years past. 2016 will be a year of transition and repositioning of buyers and sellers. Click here to read more about the trends and metrics.
The other major change in the real estate world is TRID and RESPA. This is a new federal law which requires mortgage lenders to provide consumers with certain disclosures during the loan application and closing process.
TRID stands for Truth-in-Lending Integrated Disclosures Act. RESPA stands for The Real Estate Settlement Procedures Act. These are the first changes in 25 years!!
If you have questions about any of this alphabet soup or have anything else on your mind, talk to me I’d love to hear from you.