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  • Writer's pictureHandel & Carlini

New York Housing Market Forecast

New York Housing Market

Facilitating commercial and residential real estate transactions is one of the most important ways Handel & Carlini, LLP promotes the growth and prosperity of the Hudson River Valley community. In 2023 with inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002 but the National Association of REALTORS® predicts that interest rates will gradually decrease in the coming months. This could help boost the housing market by making it easier for buyers to obtain mortgages and increasing demand for homes.

With the New York State housing market facing challenges due to a lack of inventory and rising interest rates, home prices have decreased, making it an ideal time for buyers and investors to purchase properties. However, for sellers, it means having to lower their asking price or waiting longer to sell their homes. The forecast for 2023 remains uncertain, but if interest rates decline as predicted, it could lead to an improvement in the housing market.

For commercial/residential Real Estate Transactional services, or foreclosures and workouts schedule a free initial consultation with an experienced real estate and banking attorney at Handel & Carlini, LLP.

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