Things are about to get more competitive for buyers in the market.
Even though buyers have been in a tough market for a while now, it seems like things might be getting even more competitive in the near future. Additionally, the market is likely going to become more difficult for renters in the New York City Area. There are a lot of factors at play here, so today I’ll be covering each one of them and discussing the impact they may have on buyers, sellers, and renters in our market.
For your convenience, I’ve included timestamps for today’s video topic. Feel free to navigate to the section(s) you’re most interested in viewing:
0:32 — Market trends that have developed during the pandemic
1:15 — Buyers are seeking higher returns on investment
1:52 — Why most areas are seeing rental and sale prices skyrocket
2:34 — Using Disney World to explain pent-up demand
3:13 — People want to return to physical work environments
4:14 — How NYC’s reopening will have a positive impact on our market
5:03 — Bergen County’s proximity to NYC is great for hybrid work environments
5:49 — Example of how to meet a market cap rate
6:40 — How rental prices are changing
7:15 — Reasons why 15% rental increases are imminent
8:06 — Interest rates will likely remain low
8:26 — Today’s prices will yield a 5% cap when rents increase due to reopening
8:52 — Conclusion
If you have any questions or would like more information about our changing market, feel free to reach out to me. I look forward to hearing from you soon.