NY Sees 2012 A Good Year for Real Estate
Posted:
Tuesday, January 17th, 2012
Category:
Real Estate License
As the year ends, the reckoning begins. In New York, real estate sales through 2011 surprisingly held to course while other real estate markets floundered in a sea of mortgages and sinking prices.
“We had a market, and that’s the good news. Some places around the United States didn’t have a market at all,” commented Paul Purcell of Rutenberg Realty, echoing what other industry observers stated about the market benefiting from prices holding steady because the inventory didn’t bloat up (as in other states) and because international buyers took advantage of the favorable prices. That’s certainly a boost for agents pursuing their New York real estate CE in line with the state’s real estate license renewal requirements.
“I think the biggest trend has been a continued influx of foreign investment. Economies like China and Russia that are a little precarious, those people see the United States, particularly New York, as a very solid investment,” said Douglas Heddings of Heddings Property Group, explaining that foreign buyers still see New York as a fire sale compared with other international cities.
Observers also reported a significant development on the rental side in 2011: the inventory dove and prices shot up. “The high end got even hotter, and there were bidding wars on $25,000-a-month apartments,” Purcell pointed out.
Those high prices affected every level of the rental market, helping it jumpstart the sales side. The industry expects the New York real estate market to be healthy in 2012, with prices appreciating a bit. “I think overall 2012 will be a good year for real estate,” said Heddings.
Agentcampus.com, a leading real estate CE provider, is providing all the necessary real estate courses and real estate continuing education that an agent in New York—or in Minnesota (under a Minnesota real estate CE program)—needs to be ready for 2012.
