2025 NYC real estate forecast: Buyers and sellers tango, renters hold their breath
In 2024, mortgage rates were stubbornly high, despite three interest rate cuts by the Federal Reserve—due to faster-than-expected economic growth and inflation concerns. Those rates kept many owners “locked-in,” unwilling to sell and give up their low interest rates. On the other side, high prices and a lack of inventory kept a lot of would-be buyers in rentals and this raised competition for apartments—a continuation of a trend seen in previous years.
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