While observers have voiced concern that the recent hike in interest rates may raise issues in affordability, stagnate prices, and harm real estate, Boris Mizhen addressed the actions of central bankers as the direct result of a stronger economy in the first place.
-- Established real estate expert and business advisor, Boris Mizhen has expressed enthusiasm and optimism in his prospects for the future of the real estate market, in large part due to the latest positive shift in the property sector. Mizhen is one of several industry experts who view the current changes as indicators that the industry will be steady this coming year. Top economists believed that 2023 would be a record-breaking year for real estate, and while 2022 saw periods of rapid growth, it was a year of caution as investors were hesitant to jump into a market without clear signs of positive growth. This coming year, the expectation is to expand consistently as real estate is strengthened by low mortgage interest rates and employment growth.
These predictions in real estate are backed by new data showing the unemployment rate dropping to the Federal Reserve’s target of 5 percent, down from a peak of 10 percent in last years. More Americans are working today than at any point in the past six years, which means more people will be able to afford their first home or upgrade to a new one. While observers have voiced concern that the recent hike in interest rates may raise issues in affordability, stagnate prices, and harm real estate, Boris Mizhen addressed the actions of central bankers as the direct result of a stronger economy in the first place. He also explains that the higher rates can act as a stimulus as well. “If there is an expectation that rates will increase in the future again, then existing homeowners are more likely to buy and sell before another surge.”
The rental market and home purchasing plans of millennials are also expected to improve the real estate industry. As the cost of renting continues to increase, housing looks more attractive, and it will push more Americans into home ownership. Mizhen notes that the price of renting is rising much faster than house prices. “In most of the United States, it is less expensive to buy than to rent today. There is an opportunity in the market to own for a monthly payment that is significantly less than the expenditure of renting.” An increasing number of adults in their 20s and early 30s want to purchase a home, with one-third of those anticipating to buy expecting to start looking in the next two years. Experts point out that in the past, this was an age group that was known for cautiously taking out lines of credit, partially because they didn’t want to repeat the debt mistakes of earlier generations. In 2011, 65 percent of millennials were interested in buying a home. Now, the number is up to 80 percent, signaling another upward trend for real estate.
Boris Mizhen is a passionate entrepreneur and businessman based in New York City. Having built a successful career in marketing and advertising, he expanded into real estate development and now owns and manages dozens of properties nationwide. Mizhen is committed to building sustainable and affordable housing for citizens and supporting communities. He has achieved a wide range of accomplishments due to his unique business instinct, strategic mindset, and the lasting relationships he has created over the years. He is also a devoted philanthropist and has been the primary sponsor for Chabad of the Shoreline and the Jewish Foundation of Greater New Haven. Across the northeastern United States, he remains involved in other charities and property developments in New York City as well as his hometown of Connecticut.
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