The housing market is in a state never seen before, but real estate experts have no prediction for how long it’s going to last. In New York City, renters are ditching their apartments for suburban-area homes. There remains lots of uncertainty about whether new suburban renters will stay and what will happen if a second wave of the virus comes along. The effects of an urban exodus has disrupted suburban real estate, the New York Times says. It is now very much a sellers’ market, “back-country” areas are making a comeback, and a dated home is no longer a deal killer. Read more to find out why.
Shawna Padula and Keith Hymes, both 37, decided very shortly after the pandemic shutdown in New York that they would stop looking for a larger apartment in the city for their growing family and instead shop for a house in the suburbs.
It was late March when they headed out to Long Island’s North Shore to see a four-bedroom colonial with a big backyard in Manhasset. Real estate agents were then prohibited from giving in-person home tours, but the homeowner had agreed to personally show them around, provided they wore masks and gloves.
“It was the first and only house we looked at,” said Ms. Padula, who works in the apparel industry and is expecting the couple’s second child. “We really liked the area, and the house was move-in ready.”
Advertisement
Related Stories
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
Market Data + Trends
January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market
A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand
