It isn’t just hip and trendy neighborhoods in urban centers where bidding wars for homes are becoming the norm, some suburbs, such as those surrounding New York City, are also becoming bidding war breeding grounds.
As urban centers continue to heat up into a roiling boil, the spillover demand is spreading to the suburbs, The New York Times reports. This means, as cities become more and more unaffordable, there is a direct effect on the unaffordability in the surrounding suburbs, as well.
A well priced home in good condition in some of the more desirable suburbs draws multiple offers within days of coming on the market. Because of this, many sellers are deciding to not take some of the earlier offers, betting that the premium will continue to grow.