Last week the NY Times published an article on the latest trend to hit the NYC suburbs: bidding wars. From the article:
The bidding wars that have become the norm in New York City are now also common in select suburbs within easy commuting distance. Buyers priced out of the city are heading for the ’burbs, driving up demand and creating a more fraught buying process in close-in towns that have long enjoyed reputations for good school systems, lively downtowns and ready access to the city.
“The city is this pot of water that’s spilling over on the sides, and that excess demand is going to the suburbs,” said Jonathan Miller, the president of Miller Samuel, a New York appraisal and research firm. “It’s all being driven by the lack of affordability.”
Given the increased demand for suburban homes in the NYC area, this trend is hardly a surprise. But how to best ensure you get the best home, in the right town, for an affordable price? We’re hoping that the tools we provide at PicketFencer – including robust town listings, powerful search tools, and concierge recommendations – can help be part of the solution.