As we know the world has changed during the beginning of the March 2020 CoVid 19Pandeamic. Stealthily the impact of coronavirus took into every nook and cranny of our lives. As of June 22nd, the infection and death rates have now peaked and dropped so agents are once again permitted to show real estate with proper precautions. The five boroughs are the last places in the country to reopen to real estate showings, shut down completely to new transactions for three and a half months, to develop.
5 ways to change the New York Suburban real estate:
- It’s a sellers’ Market:
The top reason for the decreasing real estate value of New York is the COVID 19 Pandemic. Thousands of New Yorkers left the city and headed to the suburban areas and real estate has been changed since. Areas that have been in declining stages for years are suddenly attracting flocks of buyers. Demand for residential real estates is high and landlords are cashing in big time. “sellers are realizing the sudden new demand- it’s like catching lightning in a bottle,” said Jaime Sneddon, a broker with William Pitt Sotheby's International Realty in New Canaan Conn. “ Who knows how long it’s going to last?’’ No one has the answer.
- Back Country is Making a Comeback:
For years, high values on multiple –acre lots are making a comeback for large outdoor spaces and swimming pools to help them ride out the pandemic is the love feeling again.
“I haven’t seen people looking for land in 12 to 15 years,” said Mr.Sneddon, in New Canaan, Conn., where the town’s four-acre zone has long lagged. “We just thawed a market that had been frozen over for a long time.”
- “Dated” is no longer a Deal killer:
Due to limited inventory and shifting, priorities have changed buyers are no longer turning up their noses at properties that need work i.e. demand for ready homes is the most.
- Rents are through the Roof:
The markets for single-family rentals continue to be red hot in Litchfield Country to the North and many homeowners putting their primary homes up for rent. Avg $6000 a month range and single-family homes rented for $10,000 a month are extremely competitive.
- Emotions Rule:
Especially if the woman is pregnant or they have babies, there are strong emotional role plays and they are ready to compromise the prices as well as the active listings.
How well the real estate market is recovering?
According to a report by Realtor.Com, it’s the time to recover though having the restrictions brought on by the U.S. housing market. The recovery index showed the matrices where gains are not equal across the country. In total 18 of the 50 largest U.S. markets have reached or surpassed January levels of market activity. Eager house hunters, equipped with increased buying power-driven by the low-interest rates, are producing quick sales and higher prices i.e. there is the slowest recovery as of July 11 (index value for New York is 108.1, index score tracks growth in online search activity, asking prices, time on the market and new listings).