10 Predictions for the Suburbs of NYC in 2020
1) Suburban home demand should remain very strong driven by the rise of the millennial home buyers.
2) Suburban home supply for entry level buyers will be limited. Preparation and education are essential.
3) Starter home prices may continue to rise slowly with high demand and supply shortages.
4) Interest rates should remain favorable for home buyers.
5) Strong opportunities for luxury suburban home buyers in the $2.5 / $3mm and higher range.
6) NYC apartment sellers face headwinds. Suburban home buyers who need to sell before they buy need to prepare and be flexible with timing and pricing. It may take longer and be more stressful to sell a NYC apartment in 2020.
7) Suburban home buyers continue to evaluate local real estate taxes town by town but with a balanced outlook if they work in NYC and currently pay NYC income taxes.
8) Millennials moving FromCityTo suburbs who are more interested in renting before buying will be frustrated by the lack of quality suburban rental homes in their desired towns.
9) Move-in ready homes in highly desirable towns may continue to see bidding wars. Preparation & understanding are paramount to ones success.
10) Value opportunities may still exist with an open mind on commute times, school ratings, home condition and location within a town.
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