Three Current Suburban Real Estate Themes: Spring 2020

1) Rentals Rentals Rentals: 

Many NYC residents have sought shelter outside of NYC.  Some are staying with family in the local suburbs, others are sheltering in their vacation homes out East or Upstate, while others have been scrambling for short-term suburban rentals (preferably furnished).  The latter camp is quickly realizing that the suburban rental market is quite thin – with very few if any short-term options and furnished is a needle in a haystack.  If you need a rental we should talk.

2) Work From Home: 

In a matter of a few short weeks millions of Americans and Corporations quickly got up to speed on working from home.  Some of us already had this luxury but for the majority of us this was a fast learning curve which may potentially change the way corporate America aligns the concept of working from home vs in office. Two possible takeaways:  1) Possibly challenging times ahead for office properties and businesses built around supporting in-office employees 2) People are starting to consider moving to areas further from NYC.  Historically the “commute” factor has played a very large role in where people settled – along with school ratings, town vibes, amenities, etc.. but if work from home is now a full-time option (or 1-4 days a week option) maybe living 60-75 minutes from Grand Central or Penn Station is doable – vs the historical preferred 30-45.  There is a good chance that extra distance can impact the following: more bang for your housing bucks, more land, bigger home, home offices, maybe even a pool or tennis court (or both!)  

3) Lingering Anxiety: 

I hope we make our way out of this CV-19 pandemic on so many levels – personally and professionally.  Even though I’m a long-term suburbanite I can’t wait to see NYC back on its feet with the energy, gusto and swagger the world has always envied.  Typically whatever happens in the Big Apple tends to reverberate into the surrounding suburban communities.  Yet this time it’s slightly different.  I’m worried about the long-term psychological affects that social distancing will have on our collective desire to ride public transportation or to eat out in a crowed restaurant or send our kids to crowded schools.  With these lingering anxieties I think selling NYC apartments is going to be more challenging – coupled with the multi-year inventory build via new construction of for sale and rental apartments – not to mention any economic impacts due to business shut-downs.  Inventory in the suburbs prior to the pandemic was low – currently it is even lower.  Coupled with the incredible wave of suburban home demand – prices in the suburbs should remain stable or even drift higher as the marginal buyers push prices higher – and bidding wars are to be expected – so preparation, market knowledge (as we’ve always stressed) are paramount to success.

This is precisely what we specialize in.  We are uniquely positioned to help you navigate this journey now and into the future with unbiased advice and access to amazing local partners in the towns and communities you may want to call home – and don’t forget all our calls, guidance, introductions and our community tours are FREE! 

Schedule your SuburbanSuccessCall with me using this link. 

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