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Is now the time to buy a home in New York City's suburbs?

By
Updated  September 17, 2020 8:59am EDT
Housing
FOX 5 NY

Major demand for homes in New York

Even with unemployment numbers still high, real estate brokers say the housing market is booming. But there are important factors to consider before you jump into homeownership.

NEW YORK - The real estate market in New York City's suburbs has remained red-hot for months, as thousands of people flee the city. But is it a good time to buy a home? A recent LendEDU poll found that more than 40% of Americans are working from home. But those looking to buy a home may be spending a lot more than they should be.

Associate real estate broker Gloria Liscio said the move-ins at Channing Place in Eastchester have hit an all-time high since the start of the coronavirus pandemic.

Moving companies swamped with customers leaving NYC

Fears of growing violence and the coronavirus have a lot of people choosing to move out of New York City.

"A very big influx. A lot of people coming up to the suburbs," Liscio said. "Some are renting, some are buying."

Some brokers said the low-interest rates may offset the upcharge of the home.

The same survey found that Manhattan property sales are down 56%, which economists claim is the best time for buyers to move into New York City.

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