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.
"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.