Real Estate Boom in Suburbs Gives Way to Fierce Bidding Wars
The pandemic has led to a real estate boom in the suburbs, fueling intense bidding wars between prospective buyers.
Around the country, many big cities are dealing with an exodus of people opting for less crowded communities thanks to COVID-19. It's led to a real estate boom in the suburbs, realtors say, along with bidding wars on properties that not too long ago went months without any offers.
"We have 38 showings, with another half a dozen scheduled for today and some scheduled for tomorrow," New Jersey real estate agent James Hughes told Inside Edition. Hughes said he's never seen a market like this.
The pandemic is driving many families to greener pastures and the competition for single family homes is fierce.
One couple put their house on the market, and prospective buyers are literally lined up to have a look inside. The asking price is $350,000 and they've received about a dozen offers, with some exceeding the asking price "significantly," they said.
Raymond and Erin Morgan were there for the open house. They told Inside Edition they keep getting outbid on other offers.
In nearby West Orange, New Jersey, one house listed for $559,000 was sold for $684,000. Another one listed for $999,000 sold for $1.35 million.
In this intense seller's market, James Hughes had advice for buyers, including getting pre-approved for a mortgage, being aggressive and making a top offer if you fall in love with a house.
Another factor spurring interest in home buying is record low mortgage interest rates.
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