Experts: Late Spring Means Tight Inventory For Suburban Real Estate Buyers
NEW YORK (CBSNewYork) - It took a while, but spring has finally sprung.
Along with flowers and weeds, strong interest is sprouting in suburban real estate.
Experts say buyers can expect tight inventory and the occasional bidding war.
When Bruce Feinman listed his White Plains home in April, Mother Nature wasn't cooperating.
"There was still snow on the ground! So we couldn't even get nice pictures of the outside of th ehouse," Feinman told CBS2's Tony Aiello.
Now neighborhoods are camera-ready. Good weather is brightening the skies and bringing out the buyers.
"Lot of houses coming on the market beginning of the week, and by the end of the week before the open houses even happen on the subsequent weekends, there's already accepted offers on the house," said broker John Lanser of Coldwell Banker. Lanser says many buyers are focusing on homes within a mile or so of commuter rail stations, and looking for move-in condition.
"Even to the point of not wanting, you know, paint. The mentality of the fixer-upper is in some ways gone," he added.
Sales of luxury homes aren't exactly lagging, but the price of one White Plains home just dropped $75,000 to $1.6 million. That's well outside the sweet spot for homes that are selling fastest - between $500,000-$700,000, Aiello reported.
"Inventory is still tight, so properties that are will-priced are still attracting many buyers," said Barry Kramer of the Hudson Gateway Association of Realtors. Kramer says the average number of days it takes to sell a single-family home has dropped 12 percent versus a year ago. Inventory of homes for sale is down ten percent.
In White Plains, Feinman is confident enough to have turned down offers from two buyers.
"They're coming in a little bit low. Hopefully things will turn around," he said.
Experts say because of the delayed start, the "spring market" that usually wraps up in June will extend into August.
Across the Hudson river, in Bergen County, brokers say the market is also very active.
In Montclair, single-family homes are selling in under 40 days on average.