Mansion Global
Amid intense competition, buyers must decide what a home is worth and stick to it
By Alanna Schubach
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For sale sign
Mario Gutiérrez. / Getty Images
Demand for real estate has surged over the last year in many regions of the U.S., particularly in the suburbs of large cities. Low mortgage interest rates and the pressures of the ongoing pandemic have compelled many urban buyers to rethink their lifestyles, and seek larger homes with outdoor space.
On top of this, low inventory in these in-demand regions is fueling fierce competition and bidding wars among buyers. This is especially the case in the New York City suburbs: In Westchester, for instance, the time from listing to closing was only two months for single-family homes this winter, while in Greenwich, Connecticut, there were 108 signed deals in February, compared to 42 in February 2020.