It all depends on what city we’re talking about, but there is no denying that buying property in the suburbs of a major population center is one of the most popular choices for home buyers across the U.S. As a property location, the suburbs come with a lot of preconceptions, especially for buyers who have never purchased there before. Many of these ideas about the value of buying in the suburbs involve good, safe neighborhoods with plenty of amenities, schools, and adequate connections into the heart of the city. In other words, the suburbs are normally seen as the perfect place to purchase a family home.
This is a pretty accurate picture, but there is more to understanding the suburban property market than just that. For example, many recent economic and social trends play a significant role. CityHome Collective, a real estate brokerage specializing in luxury homes and condos, report that trends such as increasedhome working, anxieties about the coronavirus pandemic, and better transport are only serving to make the suburbs even more of a hotspot to buy property.
The Suburban Buyer Market
But what type of buyers are actually deciding to purchase in the suburbs? Understanding this is the first step to understanding the suburban property market and thereby increasing your chances if a property in the suburbs is something you’ve had your eye on for a while. Generally speaking, the average buyer profile for the suburbs is much what you would expect – professional couples with young families. And because the types of properties which appeal to this market are usually relatively high-end, this means that the suburbs have become a location known for valuable – and popular – properties.
As things stand, the suburbs are characterized as a seller’s market. In other words, low inventory (i.e., number of houses actually for sale) is now the main challenge for those looking to buy in the suburbs – competition is fierce. Accordingly, there is a wealth of advice out there to help you navigate such a competitive market.
Tips for Buying in the Suburbs
Here follows some of the best tips for buying property in the suburbs:
Get the Right Realtor
Because the suburban property market is pretty unique, you should look to find a realestate brokerage that actually specializes in this type of property. A competitive buyer’s market means that the only way to stand a chance of securing a property within it is to go with a real estate brokerage which boasts not only professionalism and resources, but an intimate and specific knowledge of the actual area.
Make the Most of Lower Square Footage Prices
Although the properties can be pretty high-end, one thing that will always characterize suburban properties is the relatively low cost per square foot. This is simply because land is cheaper away from the center of cities. You should aim to make savings here that can allow for greater expenditure on other things.
Consider What Type of Suburb You’re Dealing With
Suburban sprawl is a well-known phenomenon in the U.S., and it normally involves vast tracts of land being colonized by housing projects. These can almost come to resemble towns unto themselves and can often be quite far from the city center. In other words, this is a new type of suburban area that is quite a bit different from more limited and integrated suburbs of the past.
Ultimately, there are unique things about the suburban property market that will affect how you go about buying property there. Your best chance is to be roughly aware of how the land lies – and to ensure your realtor is intimately aware.