The real estate markets in suburbs and fashionable exurbs are heating up since people have been escaping from the COVID-19 pandemic. Due to such booming, some first-time buyers might feel a sudden hurry to buy their property and fear that the price would keep going up if they wait. However, Robert J. Shiller warned in this article that such optimism and excitement is unwarranted because of the historical boom-and-bust cycles, potential interference of political components and potential surge of foreclosure resulting from the pandemic.
Robert J. Shiller, How to Navigate the Coronavirus Real Estate Market,
https://www.nytimes.com/2020/07/31/business/housing-market-prices-risk.html?searchResultPosition=2 (July 31, 2020)
Tags: home buyer, home prices, mortgage rates, nyc real estate, pandemic, Real Estate Market, suburb, work-at-home