Two years later, real estate is thriving | The Riverdale Press | Ezine Daddy

By JOSEPH DE LA CRUZ

The housing market has been one of the few industries to thrive since the pandemic began in March 2020.

While many were migrating in states like Florida, Texas, and Georgia, the New York City housing market saw a surge in inventory and an even bigger surge in sales.

Two years later, one might wonder how the housing market is doing now that the world is learning to live with the virus and move on.

If you thought inflation, rising gas prices and a Ukrainian-Russian war would slow down the region’s housing market, you were wrong.

At least that’s what some real estate experts and data might suggest.

“In the 50 years that our company has been in business, this is by far the strongest market we have ever had, both in terms of volume and price,” said Pamela Trebach, a licensed real estate agent with Trebach Realty Inc. “I didn’t notice a drop in sales. In fact, houses with reasonable price are sold immediately. We sell properties before they are even listed.”

But why is real estate doing so well when every other industry seems to be struggling? Trebach believes it could be a combination of the right things happening at the right time.

“Since the lockdown, there’s been a slew of buyers with renewed confidence, fueled by the booming job market and historically low interest rates, which have only recently been rising,” Trebach said. “Rents have risen significantly in Manhattan, and that typically benefits Riverdale when it comes to people looking for cheaper rent and more space, not to mention all those who are deciding it’s finally time to buy.” .”

The market may be on a buying spree prompted by post-pandemic events, particularly with employees working from home. But Trebach is confident that’s not the only reason homes are still selling — even at higher prices.

In fact, the real estate agent has pointed out that some features homebuyers were looking for at the height of the pandemic aren’t as highly desired as they were a year ago.

“As more people get back to work in their offices, the emphasis on flexible working from home has diminished somewhat,” she said. “And there’s less talk of the lockdown appeal of things like patios with heaters. And during the performances, people are no longer concerned with disinfecting and masking and (the) fear of getting on elevators with other people.”

It’s a signal that “working from home” isn’t having as much of an impact as it used to when home buyers consider the value of a home.

Many buyers still want the many features of a home, regardless of whether it’s “pandemic-proof” or not.

“Last year there was a lot more emphasis on zoom rooms (for virtual meetings), home gyms, distance learning and swimming pools,” Trebach said. “Buyers and tenants were looking for apartments and houses that not only offer an additional home office, but often two. That’s still the case.”

It’s not just a trend that Trebach Realty is experiencing. Other real estate companies say the same.

For example, the Douglas Elliman Report notes in its first quarterly report that “overall price and sales trends continue to push higher” despite all the economic woes the country is currently facing.

In fact, data from Elliman showed that sales in the region increased annually for the fifth straight quarter.

Like the trend of this data, list inventory is up year over year for the sixth time in seven quarters.

These trends continue to grow, although the average selling price last declined year-on-year in the third quarter of 2020, according to the Elliman Report.

These trends continue to grow, although the Elliman Report says the average selling price last decreased year-over-year in the third quarter of 2020, when it was $300,000.

This year, average selling prices have increased to $330,000, up 1.2 percent from this time last year. However, they have fallen almost 10 percent since March, when the median price was $365,000 at the time.

However, the increase in sales across the Bronx has resulted in a slight drop in home sales of just over 1 percent, in contrast to the greater Riverdale area, according to NYSAR.

It’s a trend that’s making the Riverdale area a standout neighborhood in the housing market within the borough.

“I think Riverdale real estate has been very successful during the pandemic because buyers have been able to find properties that have more indoor and outdoor space than Manhattan, Brooklyn and Queens,” Trebach said.

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