By Abigail Nehring
When it comes to the volatile national real estate market, Riverdale is charting its own course. Home sales slowed annually in the third quarter of 2022 for the first time in nearly two years, according to the latest market report from Douglas Elliman.
The median selling price of Riverdale-area co-ops, condos and single-family homes rose 0.9% year-over-year to $370,000 in the third quarter of 2022, according to Elliman.
Pamela Trebach, who runs her family business, Trebach Realty, said “small” is the keyword for Riverdale.
It’s a “beautiful enclave in the Northwest Bronx,” she said.
“It’s in one of New York’s five boroughs, but it’s a lot more affordable than Manhattan, Brooklyn and Queens.
“As long as the supply isn’t incredibly high, Riverdale has the demand.”
The continued decline in local listing stock suggests that sellers are thinking twice before entering the market. Douglas Elliman reported that Riverdale’s roster inventory fell to 181 last quarter, down 8.6% year-over-year.
Nearly one in five Riverdale sales entered a bidding war last quarter — the third-highest market share on record.
“We’ve had several bidding wars over desirable and unavailable properties,” Trebach said. “We have buyers waiting for specific properties, whether it’s a multi-family home, a single-family home on the estate, or a co-op. Until there are more announcements like this, there are buyers ready to make the jump.
The U.S. housing market skyrocketed into the stratosphere in 2021 and has barely begun to decline despite the high cost of borrowing. The median sale price of single-family homes has fallen less than 1% nationally over the past two quarters, while sales volume has fallen 20% over the same period, according to analysis by Marcus & Millichap data from Freddie Mac and Moody’s. Analytic.
The average rate for a 30-year fixed mortgage is now well over 7%. In New York, buyers who need financing to buy a home face all-cash offers, an attractive route for sellers hoping to skip the underwriting and valuation processes and close in weeks rather than in a few months.
“The environment we find ourselves in right now means it’s going to take some work,” said Jennifer Streaks, personal finance advisor and Forbes journalist. “The financial picture you present to a mortgage lender must show that you are stable enough to add a mortgage to your financial situation. It will take a determined buyer who really wants to get the best deal. »
Again, patience is a virtue.
Streaks recommends taking the time to pay off lingering debt in an effort to lower your debt-to-income ratio.
“You should run your credit report before you even hire an agent,” she said. “It’s better to go through the stats the right way.”
Trebach advised first-time home buyers to buy within their means.
“You can’t time the market,” she said. “I have been licensed for 35 years. I have seen the markets go up and down. Prices go up and down. You can try to time it, but you can’t.
Still, “there is no reason to put your life on hold,” she added. “Your life is happening now. It’s a buy in Riverdale. It’s a solid investment in a solid neighborhood.
Trebach recalls his parents returning happily to Riverdale after a year-long vacation with a sign they fashioned while they were away. He said, “If you’re lucky enough to live in Riverdale, you’re lucky.”