10472 Multi family home market’s producing phenomenal results. Here’s a break down on past performance by home classification.
Over the past 6 months, 10472 multi family homes that go on the market sell high and move very quickly. The median sales price and days on market is a robust $670,000 and a swift 34 days, respectively. So, let’s examine the different types of homes and their marketability in the eyes of the areal’s most recent buyers.
2 Family Homes
This type of home made up the bulk of 10472’s market activity. The median price of $656,500 is approximately 19% higher than the average 2 family Bronx home. You can expect this home to sell within around 45 days, especially if you’re home is priced at $256 per square foot. According to recent sales figures, buyers will usually only be able to negotiate about 2% off the sales price.
3 Family Homes
The holy grail of the 10472 multi family market, these homes create a frenzy! With past sales at a median $630,000 and a sale-to-list price ratio at over 100%, bidding wars amongst these homes are quite common. Additionally, sellers are highly urged to have relocation plans before marketing. 3 family homes here usually go to contract in less than 30 days.
4 Family Homes
No supply, high demand! Over the past 6 months, statistics are showing that 4 families are selling very swiftly — in around 13 days to contract. And with a sales-to-list price ratio at 91%, perhaps this is a sign that there’s growth potential in home value. But pricing, especially with this type of home, is extremely important. With NYC classifying this type of home as a commercial property, taxes are about $6,000 higher than 3 families. Price too high and buyers may become skittish. Price too low and you may sell yourself short.
Looking Forward…
Despite our most recent benchmark rate hike, low interest rates haven’t slowed down market activity, as evidenced amongst 10472 multi family homes. Going into the peak of the residential real estate market, it’s important to target your home to the right buyers amongst the ocean of qualified buyers. Each type of property offers its own nuances that not all buyers are prepared to undertake. Also keep in mind that in the 10472 multi family market, there’s a high foreclosure rate, which may affect mortgage appraisal values. Therefore, make certain that offers for your home have a low loan-to-value ratio (accept offers now lower than a 10% down payment.) Sellers should also be urged against accepting offers that involve seller’s concessions. Keep your equity where it belongs — in your bank!
Happy Selling!