Supply falls short of real estate demand in Malvern, West Hempstead | Herald Community Newspapers



Low interest rates, proximity to New York and good schools have made Malvern and West Hempstead the top real estate destinations since the pandemic, according to local brokers and agents. However, because homes are in high demand, supply is not being sustained, resulting in multiple biddings for virtually every home and property selling at prices well above their original asking prices.

“People need to understand that no matter what, people have to live somewhere,” said Ann Coffey, broker for Coffey Realty Solutions in Malvern. “I think people have realized that during this pandemic, they should start thinking about buying and buying tangible assets, and one of those assets is a house or apartment.”

Coffey, a longtime Malvernite who has worked in real estate for over 40 years, said houses move so fast that there is no time to appraise them. “I saw about 40 people queuing up behind the house,” she said.

Sharona Beck, a broker at Sharona Beck Realty in West Hempstead and Cidarhurst, explained that there has been an influx of potential buyers from New York lately looking to relocate to areas such as West Hempstead. The pandemic has made people aware of the need for more living space, but still have suburban access to the city, Beck said.

“So many people bought houses during Covid that weren’t ready,” Beck said. “People threw themselves at each other to buy something. There were a lot of buyers who were in apartments in urban areas, and they didn’t even think about buying a property, but Covid really increased its schedule. ”

But, Beck added, “This is not the rush of buyers as it was at this time last year. Over the past couple of months, I have had a significant number of buyers who simply told me that the market is too high and they want to sit out. They don’t think they are getting the most out of their dollars right now. This is what happens when there is very little supply and demand is high. “

Beck noted that many buyers were on the front lines and that Long Island seemed a safer place to live. A 33-year-old broker, she said she did not remember another time when people were buying homes for much more than market value at such a fast pace. Now, however, shoppers don’t seem to be feeling the urgency like in the midst of a pandemic, she said.

“They didn’t have time to think,” Beck recalled. “Fear is a big motivator for buyers. This market has changed so quickly that it’s hard to even say how much a home will cost these days. Since buyers are afraid to interfere, this definitely contributes to a cooler market. “

David Zywotofsky, a real estate salesman at Realty Connect USA in West Hempstead, said it was difficult to showcase houses virtually. Even as restrictions began to ease, he said, many homeowners still didn’t want people to walk around their homes, so they delayed selling them, creating a cluster of homes. Now that more people are vaccinated, it is becoming more convenient for potential sellers to locate their homes.

“I can’t imagine buying a house without going through it,” Zhivotofsky said. “Before the pandemic broke out, the market was in good shape at the time. Now, it seems like a whole bunch of new people have emerged who are looking to move out of town or simply move for other reasons. Nobody knows how long this trend will last. Over the next three months in the summer, I don’t think it will change much. “


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