Meyer Tauber, Owner of Metrex Realty, Talks About the Ups and Downs of the Rockland Real Estate Market

By M. C. Millman

Rockland Real Estate professional Meyer Tauber, owner of Metrex Realty and CEO of Metrex Companies, speaks with Rockland Daily about the latest trends in Rockland's hot real estate market.

Rockland Daily: Given climbing interest rates, the housing market seems to be slowing down after the mad rush to buy houses during COVID. Is this a trend you see in the heimish market as well?

Meyer Tauber: Whatever trends you see in the general market will always reflect in the heimishe market. Although it might occur at a slower pace, the slowing trend is definitely something reflected in the local market, including the immediate heimishe market.

Rockland Daily: In what ways are higher interest rates slowing down the housing market since the all-time highs we saw as a result of the COVID era?

Meyer Tauber: Higher Interest rates mean that buyers who might have been able to afford a house at a certain amount now have to reconsider since their monthly mortgage charges will now be higher.

During COVID, actual bidding wars were driving the prices of houses up, but now, what we're seeing is people backing out on previous offers. Houses are still selling but at more realistic prices.

During COVID, sellers were able to list their houses for exorbitant prices. Those prices are finally coming down.

Rockland Daily: What other effects are you seeing from rising interest rates?

Meyer Tauber: There are still a lot of buyers out there, but it's definitely not like it used to be a few months ago. Housing prices have decreased by 2% to 8%. There are still bidding wars, but the winning bidders are falling through more often. Within the past seven days in Rockland County, there were 62 new listings, 64 houses went under contract, and 39 houses had a decrease from the original listing price. Thirteen houses were relisted due to contracts that fell through, and 58 properties were sold. This shows that the market is a healthy market, but definitely, things have changed and are changing since the middle of COVID.

As an example, just last week, we had a house that had an offer for $150,000 over the list price. The buyer reneged for whatever reason, and the house was relisted for $850,000, exactly the price it was listed for initially, despite the bidding war that had taken place.

Rockland Daily: What new areas would you say heimishe buyers are looking at these days?

Meyer Tauber: New City is expanding in all directions. Buyers are also looking in Haverstraw, Airmont, and Stony Point. Nanuet is another newer area. It borders Chestnut Ridge and recently opened a new shul.

Rockland Daily: Would you recommend holding off on buying a house now to wait for prices to drop further?

Meyer Tauber: We don't know where this market is heading, so I would definitely look into a house during the present market. If you find something you like, go for it. You can always refinance later. For now, if the numbers make sense, go for it.