hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | April 5, 2019

Hoboken & Jersey City Real Estate Trends | April 5, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

One of the first questions a realtor will ask a prospective buyer is, “Have you spoken to a mortgage person?”

Getting pre-qualified or pre-approved is one of the first steps a buyer should take. A seller will not even consider your offer without a letter from your lender.

There is a difference between a pre-approval and a pre-qualification letter (otherwise known as a pre-qual). With a pre-qualification, you give a lender an overview of of your financial history including income, assets, debts, and credit score. The lender will review this information to give you an estimate of what you would qualify for.

Mortgage pre-approval requires documentation and verification of your income, assets, and debts and it will require a credit check. A pre-approval gives you more credibility in the eyes of a seller. When you find the home you love you will want to present your offer in it’s best light and a pre-approval gives you more credibility in the eyes of a seller.

So when you are ready to start seriously looking, not only should you meet with a professional realtor but you should take the time to speak with a mortgage person. This will make the process smoother and easier.

Here’s a look at what’s currently available in our areas:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $546,749 and the average price per sq/ft is $762.
Sold Properties:
7 sold properties. The average price was $560,000 and the average price per sq/ft was $705.

2-Bedrooms
New Listings:
24 new listings. The average price is $880,412 and the average price per sq/ft is $765.
Sold Properties:
8 properties closed. The average price was $906,425 and the average price per sq/ft was $727.

3-Bedrooms
New Listings:
10 new listings. The average price is $1,285,690 and the average price per sq/ft is $727.
Sold Properties:
5 sold properties. The average price was $1,405,000 and the price per sq/ft was $795.

4+-Bedrooms
New Listings:
3 new listings. The average price is $2,413,371 and the average price per sq/ft is $854.
Sold Properties:
No sold properties..

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
No sold properties.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $567,488 and the average price per sq/ft is $723.
Sold Properties:
8 sold listings. The average price was $593,500 and the average price per sq/ft was $805.

2-Bedrooms
New Listings:
6 new listings. The average price is $980,833 and the average price per sq/ft is $768.
Sold Properties:
4 sold listings. The average price was $812,250 and the average price per sq/ft was $771.

3-Bedrooms
New Listings:
3 new listings. The average price is $1,328,666 and the average price per sq/ft is $885.
Sold Properties:
1 sold property. The price was $999,000 and the price per sq/ft was $750.

4-Bedrooms
New Listings:
No new listings.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
4 three-bedroom homes listed ranging from $1,099,000 to $1,999,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
4 new listings. The average price is $627,500 and the average price per sq/ft is $671.
Sold Properties:
1 sold property.  The price was $395,000 and the price per sq/ft was $653.

2-Bedrooms
New Listings:
4 new listings. The average price is $516,475 and the average price per/sq ft is $472.
Sold Properties:
4 sold properties. The average price was $465,000 and the average price per sq/ft was $426.

3-Bedrooms
New Listings:
5 new listings. The average price is $534,925 and the average price per sq/ft is $472.
Sold Properties:
3 sold properties. The average price was $481,666 and the average price per sq/ft was $447.

4+-Bedrooms
New Listings:
1 new listing.  The price is $699,000 and the price per sq/ft is $291.
Sold Properties:
1 sold property.  The price was $593,000 and the price per sq/ft was $256.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
1 three-bedroom home sold for $500,000 and a five-bedroom home sold for $750,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The price is $243,225 and the price per sq/ft is $393.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
1 new listing. The  price is $425,000 and the price per sq/ft is $406.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
2 new listings. The average price is $699,499 and the average price per sq/ft is $411.
Sold Properties:
1 sold property.  The price is $599,000 and the price per sq/ft is $429.

Single-Family Homes:
New Listings:
No new listings.
Sold Properties:
One new three-bedroom home sold for $207,500.

BERGEN-LAFAYETTE:
New Listings:
1  two-bedroom homes listed for $339,000 and a three-bedroom home listed for $475,000.
Sold Properties:
No sold properties.

(Information provided by Hudson County MLS)

CLICK HERE to learn more about these and other properties…
CLICK HERE to find out how much your property is worth in today’s market…

Mortgage Market in Review:

After a week in which we saw mortgages rates significantly, we are now seeing mortgage rates start to trend back up slightly. While the lower mortgage rates last week caused a sharp uptick in refinance applications, mortgage borrowers looking to purchase a home did not respond quite as aggressively. If the range of mortgage rates stays down overall, that will help affordability for prospective homebuyers.   Right now, on a national level, we are seeing an increase in first-time homebuyer activity. This is normally a good sign, but it is tough to tell if this is due to increased inventory at the lower price points or a softening of the higher-end market. It’s possible that both of these factors are playing a role.

CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy.

ALSO OF INTEREST:Godfather House for Sale in Staten Island (PIX11)

Small Homes for Under $250,000 (apartmenttherapy.com)

Hoboken Mulls Special Improvement District (JerseyDigs)

*****************
Ann Wycherley is an award-winning realtor with over 15 years of solid real estate experience in the Hoboken and Jersey City market.

She has been recognized by the New Jersey Realtors Circle of Excellence for many years, having earned the Gold Level of Excellence 2015-2017, meanwhile awarded Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club.

Other accolades include the coveted Centurion Award for the past five years running (2012-2016), which represents the premium level of achievement within the Century 21 organization.