hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | February 12, 2021

Hoboken & Jersey City Real Estate Trends
February 12, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Over the past few weeks we have discussed some of the steps necessary to get ready to buy your new home. Now that you are ready to buy, it’s time to find a real estate professional to assist in the process.

There are a variety of reasons that make choosing a real estate agent important. A number of buyers expend a lot of energy contacting individual listing agents, attempting to schedule multiple appointments with different agents or scrolling various websites to see when open houses are. This is a time-consuming and frustrating approach to the home buying process, and is quite honestly a waste of effort.

There is a common misconception with certain buyers that going directly through the listing agent will get them a better “deal,” as they will save the seller half the commission.

As disclosed dual agency is permitted in New Jersey, a buyer can in fact go directly to the listing agent. However, the listing agent will have a previous signed agreement with the sellers—usually an “Exclusive Right to Sell” agreement—which, simply put, states that the commission is payable in full regardless of who brings the buyer.

If a buyer decides to reach out to the listing agent identified on a website, they will be consulting with the person who represents the seller of the property. by Chrystal Caruthers on Realtor.com, you wouldn’t hire your spouse’s attorney to represent you in your divorce. The same goes for real estate. Why use the seller’s agent to negotiate your best interest?

By working with a buyer’s agent, you have an agent who is simply working for you. They will negotiate on your behalf—not just on price but on all aspects of the transaction—and they will have only your interests in mind.

Buying a home is the most significant purchase you will make in a lifetime. You will want someone who will work diligently for you, and you alone. You may want to cut corners along the way—maybe choose the less expensive couch or coffee table—but some decisions, such as the representation you choose, can have costly ramifications.

Here’s a look at what just listed and sold this week in our areas:

Hoboken:
Studio /1-Bedrooms
New Listings:
7 new listings. The average price is $550,000 and the average price per sq/ft is $725.
Sold Listings:
4 properties closed. The average price was $499,725, the average price per sq/ft was $706 and the average days on market was 70.

2-Bedrooms:
New Listings:
11 new listings. The average price is $671,590 and the average price per sq/ft is 698.
Sold Listings:
5 properties closed. The average price was $702,000, the average price per sq/ft was $629 and the average days on market was 44.

3-Bedrooms:
New Listings:
4 new listings.The average price is $1,687,270 and the average price per sq/ft is $883.
Sold Listings:
No sold properties.

Single-Family Homes:
New Listings:
4 new listings. 1 three-bedroom home listed for $2,050,000 and 3 four-bedroom homes listed from $1,799,000 to $3,200,000.
Sold Listings:
A three-bedroom home closed for $1,375,000

Downtown Jersey City:
Studio /1-Bedrooms
New Listings:
10 new listings.The average price is $541,690 and the average price per sq/ft is $750.
Sold Listings:
4 properties closed. The average sold price was $491,333 the average price per sq/ft was $667 and the average days on market was 26.

2-Bedrooms:
New Listings:
11 new listings. The average price is $884,254 and the average price per sq/ft is $760.
Sold Listings:
5 properties closed. The average sold price was $683,000, the average price per sq/ft was $663 and the average days on market was 38.

3-Bedrooms:
New Listings:
1 new listing. The price is $1,550,000 and the price per sq/ft is $886.
Sold Listings: 
No sold properties.

Single-Family Homes:
New Listings:
1 three-bedroom home listed for $1,199,000
Sold Listings:
1 three-bedroom home sold for $890,000.

Jersey City Heights:
Studio /1-Bedrooms
New Listings:
3 new listings. The average price is $232,667 and the average price per sq/ft is $502.
Sold Listings:
No sold properties.

2-Bedrooms:
New Listings:
5 new listings.The average price is $474,400 and the average price per sq/ft is $528.
Sold Listings:
1 property closed. The price was $455,000 the price per sq/ft was $528 and the average days on market was 27.

3-Bedrooms:
New Listings:
2 new listings.The average price is $612,450 and the average price per sq/ft is $524.
Sold Listings:
1 property closed. The price was $765,000, the average price per sq/ft was $529 and the average days on market was 12.

Single-Family Homes:
New listings:
2 two-bedroom homes listed for $530,000 and $699,000.
Sold listings:
2 two-bedroom homes sold for $455,000 and $620,000 and 1 four-bedroom home sold for $630,00.

CLICK ON THE LINKS BELOW TO SEE THIS WEEK’S NEW LISTINGS:

HOBOKEN | DOWNTOWN JERSEY CITY | JERSEY CITY HEIGHTS

(Information provided by Hudson County MLS)

ALSO OF INTEREST:

You and your partner are ready to buy a home together, here are some questions to ask… (Realtor.com)

Newark Avenue Pedestrian Plaza Renovation Moves Forward (TAPinto Jersey City)

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As an award-winning agent, Ann Wycherley brings nearly 20 years of solid real estate experience in the Hudson County market. She has been recognized by the New Jersey Circle of Excellence for many of those years and recently earned a Lifetime Membership in the New Jersey Association of Realtors Distinguished Sales Club. Direct and thorough, Ann’s straightforward approach to navigating the complexities of real estate in Hudson County has fostered strong working relationships with repeat clients and countless referrals from those who are looking to get the most out of buying or selling their home.

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