hOMES: Your Weekly Insight into Hoboken Real Estate Trends | JUNE 17-23, 2016

Hoboken Real Estate Trends | June 17-23, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

In today’s busy real estate market some people are tempted to try “For Sale by Owner” otherwise know as FSBO, where a seller tries to procure a buyer for their property without the use of a Real Estate Professional. Obviously, I am completely biased, but there are a myriad of reasons why you should use a Realtor.

Firstly, a full-time realtor knows the market inside out. No matter how many hours you spend pouring over various websites you will never have the same knowledge as someone who spends everyday researching, prospecting, previewing and assisting buyers and sellers find properties in your area.

Secondly, a realtor is skillful in the art of negotiation.  No matter how often you tell yourself that you won’t let it get personal, it’s hard to keep a level head when the other side is being unreasonable.  A professional realtor provides a necessary buffer and will help negotiate some of the tougher requests.

Real estate transactions have become more complicated and involve more parties—inspectors, appraisers, mortgage reps, attorneys, etc.  A realtor will not only be able to refer you to other professionals but can liaise with all the different parties involved.

Buying or selling real estate is one of the most important transactions a person will make in their lifetime.  You don’t want to leave anything to chance so it makes sense to surround yourself with qualified people to make the process easier and smoother.

The stats speak for themselves. According to the National Association of Realtors 2015 Profile of Home Buyers and Sellers, 87% of buyers recently purchased their home through a real estate agent or broker. Meanwhile, 88% of buyers would use their agent again or recommend their agent to other.

A more telling sign that you should use a Realtor is that in 2011 the former founder and COO of forsalebyowner.com try to sell his New York City home by himself. After his property languished on the market for six months he hired a realtor, who sold his property in a timely fashion for $150K over the asking price…

HOBOKEN MARKET
34 new listings this week, 31 condos and 3 single-family homes.

Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price $513,075 and the average price per sq/ft is $695.
Sold Properties:
4 properties closed. The average price $555,000 and the average price per sq/ft was $718.

2-Bedrooms
New Listings:
17 new Listings. The average price was $830,453 and the average price per sq/ft is $707.
Sold Properties:
10 properties closed. The average price was $802,970 and the average price per sq/ft was $718.

3-Bedrooms
New Listings:
2 new listings. The average price is $956,750 and the average price per sq/ft is $678.
Sold Properties:
6 properties closed. The average price is $1,1106,516 and the average price per sq/ft was $669.

Single-Family Homes
3 new single-family homes listed; two 4-bedroom homes for $1,950,000 and $2,395,000 plus one 6-bedroom for $13,275,000.

(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

We’ve seen the equities market trend up this week, causing a slight sell-off in the bond market.   This has caused an upward trend in mortgage rates. But, the key at this stage is Brexit—Britain is voting on whether or not it will leave the European Union. The effect this vote has on the US markets will dictate what direction equities and bonds move, ultimately impacting mortgage rates.  So, there is a lot of uncertainty right now, but these actions will structure the movement we see in the short term.

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

ALSO OF INTEREST:
Parkmobile Partners with City of Hoboken to Bring Mobile Payments for Parking to the Entire City (City of Hoboken)

Weird Packing Tricks That Actually Work (realtor.com)

COPA AMERICA CENTENARIO 2016 — Is Hoboken About to Get Messi??? (hMAG.com)

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

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

Other accolades include the coveted Centurion Award for the past four years running (2012-2015), which represents the premium level of achievement within the Century 21 organization.