hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | January 29, 2021

Hoboken & Jersey City Real Estate Trends
January 29, 2021
by Ann Wycherley
Broker Associate, Brown Harris Stevens

Buyer be ready!

Before you dip your toe into the choppy waters of home buying, there are several items to consider:

The first step is to take a look at your finances. To find out what you can really afford, you need to speak with a mortgage banker or broker. They will be the ones to tell you how much you monthly payments will be based on the rate they can offer you.

What’s important to note here is that you may qualify for more than you want to spend, but go with what you are comfortable spending. A mortgage representative will also provide you with a pre-qualification or pre-approval letter. This is important, as no seller will even entertain an offer from you without it, and most real estate agents will also require it before showing homes.

You should also work out how much you are able to put down. The optimum amount is 20%, but it is not always required. For example—if a home costs $600,000, putting 20% would mean you would need to have $120,000 of your own funds available.

Then the last piece of this puzzle is to work out an estimate of what your closing costs will be. Closing costs incorporate all the other expenses associated with purchasing a home—including but not limited to the home inspection, appraisal fee, mortgage application fee, title insurance, property tax escrow and capital contribution. They vary based on purchase price and requirements, but the rule of thumb is 2% of the purchase price. So, taking our $600,000 example you, would need an additional $12,000 on top of the 20% down.

Armed with this knowledge, it’s now time to see what you can get for you money!

Make a “wish list” of all the things that are important, such as number of bed/baths, location and other amenities such as central a/c, parking, outdoor space. Be aware, you may not be able to find a home with all of your criteria, so prioritize them with the knowledge that out of your top 10 list, you may only get 5.

Now you are ready for the most important step… finding a professional realtor to help you find your dream home!

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

Hoboken:
Studio /1-Bedrooms
New Listings:
15 new listings.The average price is $511,120 and the average price per sq/ft is $726.
Sold Listings:
5 properties closed. The average price was $469,370, the average price per sq/ft was $704 and the average days on market was 29.

2-Bedrooms:
New Listings:
15 new listings.The average price is $779,300 and the average price per sq/ft is $7201.
Sold Listings:
6 properties closed. The average price was $768,600, the average price per sq/ft was $704 and the average days on market was 85.

3-Bedrooms:
New Listings:
6 new listings.The average price is $1,319,656 and the average price per sq/ft is $708.
Sold Listings:
1 property closed. The price was $1,280,00, the price per sq/ft was $656 and the days on market was 187.

Single-Family Homes:
New Listings:
4 new listings. 3 four-bedroom homes listed from $1,199,000 to $2,500,000.
Sold Listings:
3 homes closed. A three-bedroom home closed for $725,000 and 2 four-bedroom homes closed for $2,050,000 and $2,450,000.

Downtown Jersey City:
Studio /1-Bedrooms
New Listings:
20 new listings.The average price is $546,099 and the average price per sq/ft is $779.
Sold Listings:
3 properties closed. The average sold price was $790, the average price per sq/ft was $790 and the average days on market was 15.

2-Bedrooms:
New Listings:
17 new listings.The average price is $937,399 and the average price per sq/ft is $792.
Sold Listings:
7 properties closed. The average sold price was $812,428, the average price per sq/ft was $740 and the average days on market was 57.

3-Bedrooms:
New Listings:
3 new listings.The average price is $1,801,333 and the average price per sq/ft is $989.
Sold Listings: 
2 properties closed. The average price was $1,280,000, the average price per sq/ft was $503 and the average days on market was 56.

Single-Family Homes:
New Listings:
1 four-bedroom home listed for $1,599,000
Sold Listings:
1 two-bedroom home sold for $725,000 and 3 three-bedroom homes sold for $810,000 to $2,300,000.

Jersey City Heights:
Studio /1-Bedrooms
New Listings:
1 new listing .The average price is $399,000 and the average price per sq/ft is $430.
Sold Listings:
1 property closed. The price was $305,000 the price per sq/ft was $508 and the average days on market was 15.

2-Bedrooms:
New Listings:
2 new listings.The average price is $432,500 and the average price per sq/ft is $563.
Sold Listings:
1 property closed. The price was $664,000 the price per sq/ft was $436 and the average days on market was 17.

3-Bedrooms:
New Listings:
20 new listings.The average price is $730,799 and the average price per sq/ft is $532.
Sold Listings:
2 properties closed. The average price was $704,800, the average price per sq/ft was $511 and the average days on market was 23.

Single-Family Homes:
New listings:
No new listings.
Sold listings:
1 two-bedroom home sold for $599,999.

(Information provided by Hudson County MLS)

ALSO OF INTEREST:

Study Finds NJ Home Prices Rose 3% During Pandemic (JerseyDigs)

Hoboken to Review Redevelopment Plan for Malibu Diner Lot (TAPinto Hoboken)

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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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