hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 16, 2018

Hoboken & Jersey City Real Estate Trends | March 16, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

HAPPY ST. PATRICK’S DAY!!!

I spoke about this a while ago, but I felt this subject is worth revisiting.

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 timely and frustrating approach to the home buying process and is quite honestly a waste of time.

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 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. As noted 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.

CLICK HERE for more information on representation…

Meanwhile, here’s a look at this week’s numbers—a busy week, with 95 new listings hitting the market:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $556,499 the average price per sq/ft is $775.
Sold Properties:
2 properties closed. The average price was $624,000 and the average price per sq/ft was $862.

2-Bedrooms
New Listings:
17 new listings. The average price is $871,788 and the average price per sq/ft is $720.
Sold Properties:
5 properties closed. The average price was $1,220,522 and the average price per sq/ft was $952.

3-Bedrooms
New Listings:
9 new listings. The average price is $1,179,222 and the average price per sq/ft is $760.
Sold Properties:
3 properties closed. The average price was $1,725,000 and the average price per sq/ft was $846.

4-Bedrooms
New Listings:
2 new listings. The average price is $1,624,500 and the average price per sq/ft is $624.
Sold Properties:
1 property closed. The price was $1,730,000 and the average price per sq/ft was $670.

Single-Family Homes
2 new single family homes listed. One three-bedroom home for $1,595,000 and one five -bedroom for $3,250,000.
Sold Listings:
No sold listings

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $667,199 and the average price per sq/ft is $881.
Sold Properties:
4 properties closed. The average price was $498,750 the average price per sq/ft was $827.

2-Bedrooms
New Listings:
27 new listings. The average price is $916,840 and the average price per sq/ft is $910.
Sold Properties:
No sold properties..

3-Bedrooms
New Listings:
5 new listings. The price is $1,544,600 and the price per sq/ft is $782.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
Two new three- bedroom home listed for $1,150,000 and $1,295,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The price is $145,000 and the average price per sq/ft is $338.
Sold Properties:
1 sold listings. The price was $182,636 and the price per sq/ft was $183.

2-Bedrooms
New Listings:
1 new listings. The average price is $729,000 and the average price per sq/ft is $448.
Sold Properties:
1 sold listing. The price was $437,500 and the average price per sq/ft is $327.

3-Bedrooms
New Listings:
2 new listings. The average price is $582,000 and the average price per sq/ft is $458.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $350,000, a four-bedroom listed for $629,000 and a six-bedroom listed for $999,000
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listings. The price is $225,700 and the price per sq/ft is $351.
Sold Properties:
2 sold listings. The average price was $275,000 and the average price per sq/ft was $317.

2-Bedrooms
New Listings:
1 new listing. The price is $299,000 and the price per sq/ft is $396.
Sold properties:
No sold listings.

3-Bedrooms
New Listings:
1 new listing. The price is $399,000 and the price per sq/ft is $284.
Sold Properties:
No sold listings.

Single-Family Homes:
New Listings:
2 new listings. A 4 four-bedroom home for $500,000 and one five-bedroom home for $619,000.
Sold Properties:
One three-bedroom closed for $215,000.

BERGEN-LAFAYETTE:
New Listings:
Two two-bedroom homes listed for $149,9000 and $289,000. One three-bedroom home listed for $249,999 and one five-bedroom home listed for $619,000.
Sold Properties:
One two-bedroom home closed for $270,000

(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:
The number of Americans filing for unemployment benefits unexpectedly fell last week, pointing to a tightening labor market and strengthening economy at the start of the year. This has led to the benchmark 10-year Treasury yields to extend their ascent on Thursday, carving out a fresh three-year high a day after the Federal Reserve hinted that a rate increase as soon as its next meeting, in March, was likely. This has continued the upward pressure on mortgage rates that we have seen over the past few weeks.
Once momentum gets going on one direction, it is difficult to stop. Analysts are waiting to see where the 10-year Treasury and mortgage rates stabilize.

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

ALSO OF INTEREST:

NJ Transit Considers Restoring Service on Former Rail Lines (JerseyDigs.com)

Ten Things to Know About Buying a Home in Ireland (Irish Times)

Guide to Celebrating St. Patrick’s Day in Hoboken & Jersey City

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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.