hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 23, 2018

Hoboken & Jersey City Real Estate Trends | March 23, 2018

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

When buying a home it’s important to be fully prepared.

You may have an idea how much you would like to spend and what you would like your monthly payments to be. However, to get a realistic idea of what you can actually afford, you’ll need to speak to a mortgage banker or broker.

They will break down your monthly payments for you based on current interest rate—but remember, you will need to add taxes and maintenance if you are buying a condo to your bottom line number.

A mortgage person will also provide you with either a pre-qualification or pre-approval letter. In today’s competitive market, I would strongly recommend you get a pre-approval instead of just a pre-qualification (“pre-qual”) letter.

A pre-qualification is merely a financial snapshot that gives you an idea of the mortgage you might qualify for. It can be helpful if you are completely unaware what your current financial position will support regarding a mortgage amount

A pre-approval letter is a statement from a lender that you qualify for a specific mortgage amount based on an underwriter’s review of all of your financial information: credit report, pay stubs, bank statement, salary, assets, and obligations. This type of approval letter will give your seller the level of comfort they need to accept your offer.

Here’s a look at this week’s numbers:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
14 new listings. The average price is $528,842 the average price per sq/ft is $775.
Sold Properties:
8 properties closed. The average price was $582,500 and the average price per sq/ft was $862.

2-Bedrooms
New Listings:
19 new listings. The average price is $887,731 and the average price per sq/ft is $705.
Sold Properties:
7 properties closed. The average price was $1,049,437 and the average price per sq/ft was $854.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,186,000 and the average price per sq/ft is $739.
Sold Properties:
4 properties closed. The average price was $1,632,812 and the average price per sq/ft was $763.

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

Single-Family Homes
3 new single family homes listed. Two two-bedroom home for $969,000 and $999,000 and one five -bedroom for $2,550,000.
Sold Listings:
No sold listings.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
18 new listings. The average price is $592,175 and the average price per sq/ft is $788.
Sold Properties:
5 properties closed. The average price was $552,400 the average price per sq/ft was $776.

2-Bedrooms
New Listings:
18 new listings. The average price is $943,654 and the average price per sq/ft is $824.
Sold Properties:
4 properties closed. The average price was $1,030,000 and the average price per sq/ft was $882.

3-Bedrooms
New Listings:
4 new listings. The price is $1,458,500 and the price per sq/ft is $827.
Sold Properties:
2 properties closed. The average price was $999,999 and the average price per sq/ft was $720.

Single-Family Homes
New Listings:
One new three-bedroom home listed for $1,325,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
3 new listings. The price is $405,666 and the average price per sq/ft is $380.
Sold Properties:
1 sold listings. The price was $230,000 and the price per sq/ft was $365.

2-Bedrooms
New Listings:
1 new listings. The average price is $319,000 and the average price per sq/ft is $343.
Sold Properties:
No sold properties.

3-Bedrooms
New Listings:
3 new listings. The average price is $499,000 and the average price per sq/ft is $417.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom home listed for $309,000.
Sold Properties:
Two two-bedroom homes sold for $455,000 and $525,000.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
5 new listings. The price is $254,500 and the average price per sq/ft is $378.
Sold Properties:
1 sold listing. The price was $275,000 and the price per sq/ft was $250.

2-Bedrooms
New Listings:
6 new listings. The average price is $460,483 and the average price per sq/ft is $411.
Sold properties:
1 sold listing. The price was $375,000 and the price per sq/ft was $301.

3-Bedrooms
New Listings:
No new listings.
Sold Properties:
1 sold property. The price was $177,000 and the price per sq/ft was $232.

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

BERGEN-LAFAYETTE:
New Listings:
No new listings.
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:

As widely expected, the Federal Reserve raised key rates following its first meeting chaired by Jerome Powell. Once again, the Fed expressed its confidence in the economy, predicting a faster pace of growth for 2018. At the same time, the Fed reiterated that it intends to raise rates only three times this year, sticking to a gradual path of increases. The immediate impact to fixed mortgage rates has been minimal, if at all. However, we have seen adjustable mortgage rates start to move upwards. This makes sense since adjustable rate mortgage are much more reliant on the shorter term indices, which would include the Prime rate.

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

ALSO OF INTEREST:
Making Room For Books in Small Spaces (apartmenttherapy.com)

Jersey City & Port Authority Come to Terms on Long-Standing Litigation (InsiderNJ.com)

Meeting for Hoboken’s NW Resiliency Park Rescheduled for April 9 (City of Hoboken)

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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.