hOMES: Weekly Insight Into Hoboken & Jersey City Real Estate Trends | March 8, 2019

Hoboken & Jersey City Real Estate Trends | March 8, 2019
by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

We’ve discussed this before, but the subject of having a buyer’s agent has come up again recently.

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 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.

Another thing to note, when you click on “contact agent” on certain websites you are simply directed to the agent who has paid for the privilege of being in that spot, not necessarily the listing agent of an agent who is familiar with the property.

Buyers invest a lot of time in getting prepared for the buying process, they go to open houses, they narrow down their criteria, the speak with a number of mortgage brokers to see who can offer them the best services.  If you are planning on starting the process take some time to find the right agent.  Having a professional agent working for you will only help in making the process smoother and ultimately finding  you the perfect new home.

Here’s a look at what’s currently available in our areas:

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
10 new listings. The average price is $470,200 and the average price per sq/ft is $750.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
21 new listings. The average price is $832,800 and the average price per sq/ft is $750.
Sold Properties:
5 properties closed. The average price was $729,800 and the average price per sq/ft was $714.

3-Bedrooms
New Listings:
4 new listings. The average price is $2,080,00 and the average price per sq/ft is $1045.
Sold Properties:
No sold properties. .

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

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

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
12 new listings. The average price is $604,831 and the average price per sq/ft is $773.
Sold Properties:
3 sold listings. The average price per sq/ft was $623,000 and the average price per sq/ft was $761.

2-Bedrooms
New Listings:
15 new listings. The average price is $919,859 and the average price per sq/ft is $728.
Sold Properties:
2 properties closed. The average price was $788,250 and the price per sq/ft was $906.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,123,474 and the price per sq/ft is $750.
Sold Properties:
1 sold property. The  price was $1,271,760 and the price per sq/ft was $647.

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

Single-Family Homes
New Listings:
2 four-bedroom homes listed for $1,050,000 and $1,525,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
5 new listings.  The average price is $302,799 and the average price per sq/ft is $474.
Sold Properties:
No sold properties.

2-Bedrooms
New Listings:
2 new listings. The average price is $484,000 and the average price per sq/ft is $446.
Sold Properties:
3 sold properties. The average price was $455,000 and the average price per sq/ft was $412.

3-Bedrooms
New Listings:
3 new listings. The average price is $622,666 and the average price per sq/ft is $408.
Sold Properties:
1 sold property. The average price was $635,000 and the average price per sq/ft was $450.

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

Single-Family Homes:
New Listings:
One three-bedroom home listed for $529,000 and a four-bedroom home listed for $605,000.
Sold Properties:
One three-bedroom sold for $335,650.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $296,244 and the average price per sq/ft is $366.
Sold Properties:
1 sold property. The price was $125,000 and the price per sq/ft was $279.

2-Bedrooms
New Listings:
4 new listings. The price is $379,975 and the average price per sq/ft is $366.
Sold properties:
No sold properties.

3-Bedrooms
New Listings:
2 new properties. The average price is $889,000 and the average price per sq/ft is $476.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One new two-bedroom homes listed for $475,000, two three-bedroom homes listed for $409,000 and $666,999 and a six-bedroom home listed for $549,000.
Sold Properties:
One five-bedroom home sold for $795,000.

BERGEN-LAFAYETTE:
New Listings:
One new two-bedroom home listed for $4300,000, on five-bedroom home listed for $549,000 and a six-bedroom home listed for $349,000.
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:

A slight rise in interest rates caused a pullback in mortgage demand last week. That tiny increase was enough to pull refinance demand down 2 percent for the week and 6 percent compared with a year ago. Interest rates are almost exactly the same now as they were a year ago, so there is not a huge incentive for borrowers to refinance. Purchase demand fell 3 percent for the week, despite more homes coming onto the market and Presidents’ Day weekend marking the unofficial start of the usually busy spring housing season. Volume was just 1 percent higher than the same week one year ago. Those buyers who were in the market, however, were seeking higher-priced homes.

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

ALSO OF INTEREST:What’s the most shocking cost of home purchase? (Realtor.com)

Hoboken to Install Charging Stations for Electric Cars

St. Francis Hoboken Wing & A Prayer Chicken Wing Competition—Saturday, March 23

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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.