ABOVE: Photo by Kurt Gardiner
Last week I discussed what sellers needed to do to get ready to put their house on the market. This week, let’s look at what buyers need to do…
The first and most important thing to do is find out how much you qualify for. You may be able to afford more (or less) than you think. Speak to a qualified mortgage broker. They will be able to tell you how much you qualify for based on a short, free of charge conversation. Keep in mind the additional monthly costs associated with home ownership such as taxes, insurance and monthly maintenance if you are buying a condo. Aside from your down payment you will also need cash available to pay closing costs, which average around 2% of the purchase price.
Once you know how much you can afford, start looking at what is available in your price range. There are numerous websites that will give you an idea of what’s out there, which is a good way to begin your search. Once you are ready, speak with a Realtor. Having a professional Realtor to guide you through the entire transaction will make the process much smoother and less stressful.
HOBOKEN REAL ESTATE MARKET
This week there were 18 new listings:
7 new listings. The average price is $496,842 and the average price per sq/ft is $737.
2 properties closed. The average price was $658,500 and the average price per sq/ft was $806.
8 new Listings. The average price is $796,487 the average price per sq/ft is $730.
4 properties closed. The average price was $732,750 and the average price per sq/ft was $752.
3 new listings. The average price is $1,158,000 and the price per sq/ft was $623.
3 property closed. The price was $972,666 and the price per sq/ft was $646.
No new listings this week.
3 single family homes sold in the past week. One 4-bedroom for $1,500,000, one 4-bedroom for $2,350,000 and a 3-bedroom for $2,475,000.
(Information provided by Hudson County MLS)
Mortgage Market in Review:
The Monthly Jobs’ report can be the biggest piece of economic data in any given month. This past Friday’s Jobs’ Report (Employment Situation Report) revealed that job growth was slower than expected. However, upon closer inspection it also showed that the previous report had been revised for the better. As a result, mortgage rates moved moderately higher.
The weakness in bonds was too sharp to be justified by a jobs report that came in with weaker than-than-expected payrolls, even if wage growth was slightly up. The sell-off in 10yr yields didn’t quite fit with Friday morning’s data. Such a sell-off does however fit with the recent technical landscape. Bonds had been rallying for the past week, helping mortgage rates stabilize. A bounce back to an upwardly established technical level was anticipated. The fact that yields moved quickly back up to 2.42% confirmed that Friday was about traders cashing in on the recent rally.
With the incoming administration’s policies driving a large portion of upward rate momentum, mortgage rates will be hard-pressed to return to pre-election levels until well after Trump takes office. Rates can move for other reasons, but it would take something big and unexpected for rates to get back to pre-election levels. So if you are thinking about locking in an interest rate, it is recommended that you do so sooner than late
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
ALSO OF INTEREST:
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.