(ABOVE: “Washington Street at Night,” by Ricardo Roig)
Hoboken Real Estate Trends | February 26-March 3, 2016
“Bidding Wars,” “Mulitple Offers,” “Best and Final” —words that every seller dreams of and every buyer has come to dread. In today’s market, with low inventory and high demand, these words have become commonplace.
Here are a few tips to help you navigate this process:
Buyers – Be prepared. Bidding wars happen quickly. It is not unusual for a place to be listed on Monday and have a “Best and Final” by Friday. If you like a place you need to act fast and have all your ducks in a row.
-Make sure you have an updated pre-approval letter from your lender; sellers will not entertain any offers without this. If you are just starting the process speak to a lender and find out how much you qualify for.
-Speak to an attorney. Many “Best and Final” listings ask you to provide your attorney information. It will help if you have already chosen one.
-Consider the fact that the sellers may ask if you are willing to waive certain contingencies, such as the appraisal or home inspection. It is certainly not required that you do so but keep in mind that it may enhance your offer.
Sellers – Once again, be prepared. Showcase your home—if you need to spend some money on updating now is the time to do it.
-Take note of the little details. A fresh coat of paint and modern accessories does wonders. Old-fashioned doorknobs? Change them. Pick up new light fixtures. All of these things can enhance your property’s overall appeal. An experienced realtor will guide you on the proper pricing strategy to help get you top-dollar for your home.
-Don’t automatically presume that you will get multiple offers and that your property will go way over the asking price—if you go in with this mindset you may be disappointed. Yes, prices are rising steadily but the market is constantly changing. Make sure you are not overreaching. At the risk of sounding biased, this is where an experienced Realtor is of great value.
HOBOKEN MARKET — MARCH 4-10, 2016
Twenty-eight new places hit the market this week.
Seven new listings. The average price $511,000 and the average price per sq. ft was $721.
Four properties closed. The average price $701,000 and the average price per sq. ft was $787. (This seems high as two of the four listings were in luxury buildings.)
16 new Listings. The average price was $824,000 and the average price per sq. ft was $710
Six properties closed. The average price was $722,000 and the average price per sq ft was $614
Three new listings. The average price was $1,100,000 and the average price per sq ft was $727
No 3-bedrooms closed this week.
1 new listing, a 4-bedroom triplex. Listed at $2,590,000. Price per sq/ft is $851
No 4-bedrooms closed this week.
One new single-family, a 3-bedroom listed at $1,750,000.
(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
Mortgage rates have been trending up this week, which leaves them much higher than the long-term lows seen only a few weeks ago. Of course “much” is a relative term, and in this case, it pertains to the sticker shock that rate shoppers would have today versus, say, February 11th—when rates approached a two-year low.
CLICK HERE for a more detailed analysis from local mortgage broker Michael Mundy…
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.