hOMES: Your Weekly Insight Into Hoboken Real Estate Trends | OCTOBER 14-20, 2016

Hoboken Real Estate Trends | October 14-20, 2016

by Ann Wycherley
Broker Associate, Century 21 Innovative Realty

WHY USE A BUYER’S AGENT?

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…

HOBOKEN MARKET
26 new listings hit the market this week.

Studio/ 1-Bedrooms
New Listings:
4 new listings. The average price is $505,725 and the average price per sq/ft is $649.
Sold Properties:
5 properties closed. The average price was $626,000 and the average price per sq/ft was $733.

2-Bedrooms
New Listings:
9 new listings. The average price is $858,767 and the average price per sq/ft is $680.
Sold Properties:
8 properties closed. The average price was $940,937 and the average price per sq/ft was $686.

3-Bedrooms
New Listings:
8 new listings, the average price is $1,299,124 and the price per sq/ft is $703.
Sold Properties:
1 property closed. The price was $1,712,500 and the price per sq/ft was $785.

4-Bedrooms
New Listings:
2 new listings, the average price is $1,724,000 and the price per sq/ft is $667.
Sold Properties:
No sold properties this week.

Single-Family Homes
New Listings:
3 new single-family listings this week. There is one 3-bedroom home for $829,900, a 4-bedroom home listed for $1,775,000 and another 3-bedroom for $3,199,900.
Sold Listings:
No properties closed this week.

(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:
Due to a substantial sell off in the bond markets, we’ve seen mortgage rates reach their highest levels in months. The key now is whether or not this trend will continue. With all signs pointing to a Fed rate hike in December, lenders are preparing for a steady climb in mortgage rates. Something to keep in mind is that the Fed funds rate is not directly proportional to mortgage rates. But, it will undoubtedly have an impact on rates, which is why we are seeing upward movement on the mortgage side at the current time. Global economics may slow this climb down—especially if we see weak economic data domestically, or abroad.

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

ALSO OF INTEREST:

HIGH END HOBOKEN: Luxury Real Estate on the Gold Coast Gets More and More Polished (hMAG.com)

How to Shop Around for a Mortgage Refinance Deal (realtor.com)

WALK SAFE HOBOKEN: City to Launch Pedestrian Safety Enforcement and Education

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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.