hOMES: Weekly Insight Into Jersey City & Hoboken Real Estate Trends | January 25, 2019

In today’s market, most buyers want a home that is move-in ready.  When they say they are willing to buy a place that needs work, they really only want to do cosmetic repairs—not structural work that will prevent them from living in the property as the work is being done.

Sellers should weigh the cost of the renovation against the home’s market value after the repairs are completed. Such an improvement might not be worth while if an upgrade won’t return the investment, particularly once you also factor in the cost of the inconvenience.

Instead of doing a complete kitchen remodel consider painting the cabinets, installing new hardware and updating the appliances. A fresh coat of paint can do wonders.  Choose a neutral color – there are numerous grays that are very popular right now.

Take a look at your furniture.  If it is very outdated, consider buying new pieces that you can take with you or using staging furniture.

As always, talk to your real estate professional to see what is the best solution for your home.

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

HOBOKEN:
Studio/ 1-Bedrooms
New Listings:
8 new listings. The average price is $495,487 and the average price per sq/ft is $775.
Sold Properties:
2 properties closed. The average price was $730,000 and the price per sq/ft was $757.

2-Bedrooms
New Listings:
17 new listings. The average price is $892,447 and the average price per sq/ft is $767.
Sold Properties:
4 properties closed. The average price was $695,250 and the average price per sq/ft was $714.

3-Bedrooms
New Listings:
4 new listings. The average price is $1,204,750 and the average price per sq/ft is $712.
Sold Properties:
1 property closed.  The price was $1,038,000 and the price per sq/ft was $722.

4-Bedrooms
New Listings:
3 new listings. The average price is $2,108,333 and the average price per sq/ft is $827.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
No new listings.
Sold Listings:
One four-bedroom home sold for $2,380,000.

DOWNTOWN JERSEY CITY:
Studio/ 1-Bedrooms
New Listings:
9 new listings. The average price is $761,531 and the average price per sq/ft is $971.
Sold Properties:
3 properties closed. The average price was $637,500 and the average price per sq/ft was $793.

2-Bedrooms
New Listings:
6 new listings. The average price is $1,205,981 and the average price per sq/ft is $981.
Sold Properties:
3 properties closed. The average price was $988,333 and the average price per sq/ft was $944.

3-Bedrooms
New Listings:
1 new listing. The price is $1,350,000 and the price per sq/ft is $678.
Sold Properties:
No sold properties.

Single-Family Homes
New Listings:
One  new four-bedroom home listed for $950,000.
Sold Listings:
No sold properties.

JERSEY CITY HEIGHTS:
Studio/ 1-Bedrooms
New listings:
2 new listings. The average price is $357,000 and the average price per sq/ft is $524.
Sold Properties:
1 sold property.  The price was $330,000 and the price per sq/ft was $329.

2-Bedrooms
New Listings:
1 new listing. The price is $450,000 and the price per sq/ft is $485.
Sold Properties:
No sold properties.

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

4-Bedrooms
New Listings:
2 new listings. The average price is $652,500 and the average price per sq/ft is $353.
Sold Properties:
No sold properties.

Single-Family Homes:
New Listings:
One two-bedroom homes listed for $699,000, one three-bedroom listed for $679,000 and a five-bedroom home listed for $600,000.
Sold Properties:
No sold listings.

JOURNAL SQUARE:
Studio/ 1-Bedrooms
New Listings:
4 new listing. The average price is $261,750  and the average price per sq/ft is $377.
Sold Properties:
N0 sold properties.

2-Bedrooms
New Listings:
6 new listings. The average price is $460,000 and the average price per sq/ft is $504.
Sold properties:
No sold listings.

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

Single-Family Homes:
New Listings:
One new four-bedroom home listed for $450,000.
Sold Properties:
No sold properties.

BERGEN-LAFAYETTE:
New Listings:
Two four- bedroom homes listed for $450,000 and $549,000.
Sold Properties:
One four-bedroom sold for $410,000.

(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 application volume fell 2.7 percent compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 3.3 percent higher than a year ago.  This is after two consecutive weeks of increased volume.   Right now, rates are appx. 11 basis points lower than the previous month, but still appx. 39 basis points higher than a year ago.  This comes as the supply of homes for sale, on a national level, rose just more than 3 percent compared with a year ago. Low inventory had been holding sales back in Spring 2018.  If we see inventory increase for Spring 2019, then we’ll see just how much buyer demand there is and how mortgage rates impact this demand.

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

ALSO OF INTEREST:
Hoboken Named “Most Educated” Town in New Jersey (HobokenGirl.com)

MUTZFEST 2019—THIS SUNDAY

$238 Million New York Apartment Most Expensive in the Country (NYTimes)

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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.