Did the Hoboken residential real estate market benefit from the Home Buyers Tax Credit?

Did the Hoboken residential real estate market benefit from the Home Buyers Tax Credit?

In my opinion……..YES IT DID!

One of the qualifications was to be in a binding (cleared attorney review) contract of sale by April 30th, 2010.  In Hoboken, we had a flurry of completed contracts on the 29th and 30th.  

22 condominiums, 2 single family and 2 multi family homes went into contract on these last two days.  Local agents I’ve spoken to had sales attributed to the credit and I personally had 3 deals directly associated to meeting the April 30th deadline.  In fact, I had an accepted offer go into attorney review and completed on the very last day!

The other deadline is that these deals have to close by the end of May so we’ll be working diligently on meeting this too!

So were do we go from here?  It may slow down a bit on the lower price points and perhaps from seasonality factors however I’m still working with a number of motivated buyers that either didn’t qualify for the the buyers credit or simply didn’t find the right home within the deadline.

How about creating your own stimulus and negotiate the best deal you can!

Edward (Eddie Perez)

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