Archive for the ‘Home Sales’ category

April 2011 Hoboken Condo Market Update – Good News for Buyers & Sellers

May 3, 2011

The Hoboken Condo market update for April 2011 is in and depending whether you’re buying or selling, the news can be viewed as either good or not so good.  

Good news for Hoboken condo sellers:

  1. Hoboken condominiums on average are selling faster than they did during the same period last year, just 69 days in April 2011 as opposed to 82 days for all closings in April of 2010.  Additionally the overall inventory is at a historic moderate amount sitting at 378 units.  
  2. 75 condos went into contract last month
  3. The current absorption rate, the rate at which all condos in market would be “absorbed” by the current pace of sale (in this case we’re using the 75 units under contract in April) is now at 5 months.  This points to a somewhat “balanced” market.
  4. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  5. We’re not in Nevada…. where in the 1st quarter and March 2011 was the state with the highest foreclosure rate

Good news for Hoboken buyers:

  1. Average selling prices are down 10% from same period last year
  2. Median selling prices are down 11.9%
  3. Average dollar per square foot is down 4.2%
  4. List-to-sales-price-ratio is down to 95.9% which indicates sellers are willing to negotiate from already lower prices
  5. Interest rates remain at historic lows with 30 Year Fixed Conventional Conforming Loans (loans less than or equal to $417,000) at 4.750%/ 4.868 APR
  6. We’re not in Nevada – I wanted to make sure you were really reading this 🙂

Here are the actual stats I complied for you using the Hudson County Multiple Listing Service:

Make it a great day!  Your Hoboken REALTOR, Eddie Perez…..

Current Active “For Sale” Condo Inventory  as of 5/1/2011:  378

Average asking price: $527,827

Median asking price: $449,999

Average days on market: 80

Average asking price per square foot: $521

April 2011 – New Condo Listings: 127

Average asking price: $499,825

Median asking price: $445,000

Average Asking Dollar Per Square Foot: $515   ** notice the difference between this and the avg under contract and selling dollar per square foot**

April 2011 – Under Contract:  75  (-45% to the 109 units that went under contract in April 2010)

Avg asking price: $498,909    

Median asking price: $475,000

Avg days on market: 50

Avg dollar per square foot: $459

April 2011 – Sold:  48  ( -54% to the 74 that sold in April 2010)

Average asking price: $479,902  

Average selling price: $460,449  (-10% from the average selling price of $506,587 in April 2010)

**  Average List-To-Sales-Price-Ratio (LSPR) : 95.9% of asking price  **  (96.7% LSPR in 2010)

Median selling price: $428,500   (-11.9% from the median selling price of $479,752 in April 2010)

Average days on market: 69  (82 average selling days on market in April 2010)

Average selling dollar per square foot: $444   (-4.2% from the average selling price per square foot of $463 in April 2010)

About Eddie: Eddie Perez is an experienced New Jersey licensed Broker – REALTOR specializing in buying and selling condominiums and Brownstones in Hoboken and the surrounding metro communities including Jersey City and Weehawken, New Jersey. He has personally sold over 120 homes and is among the top producing agents in Hudson County. His goal is to educate both buyers and sellers so that they can make the most of their bottom line while saving time and having fun during the process. You can email questions to eddie@InvestHoboken.com. To schedule an appointment to meet with Eddie, call him direct at 201.344.2886.

Advertisements

Hoboken Keeps Getting Better

February 7, 2011

The New Jersey Department of Transportation will be appropriating $4.3 million in funds divided among 12 Hudson County towns. Hoboken is scheduled to receive $400,125.000 for “various roads.”

The money will be coming from grants in the Fiscal Year 2011 Municipal Aid program. Hoboken will receive the largest amount of money for Hudson County towns.

As a total, the state is giving out 370 grants worth $78.75 million. The goal, according to the state’s release, is to “help municipalities advance street improvement, safety and other projects without burdening local property taxpayers.”

The breakdown of the $4.3 million is as follows:

Guttenberg – 68th Street – $100,000.00

Hoboken – Various Streets – $400,125.00

Jersey City – Various Streets – $1,300,000.00

Union City – West Street – $281,322.00

Weehawken – Various Streets – $213,001.00

West New York – Various Streets – $323,438.00

For help in getting pre-qualified, as well as finding and closing on your perfect Hoboken home, contact Eddie Perez Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.


The American Dream is Shrinking

January 21, 2011

According to the National Association of Home Builders, Hoboken and other home builders are going smaller with the size of new homes. The average size of a new home has been reduced and is expected to shrink more during the next few years. In 2015 the average home size is predicted to be approximately 2,150 square feet.

In 2010 the average home size was 2,377 square-foot based on a U.S. statistic. That’s significantly lower than the 2,500 square-foot average size in 2007. However, the current average home size in the U.S. is 50% larger that the average home size was in the 1970s.

Housing researchers have stated that the current downsizing of homes is due to the poor economy and a switch in consumer tastes.

One thing is for certain is that buyers will not downsize when it comes to storage space. and green features are continuing to grow in popularity. An amazing 80% of potential buyers put energy-efficient heating, air-conditioning and appliances at the top of their list of features in their new home.

For help with understanding the mortgage market, contact Eddie Perez Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city, where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

Tips for Securing a Loan

January 2, 2011

Don’t forget that there are some important things to be done before locking in a mortgage rate. While loan rates have been at their lowest in a very long time, they are beginning to creep up again, so now is the time to buy that Hoboken home you have been considering.

One of the most important things to do is to be sure to shop around when looking for a Hoboken loan. Shopping for a mortgage is critical and some may say it is even more important than the actual home-buying process.

Following are a few helpful hits to consider while looking for a loan:

Be Sure to Find the Lowest rate. Something as simple as a fraction of a point can make a big difference in a loan, since it can be worth thousands of dollars during the lifetime of a loan.

Investigate Fees. There is lots of negotiation available for the cost of fees. Educate yourself regarding fees and know what you are required to pay.

Find Out About Penalties. Most loans do not include a pre-payment penalty fee but ask to be sure about this.

How Long is the Lock-in Period If you take the route to secure your loan before looking for a home. it is possible you may need more time to find the home you want to buy and a loan-lock loan period generally goes from 30 to 90 days and the timing of the lock-in is crucial.

Be sure to take the time to explore your options while searching for a loan. It will be time well spent in the long run.

For help with understanding the mortgage market, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

Pre-Qualified or Pre-Approved: What Does it All Mean?

December 25, 2010

2011 is just around the corner, and it will be a great opportunity for first-time buyers to start looking for the Hoboken home of their dreams.

It is important to remember that before you start looking at houses, contact a real estate professional who can get you pre-qualified for a loan or go one step further and get pre-approved.

Being pre-qualified means that you have talked to a lender or mortgage broker and verbally given them some information that allows them to make an informal determination of the amount of mortgage you can afford. The decision is based on the information you tell them.

Being pre-approved is a guarantee in writing from a lender or mortgage broker that you will be granted a loan up to a specified amount based on information you have told them and based on information they have requested from you as proof of your financial situation.

There are advantages to being pre-qualified for a loan prior to looking at houses:

1)    Many realtors will not show you property without a pre-qualification letter.

2)    Sellers will find your offer on a home much more inviting if they know you are already pre-qualified.

3)    The length of time between signing the contract and closing on the transaction can be shortened if you are already pre-qualified.

For help in getting pre-qualified, as well as finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

The Most Popular Methods Buyers Use

December 19, 2010

The National Association of REALTORS® has published its Profile of Buyers and Sellers report with some very interesting information regarding the thought process behind a potential home buyer. Following you will find an interesting list of results:

The Most Popular Methods that Potential Buyers are Using

  • Looked online for properties for sale – 36%
  • Contacted a real estate agent -19%
  • Looked online for information about the home-buying process -11%
  • Contacted a bank or mortgage lender – 8%
  • Drove by homes/neighborhoods – 7%
  • Talked with a friend or relative about home-buying process – 7%
  • Visited open houses – 4%
  • Looked in newspapers, magazines, or home-buying guides – 2%
  • Attended a home-buying seminar – 2%
  • Contacted builder/visited builder models – 1%
  • Contacted a home seller directly – 1%

A strong Internet presence and strong realtor interest to your property will reach 90% of buyers. Of course, the correct pricing of your home and a lot of patience will help you lead the way to a quick sale.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

Help with Foreclosure

December 14, 2010

If you are in the midst of a foreclosure crisis, there are several options to consider. A deed-in-lieu, short sale or a combination of both is a very common practice. By considering these options will give the Hoboken homeowner more control and time to prepare for the process that is ahead. To complete any of these options you will need lender approval and the homeowner will need to negotiate the liability for the difference between what is owed to the bank and what the home sells for.

If you are facing a possible foreclosure, following are a few thoughts you should consider:

  • It’s a good idea to hire an attorney to review the bank contracts and to negotiate for the homeowner. It is possible that the attorney may even be able to negotiate a “cash-for-keys” from the bank as long as the homeowner leaves the home in good condition. Cash-for-Keys should be available for FHA and VA loans.
  • The Mortgage Debt Relief Act of 2007 usually allows taxpayers to exclude up to $2 million as income from the discharge of debt on their principal residence in correlation with a foreclosure or mortgage forgiveness by the lender. If you fall into this category it would be a good ideas to consult a tax professional to be certain of any potential tax issues.
  • For a list of approved housing counselors, go to www.HUD.gov. Your local Hoboken United Way Office also has resources for homeowners facing foreclosure.
  • Help for the Unemployed: Check your community resources for non-profit programs that can help you keep your home, find a job, build your career and manage your credit. If you have been considering starting a new business but are worried about poor credit due to foreclosure go to www.workingsolutions.org.

For help in finding and closing on your perfect Hoboken home, even if it’s a foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.