Interest Rates are Low Low Low
I’d be very surprised if you have not heard of the recent drop in mortgage interest rates resulting from the federal government’s bailout of Freddie Mac & Fannie Mae. The 30 year fixed rate for primary residence condos is below 6%. When money is that cheap, renting often becomes more costly than owning.
Hoboken Condo Inventory is on the Rise
It is still a buyer’s market with plenty of nice properties on the market. Buyers are able to shop around and find good value when inventory is high. The important thing is to move while the stars are aligned in your favor – Hoboken condo prices may be bottoming out so if you’re a buyer who has been sitting on the sidelines, now may be the perfect time to make a move.