Every Open House in Hoboken this weekend as compiled from the Midweek and Hoboken Reporter, the MLS, every Realtor website and email and Craigslist courtesy of the Turoff Realty Team
There was good news and bad news in the real estate market this week. How you perceive the news was sort of dependent upon which side of the buyer/seller fence you’re on. There were tons of new listings this week. Great news for buyers as the added supply will continue to put downward pressure on prices while increasing your selection of units. For sellers, not so much. There also was the news that interest rates are rising. That’s good news for no one – but it does support what I’ve been telling people for months. Buyers often ask me if I think the market has “hit bottom” or if prices will continue to fall. My response is that I don’t know, but I am reasonably confident that this period of both low prices AND low interest rates won’t last. If buyers wait to buy because they think prices will fall even further they may or may not be right, but any benefit they gain by a lower price can easily be erased by an eighth of a point rise in interest rates. Hmmm. Sounds like a future blog post topic.
When you look at the map, place markers are color coded:
- Studio & 1BRs are red
- 2BRs are green
- 3BR & Bigger are yellow
New listings are marked with a “New Listing” icon.
Click on the location marker for:
- open house date
- unit size
- asking price
- down arrows indicate price reductions
- link to the MLS listing
Want to know which open houses are on Saturday and which only Sunday? Click on “tools” at the top of the list and enter the word “sat” or “sun” (without the quotes) into the search box.
Did you know that the agent hosting an open house is the Seller’s agent?Whether it is the actual listing agent or any other agent from the same company, that person legally represents the sellers. Not only that, the hosting agent – by law – has a fiduciary duty to the seller to get that seller the highest possible price for that property. Do you think it might be a conflict of interest for that same person to then represent you? Many people think so. In fact, in many states (other than NJ) it is illegal for the same agent to represent the seller and also work with the buyer.
Did you know that when you go to an open house you can see the property at the open house on your own and, if you like it, go back to it with your own agent?You can! So if you see something you like at an open house you might want to consider finding your own agent who does not work for the seller.Just because you walk into an open house does not mean that the hosting (seller’s) agent gets to “claim” you as his or her customer – even if you “sign in”. You are the consumer. You are spending your hard earned money on what is probably the biggest investment you will make in your life. Don’t you think you should be able to work with whom you choose?
Questions? Text us at 201 993 9500.