2014 Jan 31st

Ready, Set, Bid! Hoboken Condos and Multiple Offers

You all know I love numbers and statistics.  Unfortunately, this is a time when I can’t give you those.  But what I can tell you is this – if you think you are going to be able to buy a really nice Hoboken condo without being in a multiple offer situation, think again.

I’ve been a Hoboken realtor for over 10 years, primarily working as a buyer’s agent, and have never seen what we are experiencing right now.  I call on Tuesday to make an appointment for Saturday and the new listing already has an offer.  Virtually ever decent property that is large enough for more than 2 people is receiving multiple bids, often within the first week it hits the MLS.  Moreover, there is no indication that inventory is suddenly going to flourish.  We’ve been holding steady at extremely low inventory levels even as prices rise.

Why is this, you might wonder.  My theory is that the owners who didn’t want to sell at a huge loss back in ’08 and ’09 have been renting their places out and enjoy that monthly income.  The owners who thought they were going to upgrade to a brownstone or big 3-bedroom have been priced out of that market.  Those that have to move for more space are resisting going to the suburbs because who wants a 45 to 60 minute commute after living in Hoboken?

So what’s a buyer to do?  Be educated, be alert, be first, be serious, be pre-qualified, and work with the best buyer’s agent out there.

Have a great weekend, folks.  We will be AT THE SUPER BOWL!

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