Categories: Hoboken Condos
I’ve read that mortgage rates are going to start going up but very slightly and very slowly. Buyers often say they are afraid that rates are going to make homes unaffordable. I find this sort of funny because while they wait on the sidelines in fear of rising rates, actual home prices in Hoboken continue to skyrocket.
Here are the July numbers:
On average, a Hoboken condo now costs almost $700 a square foot. This month shows another substantial gain over last year, no matter how you measure it. When buyers come to me now asking for a property in Hoboken in the $300,000 range I start touting the merits of Jersey City Heights (and there are some real ones, including appreciation potential).
I heard an interesting fact the other day at a real estate seminar I attended. Inventory in Manhattan is down 32% from a year ago. Lack of inventory is putting price pressure on real estate all over the metro area. It can be extremely frustrating for buyers who are thinking “I’m not paying full price” only to be outbid over and over. It’s very difficult to work for clients with unrealistic expectations. I publish these statistics with the sincere hope that they will shed light on our market – light based on facts, not fear. I’ve never been the pushy salesperson but to succeed in this sellers’ market, some pushing is necessary. I let the analytics do that for me.
Enjoy the gorgeous weather and call me if you need an excellent agent to help you in your real estate search or sale.
201 993 9500