2008 Nov 7th

Historically Low Mortgage Rates + Price Cuts = A Buying Opportunity in Hoboken Condos

Mortgage Rates Have Been Below 6% Only 2 Times in Recent History

Yes, we are in difficult financial times and the economy is a mess.  Be it due to a job transfer or job promotion, financial downsizing, a growing family with another baby, a marriage or divorce, or many other reasons, there will always be people who need to buy a condo in Hoboken.  Here is an interesting chart that makes it very clear how low mortgage rates are today in relation to the past:

National Average Mortgage Rates - 1964 to present

National Average Contract Mortgage Rates - 1963 to present

Price Reductions on Hoboken Condos Have Been Happening Like Crazy

If you follow Hoboken Condo price changes on the Weekly Wednesday Wrap Up you have seen that there have been reductions and more reductions.  Many Hoboken sellers find themselves in a squeeze, either already in contract to buy elsewhere and forced to sell their current property, or unable to keep their current home because they’ve outgrown it.  One glance down Washington Street on a sunny day and the ever increasing number of small childred in our community is obvious.  Although the average price per square foot for a Hoboken condo has for the entire year been above above $500 per square foot, there are many Hoboken properties on the market today priced in the $400s.  Many of these properties have NOTHING wrong with them (I’ve seen them) but have anxious sellers who are highly negotiable thanks to current market conditions.  For those today’s Hoboken condo buyers, and they will always exist, the combination of historically low rates and reduced prices can make for an extremely attractive buy.

Posted by Lori Turoff | Currently 7 Comments »

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