Home Buying in Hoboken>Question Details

Steve, Home Buyer in Hoboken, NJ

Strategy to deal with low inventory

Asked by Steve, Hoboken, NJ Thu Sep 13, 2012

The current dearth of two-bedroom units in Hoboken is amazing to me. Beyond reviewing Trulia each morning, I feel as though I need a better strategy to "discover" new inventory. Does someone have suggestions, and how can I tell if you're uniquely qualified to help in unusual sales (short sales, foreclosures, etc)

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Steve,

If you know exactly what you are looking for the best advise I have is to start working with a Realtor you click with. Starting with the basics they can set you up with either e-mail updates, or your own website linked to the MLS, so you can find out about listings as soon as they hit the MLS. That will save you the work of looking through Trulia every day.

In addition, they can let you know about listing they are hearing about on the street before they hit the MLS and go seek out homes that may not be on the market but match your criteria, or homes that are listed for sale by owner.

Unfortunately, the low inventory is making it much more difficult to find homes. Now more then ever you need a proactive agent who is going to seek out what you are looking for and not just wait and watch the MLS.

Andres Garcia - Sales Associate, CDPE - RE/MAX Gold Coast Realty - 56 Newark Street, Hoboken, NJ 07030 - Direct: 201 795-5200 x340 - Mbl: 201 677-2211
1 vote Thank Flag Link Tue Sep 18, 2012
Steve,

The low inventory is likely hear to stay. The Hoboken market has made quite a shift over the last year. I actually address this, along with the upcoming housing shortage, in my newsletter this month. If you'd like a take on this, you can view the PDF version of the article by going to my facebook page:

facebook.com/MileSquareRealty

There are a lot of factors leading to the extremely low housing inventory. Unfortunately, there isn't much you can do about this other then keep an eye on the market and find a proactive Realtor who you are comfortable with and who will work to find you a home. Realtors often find out about listing before they hit the MLS and/or can do proactive mailing for you. I've actually been able to get quite a few clients into properties, and find two their home, by proactively seeking out homes before owners even contact an agent to list their home. While there will still be a lot of interest in the most desirable properties, getting in first has it's advantages.

As far as short sales and foreclosures go, I wouldn't waste too much time on them in Hoboken, There aren't really many distressed properties out there, and they really never have been. While the Certified Distressed Property designation I have is useful if I come across a short sale or foreclosure, I wouldn't suggest limiting a search to only short sales and foreclosures.

I hope this addresses your questions. Please do not hesitate to contact me if I can be of any assistance.

Andres Garcia - Sales Associate, CDPE - RE/MAX Gold Coast Realty - 56 Newark Street, Hoboken, NJ 07030 - Direct: 201 795-5200 x340 - Mbl: 201 677-2211
1 vote Thank Flag Link Thu Sep 13, 2012
Hi Stevefmurray,
This is our current market and we don't expect a flood of inventory anytime soon. Absolutely hire an experienced real estate agent to work with you who is up to the moment with information and also has contacts with other agents in town who will tell her or him of anything new becoming available soon. The agent may also have some outside of the box ideas to find unlisted property..

My office is certified distressed property specialists. For foreclosures you'll want to contact the county clerks office to get a list of foreclosures with their sheriff sale dates.

Luckily there aren't many in Hoboken both short sales and foreclosures but once in a while they do come up.
1 vote Thank Flag Link Thu Sep 13, 2012
Call jessica williams at 518 578 1104

she has a 1150 sq ft 2 bedroom 2 bath with 300 sq foot balcony that isn't on the mls or trulia and is currently exclusive

no other realtors please
0 votes Thank Flag Link Fri Sep 28, 2012
the more I think about it, the more I tend to agree with myself...
0 votes Thank Flag Link Tue Sep 25, 2012
Trulia has realtytrac misleading buyers like you into thinking a home is for sale when it isnt. realtor.com is way better for accurate on market homes if you want to stay unattached from a specific agent. It is good to find ONE agent to be your advocate and network with other agents regarding upcoming listings. Short sales you never can plan a move, sellers fake hardships, bank wants seller to bring money to closing and seller declines and in the end everyone blames the bank for the seller's attempt to hide assets, fake a hardship or want to live there for free until they get kicked out. bank owned REO's are the best! Previous short sales that were unsuccessful and recently been foreclosed upon and the bank lets you know where you stand, not months to plan an possible move. Straight up "normal sales are out there too! Do you mind buying a home that looks like its the 1970's and needs updating?
if you like my answer thumbs up me and best answer, thx!
0 votes Thank Flag Link Tue Sep 18, 2012
Thank you all for your time answering my question. It appears though I did not provide enough information as it required many of you to fill in the blanks with far-ranging assumptions. So, if you’re interested, let me qualify my original question.

My partner and I are looking to purchase a 2-Bedroom in Hoboken. We are hoping to find something with a small yard as we do have a dog. That’s about the only requirement we absolutely must have, everything else is negotiable. We can afford “enough”. Just because we could spend a million dollars doesn’t mean we have any desire to. We’re pretty simple in our needs.

We are not first time homebuyers, this would be our fourth property we’ve purchased. However, we are both new to condos and buying in NJ. We have a very solid dual-income, sizeable down payment and impeccable credit.

I would prefer to avoid complicated sales. Its not a “standard” and I certainly don’t need this to be any more complicated than it already is. I was simply looking for strategies other than staring at the MLS all day.

I am not bouncing around between realtors (frankly that was a rather offensive assumption) nor am I looking to waste anyone’s time, including my own. If you demonstrate why you’re uniquely qualified/superior to other Realtors, if you clearly articulate your value proposition and why someone should choose you over others (reviews, track-record, history in the area, inside track on properties, exclusive listings) I will be very loyal, and gladly act as a referral and reference.

Thank you for your time.
0 votes Thank Flag Link Tue Sep 18, 2012
Hi Steve! Thank you for the clarification, this helped a lot! I'm happy to provide past client reviews and discuss my track record with you. I just got a new listing in my office that sounds like it fits your needs, and I would be happy to show it to you as well as keep you abreast of any new listings that will be coming on the market soon. 2 bedrooms with private yards are at a premium in Hoboken and often sell quickly and sometimes under the radar. My broker and agent relationships allow me to source properties before they come on the market. Let's set a time to talk. You can reach me at 973.945.0362 or agentkm@gmail.com
Flag Tue Sep 18, 2012
Hi Steve,

Upon reading your question, I see it's really broken down into two sections, two questions, and therein lies your problem. When you say "unusual sales" you are setting a standard that is difficult to meet right out of the gate. Why are you interested in these types of properties?

If you are a First Time Buyer my advice is to avoid these types of properties. A NIGHTMARE is all I can say to describe the process of buying a short sale or foreclosure in general, and a Horror-Movie Nightmare is the description when a First Time Buyer is involved.

If you are an Investor looking to pay cash then the answer to the first part of your question is simple enough. You need to identify ONE good real estate agent to work with in order to get to where you want to be. Demonstrate to that ONE agent through your loyalty and diligence in making reasonable Offers how serious you are and you will find someone motivated to get you the property you want.

If you're bouncing around wasting the time of every realtor in Hoboken, you've answered your own question as to the "dearth" of inventory. Inventory is what a qualified and serious Buyer makes of it.

Trevor Curran
NMLS #40140
0 votes Thank Flag Link Tue Sep 18, 2012
Try me.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
lbaez@weichert.com
0 votes Thank Flag Link Mon Sep 17, 2012
Working with an experienced buyers agent that holds a speciality in the type of home you are looking for and working with this agent exclusively is your best course of action.

Be careful not to choose your agent based on professional designation alone. Interview a couple of agents that claim their specialty is in short sales, foreclosures and first time homebuyers. Ask for quantifiable results. How many properties like this have they closed as the buyers agent in the past year? They should also be knowledgeable about the market. There are very few short sales and foreclosures in Hoboken. Almost none. There are still some very motivated sellers pricing their homes to sell, so don't limit your search to short sales alone. Also, be honest with yourself, if you're priced out of Hoboken, consider surrounding towns where you may be surprised to find that you can make a better financial investment and still maintain the quality of life you're looking for.

Most importantly, once you find an agent with the qualifications to help you with your home search, work exclusively with this agent, and you will find that the agent will work extremely hard for you. They will take the time to source a property you wouldn't have the resources to find on your own. Remember, Realtors work for free until you close. If you give your Realtor a commitment to pay them, they will make sure you're satisfied. Their livelihood depends upon it.

My speciality lies in luxury homes, I'm an expert in that area. I have a great agent in my office that specializes in short sales and foreclosures. If you would like me to connect you with him, please give me a call. Another great local resource to source an agent that specializes in your needs is HobokenHomeAdvisors.com

Kristin

Kristin Marie Ehrgott
973.945.0362
agentkm@gmail.com

Prudential Castle Point Realty
NJ Licensed Realtor specializing in luxury sales and rentals; listed and leased the highest priced home in Hoboken history, Fine Homes International Certified, Prudential Relocation Certified.
0 votes Thank Flag Link Sat Sep 15, 2012
Hi Steve,

You're not alone and it's as frustrating for great real estate agents who have qualified buyers as you. Sometimes, although rare, listings are held as office exclusives but there is no real benefit to the seller.

My advice, keep looking and get in touch with an agent who is an expert in what you're looking for.

We can help. Hoboken Home Advisors is an advisory firm who connects buyers, sellers and renters with real estate professionals who are best suited for their unique and specific needs. The service is free for you and without obligation.

http://www.hobokenhomeadvisors.com

Good Luck

Christopher Poreda
Hoboken Home Advisors
0 votes Thank Flag Link Thu Sep 13, 2012
I mentioned this elsewhere on another post. Your website is broken which is hurting your lead-generation. The Buyer-Click Here link in your left nav leads to a form without a "submit" button. I assume its just below the frame, based on the design of your Seller form.

-Steve
Flag Tue Sep 18, 2012
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