Home Buying in Hoboken>Question Details

Happy Hoboken, Home Buyer in Hoboken, NJ

Hello, Looking to buy a 2 bedroom 2 bath in Hoboken, I know the summer is pretty slow for buyers, however do places for sale increase in the Fall?

Asked by Happy Hoboken, Hoboken, NJ Wed Aug 22, 2012

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Hi HappyHoboken, our market is currently experiencing a large number of bidding wars due to the fact of lack of inventory and an increase in buyers. The summer has not slowed down much this year. Yes, in the fall, usually more homes enter the market for sale, however, more new buyers will enter as well leaving us in pretty much the same situation.

You should absolutely hire a real estate agent that is fluent and experienced in the Hoboken real estate market. It will take some patience to find a home this season, but I'm sure you will find one!

Hope that helps!
0 votes Thank Flag Link Wed Aug 22, 2012
With inventory and interest rates at all time lows, buyers and investors are saturating the market. Listings in September are increasing but they are selling just as fast. We're seeing new listings go into contract in a matter of days after multiple bids.

Going about the search on your own can be frustrating. My recommendation, meet and interview some of the knowledgable agents that have addressed your question, and then pick the agent you feel will work best on your behalf to find your next home.

This person should be an experienced buyers agent, with knowledge of the market and relationships with the top listing agents, giving them the advantage when a new property comes to market. Be prepared with a pre-approval and expect to encounter multiple offers; with the guidance of your agent, know your highest and best offer going in.

Kristin Marie Ehrgott
973.945.0362
agentkm@gmail.com
TheHomeMatchmaker.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.
1 vote Thank Flag Link Wed Sep 12, 2012
Hi Happy Hoboken,
I live & work in Hoboken and know the market well.

You are right, the summer has typically been slower over the past few years, although with the record breaking low interest rates lately the number of Condo sales here have been rising month after month. To answer your question, with increasing sales now, it's hard to say if there will be more properties on the market by then.

I would be happy to show you a few of the properties on the market now, to gage the market so that when you are ready to buy you have an idea of what you can expect to find in a 2 Bdrm / 2Bath.

Kathleen

Kathleen Conroy
Realtor Sales Associate
Sotheby's International Realty
501 Washington St., Hoboken
Kathleen.Conroy@SothebysRealty.com
201/680-7270 (o)
917/370-8181 (mobile) best number to reach me 9am-7pm

According to the latest Housing Market Trends Update - Summer 2012 - from Wells Fargo, one of the larger Home Mortgage Lenders in NJ - their stats say: "29% of consumers report they expect home prices to increase during the next 12 months, potentially bringing would-be buyers off of the sidelines sooner."
0 votes Thank Flag Link Sat Aug 25, 2012
Great question, here are some facts that you might find interesting:

In July and August of this year (2012) so far Hoboken has averaged about 15 new condos coming onto the market per week this summer.

Contrast this to the historical number of new Hoboken condo listings coming to market at the beginning of our fall selling season (September).

Here we find an average of 35 new condo listings that came to market every week in September 2010 and 2011, an increase of over 2 times the amount than what we've seen this summer!

That being said, we are at really low levels of condo inventory right now with just 185 total on the market so the coming increase may not be enough to fully take care of all the current buyer enthusiasm.

I love giving my customers REAL facts so that they can make the smartest decisions and come to their own conclusions :)

If you'd like to discuss further, I'm available now.

Eddie
0 votes Thank Flag Link Wed Aug 22, 2012
When you say increase do you mean the number of homes...In the past you would see an increase in the number of homes that come to market but you never know...since they are resales you can't predict how many new homes come to market....If you are looking for a new home ther is no better time then the present....remember the important thing is not the number of homes on the market but fiinding the right home....The other thing to keep in mind is our market has been seeing improvement which means higher prices so the longer you wait it could cost you a few more thousand in purchase price. My team and I would welcome speaking with you about what you are looking for. Thanks and have a great day

Michael Klein
MK Group at Liberty Realty
Your Luxury Property Specialist

#1 Realtor in Hudson County MLS in 2011 out of approximately 3000 licensed agents

Only realtor in Hudson County to Reach Top Sales Award of Platinum since 2005 thru 2011

Office (201) 610 - 1010
Office Direct (201) 659 - 1143
Cell (201) 320 - 5371
Email: mklein@libertyrealestate.com
0 votes Thank Flag Link Wed Aug 22, 2012
Great question. I can tell you that no time is slow in Hoboken at the moment. Inventory is historically low and buying traffic is up. There is no particular time one can reference with certainty as to what will be available and when. The summer is a great time to buy since there are fewer buyers (only because of vacation) and inventory may actually be higher as people with children are more likely to move before the school year starts. My advise would be that if you're interested in moving, start looking and when you find the place you love, move quickly.

If you need a referral of agents who specialize in this inventory just let me know. Good Luck.
0 votes Thank Flag Link Wed Aug 22, 2012
They meter in relatively evenly all year, though there is a 30% drop in closings in the late fall and early January (most folks don't look for houses during the November/December timeframe). Do yourself a favor - get a buyer's agent - costs you nothing and you'll see more and pay less. Doesn't have to be me, there are plenty of them, but get one!

Best of luck in your search,

David Leonard
Weichert Realtors
(201) 333-4443
dave@davidleonard.biz
http://www.davidleonard.biz
0 votes Thank Flag Link Wed Aug 22, 2012
Yes, there are many seller's waiting until after Labor Day to list their properties. However, at that time there are also gong to be more buyers and it will be more competitive. Right now is a good time to take advantage of listings that have been sitting, not getting as many viewings simply because so many buyers are away on vacation.
0 votes Thank Flag Link Wed Aug 22, 2012
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