Is a 2 bed/1 bath in Hoboken under $420,000 unrealistic? Would a short sale be more doable and can I find a realtor who specializes in them?

Asked by NittanyLion, Hoboken, NJ Mon Aug 20, 2012

I will only be able to put down about 20% ($80-90K) so I'm not sure how attractive of a buyer that will make me, and I know Hoboken is very competitive right now. Hoping to find a 2 bed, or a 1 bed with an office/den for $400-$430K. I'm okay if it needs some minor cosmetic upgrades and I'm willing to sacrifice newer appliances and granite in exchange for a good building, structure, and location. Not sure if I am better off waiting another year to save up some more and hoping interest rates stay low.

I already live in Hoboken and am not in a huge rush to find a place (okay with waiting several months), so I'm very open to short sales but can't seem to find reliable info online. Are there any realtors who specialize in Short Sales and can help me find the best deals?

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4
Louis Marine…, , Hoboken, NJ
Wed Aug 22, 2012
Good afternoon Nittany,
I see that you currently live in Hoboken. Are you renting or do you own? If you are new to the home buying process not only can I help you along the way, but I have an entire team of people that will assist us along the way as well that will make this as easy as possible. If you would like you can go to my website http://www.marineauproperties.com, create a login and search the mls before contacting any agent so that you have a better idea as to whats on the market. Also on my site you can save properties to your profile and receive notifications when they go down in price or are taken off the market. If you have any further questions on the buying process feel free to contact me either through email or phone call. Best of wishes and hope you have an enjoyable time looking for your new home.

Thank you,
Louis Marineau
Weichert Realtors
802-272-7819
Louis.Marineau@gmail.com
http://www.marineauproperties.com
0 votes
Laquita Baez, , New Jersey
Tue Aug 21, 2012
Hi NittanyLion, finding a 2/1 in Hoboken in your price range is certainly doable. Yes Hoboken sales are very competitive right now, but do not let that discourage you.
It doesn't really matter whether you pursue a normal home sale or a short sale as competition is competition with all types of homes.
So just focus on whatever homes that are currently available in your price range and offers the best floor plan to suit your needs, then submit an aggressive offer.
Remember to get a preapproval from a mortgage lender prior to submitting your offer as most home sellers may not review your offer without one.
Seek the assistance of a Realtor to aid you thru your home buying process. Don't over extend yourself and only offer what you know you can truly afford..

~~Best with finding your Dream Home!

Laquita Baez
Licensed Realtor Selling in NJ and GA
Weichert Realtors
973.687.7095
0 votes
Karina Abad, Agent, Hoboken, NJ
Mon Aug 20, 2012
Hello Nittany. I, and most of the agents in my office are short sale certified distressed property experts.
However with that said, short sales make up less than 3% of all sales in Hoboken currently. So there isn't a large pool of properties that need fixing for you to choose from.
As far as units in your price range it's not unrealistic especially given that you are open to properties that need work.
One thing to keep in mind is that investors are very active in the market and you are competing with buyers that have 30,40% down and even make full cash offers.
Yes you could wait another year but prices have already increased in Hoboken so you could find yourself still affording the same unit then, costing more, if prices continue to climb at this rate.
Part of what's driving the increase is the lack of units available so essentially there is a housing shortage and for several reasons.
I think you should stick to your plan and work with a real estate agent who has their hand on the pulse of the market and can educate you on conditions.
It's important to be flexible and look at the bigger picture for your long term goals.
I hope this helps you decide!
0 votes
Darren Giord…, Agent, Hoboken, NJ
Mon Aug 20, 2012
Hi NittanyLion,

Currently there are 7 units for sale under $420k that are 2 bedrooms in Hoboken. None are a short sale but a few are very attractive. I can walk you through the process if these don't interest you.

Take a look (hopefully my link works):
http://hudson.paragonrels.com/publink/default.aspx?GUID=7434…


Here's my info, feel free to contact me tomorrow:

Darren Giordano
Sales Partner
Prime Real Estate Group
201-723-3300-cell
Darren@primereg.com
0 votes
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