5 Biggest Buyer Mistakes In The Spring Market

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The Hoboken Buyer Beware. Learn from the mistakes of your competition and get the property you want. Here are the 5 biggest buyer mistakes I’m seeing right now.

5. Waiting for the price to go down. If a buyer thinks a place is significantly overpriced, but likes it. Put in an offer. When the price comes down, they will be on the top of the list to be notified.

4. Sellers will make significant concessions. It happens in the burbs, but not here. Maybe it is ego, maybe the market is too strong.

3. A property that has been on the market 60 days will not have much other interest. No. No. No. Expect other parties to come in at the last minute. A lot of people are sitting on the fence until they realize they might lose the property.

2. Bidding wars are dead. Not true. If it is a unique property that is priced to the market, it will drive up interest and offers. (Think 3 bedroom close to Path with parking.)

1. Believing the soft national market applies to Hoboken. It doesn’t. Hoboken is still strong in comparison. Properties sell for an average of 98 % of ask. If a buyer low balls on purpose, they will get shut out.

See.. you can lead a horse to water and make him drink.

Hoboken Condos 2008
Quarter by Quarter Comparison
Q4 ’07 and Q1 ’08
Number Sold 233 vs. 160
Avg sale price $528K vs. $563k
Avg DOM 75 vs. 78
Information deemed reliable but not guaranteed

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