There’s a secret in the real estate community that no one wants to talk about. Realtors especially don’t want their buyers and sellers to know the secret.
Here it is. Right now, in this market, today, November 3rd, the day before election day…..no one knows where the Hoboken real estate market is. Buyers are siting on the sidelines trying to time the bottom of the market and sellers are chasing a different market that we use to operate in six weeks ago.
Here it is in a nutshell. You have 523 condos available and only 16 under contract since October 1st. This leads to the big two questions:
1) How does a seller price a property with no one buying?
2) How does a buyer make an offer and not worry that market will fall some more?
And did I mention the tax increase looming over the market?
Let’s look at this one point at a time.
Sellers: Be realistic. Assuming you have to sell or really, really want to sell price it lower than the competition. Much lower. Practically give it away. It hurts to read but guess what the handful of buyers out there are expecting? A bargain. And that’s exactly what the should be getting. A bargain over summertime prices. Put yourself in the buyer’s shoes…
Buyers: Be realistic. Know a bargain when you see one. Look at the stats. Know the value/today’s price range. If you are worried about the housing market going down another 10-15%, rent. If you want to buy, provide a fair price. For example condos close to the PATH were selling for $550/sqft three months ago. If you can get that same condo today for $450/sqft that’s a very fair price. That’s an 18% reduction. This takes into account the market drop plus a drop for increased taxes. Put yourself in the seller’s shoes. At some price, they will carry it vacant or rent it to weather the market. Right now you can pick up a great condo for a price that will make your friends envious.
Prime Real Estate Group
201-232-4568 cell Email Brian
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Brian Murray is a broker salesperson at Prime Real Estate Group in Hoboken. As a broker, I have advanced training and a deeper understanding of the real estate market than a sales associate. I am Hoboken resident who has lived in Hudson County for the past fifteen years. I have been a full time realtor in Hoboken for the past thirteen years.
Brian really helped me with his knowledge in this crazy market. Could not have done it without him.