Is the Hoboken Real Estate Market Just Right?

You probably remember the line about porridge from Goldilocks: It wasn't too hot, it wasn't too cold, it was ... just right. Last week's new housing starts in Hoboken were reported by the media as further evidence of the deep hole the home building industry is in: Starts were up by barely half a percent nationwide, and permits for future construction were down.

But is that "cold," or maybe something else? If you dig below the anemic sounding half a percent gain, you discover something very different: New starts by builders on single family homes were actually up by nearly four percent for the month nationwide.

Now a 4 percent gain, combined with lower permits, are hardly dramatic enough to say new home building is heating up. Then again, they're definitely not stone cold.

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The New Market

Despite what we know about the market and what could possibly happen, we have data that backs a recover that we have not seen before. is it possible that we have learned from our mistakes in the past and used this downturn to our advantage?

I believe so and heres why:

As I have said in previous posts, real estate has not come down since 1945. Buyers, instead of fearing the market they lean right into it hoping to make a killing once the market bounces. I believe this may be cause of a new kind of american investor or home buyer willing to take on risk in turn for big gains in the future.

The only problem hovering over the horizon is the dollar. The dollar is dropping and dropping fast. Real Estate is measured in dollar value. Hence if the dollar drops then purchasing power of the investor drops as well causing overall market values to disintegrate.

As I always tell my clients, no one has a crystal ball, however we can give our best guess if we do enough research and work hard at understanding how our economy works.

Refusing To Give In

This market has made or broken realtors dreams of being a success. As a professional who still is number one in my Hoboken office, its essential to see what is happening in the trenches in terms of the real estate market. Housing prices have been up despite market sentiment. Data from August 27th to September 27 states housing prices have risen 3.7% up .5% from previous July to August data.

With the government proposing to extend the $8,000 tax credit, buyers are jumping at the chance to buy while prices are still stabilizing and in an upward trend. Bottom line figures prove the bottom has come and gone and now more than ever should be the time for you to jump on buying the home of your dreams.

For more information please call 201-410-3020

Every Agent is Not Created Equal

We hear of horror stories working with the wrong agent. Most of us use an agent from a friend that has used him or her in the past. Sometimes this works, sometimes it doesnt. Bottomline is most agents do mean well however now is the time that working with an agent who has experience really helps you go the distance.

First time home buyers have taken control of this market, they call a broker, they go out and never seem to feel as comfortable enough to make an offer on a property. If an agent isnt taken the time to explain to you the market and the way a transaction should work, then your agent is not a good agent, plain and simple, thus you should move on to someone who knows. there should be three things you should watch for when selecting an agent to work with.

1) Does he/she have a good grasp on the market?

2) Has he/she explained to you the process?

3) Do you trust him or her?

if you answered yes to all these questions, your working with the right agent.