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Tuesday, November 17, 2009

Few Things Buyers Should Know

1) Stop holding yourself to knowing everything about the real estate market!
- Buyers need to understand that you can not know it all. This market changes everyday, what we recommend is to know enough to make the proper decision.

2) Fear drives the buyer to a decision or no decision
- lets put this in perspective. as a potential buyer of property you must have done something worthwhile to get to this point, is fear driving you away from pulling the trigger? Don't let it. You have saved countless months for this point to come and the worst is to let your emotions dictate how you see this process. Lose the fear or lose the condo

3) It comes down to the price you are looking for
- many people start looking way out their price range look for a month get frustrated, and depending upon how the agent assisted them they fall off the face of earth, why? you started looking for a reason, and your just going to give up?

the bottom line is that weather we are in Hoboken or Jersey city, the same rules apply no matter how you buy real estate, work with someone who knows he market and trust them depending upon the vibe you get from him because it is extremely important to be comfortable when working with an agent in assisting you buying a condo.

Monday, November 09, 2009

Flipping Properties Require Margin and Fixed Expenses

The number one equation to take into account on this project is the margin. What is your cost to get into the house and the average sales price of a house in the selected neighborhood on a remodeled home? Obviously, you want this margin to be as high as possible. The challenge in today's market in hudson county especially in Hoboken and Jersey City, when looking at it nationally, is that many of the diamonds in the rough are located in areas where prices are still declining, so the investor must be sure to purchase the house, gut out the old, insert the new, and get out of the house before the declining price catches up with him and his profit.

Successful flipping is all about your margin. I would love to give you a set equation with fixed expenses, but every house is different. The challenge of a profit margin is that it can be quickly removed in a declining market or the negotiation process in a buyers market.

Friday, November 06, 2009

Prices Rising in Hoboken

Prices have stabilized in the last few months in Hoboken, NJ. We have seen an uptick in prices for the month of October. Mostly the homes consist of renovated condos or need to be renovated multi families especially in the uptown section from garden to clinton.

The value to risk ratio is in investors and first time home buyers favor. Supply and demand hasn't changed here and the land isn't growing, we are still one square mile. The point being if there is a time to buy its now, appreciation rates might start within one year from now. No one has a crystal ball, but we do have eyes and can see a trend coming.

Monday, November 02, 2009

Extending the Credit

Late last week a bipartisan plan emerged in the Senate that would continue the $8,000credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who've owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.

That would still be enough, sponsors of the plan believe, to encourage people now on the sidelines to get into the market for new and existing homes in early 2010 -- and thereby help stimulate the economy and create jobs.

The Senate plan would also raise household incomes limits for the credit to $125,000 for single buyers and $250,000 for married couples - far more generous than the current $75,000 and $150,000 maximums.