You’ve heard the mantra “All real estate is local.” This holds true for Hudson County, which has generally had a great year in real estate sales, especially at the high end, while other regions continue to lag. Qualified buyers are waiting for the next brownstone to hit the market. Since the spring, we’ve seen many listings garnering multiple offers within weeks. The serious lack of inventory in this market sector provides a great opportunity for potential sellers to get the best price in years for your property.
In Hoboken and downtown Jersey City in particular, buyer activity has been almost frenetic. For example, Hudson Place Realty listings at 1134 Bloomfield, 926 Hudson, 839 Garden, 305 Court St. — all garnered several offers and went to “highest and best.” In Jersey City, our listings at 339 York St and 336 York St. also had multiple offers, along with several other properties around Van Vorst and Hamilton Park. The demand for one- and two-family homes far exceeds the inventory, and sellers have in many instances accepted offers higher than asking. Buyers of large condos, especially 3-bedroom homes, are finding the same scenario.
The good news for buyers? Interest rates are incredibly low, and even with a small up-tick in pricing, asking prices are appreciably lower than the high points they reached just a few years ago. From both the buying and selling perspectives, this might be the sweet spot for meeting your goals.
Have questions about the market value of your property or curious about recent market trends? Give us a call and we’ll be glad to help.