Current Market Statistics from the Hudson County MLS- 8/29

500 ACTIVE listings
173 studio- 1 bedrooms
263 - 2 bedrooms
58 - 3 bedrooms
6 - 4 bedrooms

DABOs (recently under contract but not closed yet)
56 studio to 1 bedrooms
82 2 bedrooms
18 3 bedrooms
2 4+ bedrooms

SOLDS (within the last three months which is particularly important for appraisal purposes)
53 studios to 1 bedrooms
ranging from 450 square feet to 1135 at the Garden Street Lofts
$270,000-$535,000

102 2 bedrooms
ranging from 872 sq ft on the cheapest unit to 1900 sq ft on the most expensive
$300,000 to 1.8 million at 225 River St (the W hotel) but other highest unit was 78 Jackson at $925,000
12 3 bedrooms sold
ranging from 1261 sq ft to 2018 sq ft
$465,000-$930,000

Hoboken Rentals on the Hudson Country Multiple Listing Service (MLS)

Currently, there are 109 rentals on the Hudson Country MLS for Hoboken alone! As you might know, rentals used to be housed in-office, jealously guarded and rented by the listing office and rarely shared as a co-broke with another office.

But times have changed! The rentals on the MLS start as low as $1390 and go as high as $9500. Only twelve of the rentals are listed at $3500 or above. And rental prices are negotiable, which was never the case before.

This is a reflection of the glut of condos on the market as owners try not to sell during a down market and fewer renters...too much supply and not enough demand. If you are thinking of renting in Hoboken, now is the time! Landlords are even considering dogs! If you are an owner, be prepared to have to negotiate on the price and possibly kick in on the realtor fee to get your place rented. Rental prices are also about 20% down since last year.

How do you time a sale?

Timing a sale is not always easy...a sudden work transfer can make it imperative or a private school contract could hold you back. In Hoboken, the two best times to put a property on the market are Fall and Spring. Spring starts as early as mid-February now and the market activity largely dries up by June 1st, beach season. This year, the busiest months in our office were April and May and the first half of June.

Our slowest time of year is August and January. These months are dead slow. I anticipate new properties and activity will pick up after Labor Day. During the real estate "seasons" is the best time to sell...more buyers out there, more market interest, even though there is greater competition as well.

Three rules of timing an efficient sale: try to put your place on the market during the height of the Fall or Spring season, in the best condition possible given your budget, and at a competitive price. A property has the best chance of selling and selling at a good price if you obey these three rules.

How Effective is Home Staging?

Home Staging works. It helps sell property. The more presentable a property is, the quicker it will sell. That said, the most effective way to stage is to use your own furniture, pictures, and interesting decorations (like a nice vase). Most people need to get rid of about half of their stuff....excess furniture, knick knacks, clutter. De-cluttering is key. It makes the property seem larger and well-maintained.

That said, is it cost effective to put rental furniture into a home to dress it up and kick start the imaginations of prospective buyers? I think it is a good idea on higher end properties. However, on smaller properties, I believe pricing the property correctly depending on location, square footage, and overall condition is more important. Staging is not as important as correct pricing.

Staging helps sell a property but it will not get you a lot more money, especially if the property has not been renovated lately. Buyers want SS appliances and granite countertop, wood or tile flooring in the bathrooms and kitchen.