Thursday, January 14

The New Year

What will the new year bring? This is the question I hear from both buyers and sellers. Buyers ask me if they market is done falling and sellers are are wondering if prices will hold. Some recent credible real estate studies are claiming that the market could drop as much as 9% more, but I think this is very unlikely in this urban area, where both the stock market and the job market are slowly beginning to recover.

It will not be quick recovery. We expect it to take years. However, not being a soothsayer, and going by my experiences in Hoboken over the last twelve years, I believe that the market has stopped falling. If prices do drop any further, I think it will definitely be less than a 5% drop. Though are prices were inflated at the height of the market, they were not as inflated as New York City, and Hoboken has seen the most dramatic drop in prices in the last thirty years, a price drop of 20% from the height of the market. I believe this is an excellent time to buy, while the rates remain low. There are some great properties on the market for very reasonable prices (for Hoboken).

If you need to sell, it may not be ideal but if you are buying after selling, that is your opportunity to save money...on the buying end. You will get less money for your home than two years ago, but you will get more house than you might have been able to afford on the purchase of a new home.

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Hoboken Realtor on Real Estate Now

Welcome to First Exit in New Jersey!

I am Stacey Morrison, a veteran of real estate sales in Hoboken, NJ. This blog is a straight-up discussion of real estate here from a Realtor's professional point of view.

Please feel free to write me with questions or comments. :)