The Hoboken And Jersey City Real Estate Market Is Heating Up

Spend some time in any real estate office and you'll notice that there is lots of buzz. Our office is busy and appointments and deposits are up all around. I had three different showings this past week on three different properties where in each one there were multiple offers. There are many buyers making offers taking advantage of the low, corrected prices and incentives. One agent in my office had to wait hours to get keys for the property he was showing because 7 other agents were showing that same condo.

I have a client I'm working with who is interested in two properties and both of them have offers on them.

My office alone had 40 closings in December!! Hoboken had a total of 72 units sell last month, our office sold more than half of those.

I think it's going to be difficult for buyers to get out of the frame of mind that it is a slow market. While yes there is still a good amount of inventory available, however there is a larger amount of buyers AND investors shopping. The only way to guarantee a good purchase is to find the property that suits you and make an offer, negotiate and seal the deal as quick as you are comfortable with.

I recently had a buyer lose out on his first choice property because another buyer came and placed a higher bid - $30,000 more than ours..

Bottom line: if you're in the market for a home and you see one you really like, just remember that someone else may have seen that home as well and is probably also considering making an offer. Don't low ball for too long, remember, prices are already corrected and inventory is moving.