𝐇𝐨𝐛𝐨𝐤𝐞𝐧 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐞! – https://www.homesbybonk.com/
We’re going to look back on the 3rd quarter of 2021 in Hoboken real estate market
What changes have happened, what trends we’re seeing, and what you should consider when buying, selling, renting or investing in Hoboken.
We saw inventory go from 350 active rentals on the market at the beginning of the third quarter down to 80 rentals on the market today.
The days on market went from almost mid 20s for rentals, down to less than 10. We averaged around eight days on the market. We mark things rented when we have checks and leases in hand in Hoboken, depending on the sector that you were looking at.
There were multiple applications on a property, which is not uncommon this quarter in Hoboken. With that kind of demand, free rent’s gone, landlords paying fees are gone, we’re seeing places being bid up 10 to 12% over asking prices.
𝐖𝐞’𝐫𝐞 𝐬𝐞𝐞𝐢𝐧𝐠 𝐚 𝐬𝐮𝐩𝐞𝐫 𝐫𝐞𝐝 𝐡𝐨𝐭 𝐫𝐞𝐧𝐭𝐚𝐥 𝐦𝐚𝐫𝐤𝐞𝐭.
What does this mean for both landlords and renters?
If you’re a landlord, this is a time where you could look at increasing rents.
If you’re a renter, and you’re not in a lease that’s locked in for the next 6-12 months take a look at what that means and consider looking at purchasing a property, rather than renting.
The sales market was not as red hot as the rental market, but still very strong.
New Jersey as a whole is up 1%. We’re up 35% in Hudson County in volume. People started coming back at the end of 2020, but now in 2021 it’s been rock solid.
People want larger, more space, and want turnkey. Properties that need work are being pushed to the bottom of the pile because contractors are hard to come by right now.
A lot of people are out looking, resulting in one or two very good offers. 𝐖𝐞 𝐜𝐚𝐧 𝐞𝐱𝐩𝐞𝐜𝐭 𝐚 𝐛𝐮𝐬𝐲 𝐟𝐨𝐮𝐫𝐭𝐡 𝐪𝐮𝐚𝐫𝐭𝐞𝐫 𝐜𝐨𝐦𝐢𝐧𝐠.
What are some takeaways we can have from this?
𝟏. 𝐖𝐞’𝐫𝐞 𝐬𝐞𝐞𝐢𝐧𝐠 𝐬𝐨 𝐦𝐮𝐜𝐡 𝐝𝐞𝐦𝐚𝐧𝐝 𝐢𝐧 𝐡𝐢𝐠𝐡𝐞𝐫 𝐩𝐫𝐢𝐜𝐞 𝐩𝐨𝐢𝐧𝐭𝐬 𝐚𝐧𝐝 𝐥𝐚𝐫𝐠𝐞𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐢𝐞𝐬 𝐛𝐮𝐭 𝐬𝐭𝐫𝐨𝐧𝐠 𝐫𝐞𝐧𝐭𝐚𝐥 𝐝𝐞𝐦𝐚𝐧𝐝 𝐚𝐜𝐫𝐨𝐬𝐬 𝐭𝐡𝐞 𝐛𝐨𝐚𝐫𝐝.
It might not be a bad idea to invest in some lower priced properties in Hoboken. We’re seeing more demand in the purchase, but we’re also seeing rents come up across the board. Take a look at that if you ever wanted to invest or if you’re renting right now, and you want to buy and then have an investment later.
𝟐. 𝐈𝐟 𝐲𝐨𝐮’𝐫𝐞 𝐚 𝐬𝐞𝐥𝐥𝐞𝐫 𝐚𝐜𝐫𝐨𝐬𝐬 𝐚𝐧𝐲 𝐩𝐫𝐢𝐜𝐞 𝐩𝐨𝐢𝐧𝐭, 𝐝𝐨𝐧’𝐭 𝐩𝐮𝐭 𝐲𝐨𝐮𝐫 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐨𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐟 𝐢𝐭 𝐧𝐞𝐞𝐝𝐬 𝐰𝐨𝐫𝐤.
Take the time to do the work, slow down, and find the right contractor. Sometimes, people need to move quicker than they want to but if you have the runway of a few months and have the time to do the work, put a property on the market that’s ready and turnkey.
More people coming back to urban areas, more jobs telling them they need to be in the office two to four days a week, so there is no real rush to hit the top of the market in Hoboken. Right now, it’s for a very strong rental market and a very strong sales market.
If you have any questions based on your own living circumstances or your financial situation, what might be the best solution for you?
Feel free to reach out to us and we’ll see you next month!