Jersey City Condos

The Spring selling season has arrived, at least in Jersey City.  So if you are considering selling your home, now is the time to act.  Not next week, nor next month, but right now.

Open houses this past weekend attracted scores of visitors, not 10 nor 20, but 30 and upward.  What’s driving this buying frenzy?  Mortgage rates are trending upward, and interest rates are a huge driver of home affordability.  For buyers this means the home they could have afforded before the rates inched upward will be outside their budget.  With low rates there is the urgency to buy now and this is why buyers are coming out of their winter slumber.  They see the time to buy low is ending quickly, and are in a hurry to find a home before interest rates return to more normal levels.

Thinking about putting your Jersey City condo on the market?  Call me Janice Hall at 201 232 8577.

Around this time each year most home owners thinking about selling their condo delay the process until Spring.  If you live in Jersey City where property prices are rising steadily and you are thinking about selling your condo, you might want to put it on the market now rather than wait until next Spring.  There are many reasons for this.  Firstly home purchase contracts are at their highest since 2007, this means there are many buyers in the market.   Secondly inventory is low in Jersey City condos which means there is a really good chance you will get multiple offers, and multiple offers will most likely get you one or several offers above your list price.

Furthermore listing at a time when inventory is low will allow your condo to stand out more as you won’t be competing with the many listings that hit the market next Spring.  Interest rates on conventional fixed  loans are rising and this is expected to continue.  Buyers affordability decrease with rising interest rates, this means the pool of buyers who can afford to buy your waterfront condo now will decrease by next Spring as they simply will not be able to afford it.  So go ahead and list your condo now, don’t wait for Spring.   For more information on the benefits of listing now rather than later or if you would like to find out how much your Jersey City condo is worth call Janice Hall, Weichert Realtors at 201 232 8577.

Sellers in the Jersey City downtown area continue to achieve higher prices for their condos than sellers in other areas of Jersey City.  There were 8 condo sales in the Jersey City downtown area for week ending Saturday, October 12.   Of the 8 condos sold, 4 sold at 100% to 100.02% of sale to list price, including one unit in the Mandalay building which sold at list price.  The other 4 condos sold ranged between 91% to 98% of list price.   21 condos in the area went under contract during the same period including a condo at the Trump Plaza at 88 Morgan Street, and one at the Portofino building 65 2nd Street.  If you would like to find out what you can get for you condo call me Janice Hall at 201 232 8577.

Government shutdown and the threat of the shutdown that hovered over us for weeks have not been as damaging on the real estate market as we feared it might be.  For one thing interest rates are the lowest they have been in several months.  I know this sounds repetitive, but they really are.  This may be your last chance in a very long time to purchase real estate at rates this low.  In the midst of the shutdown Freddie Mac announced that for the week ending October 3, 30-year fixed rates decreased to 4.22% from 4.32% of the week before. The average for 15-year loans also fell to 3.29%, and the average for a five year adjustable to 3.03%.  You really should consider buying your Jersey City condo now, you may regret it if you don’t.  If you need help in finding a condo or in listing your condo for sale call Janice Hall at 201 232 8577.