April 2022 Hoboken Market Update And What You Need To Know About A “Jumpy Buyer” Before You List Your Home!

Tracking and studying the numbers each month allows us to really see market trends at a high level. Let’s look at what the market is showing us for anyone thinking about buying or selling in Hoboken in the next few months.

Time for your April 2022 Hoboken Market update and what you need to know about a “jumpy buyer” before you list your home!

Tracking and studying the numbers each month allows us to really see market trends at a high level. Let’s look at what the market is showing us for anyone thinking about buying or selling in Hoboken in the next few months.

Things slowing down? Yes and no: Days on market are down 17 to 11 from March to April. Percent of sale prices up to 102% from 99% in April, so people are actually having to pay over asking price on average for a home in Hoboken. Neither of these stats are a huge sign of markets slowing down.

On the slight slowdown side, inventory is up a little from 160 to 180 - however we had spring break and an uptick in travel with lightening of COVID restrictions, so this could just be a result of less people in the overall marketplace. Interest rates played into things as well, but the key here is that although there might have been a little less activity, the activity that did happen was stronger.

Sellers: Beware of jumpy buyers. This is a buyer who puts a strong offer on your property quickly and then jumps to another property. Why? Buyers feel like they have to make multiple offers to ensure they will secure one of them, and this became the norm over the last couple months. Be prepared and aware that it’s happening in the marketplace. We are always asking if the buyer has offers on other properties to make sure we’re advising our sellers accordingly. In this market we must stay on top of communication and make quick decisions to avoid the jumpy buyer.

Buyers: Things are still moving a bit quickly so expect competition (and expense) if you’re not willing to compromise. However, if you’re willing to, perhaps take a look past the “hot new properties” for deals. Inquire about “the secondary MLS,” and be proactive on listings that haven’t even been seen yet. With COVID and the current market, seller's personal plans are changing suddenly and in turn their properties are being listed accordingly.

Real estate is hyper personal. Reach out to us and let us walk through your specific situation with you and your family. We will get you to the right place at the right time in the easiest and best way possible!

Have a great rest of May!