πŒπ€π˜ π‡π¨π›π¨π€πžπ§ 𝐌𝐚𝐫𝐀𝐞𝐭 π”π©ππšπ­πž: π‡πžπšππ₯𝐒𝐧𝐞𝐬 𝐯𝐬 π…πšπœπ­π¬

Here’s what’s happening in the Hoboken real estate market!

𝐌𝐚𝐲 𝐯𝐬 𝐀𝐩𝐫𝐒π₯ 𝐒𝐀𝐋𝐄𝐒: β€œUnder Contracts” fell 10% and β€œActive Listings” coming onto the market fell by about 20%. We have a supply and demand issue that’s out matching the inflation, economy and all the different things we’re seeing in the headlines lately. If there is more demand than supply, we’re going to see prices and days on market stabilize. Interest rates are up 1 - 2.5% in the last 60-90 days so we’re seeing people less motivated to move. Days on market stayed flat averaging 12 days as we saw in April, and we’re seeing the offer price vs asking price still about 1% higher on the offer side, with less offers coming in.

If you are a buyer in this market you can be a little more careful with your offers, maybe not come in over asking right out of the gate. We see tons of interest but way less offers being made. If you’re a seller, know that it is going to be ok. We are seeing really good offer-to-asking price ratios with a good number of days on the market. There may be less offers but the offers are solid.

𝐌𝐚𝐲 𝐯𝐬 𝐀𝐩𝐫𝐒π₯ 𝐑𝐄𝐍𝐓𝐀𝐋𝐒: The rental market right now is off the charts! Rents are way up. We’re seeing upwards of 15 applications for a new listing as it hits the market and owners getting way over asking for their properties. It’s crazy!

If you’re a renter and your landlord is willing to renew at a modest increase, think about staying where you are. The renters market is difficult right now so if you are going to make a move to a new rental, you better be fast and willing to pay a premium.

If you’re a landlord, enjoy one of the nicest landlord markets we may ever see! Maybe you have tenants in place at a discounted COVID price and you need to increase. Just know that you won’t have an issue filling your place (and probably at a really good number) if they choose not to renew.

The market is dynamic and changing so quickly. Already today things have just changed, interest rates up again. It’s our job to keep you informed and our team is prepared to help you sort out your situation and make the best decision for you, no matter where you might be in your individual journey. Reach out anytime, we’re always here. Have a great month and we’ll catch you in July!

#realestatemarket #firsttimebuyer #dreamhome #knowledgebroker #hobokenrealtor #homesbybonk #homesbybonkteam #hobokenmarket #rentalmarket #hobokenrealestate #hobokenrealestatemarket #homesbybonkfamily #hobokenrealty #hobokenrealestateagent #hobokennj #hobokenhomes #realestatemarketupdate