Now is a great time to sell your Hoboken condo.
Why? The short version: Inventory is down and sales prices are up. But they aren’t the only reasons people sell their condos along the Hudson River.
Why List Your Hoboken Waterfront Condo Now?
Right now, it’s a seller’s market — with low supply and high demand, Hoboken home buyers are competing against each other to buy a waterfront condo, and that means that you’re often in control of how much to sell your home for.
Let’s view the specifics of the current Hoboken real estate market to determine why now is the best time to sell your waterfront property.
Available Condos for Sale are Low
The Hoboken waterfront condo market is in high demand, and there are many Hoboken home buyers who are looking to buy a condominium. The problem for them is, there are very few waterfront condos for sale in Hoboken right now.
Pending Property Sales are High
Nationally, pending sales have increased all summer, according to the National Association of Realtors. In Hoboken, we see the national trend playing out similarly, where a demand for waterfront condos is keeping the real estate market bustling these past few months.
Sales for Hoboken Waterfront Homes are High
I wrote a blog post earlier this month highlighting the current state of the Hoboken waterfront condo market. Price per square foot across all waterfront condo averaged about $899, and the homes for sale started at $600,000 for a 1-bedroom condo to $1,350,000 for a 3-bedroom condo.
With low inventory, home buyers are competing for waterfront properties, which tends to drive up the sales price of these condos.
Home Mortgage Rates are Low
Nationally, average mortgage rates have dipped below 4% throughout August 2015, according to RealtorMag. These low rates are sending home buyers scurrying to lock in the low rates for their long-term home mortgages, and in Hoboken it’s no different.
This puts you at a significant advantage to sell your home. Hoboken condo buyers are eager to keep low interest rates on their homes, further increasing demand on current homes for sale.
Sell Your Hoboken Condo with Me
For all of these reasons and more, now is a terrific time to sell your Hoboken waterfront condo.
But the real estate market in Hoboken changes quickly. If you are ready to list your Hoboken waterfront condo on the market, contact us today at 201-344-2886 and we can find a competitive listing price for your property.