Hoboken, NJ Real Estate News

By Edward Perez
(Sothbey's International Realty)
It is a great time to be a first-time home buyer in this market. Existing single-family home prices are down and interest rates are near historic lows. And you can’t forget about the first-time buyer $8,000 tax credit. Following are a few first-time home buyer tips you may want to consider: 1. Think about the long term future.Purchasing a home requires long-term planning.  If you are unsure of where you will be in the short term future, you might want to reconsider your plans to buy.  The more time you spend in your home gives you a better opportunity to recoup your investment. 2. Don’t settle for the first home you see. Calculate how much home you can afford. A good way to do this is to browse online listings to become familiar with the market. It is tough to find everything you want ...
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By Edward Perez
(Sothbey's International Realty)
Highly regarded housing consultant.  John Burns Real Estate Consulting, recently released a survey of home builders regarding the type of financing their buyers’ used.  The survey states that almost 60 percent of new home buyers relied on low down-payment mortgages from the government.   20 percent of buyers used conventional financing, 7 percent got a jumbo loan and 7 percent of buyers paid cash. Other important facts that were included in the survey was that the total of unsold finished inventory has dropped and sales are slow, particularly among builders who do not have a lot of appeal to first-time home buyers. For more great information go to Look What $334,000 Buys You in Hoboken. As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If yo...
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By Edward Perez
(Sothbey's International Realty)
There has been a tentative agreement in the senate to extend the current $8,000 tax credit for first-time home buyers.  In addition, there will be a new $6,500 credit offered to existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years. The new requirements are that home buyers must be under contract by April 30, 2010, and close before July 1.
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By Edward Perez
(Sothbey's International Realty)
  Location, location, location, is a big factor in determining the price of a home.  But, what does that mean when the home is next door to President Barack Obama in Chicago? A 17-room mansion located in Chicago at 5040 S. Greenwood that is next to Obama's house at 5046 South Greenwood Avenue is for sale. If you are interested, the home’s listing can be found at 5040greenwood.com. The website reportedly got 60,000 hits in just its first week. The current owner, Bill Grimshaw, reportedly paid $35,000 for the 103-year-old home in 1973. Although, homes in the area usually go for $1.5 million to $2 million, the Grimshaw house, which features period details and original woodwork, will likely be sold for a much higher price. For more valuable information please go to I Want to Buy my Home at ...
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By Edward Perez
(Sothbey's International Realty)
You now have until the end of November to utilize the tax credit available to "first-time" homebuyers who purchase a home this month. Baltimore Sun reporter Jamie Smith Hopkins has estimated there are 19,000 people who have claimed the credit and have not bought a home. It’s amazing that there are people who are willing to commit fraud to get the $8,000 without buying a home. It is possible there is as much as $600 million dollars worth of bogus first-time homebuyer tax-credit claims. With a total of more than 1.4 million first-time homebuyer tax-credit claims filed since late August, says the Los Angeles Times. In addition to this, there are numerous reports of people under the age of 18 receiving the credit.  There is even a case of a 4-year-old who has received the tax credit, says ...
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By Edward Perez
(Sothbey's International Realty)
  When the day comes that you decide to sell your home, the best method to calculate how much to sell it for is by utilizing real estate comps. This data is called “comparable sales” or “comps,” and is a big factor in determining the sale price of a particular home. Information is calculated by gathering the figures of recent sales of nearby homes. By using these figures you can determine how much a home might be worth. Buyers can use comps to determine a fair price to offer for a home.  Comps can also be used to track market trends to effectively determine whether a home has been properly priced. Also, it is important for a buyer to keep in mind that the timing of comps should be considered. Generally, many sales could close within the range of four to six weeks, but some may take as l...
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By Edward Perez
(Sothbey's International Realty)
Now we have to play the waiting game to see whether Congress will extend or possibly expand the first-time home buyer tax credit. The National Association of Realtors announcd that Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chair Charles Rangel (D-N.Y.) both support an extension. What really needs to be worked out is to define how the credit should be extended and who should receive it. Some say the potential for an extension could be any where from a month to a year. If the extension does become approved, the length of time is likely to be some where between a month and a year. Another major question is, will the requirements of eligibility be changed to make the credit available to not just first-time buyers but to all primary home buyers, as well...
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By Edward Perez
(Sothbey's International Realty)
By Eddie Perez, Broker Associate Here are the final sales figures for September 2009 compiled using the Hudson County Multiple Listing Service. September’s Hoboken condo market statistics showed a slow down from the strong numbers that appeared during the month of August.  Total closed units were down slightly with 69 closings in August followed by 67 closings in September.  Final closed sales prices were mixed with average prices falling 2.1 % to $485,497 in September from $495,882 in August.  Median closed sales prices were slightly up however at $490,000 in September compared with $475,000 in August.  The largest drop off was in contracts signed where we saw a 21.2% decline (80 in August vs.63 in September).   Now when I compared last Septembers sales figures with this years, I foun...
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By Edward Perez
(Sothbey's International Realty)
Today you can find just about anything on Craigslist. As a potential Real Estate Investor, did you ever notice that Craigslist is divided into cities? This can be a big drawback when you are searching for properties for sale. Did you know there is a feature on Craigslist that allows you to search multiple cities at one time? The featured site is called http://www.Craigshelper.com but is now very recently being redirected to http://www.searchtempest.com (Thank you to James Lyon at Vista Pacific Realty for pointing this out).  With Craigshelper all you need to do is type in the zip code where you would like to search for property. It also gives you the ability to specify the radius of the search.
The Ad Notifier feature for Craigslist will alert you when something is posted on Craigslist...
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By Edward Perez
(Sothbey's International Realty)
Fortunately, it appears that things could be improving for short sales. The recent U.S. Treasury announcement stated that it would be providing more incentives for borrowers and mortgage services to pursue short sales and other foreclosure alternatives. The incentives and process guidelines are part of a larger program called Making Home Affordable, which is in place to help homeowners avoid losing their home. This past May, the Treasury proposed that lenders would receive a $1,000 for allowing the owner of a house to sell for less than the amount owed on a mortgage, and than accept the proceeds as full repayment. This also applies to the deed-in-lieu transaction, where a lender would receive $1,000 when the deed is transferred to the lender in place of going through a costly foreclosu...
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By Edward Perez
(Sothbey's International Realty)
On October 8, nearly a month earlier than the November 1 deadline set earlier this year, the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (HUD) announced that more than 500,000 trial loan modifications are in progress under the Making Home Affordable program. The November 1 deadline was set in July so servicers would work at a faster pace to complete the modifications. The Administration still believes that more can be done to assist struggling homeowners. Senior Treasury and HUD officials will be meeting to discuss how to improve servicer efficiency and responsiveness to borrowers during the modification process. The most recent Monthly MHA Program Report, which tracks servicer performance through the month of September – ending September 30, 20...
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By Edward Perez
(Sothbey's International Realty)
Don’t miss out on this very spacious  and charming condo located in Hoboken.  This is a great opportunity to take advantage of the $8,000 First-Time Home Buyer Credit. Act now before it’s too late!  As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.  
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By Edward Perez
(Sothbey's International Realty)
The December 1 deadline for the $8,000 First-Time Home Buyer Tax Credit is rapidly approaching. There are many great opportunities for the first-time home buyer in Hoboken. Now is the time to buy your first home. Below you will find one of the lovely available condos located in Hoboken.  As a top Hoboken REALTOR, I can help you through the entire process of buying your first home. If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.
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By Edward Perez
(Sothbey's International Realty)
Hoboken Condo buyers and sellers – Must Read! Local lenders are telling me that new FHA(Federal Housing Administration) lending rules for condominiums will be changing as of November 3rd, 2009.   This could have a negative impact on our local market as we have a large condo market and FHA loans are one of the few options available for borrowers who have less than 20% for a down payment. Some of the new impending rules: Spot approvals eliminated No more than 30% of units can be financed with FHA loans 50% pre-sale requirement for new projects At least 50% of units must be owner occupied Details Most condo buildings in Hoboken did not go through that FHA approval process.   If your thinking of buying and do not have 20% for a down payment, ask your real estate agent if the building you’r...
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Website: http://TheHobokenDream.com/180000 Sivya Weis | RE/MAX Gold Coast Realty | sivya@hobokenproperties.com | (201)951-8306 Uptown Hoboken, Hoboken, NJ NO FEE | Large | 1 Bedroom | Uptown | hoboken 1BR/1BA Apartment $1,550/month Bedrooms 1 Bathrooms 1 full, 0 partial Sq Footage 750 Parking None Pet Policy Cats Deposit $0 DESCRIPTION NO FEE! Large one bedroom apartment. King Sized Bedroom is 12x12. HDWD Floors, Good Closet Space, Storage and Laundry in Basement, Heat & H/W included. No Dogs. Available November 1... $1550/mo see additional photos below RENTAL FEATURES - Hardwood floor - Refrigerator - Stove/Oven COMMUNITY FEATURES - Laundry on-site - Storage space(s) LEASE TERMS Landlord Pays the Realtor Fee ADDITIONAL PHOTOS Photo 1Photo 2Photo 3Photo 4Photo 1Photo 6 Contact info: Si...
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By Edward Perez
(Sothbey's International Realty)
With the recent announcement from Wall Street investment firm Goldman Sachs Group that new U.S. home sales may jump 30 percent next year, has brought new optimism that the market is improving. Goldman Sachs Group has come to this conclusion because of continuing low interest rates and a very good probability that Congress will extend the first-time home buyer tax credit. Supporters of the first-time home buyer tax credit say that it has helped stabilize the housing market. The credit applies to sales as of January 2009, and is good for 10% of the price of a home or up to $8,000. Since the tax credit is scheduled to expire on November 30, now is the time to purchase your first home.   For more valuable information please go to I Want to Buy my Home at the Bottom. As a top Hoboken REALTO...
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By Edward Perez
(Sothbey's International Realty)
A recent article in the Los Angeles Times states that there is an increasing group of homeowners with top credit scores that are more likely to walk away from an underwater mortgage. 24 million individual credit files were examined for a recent study by the national credit bureau Experian and Oliver Wyman. They have found that homeowners with high credit scores when applying for a loan are 50% more likely to "strategically default" compared with lower-scoring borrowers. Following you will find a summary of the researchers surprising facts: * The typical strategic defaulter goes from never missing a monthly mortgage payment to completely stopping. * Strategic defaults are mainly found in negative-equity markets where home values have drastically dropped since the real estate boom in 200...
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By Edward Perez
(Sothbey's International Realty)
Here are the final sales figures for August 2009 compiled using the Hudson County Multiple Listing Service. The Hoboken condo market picked up steam and showed solid gains in August across all categories when compared to July 2009 stats.  Total units sold improved by 15% (60 vs 69 units).  Average prices rose 3.6 % ($478,431 vs $495,882) and median prices were up 10.7%, ($469,950 vs $475,000).  The largest gain was in pending contracts.  In August, there were 69 contracts signed, a 50% gain from the 46 contracts signed in July. While these month over month gains are encouraging for our local market, they are still mostly down from the August 2008 figures.  The exception was an increase in pending contracts, another sign that buyers may be getting off of the fence and into the market. H...
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By Edward Perez
(Sothbey's International Realty)
The Federal Housing Administration is tightening rules for lendersafter reporting that its financial cushion will sink below mandatory levels for the first time in its 75-year history. "Under no circumstance will any taxpayer bailout be needed," said David Stevens, the FHA's commissioner. The agency doesn't expect to raise fees for borrowers, he said, or curtail the number of loans it insures. Amid the collapse of the subprime lending market, the government has taken up the slack. The FHA has insured nearly a quarter of all new loans made this year, and about 80 percent of that business is from first-time homebuyers. But the agency has faced concerns on Capitol Hill that it will soon need a taxpayer bailout. As of this summer, about 17 percent of FHA borrowers were at least one payment...
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By Edward Perez
(Sothbey's International Realty)
The latest media reports are projecting a second tidal wave of foreclosures to hit in late 2009 or early 2010 as unemployment remains high, home prices continue to fall and banks’ self-imposed foreclosure moratoriums expire. Now may seem like the perfect time to find prime real estate at a bargain-basement price and buy a foreclosure. Despite the hype, nationwide, foreclosures still comprise less than 3 percent of the actual market nationwide. In reality the foreclosure market is very small. Delinquent mortgages have hit about 7 percent of total properties, which means that 93 percent are still in good standing. Although, there are still plenty of foreclosure bargains out there, no matter where you live, especially if you are patient and well-educated in your market. In order to get th...
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