When counseling buyers and sellers on their Hoboken metro area real estate, I prepare them for what is becoming a somewhat common occurrence…..the low appraisal.  That’s a situation where an appraisers estimation of value for a particular property is lower than the accepted offering price.  For instance an offer is accepted for $550,000 but the appraisal estimation of value is only $515,000.  If the appraisal is too low, buyers may not be able to borrow enough to purchase the property. First of all, I’m a real estate agent, not an appraiser however we deal with appraisals as part of the normal course of our business.  Some points to consider that I’ve encountered from over 10 years of buying and selling real estate personally, and professionally: The appraisal is an opinion of value.  ... 01/11/2011

This Week In Hoboken Real Estate: Week 1 2011 Winter is here and so goes the market. Snow storm on tap. Appointments postponed. Good thing there is the internet for buyers to hunt for houses. 4 Contracts in 10 days!. 10 Price changes. 19 solds.... Here is a scary number...only 350 condos for sale. That's 350 serious sellers. Pretend sellers pulling in their horns, hoping for the spring market. Jan 1-10 Hoboken Real Estate Report My sellers are out there. Why? becasue they want to sell. When is the buyere going to get the best deal? Now. When is the seller goign to get the best deal? Now. A seller waiting until the spring faces more competiton and if you miss that market and interest rates rise. Your train has left you at the station. My sellers will have gotten on with their lives, whil... 01/10/2011

Borrowers who consider walking away from their Hobokenmortgages will need to think twice. With Fannie Mae’s implementation of a new policy that penalizes borrowers who walk away even though they had the ability to pay, or who did not complete a workout arrangement will be put into a tough situation. These borrowers will now be ineligible to obtain a Fannie Mae-backed mortgage loan for seven years. If a borrower experiences extenuating circumstances they may be eligible for a new mortgage loan within two to three years. Fannie Mae is also considering legal action to recover outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. Fannie Mae will be instructing its servicers to monitor delinquent loans facing ... 01/09/2011

Don’t forget that there are some important things to be done before locking in a mortgage rate. While loan rates have been at their lowest in a very long time, they are beginning to creep up again, so now is the time to buy that Hoboken home you have been considering. One of the most important things to do is to be sure to shop around when looking for a Hoboken loan. Shopping for a mortgage is critical and some may say it is even more important than the actual home-buying process. Following are a few helpful hits to consider while looking for a loan: Be Sure to Find the Lowest rate. Something as simple as a fraction of a point can make a big difference in a loan, since it can be worth thousands of dollars during the lifetime of a loan. Investigate Fees. There is lots of negotiation ava... 01/02/2011

Make it your New Year’s Resolution this year to go green in your Hoboken household! Following are some simple steps you can take to help make an impact on the environment: Many cities have recycling programs with drop-off dumpsters and centers in convenient locations. Remember that cardboard, paper, plastic bags, glass jars and milk jugs are just a few of the items you can recycle instead of sending them to a landfill. Since the winter season is upon us be sure your insulation, windows, and seals are in good condition. If you have any cracks or openings around windows and doors your energy consumption will really increase. Consider using cleaning supplies that are free of harsh chemicals.Currently, there are options for everything from surface cleaners to detergents. If you are creativ... 01/01/2011

Dust can really be a nuisance especially when you want to sell yourHoboken home and you need to keep it spotless. It can be a never-ending battle since dust can come from so many places. It has been said that the majority of dust in homes comes from outside, carried inside on shoes and clothing. Surprisingly, there are also many inside sources of dust, including our own bodies, which shed hair and particles of skin. Fabrics also create dust by shedding bits of material. Forced-air heating and cooling systems and pets also contribute to the volume of dust in your home. To take control over dust, the most important thing you can do is vacuum on a regular basis. A vacuum equipped with a HEPA (high-efficiency particulate air) filter will reduce the amount of dust in your home.It’s importan... 12/31/2010

With 2011 quickly approaching, the following is information that will help you decide what route to go when searching for a home loan to purchase your new Hoboken dream home. Loan points are also known as“buy-down” or “discount points”.These are up-front fees the borrower pays to the lender at the close of escrow to buy-down or lower the interest rate over the life of the home loan. Each point is equal to one percent of your total loan amount. So, if you are taking a $150,000 loan, one point would equal $1,500. The more points you buy, the lower your interest rate for the loan will be, but because you have to pay point fees at the close of escrow, you will need more money at closing. How do you decide whether you should buy points or not? The general rule of thumb is that it depends on... 12/26/2010

  You may see the term“as is’’ in the listing for a house.  “As is’’ is a pretty general term, but basically, “as is” means you are purchasing a home in its present condition. If you choose to purchase a home in “as is” condition, you must realize that you have purchased the home exactly the way it was at the time of your offer. Many times banks will sell a home, especially a foreclosure or short sale,  “as is”. By doing this, the bank is eliminating any liability against themselves in regard to any problems that may occur with the home after the purchase is complete. Since sellers realize there could be something wrong with the house, they will allow 7 -10 days for the buyer to have a home inspection and if the buyer finds something wrong during the inspection, they have the opportunit... 12/25/2010

2011 is just around the corner, and it will be a great opportunity for first-time buyers to start looking for the Hoboken home of their dreams. It is important to remember that before you start looking at houses, contact a real estate professional who can get you pre-qualified for a loan or go one step further and get pre-approved. Being pre-qualified means that you have talked to a lender or mortgage broker and verbally given them some information that allows them to make an informal determination of the amount of mortgage you can afford. The decision is based on the information you tell them. Being pre-approved is a guarantee in writing from a lender or mortgage broker that you will be granted a loan up to a specified amount based on information you have told them and based on inform... 12/25/2010

The National Association of REALTORS® has published its Profile of Buyers and Sellers report with some very interesting information regarding the thought process behind a potential home buyer. Following you will find an interesting list of results: The Most Popular Methods that Potential Buyers are Using Looked online for properties for sale – 36% Contacted a real estate agent -19% Looked online for information about the home-buying process -11% Contacted a bank or mortgage lender – 8% Drove by homes/neighborhoods – 7% Talked with a friend or relative about home-buying process – 7% Visited open houses – 4% Looked in newspapers, magazines, or home-buying guides – 2% Attended a home-buying seminar – 2% Contacted builder/visited builder models – 1% Contacted a home seller directly – 1% A ... 12/19/2010

It's Beginning to Feel A lot Like Christmas.... 20 Contracts in 10 days!. 20 Price changes. 20 solds.... Here is a scary number...only 371 condos for sale. That's 371 serious sellers. Pretend sellers pulling in their horns for the holidays. Are you kidding me? Pretend sellers thinking that the spring market will bring an abundance of riches. Well there is no real estate Santa Claus! Did you see the rise in rates? Things just got ugly. Hoboken Real Estate This Week: Nov Dec 7-17 In Hoboken Real Estate Reports. I am going to give everyone the highlights here but as to not bore the rest of you, anyone who wants the free breakdowns can sign up to get the weekly reports emailed directly to them. I am sure I will be killing the traffic to my site...so tell a friend to read me. This week is no... 12/17/2010

Freddie Mac has come out with its top predicted characteristics of the 2011 housing and mortgage markets. They are as follows: With the expectations of the central bank to keep the federal funds rate at its current target range of 0 percent to 0.25 percent for potentially all of 2011, the likely result could be 30-year fixed-rate loans in Hoboken and elsewhere remaining below 5 percent throughout the year, and initial rates of 5/1 hybrid adjustable-rate mortgages likely remaining below 4 percent in 2011. Hoboken housing prices are likely to begin a slow recovery during the second half of 2011. With housing affordability at a high level, many first-time buyers will be leading the pack in 2011 and will be buying more in 2011 than in 2010.Refinancing will slow down with most eligible borr... 12/17/2010

With all of the uncertainty regarding the recovery of the housing market, an interesting survey conducted by Carrie Bay and published online by DSNewsstates that 58 percent of U.S. adults expect recovery to be at least another two years away. The survey also states that one out of five consumers believe it will be 2015 or later before the housing market recovers. Consumers feelings are that they will begin to see a recovery to begin between 2013 and 2014. If you are interested in reading more about the survey you can click on this housing recovery link. For help in finding and closing on your perfect Hoboken home,contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to liv... 12/17/2010

With 2011 right around the corner, now is the time to be thinking about your deductions for 2010. When tax time is here, be sure to add the following to your list of possibilities. Whether it is a traditional IRA or a Roth IRA, saving more can help lower your taxable income. If you donate any goods or money, make sure you get a receipt for a tax deduction! During 2010 if you purchased a new home by April 30th you can get an$8000 tax credit if you are a first time home buyer and $6500 for an existing home buyer. This may be a good time to sell investments, through the end of 2010, there is no long-term capital gains tax for those in the 10 percent and 15 percent tax brackets. For everyone else, capital gains top out at 15 percent. There is a chance that capital gains tax could rise up t... 12/13/2010

If you are in the midst of a foreclosure crisis, there are several options to consider. A deed-in-lieu,short sale or a combination of both is a very common practice. By considering these options will give theHoboken homeowner more control and time to prepare for the process that is ahead. To complete any of these options you will need lender approval and the homeowner will need to negotiate the liability for the difference between what is owed to the bank and what the home sells for. If you are facing a possible foreclosure, following are a few thoughts you should consider: It’s a good idea to hire an attorney to review the bank contracts and to negotiate for the homeowner. It is possible that the attorney may even be able to negotiate a “cash-for-keys” from the bank as long as the hom... 12/13/2010

With the cold Hoboken weather now with us, you will want to keep warm in the coming months. Following are a few ideas to save money on your heating bills. By using the timer you can lower your thermostat and save money too by lowering temperatures while you’re sleeping or out of the house. Keep your blinds, draperies and other window coverings open during the day.This will enable your Hoboken home to absorb the warm afternoon sunshine and add heat to the entire house. If you have any drafty windows think about installing insulating shades and you will be surprised that the additional insulation helps keep your home warmer. A fireplace can provide additional heat to your home without raising your energy bill. Be sure you do not have any drafty windows or doors. This is an easy task to a... 12/08/2010

Below are the top 3 most expensive Hoboken condominium sales for November 2010. All information is gathered from the Hudson County Multiple Listing Service.1. 1125 Maxwell Lane Unit 736 – Maxwell Place. 2 bedroom condo with direct Manhattan views sold for $1,634,840.2. 829 Washington St. Unit PHA. 2 bedroom duplex condo with private roof desk and garage parking sold for $999,999.3. 1500 Garden St. Unit 7L - Harborside Lofts - Haborside Lofts. 3 bedroom, bath loft condo sold for $989,000.For additional details about these Hoboken condo sales, please visit Living on the Hudson. 12/06/2010

Hanley-Woods ProSalesOnline.com has identifed seven trends that the magazine’s editors believe will have the biggest impact on housing in 2011 inHoboken and around the country. Large builders are streamlining costs of construction by eliminating extras todrop the costs by a whopping 36%to $52 per square foot. Beginning in 2011, Energy Star will roll out a more efficient design and quality installation standards. For a building to earn Energy Star certification, a builder will have to install correct insulation, HVAC systems, and other features related to energy efficiency in each building. As Hoboken homes get smaller, sheds will become more popular and versatile for storage. The generation of the 81 million Echo Boomers who were born from 1981 to 1999, who are the children and grandch... 12/05/2010

We currently have 47 Hoboken 3 bedroom condo’s on the market within the Hudson County MLS. Click here to see all 47 Hoboken 3 bedroom condos The lowest priced unit is a 1225 square foot home at 1st and Washington St. which is offered at $425,201. The most dramatic (and highest priced) is in the W Hotel & Residence’s- Hoboken.   A stunning 2375 square foot 3 bedroom, 3 1/2 bathroom home with amazing views of your neighbor……which happens to be the skyline of Manhattan! This the best Hoboken has to offer at $2,499,000.   W-Hotel & Residences 3 bed, 3.5 bath home Lots of other really great options in-between! Happy shopping! 12/02/2010

If you are in the mood for some holiday happenings, look no further thanHoboken for lots of activities. Following are just a few events you will surely be interested in marking your calendar for: Holiday Craft Show Sat. & Sun. December 4th & 5th; 18th & 19th; from 11am to 5pm;
 New Location: Monroe Center for the Arts, 720 Monroe Street, 3rd fl.,Suite C 301 This lovely event features an eclectic mix of art and beautiful handcrafted gift items for that special someone. Lighting of the Holiday TreeTuesday, Dec. 7, 2010; begins at 5:30pm; In front of City HallIncludes performances by local Hoboken school children, Elvis the Elf & an appearance by Santa Claus. Holiday Banding ConcertSunday, Dec.5, 2010, City Hall, 94 Washington St. includes Kids Chanukah Party from 5pm to 6pm inside City H... 12/01/2010