Pending Homes Rising In Hudson County Real Estate Market. Downtown Jersey City, Hoboken , West New York, And National…Real Estate Markets..
Hudson County Real Estate Market shows Pending Hudson County Real Estate Contracts went from 1,378 buyers under contract to 1,395 buyers under contract in less than 5 days.
Its getting crazy out there,.. Due to all the pent up demand that had buyers sitting on the fence the last 2 years… pending home sales started jumping up out of nowhere..
In fact on the ground we have been seeing multiple offer on homes..and we honestly haven’t seen that since 2008..and I mean early 2008 before the crash of October 2008.
The Wall street Journal reported that pending Homes sales have been at the highest level in 2 years.., So What does this really mean?
It means that buyers are dipping they feet back in the water after 2 years of nervousness..
Its actually a combination..of Super low interest rates, and buyers becoming more aware that the benefits is in owning a home..and with rents rising to crazy levels here in Hudson County and elsewhere..it becomes the logical choice..
Does this mean prices will rise In the Hudson County Real Estate Market?
Well..maybe.. Price is a function of supply and demand…
So it depends on the local supply..for instance.,.
It is incredibly likely prices will go up..in Hudson County Condos..
Especially, Downtown Jersey City.. Why?
Because Demand is up huge..And if you are looking for Condos in Downtown..
You already know supply is at historic lows.
You can get more information on this trend in the wall street journal article below..
Hudson County And Elsewhere pending homes sales rise.
And also you can get more information on predicted housing growth..
And how the trend of Homeownership is coming back below through this
“Pending home sales rose more than expected last month, a possible sign of a strengthening recovery in the housing market”- Forbes Economist
A Word Of Caution On the Hudson County Real Estate Market And Elsewhere
The index of pending home sales, which reflects deals that have signed contracts but haven’t yet closed, rose to 97 from 89.8 a year ago, according to the National Association of Realtors”.
The reading was the highest for any January since 2007, but still remains at historically low levels.”- Wall Street Journal
Reading between the lines..This means DONT expect prices to suddenly jump up double digits..this is not 2006. We are not out of the woods on the economy.
However buying real estate for long term..And I mean 5 year minimums remains a great
investment..as opposed to renting for 5 years.
Especially due to tax breaks, equity position, debt buy down..etc.
Real estate is what we call hyper local..Which means each market is totally unique..
prices might be trending down in one area yet going up in another..
We watch the Hudson County Condos Market like a hawk..
Its a key performance indicator…
Give us a call at 201-839-4927 if you have any questions regarding the local market or want to see whats out there…
There are currently
Here the Round Out Of the Top 5 Hudson County Condo Markets
1. 133 Hoboken Condos Under Contract
2. 110 Downtown Jersey City Condos Under Contract
3. 44 North Bergen Condos Under Contract
4. 30 Union City Condos Under Contract
5. 24 West New York Condos Under Contract
Hudson County Condos the kinds of property that sell the most in the Hudson County Real Estate Market are good indicators as to what is really happening locally.
Read More Awesome Post:
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- Negotiation Tips When Buying Hudson County Foreclosures
- Hudson County Real Estate Marketwatch
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