My November Hoboken Real Estate Report is now available.

Over two months into the new year and not a flake of snow. Am I dreaming? Here are the big two items that have had the biggest impact on the Hoboken real estate market so far this year.

Low InventoryWith Hoboken condo inventories down some 60% from 18 months ago, it has impacted the market in several ways. Lower days on market for sold properties is chief among them. Bidding wars and contracts for well priced condos is leaving stale inventory in the dust as Hoboken buyers, with limited choice, are acting fast.

Low Interest RatesHistorical lows in interest rates are having an impact on move up buyers. Three bedroom Hoboken condos are selling fast and furious as families with a long term plan are locking in for the long haul.

Lets have a housing shortage!  Only 225 on the market.

Keep up with the latest in Hoboken Real Estate through my free monthly Hoboken Real Estate reports.

Active condos:225

Better get that Hoboken Condo closed fast.  Yes. that goes for the Jersey City condo buyers too.  Obama and the sycophant politicians in Washington can always agree on one thing.  Save their own bacon while kicking the taxpayers in the shorts.   Here’s a great article about how they are doing it this time.

Two Things You May Have Missed

by Dean Hartman on February 16, 2012

Before the end of the year, Congress and the President agreed to extend the payroll tax cut. In that bill, there were two items of interest for those involved in real estate.

1.) The hike in the Guarantee Fees charged by the GSEs Fannie Mae and Freddie Mac.

The 10 basis point increase in the fees has translated to a .375% to .5% increase in mortgage rates for conventional loans. Many customers who started their loans a couple of months ago are being “surprised” with higher than expected rates. Heck, everything you read in the papers says rates are at historic lows and will likely stay there through 2014. Many consumers feel as if their lender is being unscrupulous. However, your lender has fallen victim to the increase in Guarantee Fees and how the secondary market is passing on the cost. What looks like possible lender greed is just a passing on of the increased expense imposed by the government. Sadly, the increased revenue isn’t even being used to help aid an ailing Fannie Mae or Freddie Mac. It is being turned over to the US Treasury to cover the temporary extension of the payroll tax cut.

2.) Permission for HUD to increase the insurance premiums they charge on FHA loans.

If you remember, HUD charges two insurance premiums – a monthly one and an up-front one that is usually added into the loan. Most recently, they reduced the up-front mortgage insurance premium (UFMIP) and dramatically raised the monthly fee (MMIP). It is widely anticipated that, maybe as soon as April, we will see a hike in the UFMIP with no adjustment to the MMIP. While this will help shore up the reserves in the insurance fund, it will simultaneously make buying a home more expensive. No one knows the effective date or amount of the increase. Buyers should look to buy before the increase in fees.

We always hear how our government officials tuck away things in their bills. In this case, while the headlines during the holidays praised Washington for preserving the payroll tax cut, they may have hurt us more in the long run.

Now that I’ve returned from the burn unit at Hoboken Hospital lets talk Absorption Rate.

One bedroom condos: 3.5 months

Two bedroom condos: 4.6months

Three bedroom condos 2.4 months  Not a misprint!

Call 911 this town is on fire.

The new January 2012 Hoboken Real Estate Report update is now available.

Available Hoboken condos on the market today: 205

Model of 1450 Washington

Hoboken condos: The new construction of 151 conods at 1450 Washington Street by Toll Brothers is cranking.  Here are the latest updates.

Condos sold at 1450 Washington….  over 50%.

First Closing schedule by Toll Brothers….Feb 15th.

Get my 2011 Hoboken Real Estate Report with a list of every Hoboken condo sold during last year.

2011 Annual Hoboken Real Estate Report

If you are holding off until after the holidays to sell your Hoboken Condo…are you nuts man??? And Larry Bird was called the hick from French Lick.

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