That’s right – WE’RE BAAAAAAACK!!! Or, in other words, goodbye sunscreen and hello apple picking!
It’s been almost a year since I put down some thoughts on here but it wasn’t because I have nothing to say. Actually, it’s been quite a busy year once a lot of the COVID pandemic restrictions have been lifted in our area. Since early March, we’ve been working extremely hard on launching Lumber House, growing our group and of course servicing our past, current, and future clients!
Nonetheless, Hudson County is back. Our market has done a complete turnaround since the darkest days of 2020 and thing seems to be continuing in an upward trend. This time last year, we had 423 available homes for sale on the market. Today, that number has dropped basically in half to roughly 223 (in Hoboken). If you were a buyer in the early fall of 2020, you had the ability to look at a lot of inventory and in certain scenarios, you were able to negotiate. Today, the tables have turned slightly back to even where inventory is limited, and sellers are being smart about their pricing and not shooting for the stars when presenting their homes to the market.
The same thing goes for the rental market – In early October of 2020, we have a record 800+ homes on the market. The rental market was flooded and you couldn’t pay someone to come rent your investment property in town. Landlords were cutting their rental prices in half and tenants were extremely picky about what homes they would consider renting. Today, you can’t touch a rental without it getting bid up from multiple applications. Right now, there are 114 homes for rent in Hoboken, however earlier this week, that number was as low as 78. As corporate America calls for its employees to return to work in some form, people are now gearing up to come back and reduce their commute to NYC.
As we head into the holiday season of 2021, please know that we are here if you have any questions. Whether you are considering buying, selling, or possibly looking to use real estate as a source of investment, we are here to help your needs. Please reach out if you have any questions!
– The Hudson Dwellings Team!