Is This The Beginning Of The Turn?

Lately, It’s Been Common To See A Real Estate Market Slowdown. Buyers Are Having More Options And More Inventory To Choose From.

Now that August is over, let’s take a look at what happened the past month and what we can expect to round out the rest of 2021. https://www.homesbybonk.com/

Lately, it’s been common to see a real estate market slowdown. Buyers are having more options and more inventory to choose from.

𝐼𝑠 𝑡ℎ𝑖𝑠 𝑡ℎ𝑒 𝑏𝑒𝑔𝑖𝑛𝑛𝑖𝑛𝑔 𝑜𝑓 𝑡ℎ𝑒 𝑡𝑢𝑟𝑛?

We have a lot of room to finish this year in a very strong manner, and to do so, let’s take a look at what trends are happening and what's really happening at a local level.

𝐖𝐡𝐚𝐭 𝐭𝐫𝐞𝐧𝐝𝐬 𝐚𝐫𝐞 𝐰𝐞 𝐬𝐞𝐞𝐢𝐧𝐠 𝐢𝐧 𝐇𝐨𝐛𝐨𝐤𝐞𝐧, 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐒𝐚𝐥𝐞 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬?

1️⃣ On the purchase side, we're seeing buyers wanting more space. Buyers want more living space, bigger living rooms, big and open kitchens, extra bedrooms, and even dens because people are preparing for the work-from-home hybrid scenario, which will probably continue for the next year or two. Everyone's starting to go back to work in the city, a day here, two days there, one week on, one week off. However, people are very sensitive to the fact that they will most likely do some more work at home.

2️⃣ As agents, we’ve noticed a big draw towards outdoor spaces. This has been happening through the entire pandemic, but we're seeing it more and more now. As the weather continues to shine, people would really appreciate their own outdoor space to enjoy the rest of summer! As the fall approaches, people are seeing the value of spending more time at home and would really like to have that extra outdoor space.

3️⃣ On the purchase side, we’ve observed that buyers want a turnkey property. People don't want to wait months to do renovations, or even weeks for a paint job or to update flooring. We're seeing turnkey properties do a lot better because people are exasperated by waiting in the house or by waiting in the rental that they were previously residing in. Buyers want an easy move out!

4️⃣ One last trend we've discovered is the quantity of relocations in the Hoboken area. We're seeing a lot of people that are coming from other parts of the country and people who are getting jobs in the city, after leaving their jobs during the height of COVID. This is a result of large NYC companies who are rehiring for positions which had to be retired during the pandemic. These companies are offering generous packages and relocation packages to other parts of the country to come back here. Over the last year and a half, people started to migrate out of the tristate area and out of the urban center, which is starting to reverse, as people move back. Relocations are definitely something we're seeing a lot of.

𝐖𝐡𝐚𝐭 𝐭𝐫𝐞𝐧𝐝𝐬 𝐚𝐫𝐞 𝐰𝐞 𝐬𝐞𝐞𝐢𝐧𝐠 𝐢𝐧 𝐇𝐨𝐛𝐨𝐤𝐞𝐧, 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐫𝐞𝐧𝐭𝐚𝐥𝐬?

Last April and May of 2020, we really started seeing an explosion of actively looking tenants. Renters came out of the woodwork, people who used to live here were coming back to Hoboken, and some people were coming in for the first time.

However, on the other hand, the actively looking renters who were waiting to move to Hoboken or move to the urban centers, after college, had put a pause on their move because of COVID. There were no intentions to get an apartment in a place where you weren't going into work. Now, that the pandemic has slowed down, those same actively looking renters, fresh out of college, are getting called back to work and/or getting their first city job! As a result, rentals are now exploding in the Hoboken and Urban center area. Out of the last 11 weeks, 10 out of the 11 have demonstrated more rentals being rented than active rentals coming on the market.

We will also see listings pick up again after Labor Day, which is common in the seasonality of the market. We're also seeing the buyer demand increase, which has not slowdown at all, since the pandemic.

𝐓𝐫𝐞𝐧𝐝𝐬 𝐮𝐩𝐜𝐨𝐦𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐟𝐚𝐥𝐥?

The previous trends will continue to rise. Renters will continue to come back as they're spending more time in the city. People, migrating towards the Hoboken area are starting to plant their roots here by entering the purchase market, rather than just the rental market. We're seeing a lot of people happily coming back and getting ready for the fall!

If you're looking to buy, get in touch with us! If you’re looking to sell, work with a local realtor who is familiar with the market and the area in which you are selling. Don’t overprice your house thinking you can just name your price or underprice it thinking that things are falling apart, when they’re not!

So guys, any questions, feel free to reach out, always here to help!

Thank you for taking time to explore these ideas today. I'll talk to you soon!👋🏻