Hoboken Realtor

It's still certainly a sellers market

This NJ home sold for $255K over asking price — here’s why every house in the area will likely face the same fortune In Morris Township, a $1.25 million sale for a home shattered all expectations.

This is right on the corrupt FED. Chairman Powell is concerned with Democrats winning the White House instead of defeating Inflation.
He lowered rates instead of raising them and the market raised rates right back up.

Existing home sales fall to lowest level since 2010 Sales of previously owned homes dropped to a 14-year low in September, as rising mortgage rates and high home prices continue to fuel an affordability crisis.

Markets are overturning the FED's politically motivated rate cut and home affordability continues to suffer.
The FED's indecision and "wrong decision" does nothing but prolong the housing crisis and inflation.

Why mortgage rates are going up despite the Fed's interest rate cut Mortgage rates are increasing in recent weeks despite the Federal Reserve's decision to cut interest rates last month for the first time in four years.

There are a number of causes of the housing shortage but chief among them are the increasing mountain of regulations and legislative obstacles that hinder new construction.
This example is from California but it's the same all over the country, ESPECIALLY in very blue municipalities.
It does not have to be this way. Housing should not be political ping-pong!

“In the wake of stronger economic data last week, including the September jobs report, mortgage rates moved higher,” said Mike Fratantoni, chief economist at the Mortgage Bankers Association.

Weekly mortgage demand drops as interest rates hit the highest level since August Applications to refinance a home loan fell last week.

Amazing construction and neighborhood design keeps home safe from Cat 5 hurricanes

https://www.fastcompany.com/91199201/this-disaster-proof-florida-neighborhood-kept-the-lights-on?utm_source=pocket-newtab-en-us

When Hurricane Helene hit, this disaster-proof Florida neighborhood kept the lights on The grid lost power. But the new homes stayed dry and kept the lights on.

I like lighter finishes but I'm a little concerned about having to clean white appliances constantly. What do you think?

The '90s Called, They Want Their Decor Back—6 Trends You'll Be Seeing Everywhere The '90s are back in home decor. Lighter finishes accented by bold colors and patterns, glass blocks, oversized furniture, and white appliances evoke a retro feel.

RESIDENTIAL REAL ESTATE
"An interest rate sensitive sector is housing and homebuilding. The low end of the market has seen price
declines, while luxury home prices are still rising to record highs. The one thing in favor of luxury
homeowners wanting to sell is that there is so little inventory.
According to Redfin, there are approximately 101 million homes in the US. An incredible 24 million
are held as investments. About 98% of those are owned by individuals. Those are the people who will
default in a recession.
Property taxes, insurance, and maintenance will be much higher than the rental income.
There is also a relatively new industry: corporate home investments that buy homes to rent them out
such as Invitation Homes (INVH). We believe they will be a potential disaster in a serious recession.
As people lose their jobs in retail, restaurants, and other sectors that are in trouble, they often get
jobs showing houses. Currently a record number of realtors have entered the market. That is
always a sign of a big market top. Most cannot get a job anywhere else, so they show houses saying,
“here is the closet, and this is the pantry, and this is the kitchen.”
On a $10 million house, the commission may be a huge $500,000, which would be split with the entities
involved. Commission rates are the same as 50 years ago when home prices were 75% less. So, they
now get 4 times more income for the same work. A recent court decision has lowered that somewhat.
**These are the things we see near a monumental top. Of course, it doesn’t mean a plunge will occur next
week or next month. These things take time to unravel. Real estate is all about location, and whether a
mortgage is required. Luxury home buyers usually don’t require a mortgage.
However, the 2-day chart of the ITB Home Construction Index has broken out to a new all-time high.
This could be the “last hurrah” rally. The chart looks dangerous. It looks like a potential “false” breakout
that should reverse.
Instead of the rally since July being caused by good fundamentals such as supply/demand, we believe it
is just a play on interest rates. This makes it easy for HFT outfits to move the sector higher pretending
it’s because of interest rates.
Prepared for Chris Hinova"
Reprinted from Bert Dohmen's Wellington Letter

So less homes for sale, higher prices and less sales.
At the same time FED does a crisis 50 basis points cut because the economy is doing great!
Personally I'm tired of the gaslighting

August home sales drop more than expected, as prices set a new record The median price of an existing home sold in August was $416,700, up 3.1% from August 2023.

To me this makes no sense
If you're a veteran...no money for you
If you're a recent collage grad loaded with student debut... no money for you
If you are a hard working blue collar worker...no money for you
If you are a legal immigrant...no money for you
If you are an illegal alien from .. yes money for you
At a time when housing in unaffordable for so many the Democrats are giving money to illegals to drive up prices even higher and make more Americans homeless.

Taxpayer-Funded Group Offers $30,000 To New Homebuyers — As Long As They Aren’t US Citizens Hacienda Community Development Corp is participating in a taxpayer-funded down payment assistance scheme that gives money to non-citizens to buy homes in Oregon

Ending rent controll increases housing !
It worked this way wherever it was done

Housing Supply Booms in Argentina Since Javier Milei Cut Rent Control Law Argentina's housing supply has exploded, and rental prices have plummeted since President Javier Milei junked a socialist rent control law.