Finding value in upgrading your life style in a seemingly "soft" market as a buyer in Hoboken

There are many great things about being in Hoboken. There is another positive way of looking at the current market in Hoboken through a buyer's eyes. I believe that it's the perfect opportunity to upgrade in today's market, because for the first time in years it seemes that "the bigger condo with that extra bedroom" is not as far fetched as it used to be. The condo that one thought of would take another few years before one could make the move is now closer than ever. First there are more properties to choose from and secondly the seller's might be more negotiable and that probably after already pricing it in line with the current market. A few years ago, in a sellers market, it was harder to upgrade, because there weren't too many condos that one could choose from, especially three bedrooms condos. for the most part they were priced high and you were one of the lucky ones if you didn't have to outbid anyone else. All these factors aren't in play anymore. The truth is, someone that wants to upgrade most likely has to sell their own condo and will face the same challenges as the seller of the condo you'd like to upgrade to; however, percentage-wise you're getting a better deal. For example, let's say that the generally accepted price for a well priced condo in Hoboken is about three percent under asking price, then based on a listing price of $500,000, as a seller of this 2 bedrooms condo you have to compromise on about $15,000. Using the same three percent on that three bedroom condo in Hoboken which is hypothetically listed for $800,000, the buyer will find an advantage of about $24,000. Even with the same set of challenges, upgrading would be more favorable. I'd love to hear your thoughts on this subject. If you'd like to explore certain options please don't hesitate to email or call me and we can discuss this in more detail. HAPPY 4th of July. Anoir Redouane