This article from NJ.com is mostly about what we all know , namely that the condo market in Hoboken and Jersey City are very tight. I mean of course the two bedroom condo market because the three bedroom market isn’t tight, it’s practical inexistent.
The article however does make some very valid points that I’ve tried , with various levels of success to impress upon my clients, namely that you need to move fast and to that end a local lender is a better idea than a national bank. I’m not knocking the national banks except that unless you broker has a relationship with a national bank they’ll usually approve the loan at a slower rate than a local mortgage broker. Note however that some developers and some brokers – I am very proud to work for Bond New York in New York City and we have a special relationship with City Bank to get our loans approved fast- have a relationship with a national bank. Developers may even have a mortgage rep on premisses, if that’s the case you should absolutely consider working with them. They’ve obviously loaned i the building before and know what’s what.
Jersey City Apartments
“Because demand is high and condo inventory is low, bidders must not only be willing to pay at or above the asking price; they also have to come armed with extra perks for the seller. In many cases, successful buyers must be willing to waive contingencies, such as home inspections, usually up to $1,000 to $5,000, and appraisals, said Darren Giordano, an agent with Keller Williams City Life Realty….
“In a seller’s market, buyers have to do everything they can to win the bid. It’s very competitive right now,” he said. “You have to sweeten the pot a little bit.”