Hoboken Mortgage Rates Update

Hoboken Mortgage Rates from the IHRE Mortage guy.....

REVISED January 30th, 2010---- 3:00 PM ETLock Period = 30 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)

30 YEAR FIXED ---------------------------- 5.000%/ 5.036% APR
30 YEAR FIXED INTEREST ONLY----- 5.625%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.750%/ 3.621% APR
7/1 ARM ------------------------------------- 4.250%/ 4.016% APR
* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV


CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)

30 YEAR FIXED ------------------------- 5.250%/ 5.279% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.
***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)

30 YEAR FIXED--------------------------- 5.990%/ 6.015% APR
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR
15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR
5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR
** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

**Please call for rates on loans over $1 million**


Total Fees Charged By Pinnacle Mortgage, Inc.
$350.00 -- Application Fee (Includes Appraisal, Lock-in, Credit, Flood & Processing)
$395.00 -- Commitment Fee (Wiring Funds, Attorney Review & Doc Preparation)
Michael Mundy Pinnacle Mortgage, Inc.Mobile -- (973) 985-9948 mmundy@pinnaclemortgage.biz


Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor.
1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.

2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too. If you own in Hoboken, this is a report you need on your property.

Hoboken Mortgage Rates

Short Notice Showings| Hoboken Real Estate

Another Look Into Hoboken Real Estate: Short Notice Showings

Sellers: Once you're home is on the market, it is not yours anymore. Early morning appointment. Got to clean up and be out. Late night appointment. Got to clean up and be out. Half of your stuff is in storage. The other half so neat and put away you wonder if elves have taken over your life.

The long and the short of it. Unless you've moved, the showing process is a big pain in the rear.

One thing you do have control over is the showing times. Maybe your kids are in bed at 8pm and you don't want strangers watching them sleep or worse yet keeping them up. I get that. But don't make the big mistake....Short Notice Appointments.

Short Notice appointments puts a real strain on a seller. Quick, vacuum the rug, make the bed... You are not some modern day Mary Poppins.....A better idea....Make 'em wait. The common showing instruction in Hoboken real estate is next day. (Now this rule has some flexibility but for the most part appointments are not same day.) Why not be more flexible? Because buyers will wait. There's no buyer that must see your place on spur of the moment and is going to buy it. If they know the market that well they can wait a day. If they don't know the market well enough to place an immediate offer, they will be back looking anyway. Your home is not some tourist stop. (again there are exceptions...and in these cases an agent will call your agent and see if they can get in short notice. Your agent calls you and gives some info on the buyer. You make the call.)

Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor.

1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.

2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too.



Another Look Into Hoboken Real Estate: Short Notice Showings

Hoboken Tax Appeal

Hoboken Tax Appeal 2010 Version




Here we are at the beginning of 2010 still trying to get a handle on our 2009 taxes... State, federal and Hoboken. The Hoboken tax appeal is due by April 1. Anyone involved with the Cash for Clunkers should know it is not a good idea to wait. Yet, the new numbers just came out and its great news. The timing of the market meltdown was such that many people are in line for a reduction. Even if you you had a reduction last year.


How to tell if an appeal may work for you….
If your home’s market value is significantly less than the imputed value, you may want to consider filing an appeal.





****Warning. If you are not a numbers person, skip the example and call me**************



For Example:
If your home is assessed at $200,000, you divide the assessed number by the current tax ratio (.2716) to get the imputed value: $200,000/.2716= $736,377 imputed home value or what the tax man thinks your home is worth.





If your real market value is $500,000, the taxes are over-assessed.

In this example, their correct assessed value should be $500,000(.2716)= $135,800.The difference of $64,200 ($200,00-135,800) in the over-assessment will cost $2,881.94 PER


YEAR in extra taxes. The current tax rate is 4.489% ($64,200 *.04489= $22881.94)



2009 Hoboken Tax Ratio 27.16 2009 Hoboken Tax Rate 4.489
Current Assessed Value divided by 2009 ratio (.2716) = Imputed Value
Taxes=Assessed Value times Tax rate (.04489)

The above example is meant as an illustration, if you need true market comparisons for your home, please contact me. If you believe that you may merit a tax reduction, I recommend that you speak to a local attorney or appraiser who specializes in such matters.

Hoboken tax records available here (The rest of New Jersey too.)


Hoboken Tax Appeal Forms are available here.


Tax Ratios For Hudson County



As a Realtor serving Hoboken for over eight years, I am committed to providing sellers and buyers with the expertise they need for today’s market. By educating you on how to lower your taxes, I not only potentially save you money but better position your home for sale. Lower Taxes= Higher Sales Prices.



Hurry! Tax appeals must be filed by April 1st, 2010.

Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor.

1) 2009 Hoboken Real Estate report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.

2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too.

BTW: The Hobboken Real Estate Report shows a list of all sold condos in 2009. A great place to start comparing whether your condo could be a candidate for a price reduction

One More Time....April 1, 2010= deadline for the Hoboken Tax Appeal.

Hoboken Condo Seller. Insider's Tip

This insider's tip is for the Hoboken condo seller. Your realtor doesn't want you to ask about it and will gloss over it.... And it can make the biggest difference in getting your home sold quickly.

But first... Two shameless plugs for really good free stuff from yours truly, Brian Murray, realtor.

1) 2009 Hoboken Real Estate Annual report. Hoboken market breakdowns on one bedroom condos, two bedroom condos, three plus bedroom condos. A list of every condo that sold in Hoboken in 2009! Yep. It's Free.

2) Real time Hoboken real estate snapshot. Get the latest on what is happening at an address or in a neighborhood. Yep. It's free too.

Ok. On with the show.

Sellers...When interviewing your agent, after the pitch. Say "you mentioned the broker's open house, I'd like to ask a few questions about it".

See most agents hold broker open houses to let agents preview the property. But they vary widely in effectiveness. And an effective broker open house can get your home sold faster.

Here are some questions to ask about it.
1) When will it take place?
If it is more than a few days after the listing is on the market... RED FLAG.... Maybe your agent is trying to sell it themselves before opening it up to competition that will drive up your price.

2) How many agents do you expect?
3) If you don't get X many agents do you plan to hold a follow up broker open house?
4) What is your marketing strategy to get agents to the BOH?
5) What are you serving?
Big food spreads (cost your agent about $200) usually bring in more agents than a raffle for $50 (costs your agent $50) or Oreos and water. True. There's a prominent agent that serves Oreo and water. (costs that agent $10)



If it is a high end property there are several additional questions that should be asked....

Bottom line. This is the most overlooked and under utilized marketing out there. Agents don't want to spend money. especially to market to other agents. Yet it's most time another agent who has a buyer for the property.

I hope that you remember this insider's tip for the Hoboken condo seller when interviewing an agent. BTW, I have the answers.

Hoboken Dress Code: Revisited

Hoboken Dress Code: Revisited
Due to the overwhelming negative response by my fellow realtors to last week's post about jeans and what it says or doesn't sat about the agent, I thought I'd explore the issue a little more....Hey it's the squeaky wheel that gets the grease.



Mind you I did not go out seeking public comment on the post but got a bunch of unsolicited thoughts ranging from "asinine" by the Hemingway of Hoboken to a story that explained that guys in suits should not be trusted (thus referencing suit wearing Bernie Madoff and all Wall Street types with their big bonuses made on the backs of hard working Americans everywhere).

The Wall Street thing brings up a good point. Would you invest your money with a guy/girl wearing jeans? Would you even open a bank account at a bank where everyone was dressed casually? Would you really?.... Really?

I pay for training to better my craft. Never have I been to a training seminar where any company, any system, any presenter has advocated wearing jeans. In fact it's the opposite. They recommend that you are dressed up whenever you are in the office even not meeting clients. You never know when a client may pop by to say hi. Here you come in your beach wear..... Spicoli.



So next week is the self aggrandising awards dinner. Paid for by realtors to congratulate themselves on a job well done....And you get to put a little award on your business card too! Two things I am betting the house on. First, those reaching the highest levels of achievement are not cruising around Hoboken in jeans while with clients. Second, agents are not showing up at the awards ceremony in jeans. Let me get this straight. Your construction worker.. um..agent puts jeans on to go to work for you but "dresses up" to be with colleagues. Either they think other realtors are more important than the client or they themselves are more important than the client.

My five year old has a dress code. Will it make him a better student. Probably not. Will it put home in the right frame of mind to be successful You bet. Maybe we should have a Hoboken realtor dress code. Probably chase half the jeans wearers to a job at the Gap.


Hoboken Real Estate 2010
New to Market 132
Price change 82
Under contract 24
Information deemed reliable but not guaranteed

Latest Hoboken Mortage Rates

The latest Hoboken Mortgage Rates from the IHRE mortgage rate guy....

REVISED January 15th, 2010---- 10:30 AM ETLock Period = 30 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ---------------------------- 5.000%/ 5.036% APR
30 YEAR FIXED INTEREST ONLY--- 5.625%/ 5.657% APR
15 YEAR FIXED----------------------------- 4.375%/ 4.411% APR
5 / 1 ARM------------------------------------- 3.750%/ 3.621% APR
7/1 ARM ------------------------------------ 4.250%/ 4.016% APR
* All quotes are with 0 points*Investment Properties --- ** Add 1.75 points (if 25% down)***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV

CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)
30 YEAR FIXED ------------------------- 5.250%/ 5.279% APR
15 YEAR FIXED ------------------------- 4.625%/ 4.641% APR
** Loan amount restrictions based on county and property type.
***There may be a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV
CONVENTIONAL JUMBO LOANS (Fixed rate programs greater than high-balance conforming, ARM programs greater than $417,000)
30 YEAR FIXED--------------------------- 5.990%/ 6.015% APR
30 YEAR FIXED INTEREST ONLY-- 6.250%/ 6.271% APR15 YEAR FIXED--------------------------- 5.125%/ 5.140% APR5 / 1 ARM------------------------------------- 4.500%/ 4.316%APR
7/1 ARM -------------------------------------- 4.750%/ 4.556% APR ** All non-conforming loans need to be discussed in detail

*** Special Program 15/ 30 ARM -----5.000% / 4.922% APR -- .50% Points --- Loans up to $1,000,000!!!

**Please call for rates on loans over $1 million!! **
** Please call for rates on FHA loans!! **
Total Fees Charged By Pinnacle Mortgage, Inc.
$350.00 -- Application Fee (Includes Appraisal, Lock-in, Credit, Flood & Processing) $395.00 -- Commitment Fee (Wiring Funds, Attorney Review & Doc Preparation)

Michael Mundy Pinnacle Mortgage, Inc.Mobile -- (973) 985-9948 mmundy@pinnaclemortgage.biz
www.mundymortgages.com

Hoboken Real Estate
Total condos available 442
Avg DOM 101
Information deemed reliable but not guaranteed

Thanks mortgage rate guy for the latest Hoboken Mortgage Rates

Stop Streching For Your Home

Don't buy the bigger house. I bet you'd never thought you'd here a realtor say that. Don't buy the bigger home if it means sacrificing the ability to leave it. The death of a relative has got me thinking back on my childhood. I can't tell you whether my grandparents house had granite counter tops and stainless steel appliances. And I spent every weekend there for about 15 years.
My point is this. I can remember my uncle Charlie and the fun I had when he came to visit my grandparents. Their house was really small as I think back on it. It just didn't matter. Everybody had a great time and I don't' think anyone would trade up to a bigger house and less frequent visits.



The second scene here....Michael Corleone thinking back to a seminal moment in his life. I wonder how different the movie would have been if he was thinking about the size of the house instead of all of those people who were gone but not forgotten.

The Hoboken Dress Code

The Hoboken Dress Code:
Hey we all know Hoboken is a little different. A little more casual, a little hip, a little Gen Y. I get it. You get it. Hoboken Real Estate is not however Berkeley in the 80s, Haight Ashbury of the 60s. Though this "Age Of Aquarius" seems to have permeated the minds of some real estate agents.



For example, I'm holding an open house for two condos in Hoboken this past weekend. One over $500k and one almost a million dollars. Realtors sometimes accompany their clients to these open houses and last weekend was no different. Can you believe that three of the six realtors who arrived were letting the sun shine in with jeans on. Wow.... That's what half of you are thinking... You're also thinking... How can I get into real estate?? You get to wear jeans and sell expensive homes. That's so for me.

The other half is thinking Wow... Is he making this up? A realtor selling high end Hoboken Condos shows up with jeans on.

Think about it. If you were to buy a $30,000 car, you'd walk into a dealership and meet a salesman in a suit. It's entirely possible that you do not have work clothes on because you are not working. BUT...BUT the guy with the knowledge is in a suit.

Does it show you respect? YES.
Does it show they appreciate your business? YES. I know a lot of realtors have business cards with a phrase on the back that says they appreciate your business. Which says more about the agent?
Does it show they are a professional and treat their business like a business? YES.

So here comes your "Hoboken Real Estate Agent"...male/female whatever. Jeans and a sweater. One prominent realtor tells me it's because he is "going out" after work and doesn't want to be dressed up and shouldn't be expected to be dressed up "outside of business hours". As Dave Barry always says..."I can't make this up". So Mr. Realtor thinks that this is outside of business hours. Says it all when your realtor thinks it when he is with you that he is working "overtime". You Mr. & Mrs. Buyer are a hassle and inconvenience.

Granted, Hoboken is not a suit and tie town. A realtor in a suit and tie might be a little out of place. I think given the option of jeans or a tie, I'd opt for the tie. If it's jeans today, what's next? Shorts and flip flops. Wonder if a surf board comes with my million dollar home...



Money talks, it don't dance and it don't walk..... my five year old has a dress code, why can't Hoboken Real Estate agents?

Metrostop Retail | Hoboken

I heard it straight from the developer's mouth....big things happening near the 9th street lightrail.

1) Metrostop will finally be getting some retail business. The long awaited restaurant which has turned into a defacto skate park finally has a tenant. Anticipated opening in Fall 2010.

2) Metrostop will have a 7-11 type grocery too. As a neigborhood resident, I hope they have Slushies! Anticpated opening Summer 2010. Slushies are great in hot weather.



3) The word on the street is the lot at the corner of 8th and Monroe has been bought by the Barry's. Maybe after they finish building the restof the northern waterfront they'll get to us in the back.

4) Another big developer has bought the parcel on 9th and Monroe from Tarragon.

DON"T FORGET: The 2009 Hoboken Real Estate Anuual Report is available now for free.

Where Have All The Condos Gone?

While I succumbed to the Holiday madness, condos have gone missing. They aren't sold. They aren't under contract. Only 44 under contract in December while 56 New listings appeared.

I am putting Sherlock Homes on the case of the missing condos maybe Encyclopedia Brown too.

(Did Encyclopedia change his name to Wikipedia in order to keep current?)