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2024 is off to a strong start in the real estate market. Over the past year on a national level, low inventory fueled prices to reach unprecedented highs, resulting in a decline in transaction volume. Compared to the same period last year, there has been a substantial boost in market activity, with January setting a positive tone for the rest of the year.

Hudson County

This month our team has witnessed an uptick in new listings, triggering bidding wars and an increased number of transactions. Highly sought-after properties are consistently closing above asking price, often without appraisal and home inspection clauses. Properties that might have sold at a discount last fall are now receiving full-price or greater.

Traditionally, the real estate market experiences heightened activity during the spring season. Hudson County tends to follow this trend, but typically starts in the new year. In our area there’s an additional boost in the winter, particularly during bonus season. This winter we’ve seen increased market activity, with lenders reporting a rise in new applications and pre-approvals. Open houses are bustling again, often attracting 30-50 attendees.

Rates

Rates initially dropped at the beginning of the year, but then rose again last week. Despite this fluctuation, buyers have accepted current rates and market conditions. Even though rates haven’t dropped to the record lows from 2021, buyers are tired of waiting and eager to enter the market. Many buyers are now opting for Adjustable Rate Mortgages (ARMs) with plans to refinance when rates decrease

First-time buyers and those with larger down payments still qualify for rates in the mid-6s, representing a 1.5% reduction compared to November 2023. The market reflects a sense of optimism and readiness among buyers, and a willingness to adapt to the existing market conditions.

Visit the Rakela Team website for important weekly real estate market data trends and updates.

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Recent Reviews

Loved working with Elizabeth and Amber. Their support was constant throughout the entire home buying process. They were patient and understanding with me and ultimately helped me find the condo of my dreams! Fantastic team and great to work with!

I can't say enough good things about Elizabeth! Three years ago she helped me find a beautiful apartment, long-distance, and recently she helped me sell it. She is a consummate professional, a total expert in her field and a great resource for everything real estate-related. She made me feel like I'm her only client, although I know this isn't the case--she is super successful and very busy, yet she responded to my questions in a timely fashion and made sure everything was in place for a successful, stress-free experience.

Amber and the team are incredible and I can’t imagine what this process would have been like without them. As a first time home buyer, I came in with a million questions and concerns, and Amber helped me feel comfortable about every single one. Her professionalism is unmatched and her vibrant personality makes things even better. The team also offered great local referrals from lenders to inspectors to attorneys, making my process smoother than I could have imagined.

I've been working with Elizabeth and Amber on and off since 2020. In 2020, Elizabeth was a rockstar when I was looking for a small condo, and in 2024 both Amber and Elizabeth helped my wife and I score a lovely home in downtown Jersey City. Their knowledge of the Jersey City area is next to none, and they also helped us partner with awesome legal counsel, inspectors, and loan officers. I want to call out specifically their attention to detail across the entire process.

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Elizabeth and her team were amazing to work with. We didn’t realize how much hard work is necessary to get a home ready for showing. From strategy to staging to closing they helped us as partners every step of the way. We know who we will be working with next time we are looking for a new home!

We had a great experience and highly recommend working with Amber. As first time buyers in a competitive market, she was seamless in navigating the process with us and was always available to answer our questions. Amber, Elizabeth and the entire team was fantastic!

Elizabeth, Amber and the Rakela team are the PERFECT team! They knocked our simultaneous sale and purchase in Hoboken this summer outta the park! She and team are experts on the Hoboken market. They have incredible communication style, savvy negotiation skills and long-standing rock-solid relationships with every partner you need in the process. We couldn’t have made a better choice in a partner in the home sale and buying adventure! Never thought such a stressful process could be as enjoyable as it was with them!

Nicole and Elizabeth are true professionals. They are kind and patient, but that is not even the half of it. They will work tirelessly and leave no stone unturned until you are settled in a place you are happy with. If you are looking for a rental in the Hoboken area, you need these women in your corner

Elizabeth is phenomenal real estate broker. She is honest and takes great pride in finding the right home for her client. Elizabeth is very patient and showed us properties multiple times - there was never any pressure to “do something”. Elizabeth knows Hoboken real estate and the community extremely well. We couldn’t be happier w/ our experience working w/ Elizabeth and would enthusiastically recommend her to anyone looking for property in Hoboken or Jersey City.

Another amazing experience working with Elizabeth. She is attentive, accessible, knowledgeable and a complete pleasure to work with. Would highly recommend her to anyone looking to buy, sell or rent! Elizabeth was on top of everything throughout the process of selling our condo.

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Elizabeth was integral to the successful sale of our apartment. She advised at every stage of the process from staging to closing. We got significantly more than asking and I’m confident that it was in very large part due to Elizabeth’s knowledge of the market, expertise and finesse.

In the last seven years, Elizabeth has helped us buy an apartment, sell an apartment and find a rental in Hoboken. She is personable, professional, and incredibly knowledgeable about the Hoboken market. I can’t recommend her highly enough.

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Elizabeth was a true pleasure to work with on the sale of our apartment. Not only is she extremely knowledgeable about the local market, she has a great eye how to prep for sale. Extremely responsive and navigated us through the sale process flawlessly. We cannot recommend her highly enough!

Elizabeth is great, she makes a big decision easy. She takes the time to understand what your looking for which made the search efficient. I felt from the start she truly wanted me to end up in a home I'd love, and never felt I was being pushed in a direction outside of my zone.

Elizabeth helped us with the sale of our previous home and the purchase of our current one, both within the Hoboken community. Her extensive knowledge of the market, diligence and strong relationships in the area produced positive and timely outcomes - all amid a global pandemic. I strongly recommend Elizabeth.

I've had the pleasure of knowing Elizabeth for years and worked with her for several months to purchase a home. She was an expert in her field, knowledgeable of the area and what the market value of homes were. She was patient and honest with her feedback on the homes we looked at. I would highly recommend her to any buyer.

Elizabeth went above and beyond to list and sell our home during the peak of COVID-19. She was honest, professional and very responsive to all of our inquiries. She has strong knowledge of the real estate market: I would strongly recommend her for any real estate

Elizabeth was an absolute pleasure to work with! She made what is typically a challenging and overwhelming experience extremely pleasant and manageable. Elizabeth offered tips and market insight of a skilled, seasoned professional. I would highly recommend her to anyone

I highly recommend!!! Elizabeth is fabulous to work with and I have done so multiple times. She has such knowledge of Hoboken and has great insight into buying, investing and renting....all of which she has helped me through, making the process as painless as possible.

I have worked with Elizabeth 3 times in the past 5+ years and have had amazing experiences every time. She is thoughtful in how and when to best sell your home, helpful in guiding decision making when making offers and above all else always has your best interests in mind. She is focused on providing the best service her customers can have and a truly genuine person which goes a long way in negotiations

Elizabeth is extremely knowledgeable on the market, professional and responsive to any questions or concerns. She also provided great local referrals.

Elizabeth was recommended to me by a family friend in 2012 when my boyfriend and I were looking to buy a condo in Hoboken. She spent hours with us going over the process as first-time homebuyers, and when we were ready to sell in 2019, she helped us through an incredibly difficult sale. Elizabeth knows the Hoboken and JC market incredibly well and has a very direct, informative style.

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Elizabeth's knowledge of the local real estate market was instrumental in our house hunting process. Elizabeth listened to our requirements and suggested properties to fit our very specific needs. Based on current market conditions, Elizabeth advised us on key negotiating strategies. Elizabeth was a pleasure to work with and a professional in every way.

We worked with Elizabeth on the purchase of a home in Hoboken. She was wonderful to work with throughout the whole process. It was our first home purchase and she kept us well informed and explained every step. Elizabeth is a well-respected realtor in Hudson County and we would highly recommend her to anyone!

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