The Morris Plains sales data for September is mixed.  The good news is that the average price of homes sold in September was $516,000.00 that is about $80,000.00 over August and the average days that these houses where on the market was 23.  This is almost 1/2 the amount of days then the August average.   The number of houses that sold where 4 and that is down from 7 in August.  

Some other highlights of the Market in Morris Plainsis that the Market absorbtion rate is around 5 months.  The average sale to list price ratio is still high at 95 percent.  The absorbtion rate for Morris Township jumped from 6 to 13 and Morristown went down from 10 to 9 months.  Morris Plains is still considered to be in a average to a slight sellers market mode.  But lets not get too cocky.  Our competiton is still close and if buyers cant get what they want there they will go to the Township or to Morristown.   The list to sale price  ratio is still very good and the fact the homes have closed in an average of 23 days on the market speaks volume to the fact that well priced homes sell while those that are not priced to the market don’t.  

If you are buying a car and one dealer has a car you want and another dealer has the exact same model and make with everything the same as the first dealer but the price is 5 percent less.  Where would go to buy a car? 

Of course you will go to the second dealer.  It is the same with home buyers.  If they see a home that gives them everything they want for less they are buying that home. 

Mortgage rates are low right now but they will eventually go up, as they do buying power will go down.  Home sellers will bear the burden of having to make up the difference by having to discount the price of their home to the buyer.  A home buyer buying a 500,000 dollar home with 20 percent down with a 5 percent mortgage will have a payment of 2150 a month.  If rates go up just one percent to 6 that home buyer will  need a discount of 50,000 dollars on the price of the home to have the same buying power.  

Many think it is not a good time to sell a home but it could not get much better.  We have buyers they have money and they have the desire to buy a home.  If you are not priced for the market you will miss out on this opportunity.