Archive for December, 2009

I hope you all had a very Merry Christmas.

Batten down the hatches.  Acording to Accuweather Northern New Jersey as well as most of the country will be suffering below normal temperatures in the very near future.   The below normal temps will be around for at least 2 weeks.  Heating oil prices for January delivery have already jumped higher.  Prices on the New York Mercantile have Heating Oil prices at 2.07 a gallon.  If you use heating oil to heat your home and you are not buying on a pricing plan you may want to buy a few extra gallons to tie you over until the cold snap ends.  Prices for spot heating oil have already started to rise in the anticipation of higher demand.  If you are sitting with a full tank you are in good shape.  If you can wait until the end of January and early February to take another delivery try and do so.  Prices will begin to fall as the suppliers will want to sell as much of their inventory as possible.  These businessmen do not want to be holding any high priced inventory through the spring and summer.

There is still a shortage of mid priced homes in Morris Plains NJ.  The number homes for sale at the end of the year stands at 24 and there are 2 homes that are in attorney review.  Last year 53 homes where sold in Morris Plains NJ at a list to sale price ratio of around 97 percent and where on the market for an average of 56 days.  This year we have had 62 homes sell at a 95 percent list to sale price.  They averaged 60.5 days on the market. 

Thanks for Reading Morris Plains Homes NJ

Regards Bob Sittmann

Happy Christmas   Merry New Year

After years of slumping home prices the end in the real estate bust may be in sight according to the December issue of Money Magazine.  Home sales are rising and inventories are shrinking.  Most economists believe values had hit bottom the second part of this year.  Prices should stay flat for another year or two until 2012 but the lions share of damage is behind us.

I took another offer on 9 Cleveland today that marks the third one on the property in the last  6 weeks.   Since we lowered the price last month the home has seen a huge amount of interest.   I can not say it enough times a home correctly priced to the current market will sell quick.  Buyers have the very same information sellers have concerning home values in a particular area.  No buyer will over pay for a home, they have a wealth of information available to them.  These buyers today are intelligent well informed people.  I am afraid that some sellers underestimate just how much buyers today know about the local market. 

When listing your house listen to the agent if they present to you documented proof that your home is worth “X” believe them.  They are in the market everyday they know what houses sell for and why.

I drove down to Maryland and picked up John on Friday.  I got down there turned around and was chased by the snow all the way up 95.  He had a great semester and it is good to have him home.  His brother missed him as well.

Hey lets give the Morris Plains Road Department a hand.  They did a great job plowing the streets after last weekends storm.  Most of the side streets where cleared by mid Sunday Morning.  Here are some pictures of town after the storm.

Here is the Dickens Quote   “The school is not quite deserted,” said the Ghost. “A solitary child, neglected by his friends, is left there still.”

Thanks for Reading Morris Plains Homes NJ

Come Back

Bob Sittmann

I have the inside lead on a great home in Morris Plains NJ.  The location is to die for.  It is on a cul-de sac, This is a wonderful center hall colonial that backs up to woods.  Very private but convenient to everything.  This house is fairly priced, It is not on the market yet so I call it the Stealth House.  Call me if you want more info. 862 222 4737.

The Holidays have not slowed down the number of people looking for homes.  Saturday and Sunday are gearing up  to be busy days looking at homes with my clients.  No new listing have hit the market in Morris Plains and 22 is the number homes available for sale in town.  The Holiday decorations look great in town by the way.

There is a great article in Business Week written by Marc Rothe about how now is the time to buy.  It is titled “If You Dont Buy a House Now You Are Stupid”.  click on the title and you will be brought to the article.  If you are going to go to the article take a moment and look at Mortgage-X.  To support this the Fed decided that due to the “subdued “inflation risks it would hold interest rates at close to zero for an “extended period” of time.  So we can count on interest rates will remain low for the time being.

Here is the Dickens Quote

And every man on board, waking or sleeping, good or bad, had had a kinder word for another on that day than on any day in the year; and had shared to some extent in its festivities; and had remembered those he cared for at a distance, and had known that they delighted to remember him.

Thanks for Reading

Morris Plains NJ Homes

Bob Sittmann

The Morris Plains Homes  Absorption rate remains at 3 months.  The number of home listed for sale now stands at 27.  The shortage of homes priced in the mid four hundreds is surprising.  The first time home buyers tax credit certainly was successful in Morris Plains.  Other towns with low absorption rates are.  Chatham Boro at 5, East Hanover at 4, Madison at 5 Wharton at 4.  These absorption rates all show that these towns are sellers markets.   These rates could change dramatically if more home owners decide to put here homes on the market.  Morristown and Morris Township are 9 months.   

Let’s talk about Market Value for a moment.  Many people are under the misguided assumption that if they price there house that is the price they should get for it.  Unfortunately it does not work that way.  The Market is when an able willing and qualified buyer comes along and offers to buy your home at a specific price.  The Market is not your neighbor’s opinion or your Uncle Joe’s, what the value of your home is worth.  The market is not opinion at all it is fact, plane and simple.  If you own a 3 bedroom 2 bath cape cod in Morris Plains and all the 3 bedroom 2 bath cape in Morris Plains have sold for 400 to 425,000  in the last 3 to 6 months then it is a good bet your home’s market value is between 400 to 425,000.  Grandma Sittmann had a saying, she would take me up on her knee and tell me a story of the time she was working some gasoline to distillate spreads on the NYMEX.  She would tell me that the “Market was not always kind but it is always right”.   Granny was so wise 

The fed has again repeated that they will not be raising interest rates anytime soon.  That is good news for now.  If you’re thinking of selling this is a good time to put your house up for sale.  Get it out there when inventory is low it will get more attention.  Also when does your home look better?  It is decorated and smells good.  It may sound like a big pain in the ass but it really it is not people are drawn to shiny things. 

You may remember in one of my earlier posts I spoke of a Morristown High School Graduate Kyle Noonan and that  he was looking for a donor for a bone morrow transplant.  Well the good news is Kyle received his transplant and is home recuperating. There will be a fund raiser for Kyle and his family at Hennessey’s this Friday December the 12^thbetween 8 and 12 pm all proceeds will go to Kyle and the Noonan family to help defray the medical costs.  Music will be provided by the Darren O’Conner Band.  There will be raffles for prizes, a 50-50 raffle and Kyle Mugs.  Hennessey’s is located at 140 Morris Street.  Please support this good cause.

Well thanks for reading Morris Plains Homes and here is the Dickens Quote.

“I am the Ghost of Christmas Present,” said the Spirit. “Look upon me!”

Bob Sittmann

Are you wondering how your real estate purchase in Morris Plains has done over the years?  The average sale price for a 3 bedroom with 1 to 2 baths in 1999 was 223,000 dollars.  So far in 2009 the average sale price of that same home is 390,000 dollars.  That is an increase of 174 percent over the 11 years.   If you bought a 3 or more bedroom with 2 1/2 or more bathrooms the average price in 1999  would be about 324,000 dollars.  Today that home would be worth 560,000 dollars.  That represents a return of 174 percent.  A 4 bedroom 2 1/2 bath home in Morris Township increased in value by 140 percent in the same time frame.

The height of the market in Morris Plains for a 3 plus bedroom and 2 1/2 plus bathroom home was 2006.  That home would have sold for 736,000 dollars.  A 3 bedroom with 1 to 2 baths was selling at 458,000.  Home values today are around were they where in 2004.    Morris Plains’ homes have lost about 15 to 25 percent  of value since the height of the market. 

Now the good news it looks like the downward trend for home prices seems to have bottomed out.   The inventory of available homes has slowed.  The tax credit and low interest rates have also have helped the current market. 

Still there are many factors that will affect the home values.  Property taxes have to stay in check.  Property taxes bite into the affordability of a home and are a main concern with today’s home buyers. 

I had another great open house at 9 Cleveland.  A client that has seen the house a number of times actually made and offer on the home.   I am waiting to hear from the seller if it has been accepted.  Many low priced realtors don’t like doing open houses and say they don’t work.  I am here to tell you that an open house is the best ways to have serious buyers see your home.  Over the 10 open houses I had over 100 people come through the home.  Of those  5 have expressed interest in the home and 2 have made offers.  If the problem with a low priced realtor is that by willing to discount the commission they really limit thier ability to market the home.  I f they willing to cut corners to get the listing do they really have your best interests at heart.  If you think about it doesn’t make any difference whether you have a 4.5 percent commission or a 6 percent if you don’t sell the house it still is zero.

If you want an in-depth price analysis to understand the value of your home please give me a call I would be happy to supply you with that information. Give me a call  at 862 222 4737

Here is the Dickens Quote

“Lead on” said Scrooge. “Lead on! The night is waning fast, and it is precious time to me, I know. Lead on, Spirit!”

Thanks for reading Morris Plains NJ Homes

Bob Sittmann

Santa came early this month to Morris Plains NJ Home buyers.  The price for 9 Cleveland in Morris Plains was reduced by 24,000 dollars to 575,000.  What a great stocking stuffer this will make this year.  9 Cleveland Morris Plains is located in a great neighborhood, close to parks, schools downtown and the NJ Transit NYC direct train. This 5 bedroom 3 bath home is much larger then it appears.  This i s a stealth house as you go through it you will see what I mean.  It is huge.

“This home will not last long at this price” said Carlo Siracussa Sales Manager of the Corporate Headquarters Office for Weichert.  “Well Priced Morris Plains Homes  have been selling at 95 96 percent of list.  You do the math” he said. 

Some highlights coming up in town are; the Morris Plains Presbyterian Church is holding a blood drive on Saturday, It is also opening day for the Morris Plains Basketball Association. Don’t Forget the Holiday Tree Lighting is Sunday the 6th at 5:45