Morris Plains NJ Absorption Rate
December 10th, 2009 | 
Author: 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 12thbetween 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
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