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

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