Author Archive

Well last Saturday I held my first garage sale.  When I told my neighbor what I was doing she told me “that garage sales are a whole lot of work with very little reward”.  She could not have been more correct.  I met a lot of very nice people and I learned a lot.  First no one wants any VHS tapes VHS players or tube TV’s.  No one wanted any of my hand carved ducks. No one wanted my20 year old micro wave oven.  My 90 year mom stopped by and was my greeter.  I finally had to ask her to leave when she insisted on telling some of my lady patrons that they are too”large” to wear those jeans.   I was mostly successful in selling most of the crap but toward the end I was just giving stuff away so I did not have to but it back into the basement.

A woman from the Morris County Women’s Shelter came by and did take some of my son’s sweat shirts and pants.  It broke my heart when she told me that many of the kids show up at the shelter with the clothes on their backs.   I wish I had more to give them.

What’s going on in Morris Plains?  Well we have 27 homes for sale in April. They have been on the market for an average of55 days.  5 homes are in Foxwoods, 3 homes are priced lower than 400,000, and we have 3 priced lower than 500,000.  6 homes are priced lower than 600,000 and 2 homes priced under 700,000. We have one home at 724 and one home at over 1million.

14 homes are under contract so far in April and where sold on average in 87 days. Three homes have closed as of April 22 and where on the market on average of 103 days.  The ratio between list and sale price in Morris Plains is about 95%.

The absorbtion rate for Morris Plains is 2 months for homes priced under 500,000 and 4 months for homes priced over 500,000.  If your home has been on the market for longer then the above reference months you may want to review the marketing plan your current realtor has in place.  Are you priced competitively?  Morris Township Denville Hanover all have home that are competitive to Morris Plains.  If your home is on the market for over 30 days with no offers lower your price 5 percent.  In this market no one is going to overpay for a home when they do not have to.  Yes we live in a great town but we have to be realistic in our home pricing.  I have a client who is looking at homes priced between 300 and 400,000.  They have been in one home a number of times and they really are interested in it but the price is just too high. 

 This is a great house great town great location in a really good shape it has everything.  The problem is that the home is over priced.  The house has had a ton of activity. No offers.  The listing agent called me today to see if my people will make an offer.  She told me that the owner is discouraged that no one has made an offer on her lovely home.   All this house needs to do is lower its price by 5% and it will get multiple offers and will be sold in no time.

If you are going to sell your home listen to your agent about pricing.  They know what your home’s value is in today’s market is.  If you are not willing to listen to a professional’s opinion then why are you hiring them?    A lot of head aches and heartaches can be avoided.

There are 5 homes in Morris Plains that have been on the market for over 100 days.  Some of the homes that are listed have been listed multiple times with different agents and have been on the market for years.  These houses have been seen by every agent in Morris County and they all know that the home is over priced.   Selling a home is not magic, buyers do not just appear.  Remember in selling your “hope is not a strategy”   A seller in today’s market must know what they are up against not only in their town but other towns in the area.  Sellers need to have realistic expectations about the value of their home.  If 3 Cape Cod style homes in your town sell for 425 your house will not sell for 500. If they are hoping to get their price on an over priced home they could be hoping for a long time.   

If you know of a home in your neighborhood that has been on the market for longer then 3 months and you have any questions about it give me call.  Thanks for reading my Blog Morris Plains Homes. 

Here is the Quote   “There are so many men who can figure costs, and so few who can measure values.”  Author Unknown

You all have read my blog extolling reasons why now is a good time to buy a house,  well don’t take my word for it.  Donald Trump, I think we all know who he is, was being interviewed on the Howard Stern Show yesterday morning.  Howard asked “the Donald” what investment advice he had.  His reply was real estate.  He felt that there was no better time to buy then right now.  Rates are low and there are still some good deals to be had.  He also went on to describe his latest acquisition of land along the Potomac River.  He went on to described that this window of opportunity will not last long.  So the time is right now to buy.

The number of properties in Morris Plainsfor sale is down to only 24.  6 properties are in Foxwoods, we only have 2 properties priced under 400 and only 3 under 500,000.  Those first time home buyers really took a chunk out of the affordable home inventory in town.  6 homes are priced under 600,00 and only 3 under 700.  We still have one home priced over a million dollars.  Morris Plains has a little over 2100 homes in town and only .012 percent are for sale.  The average number of day these homes have been on the market is less then 2 months. 

Guess what it is a sellers market in Morris Plains.  Wait a minute but be for we take to the streets in celebration we need to remember that it is well priced well marketed homes that are selling.  Morristown Morris Township, and Denville also offer a lot of the same amenities that our town does and they have many homes that will compete in the market for our buyers.

We went to the Saint Patrick’s day Parade in Morristown last Saturday it was a great sunny day for a parade.  I would be for having the parade in April every year when the weather is nice and warm. 

Thanks for reading my Morris Plains Homes Blog.  Here is the Quote; “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you’re generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you don’t make “  Donald Trump

Isn’t this summer like weather great?  I think that after the winter we had we deserve a few warm days. 

My listing at 9 Cleveland has closed.  The historical event took place on March 29th.  The new residents have already placed a play set in the back yard and have begun to make the home theirs.

What is new in Morris Plains Market?  There are 26 homes that are actively for sale in Morris Plains.  Of those there are 5 under attorney review.  There are 11 homes that are under contract.  In January and February we only had 2 homes close, but in March we saw that trend turnaround with 10 homes change hands.  The average days on market was about 4 months and the list to sale ratio was a very firm 95 to 96 percent. 

If you should have any questions concerning how long a house has been on the market give me a call or e mail me and I will be happy to give you the straight skinny.

On a macro note the government stopped buying mortgages but that has not seemed to have pushed rates up too much. The home buyer credit is coming to a close at the end of this month; A 30 year fixed mortgage is still around 5.25 to 5.30 percent.  The employment picture seems to have begun to stabilize.  Inflation is still very low so the government has no reason to raise rates any time soon.  Home prices nationally have also started to rise.  While in Morris County and Morris Plains in particular the bottom has slipped away and prices are higher.  The stock market is knocking on that 11,000 point mark.  I believe the light is at the end of the tunnel.

Governor Christi is doing what he promised by cutting spending and refusing to raise taxes.  He has taken some unpopular stands with the teachers and government employees unions but these things need to be done.  Hey we are all hurting here and we have all had to make sacrifices but I think if we all work together and stop demonizing those that have to make some hard and unpopular decisions and we work together  we will get through this.  We all shared in the good times now lets share in the bad.   Local governments also need to take a page out of the governor’s book and control spending.  None of us can afford our property taxes  going higher. 

Thanks for reading Morris Plains Homes and here is the quote; “I don’t believe in the no-win scenario” James T Kirk Captain of the Starship Enterprise

I have been living in my current 4 bedroom 3 bath homes in Morris Plains for 16 years now.  My sons were 7 and 4 when we moved into this house. My family and I have had some great memories in this home.  When we first bought it I was afraid that this house was just too big.  I even said to my wife “honey this house is just too big” We did not have enough furniture for every room of the house.  The boys slept in the same room. 

 Funny things started to happen.  The boys started to grow.  I have been told that if you feed them and give them water and let them get plenty of exercise and fresh air they get big.  Well after 5 years the 7 year old is 12 and wants his own room because his little brother is a jerk.  The 4 year old is now 9 and wants his own room because his now 12 year old brother is a dufous.   Ok we are good we have two extra rooms no problem.  Wait a minute what about when my mother comes to stay?  There is a phrase that sends icicles down the back of even the bravest of men.  Not a problem we can put a bed in the office and we have a guest room.  We have the room right great. Mom gets Johnnies room (the youngest) and John can sleep in the office.  Great, disaster averted.

Ok things are cool for a year then all of a sudden the boys start growing again.  This is about the time that I noticed that all there friends where getting big.  This fact was driven to the forefront when one Saturday afternoon I came home from running some errands and the younger son and his friends where in the family room watching a college football game.  No problem I like these kids they are all good very respectful.  That  is when I notice my son’s friend “Tree”  (he did not get that nick name because of his love of horticulture)  Here in my home is a 6 foot 180 pound 12 year old with a size 15 shoe, arm deep in a bag of Kirkland pretzels.  Picture the cave scene in the movie “Quest for Fire” and you will have a general idea of what my family room looked like.  The other thing about 12 year old boys is that in a group they all smell like Abercrombie cologne and feet.  We are lucky we have a basement that is big enough to hold them.  A TV a pool table some old couches and we are set. 

 Thud, thud, thud I will never forget the first time I heard that sound the date was June 12 2005 it was 9:30 am the younger one was up and moving down the stairs.  When did he get to be 5’10 and 160 lbs. Mean while the older one needs a car so we need a place to park it?  Oh and by the way the friends keep showing up all have facial hair and each one bigger then the next. 

 So what am I trying to get at?  The house I thought was too big in 1994 was busting at the seams in five years.  That little tiny bundle of joy you brought home form the hospital will soon have a brother or sister or two, then the next thing you know their friends will start showing up.  Think of it as having a diner party everyday of the summer.  There is no better time then now to get into a larger home.  First time home buyers are out in droves.  Starter home prices have stabilized and in some towns have even started go up.  In Morris Plains there are 16 homes with four or more bedrooms that have been on the market and average of 79 days.  There are 6 home in town with 3 or less bathrooms, and have been on the market for and average of 50 days.  Interest rates are low the economy is coming back there is no better time then now to get into a larger home.  You don’t have much time kids get big faster then you think.  Your child could very well have a “Tree” as a friend.  Call me and I will set you up

 Thanks for reading My Blog Morris Plains Homes.  And here is the quote.

Cleaning your house while your kids are still growing up is like shoveling the walk before it stops snowing.  Phyllis Diller

Hey all you Manhattanites that are thinking of moving New Jersey think on this:  Morris Plains and Chatham NJ both have a lot in common.  They both are located in desirable Morris County New Jersey.  They both are about the same size ,2.5 square miles, they are both pedestrian friendly and they are both on the Morristown Line of New Jersey Transit with direct service to NY Penn Station and Hoboken. 

But there the similarities end. Chatham’s population density is almost 40 percent higher then Morris Plains.  Also the Average active listing for a home in Chatham currently is 35% percent higher then a home in Morris Plains.  In the last year on average buyers have paid 800,000 dollars for their home in Chatham where in Morris Plains homes on average have sold for 520,000 dollars.  That is almost a 300,000 dollar difference.

Lets break this down further.  In Morris Plains a 7 room 3 bedroom with 1.5 to 2 baths is currently selling on average for 460,000 dollars, while the same size home in Chatham is on the market for 550,000.  In the last year this same size home in Morris Plains sold for 425,000 dollars while in Chatham it sold for 565,000.  I don’t know too many people that have an extra  135 “G’s” to toss around do you?

In Morris Plains an 8 room 4 bedroom 2.5 bath home on average is selling for 550,000 while the same size home in Chatham on average is selling for 740,000.  Last year buyers in Chatham paid on average 290,000 dollars more for their 8 room 4 bedroom 2.5 bath home then the buyers in Morris Plains did for theirs.

What is really interesting for the price of a 7 room 3 bedroom 1.5 to 2 bath home in Chatham you could have an 8 room 4 bedroom 2.5 bath home in Morris Plains with a nice size lot and have money left over for food.

So let’s review.  Morris  Plains has less people, an easy rail commute to NYC, a friendly downtown with shops and restaurants  plenty of parks and recreation oh yea and home values that don’t take a chunk out of your ass. 

Here is an idea I will sell your home in Chatham I will find you a home in Morris Plains.  You take the 200,000 grand that is left over and  buy something really nice for your wife, maybe something shiney and sparkly with facets or buy your self that Red Corvette. Or you could do something mature and grown up and  invest it in the stock market where it may actually appreciate (because it isn’t happening in the real estate market in Chatham)   Give me a call at 862 222 4737 I can hook you up.

Thanks for Reading Morris Plains Homes, and here is the quote “Great minds discuss ideas, average minds discuss events, small minds discuss people”. Eleanor Roosevelt

Happy Saint Patrick’s Day

Today lets talk about the home buyers tax credit.  For first time home buyers this credit applies to anyone who has not held ownership interest in a primary residence within the past 3 years. The Internal Revenue Service is responsible for implementing the tax credit so give them a call for more information. (yeah I know who wants to volunteer to call the IRS if we don’t have to.) Or check out their web site www.irs.gov they are the go to place for tax credit info

Currently there are 29 homes for sale in Morris Plains. 5 are condo’s in Foxwoods. 4 homes are under Attorney Review leaving 21 homes  as active sales in town. There are 11 homes under contract.

and now for today’s quote: “I used to say that Politics is the second oldest profession, but I have come to realize that it bears a gross similarity to the first.”  Ronald Reagan

If you are looking for a property in the Morristown, Morris Township and Morris Plains, give me a call. I have the inside scoop on properties in the area

Happy Saint Patrick’s Day

Every morning I get up make my coffee and then sit down and go through all the financial websites to see what is going on in the world.  What I have realized is all the bad news that is coming out about the economy centers around the housing market 

Like a lesson in the conjunction of Latin Verbs that Sister Hell on Wheels would pound into my 15 year old head in high school the bad news in the housing market is force feed to us every waking moment.  One report claims that 1 in 4 home owners are under water in their home loans.  Another claim the housing market is awash in foreclosures, and another warns us of the coming commercial real estate meltdown.   Ah duh this is the same crap we have heard for the last year.  Where were these people 2 to 3 years ago when we all could have used some of their bad news predictions?  All the bad news is in the market it is not relavent any more.  Now tell Bobby something that we  don’t know.

Ok how about I share this with you.  Did you know that 382 non financial firms in the Standard and Poor’s 500 have reported results for the fourth quarter and are now sitting on 932 billion dollars?  That is billion with a “B”.  What these companies have done is during the down turn they cut costs and capital spending looking to survive the storm.  What are these companies doing now?  They are coming out of their caves and are looking to spend.  Let’s face it a trillion dollars sitting in a bank account is not doing anyone any good.  That money needs to be put back into the economy.   Some of these companies have increased dividends and bought back stock but this signals to the market that they don’t have a better use for their cash.  Stockholders want value and growth.

What is happening now is companies are using their cash to buy other companies.  Bank of New York just spent 2.3 billion for PNC Financial Services, Diamond Foods Inc’s 615 million purchases of Kettle Foods, Air Products offer of 5.12 billion for Airgas Inc.   These are just a few examples of how these companies see positive signs where the economy is going.  Capital for expansion is more readily available and this capital is cheap.  Instead of using what many CEO’s consider their under valued stock to finance a merger these companies have leveraged their cash and the availability of cheap capital to expand through purchases and mergers.  Their view of the economy is that their stock is undervalued and when you compare that to the cost of cash and financing it is pretty easy decision to make, use the cash.

So what does this mean to the average home buyer?  Well 382 CEO’s are out looking to buy.  The reason they are buying is the same reason you should be buying as well.  Reason number 1: the market is at the bottom, in some metro areas the bottom is slipping away.  Reason number 2: interest rates have never been lower.  Everyone will agree that rates will not stay at these levels for long.  30 year mortgages have slipped under 5 percent once again. Reason number 3: waiting for prices to drop.  Home prices are at 2004  levels.  We have seen prices fall almost 5% a year since 2006. Will prices fall further I don’t think so. Why you ask? Because of, Reason number 4 the Economy is Improving.

Thanks for reading Morris Plains Homes   NJ Blog.   Here is today’s Quote   “Stay strong eat right and go for the gold”  John Sittmann

PS this just in    The Unemployment Numbers for February are in.   The  Consensus is that had we not been “snowed in” in February we would have seen a job gain instead of a job loss & this is perceived as a strong economic indicator

To my Readers I am sorry for the delay in a new post on the blog.  But  a spill on the ice trying to do a Triple Toe Loop (mind was willing but the body was not) and a bout with the flu have kept me out of the writtin biz.  I hope to make up for lost time. 

According to the Case Shiller Home Price Index home prices edged higher by .3 percent.  This is the seventh straight monthly increase and it is up nearly 3 percent since the lows of May 2009.  This is more evidence that the housing market is on the road to a recovery, a bumpy one but one none the less. 

This trend is important to the nation’s economic recovery as well.  To most Americans their home represents their biggest asset so as values climb homeowners tend to feel wealthier and are more comfortable spending .  The increase in values also helps home owners to rebuild equity.  As home values  rise it is further proof that conditions in the housing market continue to stabilize.  What would be really nice would to see the unemployment numbers start to come down.

There are still forces that could slow the recovery but for the most part buyers are beginning to realize that bottom is creeping away.  Homes that are priced right are selling a little bit faster.  More listings are receiving multiple offers at or above the asking price.  Some sellers are seeing all cash offers. 

On the economic side the stock market continues to settle above the 10,000 mark.  One should also take note on interest rates. Rising interest rates are not necessarily a bad thing.  Although it could signal the end of sub 5 percent rates for 30 year homes mortgages it also means the economy is on the road to recovery.  Rates for home mortgages could begin to move higher by the end of this year and certainly by early next.

For the Market in Morris Plain NJ February 2010 matched January 2010 in monthly home sales for Morris Plains.  Only one house closed for the month.  The good news is despite the horrible winter weather we have had in February people have been out looking at homes and 10 properties have gone under contract. 

Currently Morris Plains NJ has 27 homes on the market of that 6 are condos in Foxwoods.  Four Properties are under Attorney Review, leaving a grand total of 17 single family homes in town for sale. 

Of that, 7 are priced under 300,000, 3 are priced at 3 to 400,000.  Four homes are priced less  than 500.  There is a terrible shortage of homes in Morris Plains priced in the Mid 4’s.  It seems as soon as a house is listed it is snapped up.   Eight houses are priced fewer than six hundred and 3 priced over 600,000 dollars.

The Absorption rate in town is not too shabby either.  Right now on average the rate for homes in Morris Plains is around Five and ½ months.  What is a very interesting statistic is that the absorption rate for homes priced fewer than 500,000 dollars is 4 months and homes over 500,000 are 7 months.  Both numbers are still impressive.   An absorption rate of 5 and under is considered a sellers market and 6 to 7 months is considered about average.   Another item to note is that this statistic is telling us that the town is seeing an influx of first time home buyers that are looking to settle down and start their families in our lovely Community of Caring.

Thanks for reading Morris Plains Homes here is the Quote;” Success is not final, failure is not fatal: it is the courage to continue that counts”.  Winston Churchill

Is the interest rate party coming to and end?  The housing bears think so. FEDERAL RESERVE RAISES DISCOUNT RATE TO 0.75 PCT FROM 0.50 PCT, EFFECTIVE FEB. 19. However Fed Reserve Chairman Bernanke   says that this is a normalization of lending then a change in policy.  The Federal Bank is still painfully aware that the nation’s unemployment numbers are still high and that it will be their policy to keep interest rates low until such time as real signs of a recovery.

That continues to bode well for the housing market for the time being but one must also remember that The likelihood of interests rates going any lower is remote.  Chances from this year forward it would not surprise me to see rates rise 1 to 2 points by 2011 2012. 

For those home owners that are waiting for the housing market to recover to the levels of 2005 and 2006 before putting their homes on the market will have a long wait.  Homes values have only just begun to flatten out.  Those sellers that act now sell their home and get into a larger or smaller one will tend to make out better in the long run as they will get into a property at the bottom.   One other thing to note is that when home values go up they just don’t go up for your home they go up for everyone’s home.  You may have lost value in your property over the last 5 years but chances are you will make that value up in the coming years.

Below is a chart that shows that Average monthly Close for the stock market since 1995 and 4 bedroom 2 ½ bath home prices in Morris Plains.  One can see as the stock market moves up so does the housing values .  Some things to note here are that the unemployment rate in years past has never been this high.  However the economy is improving and  we  have shaken off the shock of the a near financial meltdown.  But Hey we are still here we are a little banged up  a little bruised maybe. But hell we are ok.  That is what you are seeing in today’s market now.   America is recovering.   Always remember no matter how bad it gets “They can’t eat you.”

There is no better time then now to either buy a home or sell a home in Morris Plains today.  Give me a call if you have any questions.

 Here is the quote: “You can observe a lot just by watching. Yogi Berra 

Thank You for reading My Blog On Morris Plains NJ Homes  Bob Sittmann.

PS. By the way 10 Court Rd did not sell it was taken off the Market.

Below is a graph showing what the average sales price for a 3 bedroom 1 and 1/2 bath house from 1995 to 2009 in Morris Plains NJ.  In the last 15 years these homes have gained on average about 4 percent a year in equity with 2006 being the height of the market.  One thing to note is that the downward trend on home value has leveled off.   If the the historical rate of 4 percent a year returns to the market these homes will begin to increase in value.  The one thing to keep in mind is that in order to get back to the values we where at in 2005 and 2006 we will need 9 years of steady growth.

Manufactureing continues to pick up and unemployment has begun to level off.  These are all good things.

If you are interested in what your home is worth today in Morris Plains NJ or any other town in Morris County NJ Send me and e mail or give me a call and i can give you a customized and detailed report on the value.  www.Zillow.com and www.Trulia.com can not  give you the information you want.  Remember Good Information is Power, Power is Wealth. Bad information is Stupid.

Federal Reserve Chairman Ben Bernanke said Wednesday he doesn’t expect the central bank to sell its huge trove of mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers.  The fed is not expected to raise interest rates until next year.

If you have any questions concerning the graph please give me a call or e mail me.

Thanks for reading Morris Plains Homes Here is the quote:  “There has never yet been a man in our history who led a life of ease whose name is worth remembering.“  Theodore Roosevelt