Archive for the ‘Information for Sellers’ Category

Last Friday the Morristown High School Swim Team held it’s annual “Van Laskos” Memorial Scholarship Fund Swim a Thon.  This is the 6th year for the event and the swimmers raised over 13,000.00.  The event and prize honor a former Colonials swimmer that died of acute lymphocyte leukemia in 2005 just before his graduation. 

The first swim a thon raised $3500.00 for the Valierie Fund Childrens Center at Morristowns Memorial Hospital where Laskos received treatment.  The following year nearly $15,000.00 was raised to help the family cover medical expenses.

The Laskos Scholarship is awarded to a graduating senior of the swim team who best embodies Lasko’s Spirit.  The recipients are chosen by the other members of the team.  Last year Katie Browne and Dillion Pasepone received the scholarship.  Last year was the first time there where 2 athletes where selected. 

You got to love a school  where its students stand up to honor on of their own.  Good Job Colonials.

The Market in  Morris Plains, Morris Township and Morristown area is beginning to pick up.  The absorption rate is still on the high side. Morris Plains is at 8 months the Township is at 6 and Morristown is at 14.  The sale to list price ratio is still around 95%.  Things will pick up again as the buyers come back into the market.  Madison is already back to 4 months.

Hey dont if you are looking for a Colonial in Morris Plains NJ,  Call me about the this baby.

 Thanks For reading My Morris Plains Homes NJ  Blog.  Here is the quote:

“The greatest lesson in life is to know that even fools are right sometimes.” Winston Churchill

The last economic in the expansion in the United States was led by housing and housing related businesses.  Those business accounted for a large part of the of employment growth and  an increase in home equity fueled that expansion.   The Blog Calculated Risk reports that American Home owners borrowed 680 billion dollars of home equity in 2006 and 480 billion in 2007.  A trillion dollars can go along way to fueling an economic expansion Mardi Gras.  But the party is over and we are all suffering with the hangover now.  

The housing market peaked in 2006 and the housing related industries have  shed jobs.  As home prices have fallen the ability of home owners to borrow against their homes equity has vanished.  Instead of contributing to the expansion of the economy the housing market is the reason for it’s contraction.  Lets face it we went crazy.  We borrowed against the house put in granite counter tops and stainless steel appliances, bought a new mini van, a 50 inch plasma flat screen TV and went to Disney World.  The last one off Magic Mountain please turn off the light

Housing is what got us into the mess but it is not going to get us out.  And what is the really good news is that we do not need it to get out of the recession.  The US economy has staged an incredible turnaround in less then a year.  In less then nine months it has grown 11.3 percent.  And all this has happen as home values have continued to fall and consumer lending has declined.  People are still spending they are just being smart about it.

What industries are leading us out of the recession?  Well you have education and health care on the local front.  In addition industries that are tied to the global economy have come back. Commodities, energy, transportation and   manufacturing is growing again.  Exports from this country have risen 6 months in a row.  Low interest rates and government spending have helped as well.  Business services are adding jobs.  It is many small things that are leading us back to recovery. 

Americans have changed the way we spend.  We save for the things we want  and are spending less.   Instead of income going to tend debt service it is going to investment.  This capital investment instead of going into housing is going into improving infrastructure, new industries like solar plants,  updating existing facilities and manufacturing expansion.  The stock market is proof positive.  In 10 months it has risen over 50 percent from its lows back in March of 2009 .

There are 25 homes for sale in Morris Plains this month.  Only one home has gone under contract and that is my listing at 9 Cleveland Avenue Morris Plains, NJ.  There are two homes that are listed as a for sale by owner.  One is a great up dated  cape, 3 bedrooms 2 baths priced at 385 another is a ranch with all new baths and kitchens priced at 510.  If you would like to see them let me know.  I also have a lead on real nice center hall colonial on a great lot and will price in the high 600′s

Thanks for  reading Morris Plains Homes Blog and here is the quote: 

“While you’re saving your face, you’re losing your ass.”  Lyndon Baines Johnson

US economic growth has finally resumed  The gross national product for the 4th quarter will show an increase of 5 percent, the third Quarter was up by 2.2 percent.  This comes after 4 quarters of contraction.     So the economy seems to be getting better but it  is still very fragile.

However today’s release of the Consumer Price report for 2009 will mark the first annual decline in consumer prices in  54 years. With high unemployment keeping a lid on wages, manufacturing at  70% of capacity and  virtually no inflation. Those that are banking on the Federal Bank to reverse it‘s lending rate policy  may be disappointed. The Feds will be fearful of raising interest rates too soon and could keep them at near zero this year and maybe for 2011 as well.  Thus the dollars value is not going anywhere soon.  

So this bodes well for the home buyer.  Two things will happen this spring, the home buyer credit will go away  and the  government will stop buying mortgages.   However  the Fed will continue to keep interest rates low  and  this will help keep the  affordability of home ownership relatively high. 

In Morris Plains and in the surrounding area homeowners that wish to sell their homes will see an increasing number of buyers.  Competition for homes in good condition , that are in a good location and are well priced  will be high.  Those home owners that bought at the height of the market will not be able to sell because of the loss they will take in this declining market.  These are mostly newer homes with all the bells and whistles or older homes that have been updated and their owners took second mortgages or refinanced to pay for the improvements.   We have already seen this in the number of homes that have been withdrawn from the market at the end of 2009.  These homes will not be part of the market and  thus not be part of the home selling pool. 

The other unseen factor is that the banks are artificially holding back additional inventory thus competition by their long drawn out process of approving short sales and foreclosed sales.  Although at first the temptation to a buyer is great to buy one of these homes, the process is difficult and time consuming to many of them and they end up going to a more traditional home buying route.  Short sales and foreclosures are for those stout hearted buyers that, first have the cash to invest, secondly can afford the time to wait  for a banks approval.   Many of the pundits are fearful of the foreclosed homes hitting the market and driving the prices down.  Home Owners in Morris County NJ really don’t need to fear the foreclosure market.

A foreclosed home requires a specific type of buyer to purchase the home.  The vast majority of home buyers in the market are ill equipped to take on the challenges of buying one of these homes.  If a foreclosed home comes on the market and is in good condition the competition among buyers is fierce and could result in multiple offers and even a bidding war.  99 percent of the buyers of homes today do not have the stomach to last very long looking for a home this way. 

Typically a foreclosed home is in need of a ton of work.  Yes it could sell for well below the market but it will  need  so much refurbishing that the cost to bring it up to standards would bring the value  to the current market.  Those buyers that can afford to buy a foreclosed home, put the time and money into it, then sell it again don’t sell it a discount to the market they sell it at the market or they live in it.  The banks in a sense are recreating the buy and flip market of 4 to 5 years ago.

The other thing is to take into consideration is that foreclosed homes still represent a value to a bank.  One may think that they would want to get these properties off the the balance sheet asap.  The truth is that they have already written down these properties and they are not in the mood to write them down further.  Banks are corporations and answer to stock holders as long as they can keep a property on the books valued at “X” they will.  Stock holders are funny they don’t like to see losses.  It is not in the bank’s best interests in flooding the market with unsold inventory.  They will do their best to keep the market from sliding further. They will be very careful and controlled as the  as they sell off this inventory.  Plus with the interest rate so low it costs the banks very little to hold this inventory and these costs can be written off.

So all in all the home market in Morris Plains and in Morris County has bottomed out.  Well priced homes in good condition and in good location will sell in a relativelyshort time.  Home sellers need to know that if you bought a home 4 or 5 years a go that home is worth about 15 to 25 percent less depending on the town it is in.  Those home owners that bought 10 years ago have seen the value of their home go up in value from 140 to 170 percent in that  time period.  These are the people that will make out in this market.  They can take the equity they have earned in their home and invest in a larger home that is now priced 20 percent less than it was 4 or 5 years ago.

Thanks for reading Morris Plains Homes.  Here is the Quote: “Out of clutter, find simplicity. From discord, find harmony. In the middle of difficulty, lies opportunity.”  Albert Einstein

  On the weather front we may see a bit of a warming trend here in Morris Plains, NJ over the next few days.  Be sure to enjoy it while you can because the weather dudes are predicting a return to arctic temperatures by the end of the month and into February.

 On the interest rate debate “me culpa” on my last post.  It looks like India and China will be tightening their monetary policy in an attempt to reign in inflation.  This action may weaken the USD which is already under pressure from last weeks disappointing job report and subsequent realization that the Fed will keep interest rates low.

 We have a couple of new listings in Morris Plains, NJ.  Two are on Leamoor Drive listed at 549 and 600,000.  There is a nice colonial on Thompson Way listed at 650,000.  And over on Maple Ave there is a cute as a dickens 2 bedroom 1 bath ranch for sale.  Only one house has gone under contract in Morris Plains so far this year.  There are only 25 homes for sale in Morris Plains so far this year.  The number of mid priced homes is still relatively low.

 Well my house at 9 Cleveland is under contract.  The buyers made an offer on December 22 but with the holidays and travel we finally got out of attorney review on January 7th.    When we originally had the house listed at 629, we had a lot of interest but no offers so we lowered the price 5 percent to 599.  Again a lot of interest and only one offer which was too low.

 After Thanksgiving we lowered the price another 5 percent to 575 and the buyer train pulled into the station we got 3 offers between December 1 and the 22nd. We where able to work a deal and Morris Plains is well on its way to having a new set of residents. 

 The number of refinancings soared in the first week of January as everyone has finally realized that these interest rates can not last forever.  So if you are looking for a home be sure to get on the mortgage bandwagon and lock in that rate.  This trend should be good,  less money going to pay debt and more into the economy.

 Things are still looking good and the Spring market is showing signs of being one of the strongest yet.

Thanks for reading Morris Plains Homes.  Here is the quote. For this week “Paddle faster, I hear banjo music”   Anonymous

We need to watch what the December non farm payroll numbers that come out on Friday the 8th. The median forecast is for a decline of 8,000 with a wide range of a loss of 80,000 jobs to a gain of 60,000.There are several economists that think December marked the first month in two years that there were more jobs created than eliminated. And any sign of growth raises the expectations the Fed will look at hiking interest rates sooner rather than later.  Thomas Hoenig Chairman of the Kansas City Federal Bank thinks  intrest rates should be at 3.5 to 4.5

Any perception of that happening will strengthen the USD In the world of currencies the Euro has come under pressure after ECB Executive Board member Juergen Stark was quoted as saying that that the EU would not bail out Greece. The USD value is closely tied to the unemployment numbers & on this issue the ADP indicated that US shed 84,000 jobs in December, far fewer than the 145,000 lost in November. Were these kinds of numbers to be confirmed by the non farm payrolls on Friday we could see the greenback strengthening further.   A stronger dollar will have investors pulling out of commodities and buying the dollar.  As the value of the dollar goes up so will interest rates. 

There are a couple of new Morris Plains homes for Sale.  35 Leamoor is a 4 bedroom 2 bath ranch priced at 600 and 2 Thompson Way is a 5 bedroom 3 bath Colonial priced at 650.   Not much going on in the mid price ranges for homes.  The Homer Avenue home is under Attorney Review.  That homes price was lowered to 435 and I think that it will under contract near that number. The Cold weather does not look like it will be easing any time soon.  I hear that the skating at the Morris Plains Community Park Pond is exceptional.  We may be getting some more snow for this weekend so you will be seeing me at the Mountain Way School Hill Sledding with my Homies.

 I would like to give a shot out to my 2 VBF’s over at the Morris County Tourism Bureau.  Carol and Deidre are a great source of info on Morris County and the Morristown area if you should stop in tell them I said “YO”.  Check out the web site at www.morristourism.org for all your Morris County Tourism Information.

Here is the quote:   

 ”The main purpose for holding children’s parties is to remind yourself that there are children worse than your own.” ~ Author Unknown

Thanks for reading Morris Plains Homes.  Remember to Support our Troops

 Also check out www.zerohedge.com

Bob Sittmann

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

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

Well the Holiday Weekend is over.  I took John to the train so he could go back to the University of Maryland.  The train station at Newark was crazy with families taking there kids to the train.  It was great to see my son he has grown in so many ways. 

The Music Ministry at Saint Virgils is selling Christmas ornaments to raise money to repair and up grade the pipe organ.  The ornament displays the Nativity Scene that is seen on one of the churches stain glass window.  This is the first of a series that will be available for the next few years.   Each ornament cost $20.00 and are about 3 3/4 inches long by 2 inches wide.  These will make great gift ideas.

Coach John Furphey has retired after 27 years as the Girls Soccer Coach for Morristown High School.  He started the program in 1982. His tenure of 27 years was the longest for a couch at the same soccer program.  Here is another example of  another dedicated teacher at Morristown High School

Five homes have closed in Morris Plains NJ  for the month of November that does not include what might close today the 3oth.  The average priced home was 395  with a 93 percent list to sales ratio.  3 homes have come under contract in November the average price was 516 and 57 was the average days on market.   3 homes are under attorney review as of today.

 The house at 253 Mountain Way went under contract in 12 days.  Again here is a house that was correctly priced from the beginning.  As I have said in the past  “a well priced house will always move in a short period of time.”  253 Mountain Way was a nicely appointed home with lots of room and updated kitchen and bath rooms. 

Remember in pricing your home hope and wishing are not strategies in selling your house.  The market dictates the price of your house, at times it may not be kind but it is always right.

Here is the Dickens Quote ” Darkness is cheap, and Scrooge liked it.”

Thanks for Reading Morris Plains Homes

Bob Sittmann

I read a story in this mornings paper about how  the family of Bronislaw Firuta a Polish Citizen during the Nazi occupation of Poland hid Joesph Bonder and his sister Joan in the attic of their home while lying to the Nazis about them.  Bonder and Firuta where reunited at JFK airport on Wednesday.  After the war Bonder went to a displaced persons camp in Germany where he met his wife.  It took 5 years before Bonder was allowed to come the Bronx where his sisters’ husband had family.  He settled in Roxbury where he owned a Laundromat and a strip Mall. 

The meeting of Bonder and Firuta was arranged by the Jewish Foundation for the Righteous. an organisation that honors non Jews who risked there lives to save Jews during World War II.  You have to stop an think about this.  How many of us would risk death for ourselves and our families to help strangers.  After the meeting at the airport Bonder said “I have been blessed by God.  There is no other place I could have all this but in America. 

This Holiday Season lets try to lighten up and try to make it as pleasant for as many people as possible.

Thanks for reading Morris Plains Homes

PS heres is the Dickens Quote

There are some upon this earth of yours,” returned the Spirit, “who lay claim to know us, and who do their deeds of passion, pride, ill-will, hatred, envy, bigotry, and selfishness in our name, who are as strange to us and all out kith and kin, as if they had never lived. Remember that, and charge their doings on themselves, not

Bob Sittmann