In Morris Plains there are 31 homes for sale in Morris Plains that have been on the market for an average of 100 days.  They range on the market from 32 all the way up to 271 days.  10 homes have been on the market for 4 months or more.  Now before you say “well that is because of the economy or the market”.  The truth is there are currently 10 homes under contract that where on the market for an average of less then 30 days.

Why did these homes sell in such short time?  They were all correctly priced to the market when they were listed.  These 10 homes where not all inexpensive properties, six where priced over 549,000 dollars.  The highest priced one was priced at 699,000.  Four of these  homes sold in under two weeks. 

It is not rocket science, there is a lot of competition in the market.  If a buyer cannot find the home he wants at the price he wants in Morris Plains he will go to Denville or Morris Township or Hanover to find his home.  Remember the market dictates what your home is worth.  The current average absorption rate for Morris Plains is up around 6 months.  In the long run incorrectly pricing your home will cost you tens of thousands of dollars.  Hoping to get your asking price is not a strategy it is a mistake.

Thanks for reading my Morris Plains Real Estate Blog:  Here is the quote: “This country will not be a good place for any of us to live in unless we make it a good place for all of us to live in”.  Theodore Roosevelt

What’s going on in the world economy?  Most people think very little.  However things are getting better.  The trade deficit in the US widen in May.  The cause of this is that the value of the dollar has gone up making US goods less attractive to foreign buyers, the European debt crisis has limited overseas demand, and China’s economy slow down have all contributed to the increased. 

Although the deficit has grown what is important to note is that the business is still picking up.  Exports grew in May with the sales of industrial equipment, business machines, and semiconductors.  Imports rose as well with an increase in cars, pharmaceuticals toys and clothing. 

The shining star is the earnings report from Alcoa Inc.  They have reported an increase in sales to the automotive industry by 8 percent and sales to the truck and trailer manufactures by up to 17 percent.  The business environment continues to get better and the Alcoa news is important.  A few weeks ago I spoke of the world wide increase in demand for diesel fuel.  The increase in sales of aluminum to the truck manufactures indicates an increase in demand for trucks.  Trucks haul the majority of goods in the world and more trucks on the road indicate and greater demand for consumer goods Consumers are coming out from under the bed and are back buying.

The Housing Market in Morris Plains has slowed down for the summer.  35 Homes are for sale.  The absorption rate is about 8 to 9 months.  Things should pick up as we move into the fall when people are back from vacation. 

Interest rates for a 30 year fixed rate loan are around 4.5 to 4.75 percent.  Recently I entered the interest rate market for a 5 year adjustable rate loan.  I have been quoted a rate of 3.5.  Not bad mi amigo.  Low interest rates, contrary to popular opinion, are here to stay for at least another 6 months or so.  There is no inflation and unemployment although high has stabilized.  This news maybe an  indication of an improving  economy at least on the local level three people on my street have found jobs. 

So things are getting better just keep the faith and keep moving forward.  Remember “Be the Shark always swimming always moving “

Thank you for reading my Blog Morris Plains NJ Homes.  Here is the Quote;   Act as if what you do makes a difference. It does. “   William James

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

 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

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

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

This report was done on only 4 bedroom 2 and 1/2 bath homes but can be run for any type of propertyand any where.  If you are interested in what the real value of your home is e mail me and I would be happy to run a Home  Value History Report for your house.  My Email Address is rsittmann@weichert.com  Click on the graph to make it larger and to print it.

Thanks For Reading Morris Plains Homes NJ.  Here is the Quote:  “In wine there is wisdom in beer there is happiness in water there is bacteria”   Benjamin Franklin

Bob Sittmann

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

Great Location

Dining room

Big Kitchen

Wood Burning Fire Place in Family Room

Give me a call at 862 222 4737 if you are interested in this property. This home is priced at 699,000. Call now if you want to see this baby.

Thanks for reading My Blog on Morris Plains Homes;  Here is the quote for today’s post ;  “Peace be to thine house” I Samuel 25:6

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