Archive for the ‘Morris Plains Market Information’ Category

  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

Happy Christmas   Merry New Year

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

I have the inside lead on a great home in Morris Plains NJ.  The location is to die for.  It is on a cul-de sac, This is a wonderful center hall colonial that backs up to woods.  Very private but convenient to everything.  This house is fairly priced, It is not on the market yet so I call it the Stealth House.  Call me if you want more info. 862 222 4737.

The Holidays have not slowed down the number of people looking for homes.  Saturday and Sunday are gearing up  to be busy days looking at homes with my clients.  No new listing have hit the market in Morris Plains and 22 is the number homes available for sale in town.  The Holiday decorations look great in town by the way.

There is a great article in Business Week written by Marc Rothe about how now is the time to buy.  It is titled “If You Dont Buy a House Now You Are Stupid”.  click on the title and you will be brought to the article.  If you are going to go to the article take a moment and look at Mortgage-X.  To support this the Fed decided that due to the “subdued “inflation risks it would hold interest rates at close to zero for an “extended period” of time.  So we can count on interest rates will remain low for the time being.

Here is the Dickens Quote

And every man on board, waking or sleeping, good or bad, had had a kinder word for another on that day than on any day in the year; and had shared to some extent in its festivities; and had remembered those he cared for at a distance, and had known that they delighted to remember him.

Thanks for Reading

Morris Plains NJ Homes

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

Lets Give our leaders in Washington props when they desirve them.  The Tax Credit has proven to be a real measurable success.  Home sales in October where up over 10 %.  It is the single highest increase in 10 years.  6.1 million homes changed hands up from 5.5 in September. The Tax Credit and the fact that homes are now more affordable  have had a very positive impact on the country’s economy.    The news was so good the the Dow Industrial Average jumped 130 points to end the trading session at 10,450.  Do we dare think that the Dow will move over 10,500?  I think so.  What do people do when they buy  a new home?  They fix it up and make it their own and they spend money.  Moving the money moves the economy.

I have certainly expiereced the increase.  People are getting off their butts and are beginning to realize that the house they wanted to buy was sold to someone else.  One client I have worked with has written 3 offers on 3 seperate home.  Hopefully today’s will go through. 

My listing at 9 Cleveland in Morris Plains is a good example as well, I held the 10th Open House last Sunday and I had 9 customers looking at the home of the 9 I now have 4 good clients that are looking for homes.  Their just not waiting anymore.  I have had 3 people very interested in Cleveland after this weekend and  now I have 4.  3 of the people live in Morris Plains and know each other and don’t want to compete with each other in bidding.  What is sad is that these three couples will  lose out on this home while someone else comes in to buy it.   Granted the house needs updating and some work.  You can paint and repair but the one thing you can not change is the location.  How many times have you said, “I wish I could take this house and move it to Cleveland Avenue”.  Well if you could then it would be worth 100,000 dollars more. 

Unfortunately right now there is not a lot of inventory in Morris Plains.  You can count on one finger the number of 5 bedroom 3 bath homes on a big lot and in a great location that are available.

In ending todays blog and in keeping with the coming Holaday Season I will Quote Charles Dickens The Chrstmas Carol

Ghost of the Future,” he exclaimed, “I fear you more than any spectre I have seen. But as I know your purpose is to do me good, and as I hope to live to be another man from what I was, I am prepared to bear you company, and do it with a thankful heart. Will you not speak to me?”

Thanks for Reading Morris Plains Homes

Bob Sittmann

Yesterday it was again all about the USD. Fed Chairman Bernanke signaled that US interest rates will stay at close to zero for some to come and while he gave lip service to a strong dollar he did not promise any concrete steps to support it. Essentially he indicated no possible danger from  inflation ensuing as a result these low interest rates. As if to underscore Bernanke statement that inflation is not a threat the Producer Price Index (PPI) that came out today indicated that seasonally adjusted it rose in October by only 0.3%, despite the rise in food & energy costs. This follows a drop of 0.6% in September & against an expectation of an increase of 0.5%.

In the real estate sector, new US housing starts in October fell to their lowest level in six months, while the percentage drop was the largest since January. But, while this decline is disappointing as its crucial part for the overall recovery of the economy the decline should not have been entirely unexpected as buying was abating in anticipation of the possible end of the Federal tax credit for buyers of new homes.

As to jobless numbers, those that were filing for new applications for jobless insurance was unchanged over the last week but the four week moving average dropped to its lowest level in a year

This is all good news for buyers and sellers of Morris Plains NJ homes.  Buyers will still have time to lock in lower rates, take advantage of the tax credit, and the inventory of affordable homes.  Sellers will see a slow down in the decreasing values of their homes.  Lower interest rates mean buyers will have more buying power,  and will be able to buy more expensive homes.  The one thing the current homeowners should be aware of is that as soon as interest rates go up thier home will be worth less.  So if you are contemplating selling your home do it sooner then later or risk losing out.  When interest rates go up buyers will lose buying power.  Those buyers will have to go else where to buy afordable homes.

There are 30 homes for sale in Morris Plains today, we have an absoption rate of 5 months.  3 Homes have come up for sale, one at 16 AE Foxwood Drive.  It is a 5 room 1bed 1 bath Condo and is listed at 256,000.  15 Franklin Place is a 7 room 3 bed 2 bath colonial and priced at 484,000.  253 Mountian Way is an 11 room 4bedroom 4 bath Custom style home priced at 599,000.

The Morris Plains Police Department welcomed two new patrolmen.  Residents Dan Gallagher and Peter Rolph they were sworne in  during September.   We wish them well.  Its nice to know the sons of Morris Plains are keeping watch.

Congratulations to Anne Benson.  Anne was recognised for her long time servce to the Ameican Red Cross.  Since 1960 has been a volunteer for the Morris Area Community Blood Program.  She still organises 13 drives a year between the  Morris Plains  Presbyterian Church and the Mt Kemble Fire House.

The Morris Plains Holiday Tree Lighting Ceremony will be held Decmber 5th at 5:45 at the Merchants Block.  If the weather is ba d it will be held at the Community Center.  The Menorah Lighting will be on December 13th at 6:00 pm.

Congratulations to Hal and Rita Birmingham and Dan and Helen Young on their 50 wedding anniversaries.  Props go out to Ed and Vivian McCormack on the celebration of their 60th anniversary.