Archive for the ‘Uncategorized’ Category

I hope you all had a very Merry Christmas.

Batten down the hatches.  Acording to Accuweather Northern New Jersey as well as most of the country will be suffering below normal temperatures in the very near future.   The below normal temps will be around for at least 2 weeks.  Heating oil prices for January delivery have already jumped higher.  Prices on the New York Mercantile have Heating Oil prices at 2.07 a gallon.  If you use heating oil to heat your home and you are not buying on a pricing plan you may want to buy a few extra gallons to tie you over until the cold snap ends.  Prices for spot heating oil have already started to rise in the anticipation of higher demand.  If you are sitting with a full tank you are in good shape.  If you can wait until the end of January and early February to take another delivery try and do so.  Prices will begin to fall as the suppliers will want to sell as much of their inventory as possible.  These businessmen do not want to be holding any high priced inventory through the spring and summer.

There is still a shortage of mid priced homes in Morris Plains NJ.  The number homes for sale at the end of the year stands at 24 and there are 2 homes that are in attorney review.  Last year 53 homes where sold in Morris Plains NJ at a list to sale price ratio of around 97 percent and where on the market for an average of 56 days.  This year we have had 62 homes sell at a 95 percent list to sale price.  They averaged 60.5 days on the market. 

Thanks for Reading Morris Plains Homes NJ

Regards Bob Sittmann

Happy Christmas   Merry New Year

If you have read my blog you already know what a fan I am of Morristown High School.  The Administration the staff the parents and finally the students have all contributed to make a great high school.  Recently I was sitting an open house where I met a perspective home buyer.  While engaging her in conversation and trying to find out what she was looking for in a home  I ask her if she would be interested in homes in Morris Township or Morris Plains.  Her reply to me was that she didn’t like the “ELEMENT” at Morristown and did not want to expose her kids to it. 

WELL EXCUUUUUSE ME.  I proceeded to tell her that my two sons went there and that they have grown to be intelligent, self assured independent young men and Morristown High School had a lot to do with it.  Well need less to say she was not interested in my opinion.  I lost a customer that day oh well her loss not mine.

What I want to discuss today is the type of “Element” there is at Morristown that this woman does not want to expose her children too. Right off the bat I guess she doesn’t want to expose her children to a comprehensive 4 year secondary school that serves an ethically and socially diverse student population of 15oo students. Or god forbid she expose them to an element that offers 19 Advance Placement Courses and 22 Honors Courses not to mention has an extensive programs in the arts, technology, math, medicine and the sciences. Or an element that offers 288 diverse courses of study. She certainly would not want her children exposed to the Science Academy, that funded by Pfizer and gives students the chance to experience studies in the health, medical, science fields. (my youngest son witnessed open heart surgery at Morristown Memorial Hospital). She certainly would not want to expose her children to an “element” that has 94 percent of its graduating seniors going to college or a business/technology school and the balance go to work join the military and less then 1 percent are other. Or an element where 12 percent of it graduating seniors in 2009 where the first generation in their family to attend college. Those kids are really an element any sane person would not want their kids exposed to.
Or maybe it is the element where 72 percent of the 155 educators have an advanced degree, (5 PhDs; 107 MAs). Maybe it is the Element that offers 31 co-curricular activities and 27 varsity sports. Or that Marching Colonial Band Element that has won awards around the state. We all know what that band element can be like. I know what element she did not like it must be the Peer Group Leadership Program that helps incoming freshmen adjust to high school. We all have been warned about the dreaded Peer Group. Or it could be the exposure to the in house television and radio station element that gives student real life experience in broadcasting.

I could go on and on about the “Element” at Morristown but I think you get my message. Ignorance happens when intelligent  people succumb to there own prejudices.
After thinking about it I am glad she does’ not want her kids to be exposed to the element at Morristown.  As far as I am concerned Morristown doesn’t need her or her candy assed kids dragging the Element at Morristown down.

If you want to read more good things about the element at Morristown High School go to http://www.morristownhighschool.org/main_pdfs/profile0910.pdf

Thanks for Reading

Bob Sittmann Morris Plains Homes

Get ready my loyal readers I am going to add a section for home buyers that are looking for a home from a For Sale by Owner.  These listings will high light listings in the tri town area that are For Sale by Owners.  before I post any home on my web site I will guarantee that I have previewed every home so lets begin,

This first Property is in Morris Township, NJ

4 bedrooms 2 baths ample parking in back.  5 minute drive to Morristown Train.  priced at 525,000  new roof, a/c heat.  Move in condition. finished walk out basement.  No Garage a very nice property

A great 3 bed 2 bath end unit town home near the Moore Estate.  Close to Patriots Path and local parks.  5 minutes to Convent Trainstation Countyr living with urban amenities. Priced at 400,000.

I dont usuallypost twice in one day, but the news is so good that I must.  Today October 29th 2009 offically markes the end of the ression.

Moving to the big story of the day : the US Q3 GDP grew by 3.5%,much better than the expectation of 3.3% consensus & much better than the 2.7% that some big Wall Street houses had put out yesterday.This confirms that the biggest recession since 1929 is now over. this is the fastest pace of growth since Q3 07 & compares to a contraction of 0.7 in the previous April-June quarter.This shows that the stimulus package is working But there was additional good news on the economic front. Consumer spending, which accounts for over two thirds of the US economic activity, surged at a 3.4 % rate in Q3, the fastest advance since Q1 07. Spending had fallen by 0.9% in the previous quarter.

 Also number of US workers filing claim for jobless benefits dipped by 1,000 last week, while the number collecting long term aid fell to the lowest reading in seven months. Another key gauge of the underlying of the labor market health, the four week moving average for new claims, decreased by 6,000, to 526,000, the smallest read since January.

Till yesterday the risk of a significant pullback in the US equity markets had mounted based on the sell off of both the S&P 500 & the Nasdaq finishing below their 50 day moving averaged for the first time since July, & also the inability of the S&P 500 to settle above the psychological important 1,100 level after managing to surpass it on an intraday basis last week. Today’s Q3GDP number could be a trend changer that could stabilize the equities & re-ignite the rally

The Real Estate Market Absorption Rate for Homes in Morris Plains is at 5 months.  This is a very good sign for sellers not so good for buyers. The excess inventory is getting absorbed. Homes that are correctly priced are selling and and at a brisk rate. Homes are still averaging about 95 percent to list price.

Here are some interesting statistics about Morris County Real Estate.

Homes Priced up to 300 have an Absorption Rate of 5.5 months. Homes priced from 300 to 500 thousand have an absorption rate of 6 months, while homes priced from 500 to 750 have an absorption rate of almost 8 months.  These absoption  rates although not what the Morris County Real Estate Market was a 4 or 5 years a go it does show a slight sellers market to a average market. 

However Homes from 750 to 1 million have an absorbtion rate of 14 months while homes priced from 1 million to 1.5 have a rate of about a year. Homes above 1.5 to 2.5 is just less the 3 years and homes above 2.5 is closer to 5 years of absorbtion rate.

This shows us that the market for low and mid priced housing has already started to see signs of recovery. While high priced markets still have a way to go.

October is rockin as far as the Morris Plains Real Estate Market goes.  So far one house has closed.  There are three under contract and another 3 in Attorney Review.  There are 33 homes on the market today.

I was away this weekend visiting my son at the University of Maryland for parents weekend.  The weather was great and we had a very nice time.  Maryland really hosted a great program.  (Go Terps)

Just because I was gone do not think that I did not have an open house at 9 Cleveland Avenue in Morris Plains NJ scheduled for Sunday.  I had another agent stand in for me .  She had 6 visitors to the home.   All togather we have had over 55 people come through that house.   Don’t let anyone tell you that  open houses do not work.  Since I have listed the house I have had 45visitors for open houses and another 14 clients with agents see the home.  Not all of those visitors will want to buy the house but they may know some one that is looking for a 5 bedroom 3 bath home on a quiet street and that is where the value is in holding an open houses is.  In this market you have to get your house out there in front of the customer.

Thanks for Reading

Bob Sittmann  Morris Plains NJ Homes 

 I had another great open house at 9 Cleveland.  I saw a lot of families with 2, 3, and 4 kids taking a look.  The house is large and has a lot of great living space.  It was the garage sale weekend this past weekend in Morris Plains.

 We had a lot of people out and about.  I sat an unofficial open house for a couple of hours to see if any garage sale people would show up.  I did get one visitor but they where looking for some thing smaller. 

The great weather on Sunday brought a horde of people out.  I had 10 visitors.  I had  2 people came back for the 2nd time and one for the 3rd. 

The first time home buyers were out as well there is not much time to get that first time home buyers credit you only have til November 30th to close.  You really want to get a contract on a house signed by October 15th

I saw two good movie over the weekend on was Away We Go with John Kasrinski and  Maya Rudolph.  The Story was good about a couple looking for a place to live.  It really was quite good.  The other was Paris it was in subtitles but I liked the story about different people and how their lives are intertwined.  I give them both 3 stars out of 4

Anyone in Morris Plains that has signed on for the town weekly email announcements should take the time to set them selves up

While the Fedannouncement yesterday on the surface seemed to be confirming to continuation of status quo both on the interest rates as well as “quantitative easing” the Fed tweaked the “QE” issue just enough to hint that the stimulus package may be getting close to be withdrawn: this the Fed did by slowing purchases of mortgage debt to extend that program’s life until the end of March.   This was seen by the Fed watchers as a first step towards a measured withdrawal of its extraordinary support for the economy during the downturn that the Fed itself confirmed was coming to an end. It was this thought process that caused the initial run up in the equities to become a rout in the last half hour of trading.

Today there are 37 homes on the market in Morris Plains and 7 have gone under contract.  That is a market absorption rate of about 6 months.  Not a great number but not  bad either.  It is an average market.   The  average home price was 425 and those homes that sold went for about 97 percent of their asking price.  

Housing is a commodity and like any commodity the values go up and down with the market.  Check the S&P/Case-Shiller Home Price Indices. Economics 101 page 1 Supply and Demand.   When supply is tight and demand is high prices go up, when demand and is down and supply is up prices go down. 

Many sellers still fine it hard to understand this.  It is because there is a personal attachment to the house/commodity.   Many sellers make the mistake of projecting their  lifestyle or taste to the buyer.   A perfect example recently I was when speaking to a client about selling their home.  When I mentioned that they had a very nice home in a great location but the fact that they did not have a dishwasher may deture  many buyers.  (if it did not have a dishwasher you can imagine what the rest of the kitchen looked like.  plus if  the bathrooms where any older they would have been outside).  The client’s response to this was that it has been good enough for them all these years and is should be good enough for a buyer.  Yea this is fine for two people that use a dish a day but not for a family of 5. 

The attitude by sellers that because the house down the street that is identical to theirs but had a new kitchen and new baths sold for “X” we should get  “X” plus because we have a bigger lot or better trees.  This attitude is hard to combat. 

Although things are getting better buyers still  own this market.  There is no doubt about it.  A well priced, updated clean and well kept home will sell at a good value.  One that isn’t  will not.  Value is the great equalizer.  My grandfather worked in the agriculture business and among other things sold animal feed.  Grandpa would take me up on his knee when I was little and he would say, “Bobby remember when you sell oats sell the best oats you can at the best price you can get.  If you want to try to sell used oats people won’t pay Sh#t for them.  You can’t get the same price for used oats as you would for new, it is the same with houses.