Posts Tagged ‘Home sales in Morris Plains’

It is often a rule not to mix religion and politics into Real Estate.  I know I am going to regret this but here goes

Recently a lot has been said about the Mosque being built at Ground Zero.  First of all the Mosque in question is not anywhere near ground Zero.  So that is why I refer to it as the Not so close to Ground Zero Mosque.

I am disappointed in the many Americans that apposed the building of this Mosque.  In the United States we have something very few countries have, it makes us the riches,t smartest, strongest, happiest country on the planet.  The Constitution of the United States guarantees the basic rights of all the citizens.  This means that no one has the right to impose their will over another.  For 230 years this concept has often been tested but has never failed. If a government cannot guarantee the rights of one of its citizens it cannot guarantee the rights of any of its Citizens.

Ron Paul a Congressman from Texas could not have said it better we he wrote

“The debate should have provided the conservative defenders of property rights with a perfect example of how the right to own property also protects the 1st Amendment rights of assembly and religion by supporting the building of the mosque.  Instead, we hear lip service given to the property rights position while demanding that the need to be “sensitive” requires an all-out assault on the building of a mosque, several blocks from “ground zero.”…

The outcry over the building of the mosque, near ground zero, implies that Islam alone was responsible for the 9/11 attacks. According to those who are condemning the building of the mosque, the nineteen suicide terrorists on 9/11 spoke for all Muslims. This is like blaming all Christians for the wars of aggression and occupation because some Christians supported the neo-conservative’s aggressive wars…

This is all about hate and Islam phobia.  We now have an epidemic of “sunshine patriots” on both the right and the left who are all for freedom, as long as there’s no controversy and nobody is offended.

Political demagoguery rules when truth and liberty are ignored.”

Thanks for Reading my Blog Morris Plains Homes NJ and Now the Quote “You can’t talk your way out of a situation you behave yourself into.” Steven Covey

There is trouble brewing for the housing market in Morris Plains.  It is a well-known fact in the real estate world that when a home hits the market it gets the most traffic in the first 30 days.  If it is correctly priced, it will sell within that time period.  If within that 30 days there is plenty of traffic but no offers the home price should be lowered 5 percent.  If a home has had little or no traffic the price should be lowered 10 percent.

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

It has been a few weeks since the last time I wrote.  The past few weeks have been very busy but I am back.

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

Mortgage rates hit new lows for the year.  Rates on a 30 year fixed rate mortgage have fallen to the lowest level of the year and are barely shy of an all time low.  30 year fixed rate mortgages have fallen to 4.72 percent.  The average for a 15 year is 4.17.  This is the lowest rate for a15 year mortgage since August 1991.  Rates on a 5 year adjustable mortgage are at 3.92.

Investors weary of the European dept crisis and the turbulent stock market have shifted money into the safety of US Treasury Bills.  Fixed rate mortgages tend to track that yield.  The unemployment picture shows that few private sector jobs have been created.  This has made the investors nervous of the stock market and pushed bond rates higher and interest rates lower.  When bond yields fell interest rates followed. 

It was expected that when the tax credit for home buyers program had ended that rates would move higher.  Fortunately for the home buyer just the opposite has happened.

Another good omen showing that the economy is improving.  Is that it appears that corporations do not appear to fear future restrictions on credit.  Many corporations have begun stock by back programs.  Instead of hoarding cash to use in the event of tighting credit, corporations are out buying their own stock back.  Over 122 billion has been spent buying stock back.  This is a boom to share holders.

Consider the performance of the Buyback Letter, edited by David Fried, an advisory service that recommends stocks based on buyback activity. Since the beginning of 1997, which is when the Hulbert Financial Digest began tracking this service, it has produced a 10.7% annualized gain, compared to 5.1% for the overall stock market (as measured by the Wilshire 5000 index). Among all the services the Hulbert Financial Digest has tracked since 1997, the Buyback Letter is in third place (second when ranked on a risk-adjusted basis).

Private equity is getting into the investment picture as well.  Just look what happened in Delaware last week.  A refinery that Valero Refining Company had shut down in November and affected the income of over 4,900 families was bought by a private investment company.  The new Delaware Refining Company has already called people back to work to begin startup procedures.

If you are thinking of buying or selling a home in Morris Plains NJ give me a call.  I can help you through the process.

Thanks for reading my Blog Morris Plains Homes NJ.  Here is the Quote: There are so many men who can figure costs, and so few who can measure values.  ~Author Unknown