Posts Tagged ‘Homes in Morris Plains’

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

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

You all have read my blog extolling reasons why now is a good time to buy a house,  well don’t take my word for it.  Donald Trump, I think we all know who he is, was being interviewed on the Howard Stern Show yesterday morning.  Howard asked “the Donald” what investment advice he had.  His reply was real estate.  He felt that there was no better time to buy then right now.  Rates are low and there are still some good deals to be had.  He also went on to describe his latest acquisition of land along the Potomac River.  He went on to described that this window of opportunity will not last long.  So the time is right now to buy.

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

Today lets talk about the home buyers tax credit.  For first time home buyers this credit applies to anyone who has not held ownership interest in a primary residence within the past 3 years. The Internal Revenue Service is responsible for implementing the tax credit so give them a call for more information. (yeah I know who wants to volunteer to call the IRS if we don’t have to.) Or check out their web site www.irs.gov they are the go to place for tax credit info

Currently there are 29 homes for sale in Morris Plains. 5 are condo’s in Foxwoods. 4 homes are under Attorney Review leaving 21 homes  as active sales in town. There are 11 homes under contract.

and now for today’s quote: “I used to say that Politics is the second oldest profession, but I have come to realize that it bears a gross similarity to the first.”  Ronald Reagan

If you are looking for a property in the Morristown, Morris Township and Morris Plains, give me a call. I have the inside scoop on properties in the area

Happy Saint Patrick’s Day