Posts Tagged ‘Morris County’

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

Hey all you Manhattanites that are thinking of moving New Jersey think on this:  Morris Plains and Chatham NJ both have a lot in common.  They both are located in desirable Morris County New Jersey.  They both are about the same size ,2.5 square miles, they are both pedestrian friendly and they are both on the Morristown Line of New Jersey Transit with direct service to NY Penn Station and Hoboken. 

But there the similarities end. Chatham’s population density is almost 40 percent higher then Morris Plains.  Also the Average active listing for a home in Chatham currently is 35% percent higher then a home in Morris Plains.  In the last year on average buyers have paid 800,000 dollars for their home in Chatham where in Morris Plains homes on average have sold for 520,000 dollars.  That is almost a 300,000 dollar difference.

Lets break this down further.  In Morris Plains a 7 room 3 bedroom with 1.5 to 2 baths is currently selling on average for 460,000 dollars, while the same size home in Chatham is on the market for 550,000.  In the last year this same size home in Morris Plains sold for 425,000 dollars while in Chatham it sold for 565,000.  I don’t know too many people that have an extra  135 “G’s” to toss around do you?

In Morris Plains an 8 room 4 bedroom 2.5 bath home on average is selling for 550,000 while the same size home in Chatham on average is selling for 740,000.  Last year buyers in Chatham paid on average 290,000 dollars more for their 8 room 4 bedroom 2.5 bath home then the buyers in Morris Plains did for theirs.

What is really interesting for the price of a 7 room 3 bedroom 1.5 to 2 bath home in Chatham you could have an 8 room 4 bedroom 2.5 bath home in Morris Plains with a nice size lot and have money left over for food.

So let’s review.  Morris  Plains has less people, an easy rail commute to NYC, a friendly downtown with shops and restaurants  plenty of parks and recreation oh yea and home values that don’t take a chunk out of your ass. 

Here is an idea I will sell your home in Chatham I will find you a home in Morris Plains.  You take the 200,000 grand that is left over and  buy something really nice for your wife, maybe something shiney and sparkly with facets or buy your self that Red Corvette. Or you could do something mature and grown up and  invest it in the stock market where it may actually appreciate (because it isn’t happening in the real estate market in Chatham)   Give me a call at 862 222 4737 I can hook you up.

Thanks for Reading Morris Plains Homes, and here is the quote “Great minds discuss ideas, average minds discuss events, small minds discuss people”. Eleanor Roosevelt

Happy Saint Patrick’s Day