Posts Tagged ‘real estate agents in Morris Plains’

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