RSSEasier Home Purchase Mortgages for Morris County New Jersey??
Easier Home Purchase Mortgages for Morris County New Jersey??
WASHINGTON (Reuters) - The Federal Reserve Board on Tuesday put more pressure on banks to cut dividends as conditions deteriorate, and said it would discourage the use of federal rescue money to fund such payouts.
A New York-based source said earlier that the Fed has been urging banks “in increasingly strong language” to use the bailout money to issue new loans and bolster their reserves, not to pay dividends.
“This letter is a firm reminder that the Fed is going to be tightening the noose on banks,” said Mark Williams, a former Fed bank examiner who is now a finance professor at Boston University. “They are reminding banks that they are stewards of cash and have to use it in appropriate ways.”
Well it is about time. It is my opinion that the large banks which have been getting large sums of money form the federal government should be using that money to make loans, not to pay dividends to their stock holders or to purchase other banks and mortgage companies.
I personally have not recently had home buyers who could not get a home purchase mortgage, but then again many people go to their mortgage person to get a pre-approval letter before they even contact a New Jersey Realtor these days, so people who are turned down likely would not contact me.
In my opinion this is a great time to be getting a mortgage / purchasing a Morris County New Jersey home. Unless you feel that you are extremely likely to lose your job or something, this is about as good a time as any in the last 20 years.
If you would like to take a look at what sort of home deals are out there now, stop by Morris Essex & Union County Real Estate and Homes For Sale.
Cheers,
James Boyer
Morris County Realtor
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell
Category: Chatham, Harding, Madison, Morristown | 1 Comment »
Morris County New Jersey School Closings
I thought I would post this link to a nice web page that most all the schools in Morris County use to help get the information out about school closings and delays.
I still cannot understand why Morristown NJ public schools do not post their status on the website as well. you can be assured that if all the towns around Morristown close their schools, especially places like Madison and Chatham, that Morristown will have closed their schools as well.
Morris County New Jersey School Closings
If you found this looking for school closing information for Morris County Schools you likely were not looking for Morris County NJ Real Estate information, but if you know anyone who may be thinking about buying or selling Morris County Real Estate send them to jboyerhomes.com the best, most informative Morris County NJ Real Estate website, which also has every home listed for sale in the Morris County MLS for you to see.
James Boyer
Morris County REALTOR
Morris County real estate specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell
I hope you find the link to Morris County School Closings useful.
Category: Chatham, Harding, Madison, Morristown | 1 Comment »
Hard Harding NJ Real Estate Statistics
I was having a conversation with a reporter for one of the news papers earlier today about what is going on in the Harding New Jersey Real Estate market. There were all sorts of questions about statistics and how was the market doing in 2007 and how was it doing in 2008, and why was it doing this or that. So I thought to myself, people can use statistics to say almost anything they want, but the statistics are still the statistics, so I am going to give you some raw statistics and then comment on them.
Hard Harding NJ Real Estate Statistics
2008 Harding NJ Real Estate Activity 29 Homes Sold
128 The average number of days to sell a Harding NJ Home
$2,068,399 Average List Price of Harding NJ Sold Homes
$1,903,392 Average Sold Price for a Harding NJ Home
$1,760,931 Median List Price of Harding NJ Sold Homes
$1,446,551 Median Sold Price for a Harding NJ Home
115 Total MLS Home Listings
87 Individual Listings
23 Individual Expired Listings - Average List $2,689,695 Median List -$1,795,000
11 Individual Withdrawn Listings - Average List $2,431,181 Median List - $1,675,000
2 Under Contracts that have not closed $2,500,000 and $1,075,000
2007 Harding NJ Real Estate Activity 59 Homes Sold
97 The average number of days to sell a Harding NJ home
$1,809,689 Average List price of Harding NJ Sold Homes
$1,874,491 Average sold price for a Harding NJ Home
$1,450,000 Median List price of Harding NJ Sold Homes
$1,350,000 Median sold price for a Harding NJ Home
132 Total MLS Home Listings
114 Individual Listings
41 Expired Listings - Average List $3,659,058 Median List - $2,495,000
23 Withdrawn Listings - Average List $2,240,891 Median List - $2,025,000
What I got out of all these Harding NJ real estate statistics is that things have slowed significantly for the number of homes that are actually selling in Harding. Harding is basically a Luxury real estate oriented town off of the train line. Home sizes and priced tend to be much considerably higher than in some of the other local towns of Morris County.
The deeper lesson here is, that there are way more Harding NJ homes listed for sale which have carried over into 2009 from 2008, many of these homes likely need a large price reduction in order for them to sell. Basically a large number of Harding NJ homes are likely over priced for the current market.
I still subscribe to the real estate rule which states that at any given time in any given real estate market type only about 20 percent of the homes which are listed in the MLS are really for sale. The other 80% are just listed, but not really in the condition or priced so that they would actually sell.
I believe that the statistics shown above, even though they show a small price gain in 2008 over 2007 are hiding a actual large price decline for Harding NJ real estate. There are just to many home owners in Harding who would like to sell, probably need to sell, but they are not even trying because they think the market will be better next year. I am sorry to break it to you, but we continue to see actual value lost month after month. At a minimum I believe that your average Harding NJ home is losing 1/2 percent per month. Once the decline is over, I believe that will come later in 2009, most homes will likely see their values go sideways for quite a while.
Waiting for a better market to sell your Harding NJ Home
I believe that anyone who wishes to sell their Harding NJ home needs to get it on the market right now. Waiting for a better market is costing you money. Every month that goes by your home should probably be priced at least 1% lower than a likely buyer would pay for it today. If you think you can wait out the market and get 2007 or 2006 prices, you may be able to do that, but consider it may take until 2015 or longer to actually get to those levels again.
The comentary after the statistics is my informed opinion only.
James Boyer
Harding NJ Realtor
Harding NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Category: Harding | 1 Comment »
Harding NJ Homes For Sale / What Sold In Dec 08
Harding NJ Home Sales
Harding New Jersey is one of those real estate markets which is small and hard to really pin down. Many of the homes which sell in Harding NJ tend to be Luxury single family homes and in some cases Luxury condominiums. In any event the number of homes sold in December of 08 was 2 which is exactly the same as in December 07. Other towns around Harding have experenced fall offs from December of 07 though.
If you broaden things out a bit and look at the 12 months of 2008 vs 2007 you get a much better picture of what really has been going on. The Harding NJ real estate market had 59 home listings sell in 2007 where as the Harding NJ real estate market had just 29 home listings sell. That is almost a 50% drop off in actual sales. During that time, both the median and average sale price increase. Your thinking to your self, SAY WHAT!! That is right both stats for Harding NJ home sales prices actually increased.
How could prices of
Harding NJ Home Sales
be up for the year of 2008???
Here is how, there were 61 Harding NJ home listings withdrawn or expired from the market. Many of these were withdrawn and re-listed of course, and many of the expired Harding NJ home listings were re-listed ether with their same Harding NJ REALTOR or with a different Harding NJ REALTOR.
Ether way, most of these so called Harding NJ home sellers (the withdrawn & expired) were really not trying to sell their homes!! You may chastise me and say yes they were, their homes were listed for sale in gsmls. Yes they were listed in gsmls, but were they really priced to sell? Or were these homes priced to sit? I contend that they were priced to sit, the Harding NJ home seller was not motivated enough to price it so that the home would actually sell, so that is what actually happened, it did not sell.
20% of Harding NJ homes for sale
priced to sell!!
In this real estate environment about 20% of the homes listed for sale in most towns are actually priced to sell, and 80% are priced to sit. That is why you still see homes here and there getting full list price offers, and sometimes even bidding wars. Just last month there was a home in Madison New Jersey which sold for $60,000 above asking price with just 7 days on the market.
What should would be
Harding NJ home buyers do??
In this environment it is important to do your home work, and to work with a Harding NJ REALTOR who does his home work. A REALTOR who knows the market well, one who will be honest with you and tell you when he does not know something but will find out in a darn hurry, not one who shoots from the hip because he/she thinks they know everything.
Many would be Harding NJ home buyers find themselves paralyzed by the thought that the market may go down further. It is true, just like the stock market Harding NJ home prices could go down, but they could go up or sideways for that matter. Just like with the stock market, most home buyers who are now waiting because they think the market may come down further, are trying to time the market. Most investors who try to time the market wait to long and get a worse deal than if they would have just acted when the time was right for them.
The Harding NJ Home Sales
for December of 2008
Harding Twp. 8 Hemlock LN $425,000LP Town home 2br 2.1ba $400,000SP 23DOM
Harding Twp. 4 Walnut LN $459,900LP Town home 2br 2.1ba $445,000SP 105DOM
As you can see, it was the lower end of the market which attracted buyers in December. One of the Harding NJ Town homes sold after just 23 days for sale. Just goes to show you that priced right Harding NJ homes sell.
James Boyer
Harding NJ REALTOR
Harding NJ Real Estate Specialist
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
gsmls
Category: Harding | No Comments »
Harding NJ Real Estate Sales Volume
Harding NJ Real Estate Sales Volume
First 10 months of 2008 vs first 10 months of 2007.
I gathered this data about the Harding NJ real estate market while writing my last post about Harding NJ home sales so I thought I would put this out here for you to read as well.
Harding NJ Real Estate Sales Volume 2007 — 56 homes sold
Harding NJ Real Estate Sales Volume 2008 — 25 homes sold
Net reduction in home sales — 55.4%
Harding NJ Real Estate Average Sales Price 2007 — $1,929,071
Harding NJ Real Estate Average Sales Price 2008 — $2,056,135
Net increase in average sale price — 6.58%
Harding NJ Real Estate Median Sales Price 2007 — $1,375,000
Harding NJ Real Estate Median Sales Price 2008 — $1,587,500
Net increase in average sale price — 14.8%
Harding NJ Real Estate Median Home Sold 2007 — 4 Bedroom 3.1 Bath
Harding NJ Real Estate Median Home Sold 2008 — 5 Bedroom 3.1 Bath
Interesting statistics for the Harding NJ Real Estate market to be sure, but I do not believe for a second that homes have appreciated in Harding New Jersey in 2008. The statistics say that they have, but the sales volume is way down, and the median home sold in 2008 is larger than that of 2007. Do I think that the real estate market in Harding New Jersey is falling apart? No, but I think if you could compare the exact same home sold in 2007 to the exact same home in 2008 (This is impossible to do) you would see something on the order of a 10% to 14% drop in value. I believe that if the homes which have been on the market in Harding New Jersey though 2008 had been priced 10% lower then they were, the sales volume in Harding would likely have been significantly higher.
Thinking of looking for a great deal on a Harding NJ home? visit the Harding NJ MLS Search Tools availible on the main website.
This post brought to you by your Harding NJ REALTOR James Boyer
Category: Harding | No Comments »
Harding NJ Home Sales
Harding NJ Home Sales for the first 10 months of 2008 have amounted to 25 homes so far. This compairs to 56 homes sold in Harding New Jersey by this time last year. A considerable downturn in sales volume comparing the two 10 month periods.
The considerable drop off in sales volume is no surprise considering that the Harding NJ Real Estate market is much more expensive on average than many of the other markets such as the Morristown NJ Real Estate market and the Madison NJ Real Estate market. Another reason for this, is during this real estate down turn Morris County home buyers have been favoring towns along the Midtown Direct Train Line of New Jersey Transit, Harding NJ, while only a few miles from one of these train stations, is not on the Midtown Direct train line, so it is harder for it’s residents to get parking permits at the train stations, as well as having a longer total commute time.
Harding NJ Home Sales First 10 Months 2008
Harding Twp. 5 SYCAMORE LN $475,000LP TwnIntUn 2br 2.1ba $455,000SP 94DOM
Harding Twp. 500 Mt.Kemble Ave. $509,900LP Colonial 3br 1ba $480,000SP 24DOM
Harding Twp. 1 Cedar Lane $569,900LP TwnEndUn 3br 2.2ba $560,000SP 160DOM
Harding Twp. 3 CYPRESS CIR $595,000LP TwnEndUn 3br 2.1ba $575,000SP 136DOM
Harding Twp. 59 Primrose Tr $888,888LP Ranch 3br 3.1ba $835,888SP 270DOM
Harding Twp. 27 Blackwell Ave $949,000LP Colonial 4br 2.1ba $920,000SP 31DOM
Harding Twp. 14 TIGER LILY LN $1,095,000LP Colonial 5br 3ba $980,000SP 78DOM
Harding Twp. 11 BAXTER FARM RD $1,250,000LP Colonial 4br 3.1ba $1,100,000SP 100DOM
Harding Twp. 43 Post House Rd $1,300,000LP Colonial 4br 3.2ba $1,290,000SP 75DOM
Harding Twp. 49 MEYERSVILLE RD $1,500,000LP CapeCod 4br 2ba $1,250,000SP 143DOM
Harding Twp. 22 GLENEAGLES DR $1,699,000LP Colonial 5br 4.1ba $1,587,500SP 119DOM
Harding Twp. 528 Tempe Wick Rd $1,700,000LP Colonial 6br 3.1ba $1,375,000SP 106DOM
Harding Twp. 87 MILLBROOK RD $1,800,000LP Colonial 4br 2.1ba $1,820,000SP 18DOM
Harding Twp. 45 GLEN ALPIN ROAD $1,869,000LP ExtrHous 5br 4.1ba $1,550,000SP 102DOM
Harding Twp. 8 BAILEYS MILL $1,975,000LP Custom 5br 4.2ba $1,750,000SP 67DOM
Harding Twp. 43 Glen Alpin Road $2,149,000LP Colonial 5br 4.1ba $2,000,000SP 45DOM
Harding Twp. 6 DEER RIDGE DRIVE $2,300,000LP Colonial 5br 4.2ba $2,000,000SP 262DOM
Harding Twp. 253 BLUE MILL RD(SPRING VLY) $2,975,000LP Colonial 4br 3ba $2,750,000SP 45DOM
Harding Twp. 19 Country Drive $3,395,000LP Colonial 5br 7.2ba $3,000,000SP 128DOM
Harding Twp. 28 Kennedy Lane $3,395,000LP Colonial 6br 7.1ba $3,325,000SP 13DOM
Harding Twp. 28 Morgan Drive $3,495,000LP SeeRem 6br 6.2ba $3,450,000SP 80DOM
Harding Twp. 33 KENNEDY LANE $3,999,999LP Colonial 5br 5.1ba $3,750,000SP 211DOM
Harding Twp. 75 Village Road $4,390,000LP Colonial 6br 6.2ba $3,925,000SP 476DOM
Harding Twp. 34 Fox Hunt Rd $4,550,000LP Colonial 5br 5.3ba $4,175,000SP 255DOM
Harding Twp. 79 Blue Mill $6,900,000LP Colonial 5br 6.3ba $6,500,000SP 139DOM
Once people have a stronger sence that our financial markets have stabilized, and the mortgage companies start making it as easy to get mortgages for more expensive homes again, look for sales volume in Harding New Jersey to bounce back.
Thinking you would like to start doing a little online research on the local real estate markets, visit the Harding NJ MLS search page. There you can search all the homes for sale in Morris, Essex, Union, Somerset, and Sussex Counties of Northern New Jersey.
James Boyer
Harding NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Excellence in Harding NJ Real Estate services Guaranteed!!
Category: Harding | No Comments »