Morris County NJ Homes Blog

July 2011–Real Estate Market Update

2011-07-20T14:00:00.001-04:00

July 2011 Market Update

The U.S. housing market has shown increased stability in home sales during 2011 compared to the previous year. The trend has been an upward one since the expiration of the tax credit last summer. Home prices have softened, particularly earlier this year, due to a higher-than-normal number of distressed sales. However, both the percentage of distressed sales and the amount of time they spend on the market has decreased in recent months, a positive sign for the market moving forward. In fact, prices have steadily followed a positive monthly trend since February. Mortgage defaults have also declined lately.

While interest rates continue to break new record lows, the number of buyers who are able take advantage of these savings is restricted by tougher underwriting standards for mortgages. 40% of the banks surveyed by the Office of the Comptroller of the Currency tightened lending standards for mortgages within the past year. In his second press conference, Federal Reserve Chairman Ben Bernanke stated that a quicker foreclosure process and additional home price stabilization are key to boosting confidence in the market and bolstering a more robust recovery in the housing sector.

As the economy improves, stimulus efforts by the government and the Fed will most likely continue to wind down, which typically spurs rising interest rates to keep inflation in check. Although inflation has been the source of recent concern, the Fed appears confident it will remain in check for the near term. Meanwhile, buyers continue to benefit from historically favorable buying conditions, and sellers are encouraged by increased market stability.

Home Sales

in millions

Home sales in May were down 15.3% compared to the same time last year when the impact of the tax credit was at its peak. Compared to the previous month, sales were down 3.8%. NAR Chief Economist Lawrence Yun states that the

Technorati Tags: July 2011 Real Estate Market Update New Jersey

slower pace of sales is consistent with the slower pace of overall economic activity and that falling gas prices will help to moderate the impact of a sluggish economy. Although he continues to cite unnecessarily tight credit for limiting buying activity, the pace of sales in the second part of the year is expected to be stronger.

Home Price

in thousands

Home prices rebounded 3.4% in May with median home prices rising to $166,500. This is 4.6% below the year-ago level and continues to keep the median price close to 2002–2003 levels. Just under 1 in 3 homes sold during May were distressed properties, which typically sell at a 10%–20% discount. This is down 6 percentage points from April and is exactly the same as a year ago. Investors represented 19% of sales, and first-time buyers accounted for 35% of May sales compared to 14% and 46% respectively a year ago at the peak of the tax credit. Home prices and mortgage rates remain favorable for buyers heading into the summer selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market at their current pace was up during May compared to April. Inventory levels remained 26% below the peak of 12.5 months in July 2010 and 12% above April of 2010 when the tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Rates are at a record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. While these incredible rates represent a significant savings for home buyers, experts note that for the benefits to fully be realized, lending conditions must loosen so more buyers can take advantage of them. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. In other words, the window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.

Source: Freddie Mac

This Month's Video

Topics For Home Owners, Buyers & Sellers

Tips for Selling Your House

1. Price it right. Studies show that when homes are priced to sell, they not only sell faster, they ultimately command a higher price than homes that sit on the market and get perceived as “stale.”

2. Consider a presale inspection. This will help you to know what items need to be fixed before your home goes on the market. Repairs and concessions made during the negotiation process can end up costing sellers more. KW Research reveals that in 2010, 89% of move-up and 82% of first-time buyers purchased a home in good to excellent condition. 75% of sellers started making repairs 1–8 weeks before listing.

3. Higher may not always be better. While a higher offer can be tempting, be sure to consider the whole offer. An offer without contingencies, conditions, and with a higher down payment may be a more solid deal.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Their team specialize in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

June 2011–Real Estate Market Update

2011-06-09T14:38:00.001-04:00

June 2011 Market Update

The U.S. housing market continues its gradual and uneven progress, despite the expiration of the home buyer tax credit. The remarkable rebound in housing activities from the initial drop following the end of the home buyer tax credit this past July adds to the belief that the risk of a double-dip downturn in housing may be disappearing.

As the housing market continues to work through the excess supply overhang, a result from the glut of foreclosed properties which is keeping home prices below their long-term trend growth, economists anticipate mortgage rates at or above 6% by the end of 2012 and expect buying activity to continue its upward momentum.

Supporting this view is the rising concern about inflationary pressures sparked by political unrest in the Middle East. While surging gas and food prices could prove transitory and pose no major threats, these price increases may weigh down consumer spending, which accounts for two thirds of the economy. While, the Federal Reserve is committed to making necessary policy changes to address such risks. Meanwhile, core price gains, excluding food and fuel, were modest in April, offering some relief to consumers.

As the economy improves, stimulus efforts by the government and the Fed is expected to gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

The number of homes home sales in April were down 12.9% compared to the same time last year when the impact of the tax credit was at its peak. Sales were relatively stable compared to the previous month: less than a 1% decline. NAR Chief Economist Lawrence Yun states that “given great affordability conditions and job creation, home sales should be stronger” and cites unnecessarily tight credit for limiting sales. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past nine months.

Home Price

in thousands

Home prices rebounded 2.4% in April with median home prices rising to $163,700. This is 5% below the year-ago level and continues to keep the median price close to 2002 levels. Three out of eight homes sold during April, or 37% of sales, were distressed properties, which typically sell at a 10%–20% discount. This is down 3% from March. Investors represented 20% of sales, and all-cash buyers were 31% of sales in April, down from a record high of 35% in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market, if sales continue at their current pace, inched up during April compared to March. Inventory levels remained 26% below the peak of 12.5 months in July and only 11% above April of 2010 when the tax credit was in full swing.

Source: National Association of Realtors

Interest Rates

Rates have reached a new record low after steadily declining throughout May, primarily due to uncertainty in the global and domestic economies. Rates are still expected to follow an upward trend as the year progresses. As overall economic activity gets back on track, rates will likely rise to keep inflation in check. This window of opportunity for buyers to lock in these historically low interest rates may not remain open much longer.

This Month's Video

Contact Us,

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

May 2011–Real Estate Market Update

2011-05-12T13:25:00.000-04:00

May 2011 Market Update

Gradual and uneven progress in the housing market continues without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed and all-cash sales continue to skew the overall picture of home prices downward, inventory remains at pretax credit expiration levels. As economists anticipate rates at or above 6% by the end of 2012, buying activity is expected to continue its upward momentum.

Increasing signs of inflation have been a recent item of concern. Driven by unrest in the Middle East, the retail price of gas has risen by 25% since the year began and 89% from this time two years ago. In his first ever press conference, Federal Reserve Chairman Ben Bernanke noted the Fed believes these price increases are transitory and will not have a major impact on the U.S. economy. However, according to NAR’s chief economist, for each $10 per barrel rise in oil prices, $80 billion is removed from the economy.

Bernanke stated that the Fed will keep a close eye on the impact of oil prices on the economy as it considers policy changes. Although inflation is up for the first quarter, price gains excluding food and fuel slowed in March, helping consumers to feel less constricted.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically spurs rising interest rates to keep inflation in check. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

Home sales were up 3.7% in March compared to the previous month but were down 6.3% compared to the same time last year when the impact of the tax credit was nearing its peak. Gradual but uneven improvement is expected to continue. In fact, home sales have increased six of the past eight months. The general trend of improvement remains a positive signal, as home sales remain up 32% since the low in July and are down only 12% since the peak last April, which was induced by the tax credit deadline of a signed contract by the end of that month.

Home Price

in thousands

Home prices rebounded 2.2% in March with median home prices rising to $159,600. This is 5.9% below the year-ago level and keeps the median price close to 2002 levels. Continuing February's trend, two out of every five homes sold during March, or 40% of sales, were distressed properties, which typically sell at a 10%-20% discount. The decline in home prices is less indicative of individual home values and more reflective of a large number of less expensive homes selling and bargains that are getting snapped up. Investors represented 22% of sales, and all-cash buyers were at a record high of 35% of sales in March. Prices and mortgage rates remain favorable for buyers for the spring selling season.

Inventory- Month's Supply

in months

The supply of homes measured in months on the market, if sales continue at their current pace, remained stable compared to the previous month. This is the third-lowest level since June. Inventory levels remain 33% below its peak of 12.5 months in July and only slightly above where it was last year when the tax credit was in full-swing.

Source: National Association of Realtors

Interest Rates

After rising above 5% for the first time in ten months in early February, rates have remained stable in the 4.8% range. They are still expected to follow an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to move quickly to take advantage of excellent buying conditions.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Staging is an increasingly important component, not only in selling a home but also in attracting would-be buyers. Even with all of the commonly accepted advantages of staging, only about 1 in 3 sellers stage their home.

The average increase in list-to-sell in stages homes: 1.07%
The average cost of staging: $250
Potential benefit based on a $200,000 home: $3150

The Internet is one of the main sources of information buyers use during the home search process, and staging is key to showing the home at its best online.

Rooms that sellers stage most often:

Living Room: 73%
Kitchen: 64%
Master Bedroom: 58%
Dining Room: 49%
Master Bath: 45%
All Rooms: 37%
Office: 16%

The cost of staging is minimal compared to the benefits: more showings and ultimately a higher percentage of asking price.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Their team specializes in North Central New Jersey including towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Another Happy Seller! Always nice to hear this. Thank You.

2011-04-14T17:40:00.001-04:00

Recent Testimonial from a Happy Seller. Thank You.

Clearly Among the Best, On Top of Things, Extremely Knowledgeable, Forceful in Representing our Interests

“Dear Smitha, Last Friday we closed on the sale of our townhome jointly owned by my brother, Ira and me. I want you to know that from start to finish it was a Pleasure Working with You and Your Team and we were both Extremely Pleased with Your Performance. You displayed Utmost Professionalism throughout and did an Excellent Job marketing our townhouse in a difficult real estate environment. I have worked with many real estate agents. You are Clearly Among the Best. You and Your Team were Always on Top of Things. You are Extremely Knowledgeable about the local real estate market and the housing economy in general. When issues arose, you were Forceful in Representing Our Interests. My thanks for all your efforts on our behalf and please extend our appreciation to the other members of your team" - Michael Krauss.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

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March 2011 Real Estate Market Update

2011-04-05T12:13:00.001-04:00

March 2011 Market Update

Gradual progress in the housing market continues at a steady pace without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory continues to shrink and sales continue to rise. The rock-bottom interest rates of 2010 are likely to trend upward. As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.

A good sign for long-term market stability is that the median down payment on conventional mortgages has risen to 22%, up from 4% in 2006 and slightly above the 20% standard in the 1990s. This may keep buyers looking in slightly lower price ranges, but it is a good sign of future sustainability for homeowners and banks alike. There are still ample opportunities for those who would like down payments below 20%, including some conventional mortgages and those backed by the Federal Housing Administration, Veterans Affairs, and the Department of Agriculture’s Rural Development loans.

As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically means rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.

Home Sales

in millions

The increasing trend in existing home sales activity continued through January, and for the first time rose above year-ago levels when the home buyer tax credit was in effect. This marks the sixth monthly increase since July when the tax credit expired, and indicates a recovery that’s gaining a firmer footing without government support.

Home Price

in thousands

Home prices softened in January with median home prices decreasing slightly to $158,800 - 3.7% below the year-ago level. Contributing to this is a larger share of distressed homes sales, which accounted for 37% of sales in January compared to 30%-35% throughout much of 2010. Prices and mortgage rates remain favorable for buyers.

Inventory- Month's Supply

in months

The uptick in home sales and a shrinking inventory pared down the month’s supply to 7.6 months, a decrease of 7.3% from December and 1% from year-ago levels. This is the lowest level in more than a year and marks the first time since July that the month’s supply is below where it was the previous year. Months of inventory has declined steadily (64%) from its peak of 12.5 months in July and is now back to pre-tax credit expiration levels. The supply of inventory is not far from a seller’s market, which is less than 6 month’s supply.

Source: National Association of Realtors - housing data released Feb 23.

Interest Rates

Mortgage rates jumped above 5% for the first time since April 2009 in January. While rates dipped back to just below 5%, they are expected to continue an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check. Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

Source: Freddie Mac, Rates as of Mar 3.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Preparing your home for sale in a buyer’s market can seem daunting, but these five tips will help you get the best price in the least amount of time.

Organizing and cleaning is crucial when prepping a home for sale. Potential home buyers have a more positive reaction to homes that are clutter-free and give them the feeling that the home is “move-in ready.”
Presale home inspection can inform you of any trouble areas within your home that can stand out to potential buyers. An inspection can also help you make any repairs necessary before future open houses.
Determine replacement estimates before listing your home, even if you are not planning on making the replacements yourself. This information can help buyers to make informed decisions.
Have your warranties ready – especially for all those home appliances that will stay within the home after the sale.
Curb appeal is a crucial factor because it determines first impressions. A negative first impression can cloud their entire opinion about the home.

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.
Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

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Housing Affordability at it’s Highest in Years

2011-03-21T14:13:00.001-04:00

The median mortgage payment (principal and interest) in 2010 consumed less than 15% of family income in comparison to the historical standard of 25%.

•2010: 14.3%

•2009: 14.8%

•2008: 18.1%

•2007: 21.7%

•2006: 23.2%

Affordability - % of Income: The percentage of a median family’s income required to make mortgage payments (principal and interest) on a median priced home.

14.3% in 2010 is the lowest on record (since 1970). In 2003, it was at 19.1% due to significantly lower mortgage rates that year.

The highest price-to-income ratio ever recorded was in 1981 when it hit 36.3%. Interest rates during this year averaged 15.12%, the second highest on record after 1982’s 15.38%.
Here are the 10-Year Averages:

•2000-2009: 20%
•1990-1999: 20.3%
•1980-1989: 28%
•1970-1979: 19.5%
•20-Year Average: 20.1%
•40-Year Average: 21.9%

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Foreclosure is Not the Only Option. Why a Short Sale can be a Better Option than a Foreclosure?

2011-02-07T16:21:00.001-05:00

Headlines today are filled with stories about homeowners in financial distress—people who face a lender’s foreclosure on their home.

Do You Owe More on your Mortgage than the House is Worth and Can't Afford the Payments? You might be able to Sell it for Less than you Owe - Without Having to Pay the Lender the Difference.

Consider a Short Sale Instead. Here are the benefits compared to a Foreclosure:

We will List and Sell Your House.
The Lender Will Pay the Realtor Fee.
And You Get to Protect Your Credit Score.

Call Us Today at 973-953-7777 for a Confidential Consultation to see if you qualify for a Short Sale!

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in North-Central New Jersey and all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Thank You for your Generosity

2011-01-18T12:37:00.001-05:00

Thank You for your support of our Annual Holiday Toy Drive.

Because of your generosity this holiday season, you gave more than just a toy, you delivered a message of hope!

Together We Made a Difference!

Smitha and Rahul

January 2011 Real Estate Market Update

2011-01-13T18:02:00.001-05:00

January 2011 Market Update

The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.

Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.

As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.

Home Sales

Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.

Home Price

Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .

Inventory

The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.

Affordability

Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released December 22.

Interest Rates

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.

Type	Rate
30 year fixed	4.77%
15 year fixed	4.13%
5/1-year ARM	3.75%
30 year average for a 30 year fixed rate mortgage	8.9%

Source: Freddie Mac, Rates as of Jan 7.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Use the Season to Your Home-Selling Advantage

While summer is generally known as the peak season for home sales activity, the winter can also offer great advantages for sellers – such as less competition from other sellers. With a little effort, you can use the season to your home-selling advantage.

Let’s put these ideas to work, so your home shows at its best.

Keep snow and ice at bay. If the buyer can't get in easily, the house won't sell. That means keeping walkways and driveways free of the frozen stuff. You want to make the home look well maintained.

Warm it up. Think warm, cozy, and homey. Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming. If you have a fireplace, turning it on right before the tour can create a more welcoming ambience.

Emphasize winter positives. Is your home on a bus route or some other vital service that means it's plowed or deiced regularly in bad weather? Be sure to mention that to the buyers.

Make it festive. Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a party. Set up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider, or even chilled bottles of water.

Use the season to your advantage. When the holidays are over, you can still use winter wreaths and dried arrangements around the door to spark interest. In the winter, with the leaves off the trees, you might also have a nice view that isn't as apparent in the spring and summer months.

Source: msn.com

your local real estate experts,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

December 2010 Real Estate Market Update

2010-12-08T13:40:00.001-05:00

December 2010

Market Update

The housing market continues its uneven and gradual recovery without the aid of the tax credit. Experts believe this will be the trend moving forward. Interest rates hit another record low but have started moving back up as the overall economy improves.

Despite a less-than-expected employment report, consumers seem to be feeling brighter about the future. While the Consumer Confidence Index about the Present Situation rose only slightly, the Expectation Index showed substantial improvement. As we enter into the holiday gift-buying season, consumers are expected to be out shopping and buying more gifts for under the tree this year. Reports indicate a 13-24% increase in retail sales from last year. Consumer spending accounts for about half of all economic activity in the US; as long as consumers are spending and using debt responsibly, this is a positive indicator for economic growth.

This march back up continues to provide excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates. Experts anticipate both the economy and the housing market will continue on a path to a complete recovery.

Home Sales

Home sales dropped slightly in October, compared with the previous month, despite a temporary moratorium on foreclosures, which have recently represented more than one third of sales activity. Sales were up 15% from July when the tax credit expiration caused a drop-off in sales. The most significant indicator of a market rebound, however, appears to be the October pending sales report. A 10.4% increase in pending sales, which measures homes under contract, signals stronger home sales activity in the coming months as the homes under contract close.

Home Price

Home prices have shown considerable stability when compared with the previous several years. October’s median home price declined slightly, down less than 1% from the previous month and year. A recent study shows an increased interest in smaller homes. Smaller homes often mean smaller price tags, depending on location. While the market currently provides many opportunities for buyers, sellers look forward to the general trending upward of home price as the market’s stability without government support grows deeper roots.

Inventory

There are fewer homes on the market. Total inventory fell to 3.86 million in October from 4 million in September. The month’s supply* of homes on the market fell to 10.5 months. While still at a relatively high level, months of inventory has shrunken substantially since July’s 12.5 months. As lending standards continue to loosen and return to historical norms, more people will be able to buy their first home, move up, or invest and take advantage of the abundant opportunities in the current market – including historically low interest rates, highly affordable prices, and an ample but shrinking selection of homes.

* Month’s supply of inventory measures how many months it will take to sell all the homes that are for sale, if no new homes come on the market and buyers continue to buy at the same pace or rate.

Affordability

Housing is at record affordability levels. Prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. The home price-to-income ratio, 13.5% in October, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are anticipated to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released November 23.

Interest Rates

Mortgage rates hit another record low of 4.17% on November 11 after which they rose to close to 4.4% for the remainder of the month. Historically low rates have contributed to real savings for buyers who will continue to realize those savings for as long as they own the home. As overall economic recovery gains traction, rates must rise to keep inflation in check. Industry economist Lawrence Yun anticipates rates to be between 5.4% and 6% by the end of 2011.

Type	Rate
30 year fixed	4.46%
15 year fixed	3.81%
5/1-year ARM	3.25%
30 year average for a 30 year fixed rate mortgage	8.9%

Source: Freddie Mac, Rates as of December 2.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Prime Time to Buy

Homes Have Never Been More Affordable

For most individual home buyers, there are only a few factors that really matter:

Technorati Tags: December 20101 Real Estate Market News

• Can I afford this home?

• Is it a good investment?

• Does it meet my family’s needs?

So it’s a bit surprising that the most important housing statistic has gone largely unreported: homes have never been more affordable. Affordability, measured by the median mortgage payment on the current median-priced home ($171,000) as a percentage of the median household income ($62,141), is lower than it’s been in a generation. The chart below shows affordability at a record level, having significantly improved since the height of the recent housing boom in 2006.

For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home!

Sources: National Association of Realtors, KW Research

your local real estate experts,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha and Rahul Ramchandani are a licensed real estate Broker-Salesperson/Sales Representative Team with Keller Williams in New Jersey. They are Buyer Specialists and a Home Marketing Experts. You can reach Smitha and Rahul and their team online at: http://www.Morris-Homes.com.

Smitha and Rahul and their team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

November 2010 Real Estate Market Update

2010-11-09T17:18:00.001-05:00

November 2010

Market Update

The housing market continues its gradual recovery without the aid of the tax credit. Sales are slower but growing. Although it will likely be uneven at times, slow growth is believed to be the trend moving forward. Interest rates hit a new historic low again, a major factor in helping keep mortgage payments incredibly affordable.

Extended periods of record low interest rates and further plans from the Federal Reserve Board to expedite recovery have some concerned about future inflation. One such investment guru, John Paulson, touted the benefits of owning real estate as a hedge against inflation on Forbes.com. “Your debt and interest payments get locked in at record lows, while the price of your home will rise … If you don’t own a home buy one … if you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.”

Home Sales

Home sales continued to rebound in September, increasing 10% compared to the previous month. This builds on August’s gain of 7.6% that followed a large drop caused by the expiration of the federal tax credit in July. Sales are expected to gradually grow as the market moves toward recovery without government stimulus. The recent foreclosure moratorium has opened up opportunities for short sales. Although it could make the near-term “choppy at times,” industry experts expect the overall trend to continue growing slowly.

Home Price

After four months of prices remaining on par with year-ago levels, September showed a slight decline. Last September distressed properties were 29% of all home sales; this September that number rose to 35%. The larger proportion of distressed sales, which are typically discounted, helps to explain the decline. While these discounted sales provide opportunities for buyers, sellers look forward to the general trending upward of home price.

Inventory

There are fewer homes on the market again in September, representing 10.7 months of inventory. While still at a relatively high level, months of inventory shrank by nearly a month in September from August’s 11.6 and nearly two months since the 12.5-month supply in July. This continues to represent an excellent opportunity for buyers and investors who have not yet taken advantage of the abundant opportunities of the market including record low rates, an ample but shrinking selection of homes, and highly affordable prices.

Affordability

Housing remains at near-record affordability levels, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. Housing is approximately 60% more affordable now than during the height of the market.

Source: National Association of Realtors

Interest Rates

Mortgage rates once again set new record lows in early October to 4.19% and remained below 4.3% throughout the month. These historically low rates contributed to real savings for buyers. Furthermore, the longer the buyer owns the home, the greater the savings they will realize. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level.

Rates as of November 4 .

This Month's Video

Topics For Home Owners, Buyers & Sellers

Prime Time to Buy

7 Reasons Why Now Is a Great Time to Buy a Home

Recent history has reframed some of what had long been taken for granted about buying a home. Namely, we’ve learned that even though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short-term speculation strategy. So, where does that leave us? A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to now as the prime time to buy a home.

Home affordability is at an all-time high. The median mortgage payment on the median-priced home, as a percentage of the median household income, is lower than it’s been in a generation.
Mortgage rates are at rock bottom. It’s hard to imagine interest rates going much lower, and when they start to inch back upward, monthly payments and total loan costs will spike upward.
Home prices are back on the rise. After declining for 30 months, home prices are trending back upward. The time to get in the market is now.
Sellers are motivated. This means that buyers have the upper hand. Sellers are fiercely competing among an excess of housing inventory, which often means buyers have untold choices and negotiating power.
Financing is readily available. Banks are back in the game and ready to lend to well-qualified buyers.
Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it’s been in the past 22 years.
Homeownership is still at the core of the American Dream. Owning a home is critical to financial stability and wealth building. It’s a forced savings account, a place to live, and a fabulous tax deduction.

For more detail, check out Keller Williams Realty’s 7 Reasons Why Now Is a Great Time to Buy a Home! and The Wall Street Journal’s 10 Reasons to Buy a Home.

Sources: The Wall Street Journal, Inman News, KW Research

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Smitha Ramchandani is a licensed real estate Broker-Salesperson with Keller Williams in New Jersey. She is a Buyer Specialist and a Home Marketing Expert.. You can reach Smitha and her team online at: http://www.Morris-Homes.com.
Smitha and her team specialize in all Morris County Towns such as Boonton, Chatham, Chester, Convent Station, Denville, East Hanover, Florham Park, Hanover, Harding Twp., Mendham, Montville, Morristown, Morris Plains, Morris Twp., Mountain Lakes, Parsippany, Randolph, Rockaway, Whippany

Technorati Tags: November 2010 Real Estate News

October 2010 Real Estate Market Update

2010-10-11T16:45:00.001-04:00

This Month in Real Estate
October 2010

...............................................................................................................................................

Market Update

The housing market continues its slow recovery without the aid of the now expired tax credit. Sales are slower but growing, and prices remain on par with last year’s levels. Interest rates also hit a new historic low, a major factor in helping keep mortgage payments low, which is expected to spur sales.

The economy shone a bit brighter in September. It grew faster during the second quarter than expected, and companies continued to hire. Experts believe there is now less risk of a double-dip recession. Now, the Federal Reserve Board’s challenge is not if the economy will grow but how fast.

Experts anticipate both the economy and the housing market will continue their path on the way to a complete recovery. This march back up provides excellent opportunities: an ample selection of homes, affordable prices, and historically low interest rates.

Home sales began to rebound in August. This increase follows a large drop caused by the expiration of the Federal tax credit in July. Sales are expected to slowly rebound as the market finds its footing without leaning on the government for support. First-time buyers fell from 38% to 31% in August from July. Over the same time period, investors rose from 19% to 21%,

Overall home prices fell slightly in August compared to July, but major markets appear to be bucking trend as the Case-Shiller Index shows an increase of 3.2%.

Distressed properties accounted for a slightly larger proportion of sales in August compared to July. The discount in distressed properties helps explain the slight decline in August prices.

Total inventory came back below 4 million to 3.98 million in August, representing 11.6 months of inventory. While still at a relatively high level, months of inventory dropped by nearly a month in August from the 12.5 month’s supply in July.

Housing remains highly affordable, and prospective home buyers stand to benefit from the lowest mortgage rates in decades, as well as advantageous home prices. The ratio now stands at 14.9%, growing closer to the record of 13.6%.

Source: National Association of Realtors

Interest Rates

Mortgage rates once again set new record lows in early September and remained below 4.4% throughout the month. As economic activity gains momentum, rates will rise to keep inflation at an acceptable level.

Rates as of September 30 .

This Month's Video

Topics For Home Owners, Buyers & Sellers

Bonus For Buyers

For Owner Occupants that Buy Fannie Mae Foreclosures

Like a car dealership at the end of its model year, Fannie Mae is offering special incentives exclusively for owner occupants that purchase property from its sizable inventory of foreclosures, also known as HomePath properties.

Owner occupants that purchase a Fannie Mae HomePath property by December 31 will receive up to 3.5% toward closing costs and a home warranty. These incentives for foreclosures are unheard of – banks typically sell foreclosures “as-is” without incentives, warranties, or repairs. This could help buyers to view a HomePath property more like a traditional sale, not a foreclosure, during their search process.

Owners and investors can purchase HomePath properties for 3% down and no mortgage insurance. For homes that are not in tip-top shape, Fannie Mae also offers the HomePath Renovation financing, which works similarly to FHA’s 203(k) mortgage by allowing the cost of light renovation to be included in the mortgage. Furthermore, owner occupants get a 15-day “first dibs” on HomePath properties through the First Look program.

Fannie Mae is also offering agents an additional $1500 for representing owner occupants who purchase these properties, helping to compensate them for the extra paperwork and other potential obstacles that come along with foreclosure transactions.

Buyers should be sure to take a second look at Fannie Mae’s HomePath properties before settling on “the one.” It could mean not just a great deal but an excellent one.

To see Fannie Mae’s HomePath homes, check out HomePath.com

Options for Investors

Not only is it the perfect time to buy a home, but it’s also an excellent time to purchase an investment property. If you already own and are not interested in moving – or you can’t because of the 3-year occupancy requirement to keep your home buyer tax credit – but still want to take advantage of the market, investing can be a great way to do so.

In the current lending situation, lenders often require investor buyers to have six months reserves of mortgage payments and a 25% down payment. This stipulation keeps many would-be investors out of the market.

Here are some little known tips to help investors purchase, regardless of the tighter lending environment:

Investors can purchase a Fannie Mae HomePath investment for 3% down.
Any investor, not just veterans, can purchase a Veterans Affairs(VA) foreclosure with VA’s Vendee Financing for 5% down.
Investors purchasing a VA foreclosure with Vendee Financing can use 75% of anticipated rent to offset the monthly payment if the investor has experience managing rental properties.

Sources: The Wall Street Journal, Inman News, KW Research

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Newsletter Contents

1. Market Update

2. Interest Rates

3. Video

4. Topics for Owners, Buyers & Sellers

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

Technorati Tags: October 2010 Real Estate News

Wall Street Journal Article : Why Now is a Great Time to Buy a Home

2010-10-07T17:00:00.001-04:00

Thinking about buying a home? Home Buyers: please read this recent Wall Street Journal Article on 10 Reasons to Buy a Home Now

and this Keller Williams article on A Smart Buyer’s Guide to Seizing the Market

Real Estate Market Update

2010-08-18T10:04:00.001-04:00

August 2010 Real Estate Market Update

2010-08-17T10:57:00.001-04:00

This Month in Real Estate
August 2010

...............................................................................................................................................

Market Update

Housing activity continues to remain above year-ago levels despite some setbacks resulting from the now-expired tax credit. Improved stability in home prices with similar levels of distressed properties seen last year offers a hopeful sign the market is holding its ground. However, the economy still has a considerable way to go to achieve its full recovery.

Consumers are saving more and being picky about how they spend their money. While a higher savings rate means less spending in the near term, this is a positive sign that households are taking control of their finances to build some cushion that can be used to pay down debt and/or support future spending.

Existing home sales marked the twelfth consecutive month of year-over-year increase in June. On a monthly basis, sales activity eased 5.1% from May. The moderation in home sales reflects “understandable swings as buyers responded to the tax credits,” according to Lawrence Yun, NAR chief economist. He anticipates such impact to show up in the next two months.

June’s median home price increased for the fourth consecutive month. Distressed homes, accounting for 32% of sales last month, continued holding home prices at highly affordable levels for the time being. While distressed sales hovered around the same level as a year ago, the gain in home prices is pointing to a sustained stability in the making.

Interest Rates

Mortgage rates set a new record low in July as consumer confidence softened and unemployment remained elevated. This presents a great opportunity for buyers and investors. Coupled with lowered home prices and a robust rental market, investors are finding their way to cash-flow opportunities. As recovery gains deeper roots, rates will need to rise to keep inflation in check.

Rates as of August 6.

This Month's Video

Topics For Home Owners, Buyers & Sellers

Consumers Beware: New Credit Card Tricks

On May 22, 2009, President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. While the new law offers significant safeguards, consumers still need to be vigilant against new practices designed to outflank the new rules.

Stay as informed as possible, read your statement , report any irregularities immediately, and watch for these tricks.

Shortened Billing Cycle: The CARD Act requires companies to allow a window of at least 21 days from when a statement is mailed and when payment is due. Cardholders are reporting being shortchanged on billing cycle time and then being assessed late-payment fees.
Advice: Watch out for shortened payment dates.
Sunday Due Dates: The CARD Act stipulates if a creditor does not receive or accept payments on weekends or holidays, then the date is extended and late-payment fees shouldn’t be triggered. However, some banks say they’re open for business even when there’s no mail delivery.
Advice: Don’t assume you are safe.
Low-Limit Cards: The CARD Act says a card’s total annual fees can’t exceed 25% of a borrower’s credit line. However, some issuers may be evading the fee restrictions by charging an up-front processing fee that doesn’t fall under the 25% cap.
Advice: Watch out for processing and other fees.
False Inactive Fees: Issuers will no longer be able to charge inactivity fees or extra charges for people who don’t spend a certain amount each year, effective August 22. However, some issuers are charging an annual fee that’s waived if cardholders reach a certain spending threshold.
Advice: Watch out for conditional annual fees.
Rebate Offers: Some credit cards offer refunds on finance charges when customers pay on time. However, rebate offers aren’t governed by the CARD Act, and such offers can be revoked suddenly and for any reason, leaving cardholders stuck with higher charges.
Advice: Rebates may translate to real savings in finance charges.

Source: The Wall Street Journal

Contact Smitha,

your local real estate expert,

for information about what's going on in our area.

Newsletter Contents

1. Market Update

2. Interest Rates

2. Video

3. Topics for Owners, Buyers & Sellers

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

The opinions expressed in This Month in Real Estate are intended to supplement opinions on real estate expressed by local and national media, local real estate agents and other expert sources. You should not treat any opinion expressed on This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. Keller Williams Realty, Inc., does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. Keller Williams Realty, Inc., will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.

July 2010 Real Estate Market Update

2010-07-12T09:14:00.001-04:00


This Month in Real Estate July 2010 ............................................................................................................................................... Commentary The U.S. housing market continues to benefit from the tax credit: home prices and sales remain above year-ago levels. As the summer progresses, however, the positive impact of government stimulus will wind down. Experts point to improved stability as a sign the market can likely hold its ground without further support from the government. However, economists indicate that the key for the housing market through the end of 2010 will be job growth and a manageable level of distressed properties. The economy continues its journey to recovery with two steps forward and one step back, but the ground lost during the recession was great and the progress so far should be celebrated. The road to this particular recovery has been expected to be more prolonged than many previous recovery periods. Consumer confidence lowered from its high in May primarily due to a disappointing employment report, while the swelling federal deficit has also raised concern. Unmanageable debt levels have lead some European countries into their current situation, and Americans do not want to follow suit. A job bill that would have further extended unemployment benefits has not gotten off the ground due to concerns over the deficit. Sited as a top priority for the government, a financial overhaul bill continues to proceed though Congress. The bill’s goal is to protect the financial system and the average consumer from unnecessary risk and unsound lending practices in an effort to build a stronger system for the long-term stability of the U.S. economy. The Housing Market Existing Home Sales Existing home sales slowed slightly in May to 5.66 million, down 2.2% from April but up 19.2% from last May. This is the eleventh consecutive month of year-over-year increase. Lawrence Yun, NAR chief economist, attributes this to the “ongoing effects of the home buyer tax credit,” and he anticipates the same next month. In May, 46% of sales were from first-time buyers, down slightly from the previous month’s 49% but still considered high. Median Home Price The median price for an existing home was $179,600 in May, up 2.8% from a year ago and 4.2% from April. Distressed homes, accounting for 31% of last month’s sales, continued skewing prices downward slightly as they are usually discounted from comparable homes. Overall, prices this past year continued to show increased stability over the previous year. Vicki Cox Golder, president of NAR states, “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus.” Inventory Total housing inventory declined slightly to 4.89 million in May, representing between eight and eight-and-a-half month supply of sales (if homes continue to sell at the current pace consistently and no new ones come on the market). There are about the same number of homes for sale as last year, with 1% more currently available. Although there continues to be a nice selection of available homes for buyers, the 3.4% fewer number from last month helps to further stabilize prices. Mortgage Rates Mortgage rates fell to a new record low in June amid a drop in consumer confidence concerning the recovery. The tone of the Federal Reserve’s latest meeting was notably tempered on the outlook for recovery, indicating that the economy is stronger than last year but there is still much ground to cover. Interest rates significantly below 5% may pique the interest of more investors. Affordability Affordability remains advantageous, supported by the lowest mortgage rates in decades as well as lowered home prices. The home price-to-income ratio continues to remain well below the historical average of 25%, but stabilized home prices are drawing affordability back up toward more normal levels. The ratio now stands at 15.4%. Sources: National Association of Realtors, Freddie Mac Government Action Tax Credit’s Closing Deadline Extended Home buyers who signed a contract before the end of April will now have three additional months to close and still be eligible for the homebuyer tax credit. A bill to extend the deadline to September 30 obtained congressional approval on June 30, the evening it was set to expire. Many of these buyers are purchasing short sales which have notably slower contract-to-close time frames. A KW Research study found short sales often take twice as long to close as typical home sales. While this does not extend the credit to any additional buyers, it is great news for those 180,000 who have not yet closed on their home sale through no fault of their own. Source: WSJ.com Topics For Buyers & Sellers Real Estate Investing The increased affordability and low interest rates may have some thinking about purchasing real estate investment properties. Here are a few key points on investing from The Millionaire Real Estate Investor: Criteria: Criteria are the standards that define what kind of property you are looking for. These are the things that you list when you are hunting for the next opportunity to invest in: Is it a single family or multi-family opportunity? What features or amenities does it have? What is the location? These are aspects of the property that can’t be negotiated. Terms: This is how you turn your opportunity into a good deal. Once the property meets your criteria, terms are the negotiable aspects of your investment, such as the offer price, the down payment, interest rates, occupancy date, and closing costs. Terms are where a great deal can be created from even the most modest criteria. They mean understanding the financial basics of a transaction, knowing which elements are flexible, being systematic about getting all you can from every deal, and also, for some, knowing when to walk away. There are some great terms right now with record-low interest rates and discounted distressed properties. Keep in mind that the lending for investment properties has additional requirements – like cash reserves and total property limits. Talk to a professional for more information. Network: the people who help you find, complete, and support your real estate investments.	Contact Smitha, your local real estate expert, for information about what's going on in our area. Don't forget to check out this month's video: Newsletter Contents 1. Commentary 2. The Housing Market 3. Government Action 4. Topics for Buyers and Sellers

Brought to you by KW Research.

June 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

2010-07-06T11:53:00.001-04:00

June 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Beds	Baths	Garages	Sold Price
Butler Boro	444 CAMBRIDGE DR	$249,900	One Floor Unit	2	2	0	$242,500
Butler Boro	343 CAMBRIDGE DR	$359,900	Townhouse-Interior	2	2.1	1	$342,000
Chatham Boro	380 MAIN ST APT 20	$315,000	One Floor Unit	2	1	0	$303,000
Chatham Twp.	187 TERRACE DR	$260,000	One Floor Unit, Townhouse-Interior	1	1	1	$260,000
Chatham Twp.	2G HERITAGE DR	$289,900	One Floor Unit	1	1	1	$270,000
Chatham Twp.	211 Terrace Drive	$300,000	Townhouse-Interior	1	1	1	$292,500
Chatham Twp.	13G HERITAGE DR	$312,000	Townhouse-End Unit	1	1	1	$295,000
Chatham Twp.	22H CANTERBURY RD	$339,000	One Floor Unit	2	2	1	$309,500
Chatham Twp.	145 RIVEREDGE DR	$339,000	Townhouse-Interior	1	1	1	$315,000
Chatham Twp.	105 CANTERBURY RD	$474,000	Townhouse-End Unit	2	2.1	1	$479,625
Chatham Twp.	3 Magnolia Place	$1,075,000	Townhouse-Interior	3	3	2	$950,000
Chester Boro	33 BARKMAN WAY	$599,000	Townhouse-End Unit	3	2.1	2	$584,000
Denville Twp.	3707 SCENIC CT	$338,999	Townhouse-End Unit	2	1.1	1	$326,000
Denville Twp.	3107 PEER PL	$339,000	One Floor Unit, Townhouse-End Unit	2	2	1	$300,000
Denville Twp.	514 KNOLLWOOD CT	$345,000	Townhouse-Interior	2	2.1	1	$340,000
East Hanover	9-2 DARA DR	$259,000	One Floor Unit	1	1.1	1	$235,000
East Hanover	14 MILLIE LN	$317,800	Townhouse-Interior	2	2	0	$300,000
East Hanover	17 QUEENSBRIDGE DR	$405,000	Townhouse-Interior	2	2.1	1	$385,000
Florham Park Boro	38 PARK ST 2-C	$357,000	Townhouse-End Unit	2	1.1	1	$338,000
Florham Park Boro	58 BROOKLAKE RD	$409,000	One Floor Unit	2	2	1	$409,000
Florham Park Boro	250 Ridgedale Ave.J-5	$469,000	Multi Floor Unit	3	2.1	2	$430,000
Florham Park Boro	1 SARAZEN CT	$525,000	Townhouse-End Unit	4	2.1	2	$498,100
Hanover Twp.	1605 APPLETON WAY	$384,900	Townhouse-Interior	2	2.1	1	$375,000
Harding Twp.	3 Ash Lane	$489,900	Townhouse-End Unit	3	2.1	1	$450,000
Jefferson Twp.	17 RIDGEVIEW TER	$199,000	Townhouse-Interior	2	2	1	$192,500
Jefferson Twp.	7 PINE HOLLOW CT	$219,000	Multi Floor Unit, Townhouse-Interior	1	2	1	$213,000
Lincoln Park Boro	184 ROBERTSON WAY	$255,000	One Floor Unit, See Remarks	2	2	0	$240,000
Lincoln Park Boro	195 GETTYSBURG WAY	$285,500	Townhouse-Interior	2	1.1	0	$270,000
Lincoln Park Boro	57 TOMS POINT LN	$299,900	Townhouse-Interior	2	2.1	0	$285,000
Lincoln Park Boro	74 RYAN LN	$399,900	Townhouse-Interior	2	2.1	1	$380,000
Long Hill Twp.	41 SUNRISE DR	$199,900	First Floor Unit, One Floor Unit	1	1	1	$195,000
Long Hill Twp.	8 COOPER LN	$405,000	Townhouse-Interior	3	2.1	1	$390,000
Long Hill Twp.	52 COOPER LN	$409,000	Townhouse-Interior	3	2.1	1	$389,000
Mendham Boro	40 WEXFORD DR	$359,900	Townhouse-Interior	2	2.1	0	$333,000
Mendham Boro	4 ESSEX DR	$419,500	Colonial, Townhouse-Interior	3	2.1	1	$410,000
Mendham Boro	6 S Aberdeen Dr.	$475,000	Townhouse-Interior	3	3.1	1	$445,000
Mendham Boro	3 ESSEX DR	$609,000	Townhouse-End Unit	4	2.1	2	$597,500
Montville Twp.	27 SPRINGBROOK RD E	$349,000	One Floor Unit	3	2	0	$349,000
Montville Twp.	8 Davenport Rd	$359,900	Townhouse-Interior	2	2.1	1	$340,000
Montville Twp.	12 CENTURY CT	$399,000	Townhouse-End Unit	2	2.1	1	$387,500
Montville Twp.	8 CENTURY CT	$439,000	Townhouse-Interior	3	2.1	1	$430,000
Montville Twp.	32 LENOX CT	$450,000	Townhouse-Interior	2	2.1	1	$433,000
Montville Twp.	30 EUGENE DR	$489,000	Townhouse-Interior	2	2.1	1	$480,000
Montville Twp.	6 LALIQUE DR	$509,000	Townhouse-Interior	2	2.1	1	$499,000
Montville Twp.	12 RIDGE DR	$528,000	Townhouse-Interior	2	2.1	2	$508,000
Montville Twp.	15 BARGE CT	$529,900	Townhouse-Interior	3	2.1	1	$471,000
Montville Twp.	87 JESSE CT	$589,000	Townhouse-End Unit	3	2.1	2	$580,000
Montville Twp.	109 RIDGE DR	$589,900	Townhouse-End Unit	3	3	2	$549,000
Montville Twp.	23 LALIQUE DR	$679,000	Townhouse-End Unit	3	2.1	2	$640,000
Morris Plains Boro	14G FOXWOOD DR	$289,000	Multi Floor Unit	2	2	1	$283,000
Morris Twp.	78 VILLAGE DR	$282,500	One Floor Unit	2	2	0	$272,500
Morris Twp.	57 HANCOCK DR	$374,999	Townhouse-Interior	2	2.1	1	$358,000
Morris Twp.	61 WILDFLOWER LN	$375,000	Townhouse-End Unit	2	2.1	1	$375,000
Morris Twp.	72 KEATS WAY	$400,000	Townhouse-Interior	2	2.1	1	$385,000
Morris Twp.	26 WILDFLOWER LN	$419,000	Townhouse-Interior	2	2.1	1	$409,500
Morris Twp.	15 DAVENPORT PL	$429,900	Townhouse-Interior	2	2	1	$415,000
Morris Twp.	9 DAVENPORT PL	$475,000	Multi Floor Unit, Townhouse-End Unit	3	2.1	1	$450,000
Morris Twp.	3 Pilgrim Court	$499,000	Townhouse-Interior	3	2.1	1	$485,000
Morris Twp.	30 DAVENPORT PL	$569,000	Townhouse-End Unit	2	3	1	$525,000
Morris Twp.	12 RAVEN DR	$619,900	Townhouse-End Unit	3	2.1	1	$600,000
Morristown Town	69 Abbett Avenue	$305,000	Multi Floor Unit, Townhouse-End Unit	2	1.1	1	$280,000
Morristown Town	29 COBB PL APT B	$317,000	Multi Floor Unit	2	2	0	$300,000
Morristown Town	7 PROSPECT ST 410	$339,900	Hi-Rise, One Floor Unit	1	1	0	$318,000
Morristown Town	23 TWOMBLY CT UNIT C	$419,900	Townhouse-Interior	2	2.1	2	$419,900
Mount Arlington	32 SPRUCE TER	$279,900	First Floor Unit, One Floor Unit	2	2	0	$260,000
Mount Arlington	6 MAPLE LN	$299,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$290,000
Mount Arlington	32 MAPLE LN	$324,900	Townhouse-End Unit	2	2.1	1	$315,000
Mount Arlington	1 LAKESHORE DR	$750,000	Townhouse-End Unit	3	2.2	2	$650,000
Mountain Lakes Boro	15 NEWCASTLE CT	$519,900	Townhouse-Interior	2	3.1	1	$505,000
Parsippany	2467 STATE ROUTE 10 Apt 49-5B	$152,818	One Floor Unit	1	1	0	$158,000
Parsippany	2467 Route 10.Bldg 6,5B	$169,900	One Floor Unit	1	1	0	$156,500
Parsippany	2350 STATE ROUTE 10 unit C-31	$175,000	One Floor Unit	1	1	0	$165,000
Parsippany	2467 Route 10 East Bldg 21-2A	$183,475	First Floor Unit	1	1	1	$171,500
Parsippany	2350 Route 10 Bldg E Unit 4	$200,000	One Floor Unit	1	1	0	$192,000
Parsippany	2350 RT 10 - B39	$214,900	First Floor Unit, Townhouse-End Unit	2	1	0	$205,000
Parsippany	2467 STATE ROUTE 10	$215,500	First Floor Unit, One Floor Unit	2	1	0	$215,500
Parsippany	20 MONETT CT	$364,000	Townhouse-Interior	2	2.1	1	$347,000
Parsippany	103 EMILY PL	$439,900	Townhouse-Interior	2	2.1	1	$425,000
Parsippany	175 EMILY PL	$454,900	Multi Floor Unit, Townhouse-Interior	2	2.1	1	$425,000
Parsippany	150 JILLIAN BLVD	$459,000	Townhouse-Interior	3	2.1	1	$446,500
Parsippany	154 GLADSTONE DR	$469,950	Townhouse-Interior	3	2.2	1	$459,000
Parsippany	175 CROWN POINT RD	$489,000	Townhouse-End Unit	3	3.1	1	$468,000
Pequannock Twp.	98 Chatfield Drive	$268,900	One Floor Unit, See Remarks	2	2	0	$264,000
Pequannock Twp.	306 CHATFIELD DR	$269,000	First Floor Unit	2	2	0	$240,000
Pequannock Twp.	5202 TUDOR DR	$269,900	One Floor Unit	2	2	0	$257,000
Pequannock Twp.	5403 TUDOR DRIVE	$299,900	One Floor Unit	2	2	0	$285,000
Pequannock Twp.	57 SUNSET RD	$329,900	Ranch	2	1	3	$305,000
Pequannock Twp.	2104 WENDOVER DR	$367,000	Townhouse-Interior	2	2.1	1	$344,500
Randolph Twp.	902 WENDOVER CT	$359,900	Townhouse-End Unit	2	2.1	1	$352,500
Randolph Twp.	81 ARROWGATE DR	$375,000	Townhouse-End Unit	3	2.1	2	$365,000
Randolph Twp.	43 WOODMONT DR	$389,900	Townhouse-Interior	3	2.1	2	$375,000
Randolph Twp.	83 ARROWGATE DR	$405,000	Detached, Townhouse-End Unit	3	2.1	2	$395,000
Randolph Twp.	84 ARROWGATE DR	$416,000	Townhouse-End Unit	3	2.1	2	$405,000
Riverdale Boro	526 CANNELLA WAY	$195,000	One Floor Unit, Townhouse-Interior	1	1	0	$192,500
Riverdale Boro	2311 RAMAPO CT	$249,900	Townhouse-Interior	1	1	1	$246,000
Riverdale Boro	1109 WHARTON CT	$260,000	Townhouse-End Unit	2	2	1	$261,000
Riverdale Boro	75 MOUNTAIN VIEW CT	$275,000	One Floor Unit	2	1	0	$265,000
Riverdale Boro	5211 SANCTUARY BLVD	$291,990	Townhouse-Interior	2	1	1	$281,990
Riverdale Boro	5404 SANCTUARY BLVD	$349,990	Townhouse-End Unit	2	2	1	$344,990
Riverdale Boro	31 SILVERLEAF CT	$405,000	Townhouse-Interior	3	2.1	1	$390,000
Rockaway Twp.	3324 FRANKLIN LN	$128,900	One Floor Unit	1	1	1	$126,950
Rockaway Twp.	322 RICHARD MINE RD	$139,900	One Floor Unit	1	1	0	$139,900
Rockaway Twp.	2202 JOHNSON DR	$155,000	One Floor Unit	1	1	1	$152,000
Rockaway Twp.	322 RICHARD MINE RD	$175,900	First Floor Unit, One Floor Unit	1	1	1	$142,800
Rockaway Twp.	2107 CLINTON LN	$199,000	First Floor Unit, One Floor Unit	2	2	1	$190,000
Rockaway Twp.	2300 JOHNSON DR	$239,000	One Floor Unit	2	2	1	$210,000
Rockaway Twp.	2309 PIERCE LN	$252,950	Townhouse-Interior	1	1.1	1	$192,950
Rockaway Twp.	4304 CLEVELAND LN	$269,000	One Floor Unit	2	2	2	$243,500
Rockaway Twp.	12 FLINTLOCK TER	$359,900	Townhouse-End Unit	3	3	2	$345,000
Rockaway Twp.	6 FAESCH CT	$378,500	Townhouse-Interior	3	2.1	2	$360,000
Rockaway Twp.	39 HICKORY HILL CT	$429,900	Townhouse-End Unit	3	2.1	2	$387,500
Roxbury Twp.	181 WOODS EDGE DR	$220,000	Ranch, Townhouse-End Unit	2	2	1	$192,000
Roxbury Twp.	202 WOODS EDGE DR	$229,900	One Floor Unit	2	2	1	$210,000
Roxbury Twp.	105 DRAKE LN	$240,000	One Floor Unit, Townhouse-Interior	2	2	1	$230,000
Roxbury Twp.	73 WHISPER WAY EAST	$245,000	First Floor Unit, Townhouse-Interior	2	1	1	$238,000
Roxbury Twp.	72 DRAKE LANE	$249,900	Townhouse-End Unit	3	2	1	$235,000
Roxbury Twp.	180 WHISPER WAY E	$295,500	Townhouse-End Unit	2	2.1	1	$290,000
Roxbury Twp.	29 LOCH LN	$305,900	Townhouse-End Unit	3	2.1	1	$294,000
Roxbury Twp.	42 LAGOON WAY	$369,900	Townhouse-Interior	3	2.1	1	$346,000
Victory Gardens Boro	33 VICTORY CT	$222,500	Townhouse-End Unit	2	1.1	0	$222,500
Washington Twp.	130 NOTTINGHAM SQ	$188,900	Townhouse-End Unit	2	1.1	1	$180,000
Washington Twp.	91 NOTTINGHAM SQUARE	$269,900	Townhouse-Interior	3	2.1	2	$270,000
Washington Twp.	144 NOTTINGHAM SQ	$285,000	Townhouse-Interior	3	2.1	2	$273,000
Washington Twp.	31 DELBARTON COURT	$289,000	Multi Floor Unit, Townhouse-Interior	3	2.1	2	$280,000
Washington Twp.	2505 Decatur Court	$349,900	Townhouse-End Unit	3	2.1	2	$310,000
Wharton Boro	21138 WEST VIEW	$259,900	Townhouse-Interior	2	1.1	1	$259,900

Technorati Tags: June 2010,Condo and Townhome Sales in Morris County,New Jersey

May 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

2010-06-02T16:37:00.001-04:00

May 2010 Condominium and Townhouse Sales Report - Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Florham Park, Roxbury, Butler, Lincoln Park, Morris Twp., Mount Arlington, Mount Olive, Riverdale, Whippany, Washington Twp., New Jersey Real Estate

Town	Address	List Price	Style	Bed	Baths	Garages	Sold Price
Butler Boro	257 WINTHROP DR	$268,900	Townhouse-End Unit	2	2	0	$268,500
Butler Boro	137 BARRISTER DR	$322,500	Townhouse-Interior	2	2	0	$316,500
Chatham Twp.	241 RIVEREDGE DR	$250,000	Townhouse-End Unit	1	1	1	$242,500
Chatham Twp.	10 Sentinel Ct	$339,000	Townhouse-End Unit	2	2	1	$325,000
Chatham Twp.	13B HERITAGE DR	$350,000	First Floor Unit	2	2	1	$325,000
Chatham Twp.	50 Sterling Drive	$1,275,000	Townhouse-End Unit	3	3.1	2	$1,275,000
Chester Twp.	1 BROWN CT	$549,000	Duplex, Townhouse-End Unit	3	2.1	2	$549,000
Denville Twp.	608 KNOLLWOOD CT	$339,900	Townhouse-Interior	2	2.1	1	$340,000
Denville Twp.	3604 SCENIC CT	$370,000	Townhouse-Interior	2	2.1	1	$358,000
Denville Twp.	2505 VANTAGE CT	$400,000	Townhouse-Interior	3	2.1	2	$375,000
Denville Twp.	68 GLATTLY DR	$615,000	Townhouse-End Unit	3	3.1	2	$600,000
Denville Twp.	8 ARDSLEY CT	$628,000	Townhouse-End Unit	3	3.1	2	$568,000
East Hanover Twp.	20 MILLIE LN	$330,000	One Floor Unit, Townhouse-Interior	3	2	0	$305,000
Hanover Twp.	209 VISTA DR	$329,900	Townhouse-Interior	2	2	0	$315,000
Hanover Twp.	302 APPLETON WAY	$384,900	Townhouse-Interior	2	2.1	1	$377,500
Hanover Twp.	2505 CORTLAND LN	$399,000	Townhouse-Interior	2	2.1	1	$392,000
Hanover Twp.	1701 APPLETON WAY	$405,000	Townhouse-End Unit	2	2.1	1	$398,000
Hanover Twp.	205 APPLETON WAY	$409,900	Townhouse-Interior	2	3.1	1	$393,000
Jefferson Twp.	680 ST ROUTE 15 S UNIT	$139,000	First Floor Unit	1	1	0	$115,000
Jefferson Twp.	13 HERITAGE CT	$206,900	Townhouse-Interior	2	2	1	$203,000
Jefferson Twp.	18 DAVENPORTS MILL CT	$214,900	Townhouse-Interior	2	2	1	$214,900
Lincoln Park Boro	78 GETTYSBURG WAY	$222,000	Townhouse-End Unit	1	1	0	$215,000
Lincoln Park Boro	12 WINDSOR DR	$359,900	Townhouse-Interior	3	2.1	1	$343,500
Lincoln Park Boro	13 WINDSOR DR	$385,000	Townhouse-End Unit	3	2.1	1	$351,000
Madison Boro	318 MAIN ST	$450,000	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$435,000
Madison Boro	87 FAIRFAX CT	$525,000	Townhouse-Interior	3	2.1	1	$508,500
Madison Boro	260 OXFORD CT	$565,000	Townhouse-Interior	3	2.1	1	$537,500
Mendham Boro	16 WEXFORD DR	$385,000	Townhouse-Interior	3	2.1	1	$385,000
Mendham Boro	10 Hampshire Drive	$389,000	Townhouse-End Unit	2	1.1	0	$380,000
Montville Twp.	45 WASHINGTON CT	$399,900	Townhouse-Interior	2	2.1	1	$385,000
Montville Twp.	123 RIDGE DR	$419,000	Townhouse-Interior	3	2.1	1	$393,000
Montville Twp.	12 CAIN CT	$455,000	Townhouse-End Unit	3	2.1	2	$437,500
Montville Twp.	11 CENTURY CT	$579,500	Townhouse-End Unit	2	2.1	2	$570,000
Montville Twp.	54 Louis Drive	$724,800	Townhouse-End Unit	3	2.1	2	$680,000
Morris Plains Boro	17-A FOXWOOD DR APT A	$240,000	Townhouse-End Unit	1	1.1	0	$228,000
Morris Plains Boro	16AE FOXWOOD DR	$256,900	One Floor Unit	1	1	0	$230,000
Morris Twp.	214 PITNEY PL	$239,900	One Floor Unit	2	1	0	$230,000
Morris Twp.	42 Byron Ave	$345,000	Townhouse-Interior	2	2.1	1	$345,000
Morris Twp.	22 WILDFLOWER LN	$394,000	Townhouse-End Unit	2	2.1	1	$377,500
Morris Twp.	39 WOODCREST DR	$549,000	Townhouse-Interior	2	2.1	1	$520,000
Morristown Town	6 Altamont Ct - Unit 22	$265,000	One Floor Unit	2	1	0	$240,000
Morristown Town	5-C DORADO DR	$369,000	Townhouse-Interior	2	2.1	0	$360,000
Morristown Town	8 JENNI LN	$383,000	Townhouse-Interior	2	2.1	1	$365,000
Morristown Town	40 Park Place	$999,000	One Floor Unit	2	2.1	2	$999,000
Mount Arlington Boro	62 MAPLE LN	$239,000	One Floor Unit	2	2	0	$233,000
Mount Arlington Boro	54 MAPLE LN	$249,900	First Floor Unit, One Floor Unit	2	2	0	$245,000
Mount Arlington Boro	136 BROOKSIDE LANE	$310,000	Townhouse-End Unit	2	2.1	1	$297,500
Parsippany	180 - 12 LITTLETON RD	$159,000	One Floor Unit	1	1	0	$151,000
Parsippany	2467 ROUTE 10	$165,000	First Floor Unit	1	1	0	$154,000
Parsippany	2467 Route 10 43-1B	$177,500	One Floor Unit, Townhouse-End Unit	1	1	0	$169,000
Parsippany	2350 Route 10-C38	$182,900	One Floor Unit	1	1	0	$181,000
Parsippany	2467 Route 10	$206,900	First Floor Unit, One Floor Unit	1	1	1	$198,000
Parsippany	8B YACENDA DR	$389,000	Townhouse-End Unit	2	2.1	1	$389,000
Parsippany	9C YACENDA DR	$395,000	Townhouse-End Unit	2	2.1	1	$366,000
Parsippany	132 EDGEFIELD DR	$419,000	Townhouse-End Unit	3	2.1	1	$395,000
Parsippany	114 EDGEFIELD DR	$429,000	Townhouse-End Unit	3	2.1	1	$415,000
Parsippany	84 JILLIAN BLVD	$439,000	Townhouse-Interior	2	2.1	1	$424,000
Parsippany	39 MONETT CT	$475,000	Townhouse-End Unit	3	3	1	$465,000
Pequannock Twp.	5413 TUDOR DR	$278,900	First Floor Unit, One Floor Unit, Townhouse-End Unit	2	1	0	$265,000
Pequannock Twp.	205 CHATFIELD DR	$295,000	One Floor Unit	2	2	0	$282,500
Pequannock Twp.	4506 TUDOR DR	$314,900	Townhouse-End Unit	2	2.1	0	$305,000
Riverdale Boro	54 MOUNTAINVIEW CT	$264,999	First Floor Unit, One Floor Unit	2	1	0	$256,000
Rockaway Twp.	322 RICHARD MINE RD B2	$195,000	One Floor Unit	1	1	0	$185,000
Rockaway Twp.	1107 FRANKLIN LN	$204,900	First Floor Unit, One Floor Unit	2	2	1	$190,000
Rockaway Twp.	2305 JOHNSON DR	$240,000	One Floor Unit	2	2	1	$230,700
Rockaway Twp.	21 POWDERHORN DR	$330,000	Multi Floor Unit	2	2.1	2	$330,000
Rockaway Twp.	4 PATRIOT CROSSING CT	$365,000	Townhouse-End Unit	3	2.1	2	$347,000
Roxbury Twp.	91 AUTUMN CT	$285,000	Townhouse-Interior	2	2.1	1	$280,000
Roxbury Twp.	33 LOCH LN	$303,000	Townhouse-Interior	3	2.1	1	$298,000
Washington Twp.	86 NOTTINGHAM SQ	$234,999	Townhouse-End Unit	2	1.1	1	$230,000
Wharton Boro	1594 TOP SIDE	$253,900	Townhouse-End Unit	2	1.1	1	$242,000

Technorati Tags: May 2010,Condo and Townhome Sales in Morris County,New Jersey

Morris County NJ Homes Blog

July 2011–Real Estate Market Update

in millions

in thousands

in months

Source: National Association of Realtors

Source: Freddie Mac

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

June 2011–Real Estate Market Update

in millions

in thousands

in months

Source: National Association of Realtors

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

May 2011–Real Estate Market Update

in millions

in thousands

in months

Source: National Association of Realtors

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

Another Happy Seller! Always nice to hear this. Thank You.

March 2011 Real Estate Market Update

in millions

in thousands

in months

Source: National Association of Realtors - housing data released Feb 23.

Source: Freddie Mac, Rates as of Mar 3.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

Housing Affordability at it’s Highest in Years

Foreclosure is Not the Only Option. Why a Short Sale can be a Better Option than a Foreclosure?

Thank You for your Generosity

January 2011 Real Estate Market Update

Source: National Association of Realtors - October housing data released December 22.

Source: Freddie Mac, Rates as of Jan 7.

Use the Season to Your Home-Selling Advantage

Source: msn.com

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

December 2010 Real Estate Market Update

* Month’s supply of inventory measures how many months it will take to sell all the homes that are for sale, if no new homes come on the market and buyers continue to buy at the same pace or rate.

Source: National Association of Realtors - October housing data released November 23.

Source: Freddie Mac, Rates as of December 2.

Prime Time to Buy

Homes Have Never Been More Affordable

Sources: National Association of Realtors, KW Research

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

November 2010 Real Estate Market Update

Source: National Association of Realtors

Rates as of November 4 .

Prime Time to Buy

7 Reasons Why Now Is a Great Time to Buy a Home

Sources: The Wall Street Journal, Inman News, KW Research

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

October 2010 Real Estate Market Update

Source: National Association of Realtors

Rates as of September 30 .

Bonus For Buyers

For Owner Occupants that Buy Fannie Mae Foreclosures

Options for Investors

Sources: The Wall Street Journal, Inman News, KW Research

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

Wall Street Journal Article : Why Now is a Great Time to Buy a Home

Real Estate Market Update

August 2010 Real Estate Market Update

Rates as of August 6.

Brought to you by KW Research. For additional graphs and details, please see the This Month in Real Estate PowerPoint Report.

July 2010 Real Estate Market Update

Sources: National Association of Realtors, Freddie Mac

Source: WSJ.com

June 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales

May 2010 Condo and Townhome Sales Report- Morris County New Jersey Real Estate Recent Townhome/Condo Sales