Morristown NJ Real Estate Blog

Madison NJ Families Join Forces

Four Madison NJ families have been getting together for two years now assisting each other with home improvements.  They refer to themselves as "The House Project".  They meet at 8:30 a.m. on the second Saturday of every month between June and October.   With their favorite home improvement tools in hand, they arrive at the designated home for coffee and bagels to discuss their assigned projects.They are committed to putting in 5 1/2 hours of work without question or complaining whether it be painting, putting up fences or taking down fences.  Being skilled is not a requirement but certainly recognized and appreciated by all.A couple of the moms are designated to entertain the kids (probably at a different home).....thus freeing up the worker bees to complete their tasks and have their own on the job fun.  Most are in agreement that the moms have the harder job! The home that is having the work done is considered the "hosting home" and is responsible for providing food and drink for the day.  All projects end at 2:00 and these families feel they've got a pretty good thing going.  Without this combined effort, these projects would probably never get done. All in all its alot of fun, saves money and provides a sense of accomplishment.  My compliments to these families and Madison NJ for your incredibly charming town and neighborly residents.  Just another reason why I love selling real estate and homes in the towns along the Midtown direct train line....

Jeff Otteau's Market Outlook for New Jersey Real Estate

Real Estate Market

A brief synopsis of Jeff Otteau's real estate market analysis for the future.  Contract sales reached the lowest level since 2005 in November coming in 18% lower than the previous month.  The unsold inventory in New Jersey fell for the 3rd consecutive month reflecting 64,000 homes compared to August's 72,000.  This reduced number is driven by a weak market rather than an indication of sales.  Sellers are deferring their selling plans until the Spring and home builders are slowing he pace of new construction.The decline of home prices is predicted to continue into 2008.  Home Sellers...this trend strongly indicates that waiting to sell your home would not be the best choice to net the maximum price.  When pricing your home, Right Pricing to the current market is the best strategy for sellers.

Buying Real Estate

What does this mean for perspective buyers??  Spring of 2008 for New Jersey real estate presents lower home prices and low mortgage interest rates which is a rare and unique opportunity that has never before occurred in the housing market.  Traditionally, home purchase activity has been directly linked to interest rate levels....meaning low interest rates typically increase the sales pace and prices while reducing unsold inventory. The next 6 months will offer an attractive and rare combination of lower interest rates, lower priced homes and a wide selection of homes for sale by motivated sellers. Five years from now, we're likely to reflect back and conclude that 2008 was when Smart Buyers took advantage of this unique opportunity to lock in a home at a combined low price and low interest rate.Contact me for a free market analysis on the current value of your home in ...

Morristown NJ First Night Celebration

Morristown NJ will be having their 16th annual First Night Celebration.  This alcohol-free New Year's Eve celebration is only $15 with free parking and shuttles going into town from Morristown Memorial Hospital. Each year this is great fun that the entire family can attend and together bring in the new year.  There are magic shows, music, puppet shows and more....5 hours worth of fun.Tickets for Morristown NJ First Night Celebration can be purchased easily on the web at  www.firstnightmorris.com....

Comparison Between Renting vs. Buying

As 2013 is right around the corner, many renters and first timer's are deciding if 2013 will be the year they will finally get off the fence, time the market "just right," stop paying their landlord's mortgage, and own a homeof their own.

Home affordability as we all know is at an all-time high. The combination of stabilizing home prices and record low interest rates combined with rising rent prices have made home ownership a much more attractive option than what we have seen in the past few years.

Many customers still don'trealize the financial value. In addition, almost every one of them is not aware of the tax benefit they will receive at the end of the year vs. nothing at all if they are renting.

Bottom Line.... If you are not aware and do not see the numbers for yourselves, how can you truly understand the financial value of home ownership.  Let's look at a comparison between renting vs.buying. This was put together by the loan officer at Weichert, Realtors - Joe Mascuch. 

RentalScenario (1 Year Lease)

$2,400 Rental Price

$8,400 Approx. amount to enter rental agreement (1.5 months security, 1st month payment, 1 month commission)

$2,400 Monthly Rent Payment

$70 Monthly Water/Sewer Payment

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$2470 ESTIMATED MONTHLY RENTAL PAYMENT

$0.00 Annual Income Tax Benefit

Purchase Scenario

$350,000 Purchase Price

$18,000 Required Down Payment for Conventional Loan (Minimum 5-6%)

$1502.00 Principal & Interest (approx.)

$600.00 Taxes

$70.00 Insurance

$0.00 Monthly PMI Payment

----------------

$2172.00 ESTIMATED MONTHLY MORTGAGE PAYMENT

$18,564.00 Estimated Annual Income Tax Deduction

Call me...

Morristown Condo/Townhomes Sold in October

Morristown NJ Condos/Townhomes Sold

Morristown real estate closed on 7 condo/townhomes in the month of October 2013.  Below are details reflecting the address, list price and sale price.

  • 320 South St Unit 9D $173,900 One Floor Unit $165,000  
  • 37 Hill St Apt B10 $224,000 One Floor Unit $210,000 
  • 6 ALTAMONT COURT APT 1 $274,900 First Floor Unit 283,000 
  • 6 Ridgedale Ave $290,000 Multi Floor Unit $280,000 
  • 44 Ridgedale Ave Unit 31 $350,000 Multi Floor Unit $332,500 
  • 6 DORADO DR $385,000 Multi Floor Unit $385,000 
  • 14 Taft Ln* $415,000 Multi Floor Unit $395,000

Call me today on 973-214-5872 to view Morristown homes for sale.

...

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