So you think Morris County NJ homes are not selling!!
I write this today for the Morris County NJ home buyers out there who are scared to make a move, thinking that they should try to time the real estate market hoping that they will catch the bottom. Bad idea, if you try to catch the bottom you will likely depend on the news media who will tell you it is ok to go ahead about 12 to 18 months after the bottom has come and gone. Just like they did when the market topped.
Homes in Morris County NJ are selling
Here are sales numbers for many of the local Morris County towns.
2007 2008
133 84 Chatham Boro New Jersey 07928
165 146 Chatham Township New Jersey 07928
174 130 Madison New Jersey 07940
318 260 Morris Township New Jersey 07960
171 167 Morristown New Jersey 07960
74 52 Morris Plains New Jersey 07950
59 29 Harding New Jersey 07976
87 77 Florham Park New Jersey 07932
81 65 East Hanover New Jersey 07936
As you can see, the number of sales is down in every one of the towns, though the hardest hit is the Luxury real estate market of Harding New Jersey, while the lightest hit are towns on the Midtown Direct train line and those towns which have more housing at the lower end of the price range such as condominiums and first time home buyer type homes.
Towns which are better suited for first time home buyers by price, are Morristown, Morris Township, Madison, Florham Park, East Hanover, and Morris Plains.
Truth be told this is a fabulous time to be a Morris County NJ home buyer. There are some great prices out there, as well as interest rates quoted this week below 4.75% on a 30 year fixed rate.
If you are thinking of purchasing a home in the near future, consider moving forward now. There is a $7500 first time home buyer tax credit availible to Morris County NJ home buyers who close on their home before July 1, 2009.
James Boyer
Morris County REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Tags: chatham boro new jersey 07928, Homes in Morris County NJ, Madison New Jersey 07940, morris county nj home buyer, Morris County NJ homes, Morris County REALTOR, morristown new jersey 07960
January 24th, 2009 at 10:27 am
James,
I service northern NJ as well specifically the Gold Coast, ie. Hoboken, Jersey City, and some suburbs. We are seeing a major glut in luxury sales also and its directly the fault of the job losses in NYC. Not only that but Hoboken just increased city property taxes by 47%. Not good when you are in a recession!
January 30th, 2009 at 2:18 am
Thanks for sharing the useful information and tips. I am sure the $7500 first time homebuyer tax credit will benefit many home buyers. Hope that with all this initiatives, recession won’t hit us as hard as we thought it would.
January 31st, 2009 at 5:47 am
Nice post. I think you have a good job when writing this article. I will bookmark it in my browser.
February 23rd, 2009 at 11:44 am
Good news for the home buyers..nice info
April 21st, 2009 at 4:38 am
Thanks for nice effort of sharing useful & nice tips.
Good job
October 16th, 2009 at 12:15 pm
Very informative for the real estate market.
December 9th, 2009 at 3:48 pm
It’s good to see that your homes are selling, we are getting pretty slow here in the winter months. Great information.