James Thomas Boyer

Many would be home buyers have been sitting on the fence trying to time the New Jersey real estate market for quite a while now.  The question now though is, have we reached a bottom?  Will these New Jersey home buyers know the bottom when it is reached? 

The answer the the first questions is probably we have reached a bottom, but in reality you cannot really know a bottom has been put in until probably 12 months afterwords, when it is too late to have taken advantage of that so called bottom.

The answer to the second question in about 99% of the cases is a resounding NO.  Most home buyers who are sitting waiting for the optimum time to buy wait to long.  Why do they wait to long, they tend to listen to the news media to much.  The news media is the same group who was overly optimistic in 2003 - 2006 basically telling people that housing affordability was running away from them and they better jump on board or that train was going to leave them behind for ever.  I still remember some of the news reports talking about an entire generation of people who would end up being renters and never being able to own a home.

New Jersey Real Estate Update

Let me first state a long held belief I have had about the homes that are for sale.  In general only about 20% of the NJ homes listed for sale are actually priced to sell.  The other 80% of the homes that are listed in gsmls are just listed, the home owner and their NJ REALTOR have not priced the home for reality.

Morristown NJ homes for sale

There are currently 118 homes listed in gsmls with an active status.  In reality there are probably only 24 homes listed for sale at prices that will draw a ready and willing NJ home buyer.

Madison NJ homes for sale

There are 60 homes in Madison New Jersey listed in gsmls with a active status.  In reality there are likely only 12 homes that are currently priced to actually sell.  12 homes is not much.

Chatham NJ homes for sale

There are currently 105 Chatham Boro & Chatham Township.  That means that probably 21 homes are actually priced to sell in Chatham New Jersey.  That is not much, I have 3 different home buyers who are interested in Chatham, and let me tell you there are some great deals availible, and there are some real stinkers for the price.

Summit NJ homes for sale

124 Summit NJ homes listed in gsmls.  That means that likely 25 homes are actually priced to sell in Summit New Jersey.  I have shown or previewed at least 30 homes in Summit in the past 3 weeks, once again there are some very good deals, and there are some Summit NJ home owners who need a reality check.

There are many other towns that I do business in and know a great deal about.  Too many in fact to keep on listing, but the same metric seems to apply in all of them, only about 20 percent of those listed for sale in gsmls our local Multiple Listing Service are really priced so that they will sell.

With mortgage brokers like my friend Bob Scarzella (908-252-3958 Office, Robert_Scarzella@countrywide.com) over at Country Wide quoting rates as low as 4.75%  on a 30 year fixed as recently as 01/08/09 Mortgages are a great deal.  With home selling prices hovering around the 2004 / 2005 level, and the Federal Government doing everything possible to end the housing recession, now is likely a great time to be a home buyer in Northern New Jersey.  It is unlikely that prices will decline much from here.

Don’t forget the $7500 first time home buyer credit expires on July 1, 2009

James Boyer
NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

It happens every presidential election year where a new person takes office.  Everyone becomes much more possitive once the new guy is elected, and the possitive attitude only increases once the newly elected president takes office.

The general public’s attitude has been so negative over the past several months, negative to the point that it is not sustainable.  I think that it is not going to take much to turn things moderately more possitive.  These sorts of things tend to feed on themselves actually.  Once the public’s mood starts to turn, more possitive things will start to happen, and then the next wave of possitive things will happen.

I believe that the New Jersey real estate market will be this way as well.  Just this weekend, I took 3 different couples out to look at homes, and I have to say that the deals were so good, that all of them were amazed.  Two of the three couples are seriously considering putting offers in on homes we looked at this weekend.

To me this is a very good sign for the Morristown NJ real estate market, as well as Chatham New Jersey and Summit New Jersey.  For more information about Morristown NJ homes for sale visit the Morristown website listed here.

Fosterfields Living Historical Farm in Morris Twp. NJ 07960 is having a open house on July 4th from Noon to 3pm.

Come spend the afternoon exploring the historical farm and see how independence day would have been spent over 100 years ago.

Forsterfields is a wonderful part of Historic Morris Twp. as well as Morristown NJ 07960

Hope you enjoy the July 4th celebration,

James Boyer
NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

If you would like to see all the homes currently listed for sale in the area, visit Morristown NJ homes for sale, there you will find all the homes currently listed for sale in our local MLS system for Morristown New Jersey.

Update, Morristown NJ Real Estate Report 

It is hard to believe that it is June already.  Where did the spring go?  I thought that all you Morristown NJ people would appreciate seeing how many homes actually sold and at what prices.

Here are the Real Estate Transfers for Morristown NJ for the Month of May 2008. (more…)

The Morristown NJ real estate market continues to move forward in a positive way in 2008.  Eight more homes transferred to there new owners in the month of February. (more…)

Morristown New Jersey is one of those picturesque towns with all the modern amenities.  With its old fashioned 1950’s style downtown stretching from South Street over to the Morristown Green, then out Speedwell Ave. as well as Morris St. Morristown is quite walkable. (more…)