Are The New Jersey Midtown Direct Real Estate Markets Recovering?
Posted Aug 14, 2007 @ 10:04 am, Viewed by 968 Visitors, Read 985 Times.Part 9 in the continuing series.
All Real Estate is local. We all know that this statement is true. What goes on in the Morristown NJ Real Estate Market, or the Chatham NJ Real Estate Market has very little to do with what is happening in local Florida Real Estate Markets.
The past week has seen lots of news about the sub prime mortgage lending industry. Their have been and will continue to be mortgage lenders who participated heavily in the sub prime market who will go out of business. How does this affect the local Real Estate markets? In the short term, people with poor credit will have great difficulty getting mortgages, and all home buyers no matter how good their credit rating will be pushed to put more equity into their home purchase. For home buyers who have good credit ratings and were already going to put 10% or more down on a home, their should be little difficulty in getting a mortgage with good terms and interest rate.
So, lets get to the Real Estate numbers for this week!
The Media is asking
"When will the Rebound Come"
Inventory Numbers:
| Active Listings | Town | Av-DOM | Av-Price |
| 140 | Morristown | 91.3 | $ 518,627.00 |
| 154 | Morris Township | 87.8 | $ 830,830.00 |
| 63 | Madison | 79 | $ 902,146.00 |
| 112 | Chatham | 90.4 | $1,080,871.00 |
| 43 | Florham Park | 96.4 | $ 731,226.00 |
| 261 | Parsippany | 80.5 | $ 406,165.00 |
| 96 | Short Hills / Millburn | 90 | $1,719,395.00 |
| 114 | Maplewood | 77 | $ 524,568.00 |
| 103 | South Orange | 76 | $ 719,950.00 |
| 136 | Livingston | 89.2 | $ 978,369.00 |
To see other weeks stats take a look at the other articles in the series:
The Rebound in New Jersey Real Estate Part 5
The Rebound in New Jersey Real Estate Part 6
Statistical data from GSMLS, the MLS of Morris, Essex & Union Counties.
The most heavily used search terms by home buyers in our local towns are listed below:
- Morristown NJ Real Estate
- Madison NJ Real Estate
- Chatham NJ Real Estate
- Parsippany NJ Real Estate
Today's home buyers are very savvy, 82% of them are using the internet for 6 months or more researching homes and towns. It is very important for home sellers to make sure that their home is easy to find on the internet. Many Realtors will tell you that your home will be on the internet, but where will it be? Will it be buried on their companies website where home buyers will have to maneuver though 6 or more pages of information to get to it? Will your Realtor only put it on Realtor.com? Or will you hire a Realtor who will do all of the above and make sure that it shows up on first or second page for your towns most popular home buyer Real Estate search?
About the Author
James Boyer, Realtor is a real estate consultant with Keller Williams Real Estate of Summit, NJ 07901. For NJ home buyer information, He is the team leader of the Jboyerhomes team at Keller Williams Real Estate, who aim to provide exceptional service and provide expert guidance in each of their client's real estate transactions. You can visit their web presence at Chatham NJ Real Estate.
Remember, Not all Realtors are created equal, when you are thinking about buying or selling a home, it is not usually a good idea to just call up any old Real Estate agent. In today's Real Estate market place knowledge, hard work, & internet savvy are especially important.
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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