A Full-Point Interest Rate Cut Needed, Screams Lawrance Kudlow -- What does this have to do with Short Hills, Morristown, Madison, Chatham, Summit, Parsippany, Livingston, Maplewood, and South Orange NJ Real Estate Markets?

A Full-Point Interest Rate Cut Needed ASAP to Stem This "Run On The Bank" 

Screams Lawrance Kudlow, A Writer for Investors Business Daily & CNBC News Anchor.  Lawrance goes on to say "You don't have credit blowups, liquidity freezes, dysfunctional commercial paper markets, suspect bank loan quality - nor do these ailments spill over into London and the other European money markets - when central bank policies are easy and accommodative. 

But does this have anything to do with North New Jersey Real Estate? Yes to a extent it does. It has gotten more difficult for people who wish to purchase a home in which they need to get a Jumbo or Non conforming mortgage for. A jumbo or non conforming loan is any mortgage for higher than $417,000.

Many home buyers have been scared off by all of the turmoil in the mortgage lending markets but should they be scared of purchasing a home now. In times like this, you are the most likely as a home buyer to be able to get a home that you want at a very good deal. So if you had been thinking of buying a home but had doubts, remember New Jersey Real Estate has not collapsed like the Real Estate markets in California, Arizona, Nevada, & Florida have. In most of the towns in Morris, Essex & Union of New Jersey you would be hard pressed to find any class of home that has suffered more than very small price declines in the past 2 years. In fact in the sub 600K price range some news outlets report that we have seen a small price appreciation since August of 2006.

Over all this is likely the best time in the last 10 years to be a home buyer.

So what are the Morris County, Essex County, & Union County local town real estate numbers saying now?

For the North New Jersey Real Estate markets the rebound has already started. 

If the lending crisis does not derail things (and the Federal Reseve should put a end to this) our local markets will continue to improve.

 Houses & Homes Actively For Sale:

Active Listings	Town	DOM	Av - Price
140	Morristown NJ	90.6	$   508,255.00
154	Morris Township	85.1	$   842,352.00
75	Madison NJ	65.5	$   806,533.00
104	Chatham NJ	80.9	$1,073,169.00
47	Florham Park	95.8	$   699,003.00
268	Parsippany NJ	78.7	$   408,028.00
106	Short Hills / Millburn	92.5	$1,763,840.00
139	Maplewood NJ	69.6	$   513,513.00
108	South Orange NJ	79.6	$   701,826.00
142	Livingston NJ	95.8	$   906,203.00
122	Summit NJ	76.6	$1,152,857.00
53	New Providence NJ	68.1	$   665,339.00

Statistical data from GSMLS, Morris County NJ, Essex County NJ & Union County NJ

• Remember everyone, There are some great Realtors out there, but the good and great Realtors are far outnumbered by the bad and lazy Realtors.  What to know how to avoid hiring a bad or lazy Realtor take look at my article  How Best Not To Hire A Bad Realtor it is blunt and to the point.  I hope you find the information in it to be of use for you. 

Thank you for reading,

James Boyer

Realtor Associate

Keller Williams NJ Real Estate

488 Springfield Avenue

Summit, NJ 07901

973-376-0033 (Direct)

973-647-0253 (Office)

 

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