The Convent Station Real Estate market has been fairly busy as of late.  With 13 homes closing and transferring to their new owners in August I can say this is better than what took place in August of 2007.  

Convent Station tends to be the most popular area of the Morris twp. Real Estate marketplace.

Here are the homes and sold prices for last months Convent Station real estate transfers:

19  Irondale Ave  $329,900LP  Ranch 3bd 1ba $313,000sp  79dom

131  PARK AVE  $424,900LP  SplitLev 4bd 2.1ba $424,000sp  77dom

24  Woodland Avenue  $449,000 LP Colonial 4bd 2ba $400,000sp  111dom

101  Woodland Ave  $459,000LP  CapeCod 4bd 2ba $447,500sp  52dom

46  DAVENPORT PL  $524,900LP  TwnIntUn 2bd 2ba $510,000sp  15dom

3  Gatehouse…

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Chatham New Jersey has 106 homes currently for sale. That seems like a lot of homes for sale but it really is not that many. During this state wide real estate downturn Chatham and the surrounding communities have been holding up much better than New Jersey as a whole. This is due in large part to the excellent school system offered in Chatham, as well as comparatively low property taxes, and easy access to New York City by the Midtown Direct train line running though Chatham.

Currently the average days on the market for a Chatham NJ home to sell is about 73.  That is not bad considering the stories we hear about other markets with average days on market hovering around 150 and in some cases 200 days on market.

If you would like to take a look at the…

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Morristown NJ Home Buyers, Did you know, the Federal Reserve has cut the interest rate they charge banks 1.25% over the past few weeks? This could have a huge effect on the home you can now afford to purchase in Morristown NJ or other surrounding towns.

Have you talked with your mortgage person lately?   With every 1% mortgage interest rate reduction the typical mortgage payment drops 9%. This can make a huge difference in the home you can afford. For example, if you thought that the highest home price you could afford was $600,000 you could move that number up to $654,000 with a 1% mortgage interest rate cut, and still have approximately the same mortgage payment.  I have a feeling that interest rates are not going to be staying down at these levels for… Read Full Post

With The Latest Interest Rate Cute, The New Jersey Midtown Direct Real Estate Markets Should Strengthen Even More!!

January 26th 2008 and the buyers keep coming out of the wood work.  This sure is not like January 2007 when NJ REALTORS may as well have gone on vacation for a few months for the few actual home buyers who were at at that time.  This year January feels more like a typical April Real Estate market. 

One problem though!  There sure are not that many homes out there which are properly priced.  Too many New Jersey home sellers still have there homes priced more than 5% above where their house should be priced.  OK I said 5% but that 5% is a magic number, usually home buyers don't even want to look at homes which are that much or more over…

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It has been two weeks since I published the last update covering towns along the New Jersey Transit Midtown Direct Line.  Things are moving along though slower than most would like.  Many of the towns in Morris County are still experencing a recovery in home sales as compaired to the spring market.  Union County seems to be slowing a bit though moderatly priced homes still seem to be selling at a decent pace.  Essex County is a mixed bag, with places like Short Hills / Millburn, & Maplewood doing fairly good, but Livingston and many of the towns to the east not doing so well.

Want to do a little of your own real estate market research?  Check out Morris County Realtor you can do all the research you wish and you can even save searches so that when things…

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It is that time of the week again.  Time to look at the homes that are actively for sale in the Midtown Direct towns.  In the past few weeks we started to see inventory and days on market starting to build again.  This week continues that trend.  It is not that a over abundance of homes are being listed, it is just that the banks are not lending and so many people who should be able to get a mortgage cannot, and many people have been so frightened by the news media, that they will not even look at homes.

The Federal Reserve has cut interest rates one half of a point so far.  What good does this do though if the banks will not lend?  Interest rates could be at zero but if the banks will not right loans to the average American it just will not matter. …

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  The perfect storm continues. Buyers are scared; Sub prime mortgage fallout is still a huge problem. It looks like we are starting to see housing inventory starting to pile up again. All not good signs for home sellers hoping to get high prices for their real estate.   This is the perfect time for a home buyer with good credit to step in and get a great deal on New Jersey real estate.   Here are the numbers for the New Jersey towns along the Midtown Direct train line. Active Listings Town DOM  Av - Price 146 Morristown NJ 94.5  $   504,897.00 155 Morris… Read Full Post

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…

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