Morris County Stats

Ok so I have done some digging on the numbers in Morris County of the GSMLS from November 2010 to November 2012. Here is what I found. There was about 4000 sales in the area. There ehere about 50k listings and the average days on market or DOM was about 92 or three months. Homes that are price well sell at about 94% of asking. So what does this mean? Here are my thoughts and chime in if you have your own... When pricing take emotion out of the game and get it right the first time or you will chase the market. Pricing it right will also move your house in less than 92 days. If you do not want the hassle of keeping your home staged for three months or longer price as well as a good marketing plan will accomplish this. The average list price in Morris County is around 590k and the average list price when a home goes under contract is 480k which tells us that a big chunk of homes on the market are over priced. If you would like more details on stats by township I have them and you can contact me and I will share more specifics if you like.

Happy New Year! While you're getting back to business in finding a new home or selling, realtors across the country are putting together their 2012 sales plans.  I think if I could somehow magically see them all and do an analysis, my feeling is that this year will be better than last. Will it be much better? I think the answer will lay in mortgage rates. I am no money market expert but, if we see rates rise consistently for six months, we could see a buying frenzy. If rates don't move, buyers will wait for more price improvements. A good sign I have seen in the last few months is that short sales are not as good deals as they use to be. And frankly, they are more stress for the buyer in the end. My plan this year is modest, but yet better than last year. I plan a big increase in market spending in the Internet and to blog more and give advice. So here it goes. For sellers, I would give this advice. Price it right it will sell. Price it wrong and wait long. To Buyers, I would give this advice, prices and rates are low but the closing process is more complex than before. Be ready for the unexpected and you will get connected.