NEWS FLASH! Morris County New Jersey Inventory DROPS!

The sentiment exists that perhaps year over year changes for analyzing inventory might go back too far, but for my general purpose, the analysis is a worthy one.

Looking back a year ago, inventory in Morris County is lower. This is definitely a trend worth considering and, damn me as an optimist, harkens favorably. Why favorable? The numbers point to a deeply entrenched factor that has been holding back the market since boom went bust. Sellers must be getting more realistic in pricing their homes, otherwise the glut would be growing. Homeowners having withstood the distasteful experience of having their listing expire, are either withholding their home from the market upon expiration, or coming back with a more market-worth pricetag. Guess what happens then? The house sells! Yes, the house(s) sell and inventory drops...viola. Not exactly rocket science.

These are numbers worthy of review. My opinion is that this year will be exceptionally telling for the Morris County market overall. Yes, real estate is local. Absolutely. However, when the number of active listings in each town OVERALL or PIECEMEAL gravitate lower based on the impetus driven by our lessons of 2006-2007 (overprice, and you're going no where) this is a positive trend that behooves everyone concerned.

Depending on what township in Morris County you reside in, current inventory may or may not favor you as a seller yet. If you call Denville, NJ your home, that is cause to celebrate as there is approximately only 6 months worth of inventory in that town. If you live in Jefferson Township, price that house right, because you are looking at 16 months worth of inventory! Price your home right. Get ahead of the curve. Resist the agent who comes in and gives you an inflated price, based on fluff and dreams.

Speak to at least two realtors when you're listing your home. Look at the comparable homes that have SOLD, not that are listed. If adjustments downward are being made to compensate for varying amenities that your home may or may not have, based on the comps, then all the better.

Preparing you home to sell and being held back by an unrealistic price is so 2005. Price your home to yield the most money for THIS market.

© 2008, All Rights Reserved. "Antoinette" Scognamiglio, REALTOR® Associate, Prudential New Jersey Properties. Reproduction in any way, shape or form is prohibited. Information is deemed reliable but not guaranteed. The author is not to be held responsible for any conclusions drawn by the audience.

Due diligence in all real estate transactions is strongly advised and encouraged.

Are you considering purchasing a home in Morris County? I specialize in the Morris County, New Jersey marketplace, with expertise in Lakefront property (especially Lake Hopatcong). Certified by Prudential New Jersey Properties as a relocation specialist, I take exceptional care in assisting my clients in finding their new home and community.

Please visit my website to learn more about my philosophy in conducting real estate business, and also to access the resources I offer to the public at large. My credo is..."The title of REALTOR® should be held with great care or not held at all." Put your real estate transaction in careful hands. Contact me directly on my cell at 201-240-8699 or my Denville office at 973-625-1250, ext. 105.