Morristown, NJ

Morristown NJ Real Estate 2011 Annual Market Report

by Bob Zorechak - GRI, ABR, e-PRO

Find out the latest real estate market information for Morristown NJ through 2011in addition to a look back at the years in between to 2005. See what the trends are indicating and what is next for the Morristown NJ real estate market. If you are considering buying and or selling a home in 2012 in Morristown NJ, this valuable annual market report is an absolute must read.

Attention... all residential real estate is local! Not everything you read about online, in the papers and hear through major media outlets about the housing market is correct or relevant, especially when information is presented on a "national" or "regional" basis. There are many factors that make up the differences in local real estate markets, even from town to town and especially in a state like New Jersey with its inordinate amount of municipalities making it a challenge for some to drill down and obtain the correct market value of any given home. This is why it is important for both buyers and sellers to start with the latest "local" market data before they make any real estate decisions.

As you can see from the chart above the volume of Closed Sales in Morristown has been trending steadily downward for the past 7 consecutive years, with Listings doing the same for the past 4 years. This is mixed news at best for the Morristown real estate market. Inventory has increased modestly by 9% from this same time last year up from 11.2 to 12.2 months, which is a step in the wrong direction.

Simply stated, "inventory" represents the number of homes currently available or For Sale in a given market, or in this case a specific town. This means that with all things remaining equal, at the current rate of sales, it will take a little more than 12 months to sell all of Morristown's current inventory. This figure indicates that Morristown, like some of the surrounding towns is experiencing what we call a strong "Buyer's Market" and will remain so for at least the short term. A Buyer's Market is considered to be a market with an inventory of 7 or more months worth of homes to sell at any given time. With more homes to choose from, not to mention record low interest rates and low prices, things remain very advantageous to buyers right now. A "Balanced" or normal market is considered to have 5 to 6 months worth of inventory with no distinct advantage to either Buyers or Sellers.

The chart above indicates a somewhat steady level in the Sale Price of homes in Morristown NJ over the past 7 years from highs in the mid $400's to lows near $400K. Based on the reasonable and consistent pace of Closed Sales, it is safe to assume that prices are not far off from true market value, however it would help reduce the current inventory if sellers made the adjustment. Incorrect pricing causes inventory to rise, and listings to become "stale" because they are on the market much longer than the norm, resulting in a stagnant local market condition like the one we are currently experiencing.

Based on the excess amount of inventory, I would expect to see prices in Morristown continue to decline moderately, at least for the short term until some of the older inventory is finally sold off or withdrawn from the market.

What Does the Market Hold for 2012?

Follow the link below to find out in addition to reading the rest of this Morristown 2011 Annual Market Report:

Morristown 2011 Annual Market Report

For more information on Morristown including the school system, follow this link:

All you need to know about Morristown NJ

Have you ever typed your name in a search engine to see what comes up? Ever been surprised by the results?

Prior to starting in the real estate business, I really didn’t care what might have been on Google, Yahoo or any other search engine about me (because there was probably not much on the internet). But now that I am more proactive with establishing not only a web presence, but a business, I decided to review how my SEO & marketing efforts are going. I recently did a Google search of my name to see what came up and imagine my surprise I saw….Backwoods Thickness!

What (or who) is Backwoods Thickness? Backwoods Thickness is the moniker for a lovely lady who happens to have a dating advertisement on a website. Not only does she have the same name as me, but is the same age as I am. Imagine the look on my face when I typed up my name and that appeared on the first page of Google alongside my Linked In profile, website and Twitter account (If you can't guess, the picture on the right gives you a pretty good idea). Of course, I had to laugh at the situation. But, caution set in when I thought about others – including potential clients – possibly finding this. I might be overcautious or need not worry. But I do know I have to work a little harder on my SEO :)

Has anybody every done a search on their name and found a weird, strange or random website? I’d love to hear other’s experiences with this.

Source

This is a great time to start thinking about this. I hope it's not too late for many of you. The East Coast has been hit very hard and many have lost so much. Use these tactics to create a home inventory after a casualty loss to support an insurance claim.

Despite your best intentions, you never got around to creating a home inventory, a detailed list of your belongings, for insurance purposes. Now that you’ve suffered a theft or casualty loss, you’re kicking yourself. All isn’t lost: There are strategies you can use to approximate a home inventory after the fact and assign value to your damaged or destroyed possessions.
Lita Epstein, co-author of The Complete Idiot’s Guide to Accounting, suggests first checking your insurance policy to see what’s covered and to what degree. Ideally, you should have replacement cost coverage, which reimburses at full price for a comparable item rather than deducting for depreciation. Once you determine your level of coverage, you’re ready to inventory your belongings.

Make a list

Start by making a comprehensive list from memory of everything that was lost, says Mark Goldwich, founder of GoldStar Adjusters, a Jacksonville, Fla., claims adjusting firm. Using a home inventory checklist — you can download our free PDF worksheet— might help you remember items that may not otherwise come to mind.

Record any important details that affect value such as types of stones in jewelry or the size of a television screen. Examine any available receipts, checkbook ledgers, bank statements, and credit card records for details on purchases.

Solicit photos and videos

Photographs or videos of your possessions can be an important part of proving the value of a loss, says Kelan J. Vorbach, an insurance representative with John B. Wright Insurance in Manasquan, N.J. Examine your photos and home videos, as items may appear in the background. Those images can be used as back-up documentation for your claim. Vorbach also recommends asking friends and family for any photos or videos taken in your home.

Work with what you have

In the case of theft, you may still have owner’s manuals or accessories that came with the item that was stolen. In one of Goldwich’s cases, proof for a claim included the remote control to a stolen video camera, as well as copies of credit card statements, emailed receipts from online purchases, and even tops from the packaging of some items. In cases where possessions are destroyed, Epstein recommends taking photos of the damage and assembling a list from any remains at the scene, as long as it’s safe to do so.

Check online

Look on manufacturers’ websites to get estimates of what similar items cost, suggests Epstein. You may even want to contact manufacturers to see if they can help you determine the retail value of a comparable item, she says. If you don’t have replacement value coverage for your possessions, sites like eBay and Craigslist that sell used merchandise may give you an idea of how much you can expect to pay for a similar item, says Goldwich.

Hire an appraiser

Especially if you lost high-value items, it may be in your best interest to hire a certified personal property appraiser to help you document your claim, says Epstein. Check with the International Society of Appraisers, which has an online appraiser search function. Hiring a professional typically costs between $250 and $500, though fees can vary greatly depending on the size and complexity of a claim.

Some appraisers charge a percentage of the appraised value, perhaps 2% to 5%. Epstein says an appraiser’s report can go a long way in helping you document the value of your items, often making the investment worthwhile.

Document everything

It’s critical to devote a day or two to documenting your claims thoroughly, not only for your insurance company but also for the IRS. Federal tax rules allow for certain deductions related to theft and casualty losses, including declared disasters. “Those types of claims have a high rate of audit, so you want to be sure you have as much documentation as possible to defend the deduction,” Epstein says. Consult a tax adviser, and refer to IRS Publication 547.

If you would like help getting your home ready to sell, please visit my website www.AdrienneFrancis.com or call me at 201 259-4449. And visit my other blog at www.BaskingRidge-NJ-HomesForSale.com .

Morris County Stager: The 10 Most Important, Cost-Effective, Fixes When Selling Your Home !

As a Morris County Home Stager, I've compiled a list of the most important tasks to complete before putting your home on the market...

1. Master bedrooms and baths should appeal to both sexes - if yours is gender specific, balance it with some masculine/ feminine accessories - pillows, art, greenery, a well placed throw and use neutral bedding - your grandmother's homemade quilt isn't going to cut it!

2. Walk through each room as if you were a buyer - can you move freely about? If not, open up the space by eliminating excess furniture to create easy traffic flow. when selling - less is always more!

3. If possible rent a small local storage space to put excess furniture, personal items, knickknacks - anything that clutters the home and causes distractions - after all, you're selling your home, not your lifestyle. (This also eliminates a lot of stress down the road when the buyer is ready to move.)

4. Assess the color palate of your home-make sure it's uniform throughout and stick to neutral colors - his creates continuity. Some suggested paint colors that go with just about any decor: taupes, beiges, creams and grays. Add pops of color using accessories like pillows, art and a throw.

5. Think upscale hotels - clutter free, updated and designed to appeal to the masses. If you have dated boarders or wall paper take it down - this is one of the biggest turnoff to buyers and they often move on. (I've heard of homes for sale labeled as the "wallpaper" home and it's not a compliment!

6. Don't assume buyers won't look in cabinets, closets, basements and attics. Storage is key for buyers and they want to see if the home has enough space to accommodate their stuff. Organize, or better yet store it- this demonstrates to buyers that indeed their things will fit and is a big selling advantage.

7. Clean, Clean, clean - It's the easiest, no cost, effective fix and this can't be emphasized enough - nothing turns a buyer off more than a messy, dirty or smelly home - this will send buyers running for the door - trust me on this one!

8. Open all blinds, eliminate heavy window treatments and let the natural light shine in - this cheers up and brightens the home, making it feel airy and more spacious - and, it's so easy! If you have dated vertical blinds, it best to take them down

9. Fix leaky faucets, broken screens, door hinges, door bells or running toilets - Yes, I'm going to beat a dead horse, but these are big turnoffs and don't invoke any confidence in the buyer that your home is well taken care of - you know the kind of homes we all want to buy!

10 Make sure your MLS photos are done by a professional - 80% of buyers shop online before ever stepping out the door with their Realtor!

Okay, so I lied, #11 - drum roll please...

My list wouldn't be complete without strongly suggesting hiring a professional stager who is trained to prepare your home for the market, using proven techniques to enhance, highlight and showcase your home it its best possible light and appeal to the most buyers!

Elite staging also offers professional photography included in your staging project or as a separate package!

The Metropolitan at 40 Park...Live on the Green, Take on the Town. Last week I wrote about the immenent rollout of five new models at 40 Park. Having previewed these stunning residences today, its evident why this Community has garnered highest accolades: the Pillars of the Industry Award, recognized as the "Best Mid-Rise Condominium Community" in the nation!

This redevelopment was the genius of Roseland Property Company and Woodmont Properties from conception to completion. Set perfectly in the heart of Morristown, these glorious residences feature 30 unique floor plans from 825 to over 3200 square feet. Further, all 13 penthouses are completely unique in design! I had the privilege of previewing Penthouse #607 (among the five other models), a 2,580 square foot dream home, with 2 bedrooms, 2.1 bathrooms, a den, an almost 17 x 15' media room and stunning 655 square foot terrace with a jaw-dropping view of the Green.

The distinctive and unique details in these residences will be obvious the moment you step inside any one of the models. The Gourmet kitchens all feature granite countertops, the high-end, state-of-the-art stainless steel appliances, and cherry and maple kitchen cabinetry.

There's gorgeous hardwood flooring throughout the townhomes in rich, warm hues. The molding packages are upscale and add a distinctly sophisticated touch to the main living areas and bedrooms.

The grand Master Suites offer sumptuous marble baths in beautifully neutral and harmonious tones. There are oversized Whirlpool washers and dryers in the homes. Built-in surround sound in the living areas enhance your entertaining experience.

The expansive roof terraces and balconies, depending on the plan, will have you daydreaming of the many afternoons and evenings you could spend enjoying the sunshine and views of vibrant Morristown.

This ultimate in-town lifestyle includes a unique European style piazza, elegant lobby with concierge service and a private access, temperature-controlled parking garage. Midtown Direct service to NYC from the Morristown Train Station is just a few minutes' walk away.

And you'll never run out of sites to explore: not only are you surrounded by well-established fine restaurants, cafes, boutiques, but also 70,000 square feet of new retailers and restaurants yet to open and at your very doorstep! After you're done with your fine meal or purchase that perfect outfit, enjoy the eclectic culture of Morristown via its numerous art galleries, and, of course, the Community Theatre

The "Park Center" is positively fabulous place to relax or meet and includes the services of a catering kitchen and is available for rental exclusively by residents -- ask me about the most gracious arrangement allowed by 40 Park's management office.

You'll love this sophisticated recreation area complete with billiards table, media lounge with big screen TV, cozy bar seating and a beautifully dramatic gas fireplace.

As of this writing, there are only 25 residences available for purchase, ranging from $399,000 to $2,250,000. Contact me immediately at 201-240-8699 if you're interested in viewing one of these stunning homes.

Although 40 Park is represented by JMWeichert Group, as a member of the Garden State Multiple Listing Service (GSMLS), I'm authorized to show and sell any residence available for sale within that Community.