Now's The Time To Buy Real Estate in Morris County, NJ

With Home Prices in Morris County down from their highs, and Mortgage Rates Evenly Matched, Now’s the Perfect Time to Make Your Move and Buy your new home.

If you’ve been waiting to buy a home, it’s time to get into the game. You can take advantage of 30-year fixed rate mortgages that are still very low by historical standards.

Instead if you wait till the economy recovers then home prices might start rising again but more importantly Mortgage Rates will rise as the economy recovers. This might increase the cost of owning a home over the long run.

Plus, right now you have a greater choice of homes and more ability to make your dream home affordable. With inventory building, mortgage rates still historically low, and sellers anxious to move, now is a great time to buy.

Remember risks always seem higher when all the headlines are negative, but that is when Savvy Buyers should be thinking of Real Estate as a long term investment and make their move.

Remember, any offer is a good offer - and yours could lead to a new home!

Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com, http://www.RoseArborLiving.com & http://www.libertygreens.com/.

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Morris County Real Estate Trends - Smaller Homes Now More Popular

The average size of a single family home had been rising for 30 years.  The average size has risen from 1560 Square Feet in 1974 to 2248 Square Feet in 2007 according the US Census Bureau.

But starting in the second quarter of last year the average size of new homes started falling and many experts predict more declines going forward.


Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com, http://www.RoseArborLiving.com & http://www.libertygreens.com/.

Morristown New Construction Townhomes and Condos

The Revival of Morristown: New Construction Townhouses and Condos
 

The Revival of Downtown Morristown is well along, with many new major residential projects. All this continues to make Morristown one of New Jerseys most desirable places to live. I have listed a few below:   Vail Commons Condos - Price Range from $389,000 - $649,000. A Multi story building on Prospect St in Downtown Morristown, just off the green.  Vail Mansion, New Luxury Condos surrounding the Historic Vail Mansion. Gourmet Granite Kitchens. with Custom Cabinets, Jenn Air appliances, Marble Baths & Kohler fixtures. Concierge Service, Fitness Center, and a Media & Club room. Right on South Street within walking distance of everything in downtown Morristown including the Midtown Direct Morristown Train Station. For sale ranging from the around $738,000 and up to a Million. DeHart Place - Located on DeHart Street right in the heart of Morristown, there are only 2 townhomes left for sale ranging from $1,260,000 - $1,280,000. Epstein's Redevelopment...Condominiums, Apartments, Lofts, a Car Parking Garage. More details coming soon. The Epstein's Department store will become a multi story building. Directly adjacent will be another multi story building with many one- and two-bedroom apartments ranging from 700 to 1000 square feet over 10,000 square feet of retail. More details coming soon Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com & http://www.libertygreens.com/.

What to do First – Buy a new home or Sell your current home

If you already own a home, it's an important question and the answer is: it depends.
Generally speaking, under most market conditions, I would advise listing your present home and shopping for your new home simultaneously.

To consider your own individual needs and circumstances, though, I would want to find out how fast you need to sell and then how long it would to take to sell in today's  market conditions.
In a great real estate market, for example, you can assume your home would be more likely to sell quickly. In that case, if you have very specific criteria – like location, type, size, etc. which could lead to a time-consuming home search – you should consider finding and buying a home first before you sell your existing home.

If necessary, we can make an offer to buy your new home contingent on selling yours.

On the other hand, if you sell first, we can always make your sale dependent on finding a home to buy.
Time of the year can play a role in deciding when to sell – with spring and fall the most popular seasons to put a home on the market.

We should also consider the effect of factors like interest rates and consumer confidence in the economy. Low interest rates will get you buyers year round.
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com & http://www.libertygreens.com/.

Real Estate Glossary

“Real Estate has a language all its own. Here's some of the terminology you'll be hearing.” Adjustable Mortgage Loans: Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans,  Adjustable Rate Mortgages (ARMs), Flexible Rate Loans, Variable Rate Loans. Amortization: Payment of a debt in equal installments of principal and interest, rather than interest-only payments. Annual Percentage Rate (A.P.R.): The yearly interest percentage of a loan, as expressed by the total finance charge actually paid (interest, loan fees, points).  The A.P.R. is disclosed as a requirement of federal truth in lending statutes. Appraisal: An estimate of value of a Real Estate property by a professional third party. Virtually all non-owner financed mortgages will require an appraisal and is generally paid for by the buyer. Assessment: The value of a property as determined by the local tax jurisdiction which is used to determine the amount of your property taxes. Buydown: A payment to the lender from the seller, buyer, or third party, or some combination of these, that causes the lender to reduce the interest rate during the early years of the loan. Cap: In adjustable rate mortgages, the limit on how much the interest rate or monthly payment can change. Closing: The final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed.  Closing Statement: The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. Closing Costs: Funds needed at the time of closing (separate from and in addition to the down payment). Loan origination fees, discount points, Attorney fees, recording fees and pre-paids are some items that may be included. They often will total from 3% to 5% of the price of the home, payable in cash. CMA: CMA, or Competitive Market Analysis, is a comparison of homes similar to a seller’s home in terms of size, style, features, and location that have sold recently or are on the market.  A CMA is prepared by a real estate agent to help set a home’s listing price. Common areaAn area inside a community which is owned in common by everyone who lives in the community. Good examples include tennis court, recreation room, pool, etc. Common-area assessments Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve, or operate common areas. Condominium: Housing where the owner owns only the unit in which they live - from the interior walls inward, generally - as well as a portion of the common area. Contingency: Commonly, a stated event which must occur before a contract is binding. For example, a home sale may be contingent upon the buyer obtaining financing. Debt to Income Ratio: The ratio of a borrower's total debt as a percentage of their total gross income Deed: The document that, when recorded with your local government, determines ownership of a property. Transferred from seller to buyer at closing. Deposit: A portion of the down payment given by the buyer to the seller or escrow agent with a written offer to purchase. Shows good faith. Down payment: Cash portion of the purchase price paid by a buyer from his own funds as opposed to that portion which is financed. Escrow: A procedure in which a third (neutral) party holds all funds, documents, etc. necessary to the sale, with instructions from both buyer and seller as to their use and disposition. FHA Loan: A loan insured by the Federal Housing Administration, a part of the Department of Housing and Urban Development. FHA insurance enables lenders to loan a very high percentage of the sale price. Graduated Payment Mortgage: A mortgage initially offering low monthly payments that increase at fixed intervals and at a predetermined rate. Hazard Insurance: Otherwise known as homeowners’ insurance. This is a usual requirement of a mortgage lender and an advisable safeguard for any homeowner to protect against loss. Index or Rate Index: A measure of interest rate changes used to adjust the interest rate of an Adjustable Mortgage Loan. Example: the change in U.S. Treasury securities (T-bills) with a 1-year maturity, based upon their weekly average yield. Lien: A legal claim or charge on property as security for payment of a debt or for the discharge of an obligation. Loan-to-Value Ratio: The ratio – expressed as a percentage – of the amount of a mortgage loan to the appraised value or selling price of the property. Lock box:  A key storage system placed on a home entrance that is accessible only by active, licensed real estate agents who must abide by a strict set of guidelines when showing a seller’s home. Margin: In Adjustable Mortgage Loans, the number of percentage points the lender adds to the index rate to determine the new interest rate at each adjustment. MLS:  MLS stands for multiple listing service, by which member brokers cooperate in the sale of each other’s listings. Sellers may choose not to allow their property into multiple listing, if they wish. PITI  (Principal, Interest, Taxes, and Insurance): Used to indicate the four major items included in a monthly mortgage payment. Points:  A fee charged by a lender as a service charge or as an amount needed to make the yield on a mortgage competitive with other types of investments. Each point represents 1% of the loan amount. Price Trend Analysis:  A tool developed and used exclusively by Weichert, Realtors to help set a home's listing price by projecting local trends. Used in conjunction with a CMA, or Competitive Market Analysis. Because home values appreciate over time, a Price Trend Analysis maximizes listing prices. Principal: Amount of debt, not including interest; the face value of a loan. Private Mortgage Insurance: Insurance issued by a private company against a loss by a lender in the event of default. Private mortgage insurance is generally required for conventional financing whenever less than 20% is put down. Second Mortgage: A mortgage which ranks after the first mortgage lien in priority. Settlement: Same definition as closing. Title Insurance: Insurance against loss resulting from defects of title of public record. VA Loans: Loans partially guaranteed by the Veteran’s Administration, enabling veterans to buy a home with little or no down payment. Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com & http://www.libertygreens.com/.

Morris County Real Estate Recent Townhouse/Condo Sales- February 2008 Condo and Townhome Sales Report

Morristown, Madison, Chatham, Denville, Randolph, Parsippany, Rockaway, Hanover, East Hanover, Montville, Morris Plains, Morris Township, Roxbury New Jersey Real Estate - February 2008 Condos and Townhouse Sales Report.

Town	Address	Style	Beds	Baths	Garages	Sold Price
Boonton Town*	410 CORNELIA ST, UNIT 5	One Floor Unit, Victorian	1	1	0	$230,000
Chatham Twp.	18 E Manchester Court	One Floor Unit	1	1	1	$287,500
Chatham Twp.*	20A HERITAGE DR*	First Floor Unit, One Floor Unit, Tudor	1	1	1	$319,000
Chatham Twp.	221 Terrace Drive	Townhouse-End Unit	2	2	1	$430,000
Chatham Twp.	28 Sterling Drive	Townhouse-Interior	3	4.1	2	$1,294,604
Denville Twp.	803 Buckland Court	Multi Floor Unit, Townhouse-Interior	2	1.1	1	$316,000
Denville Twp.	704 Buckland Court	Townhouse-Interior	2	2.1	1	$355,000
Denville Twp.	78 Henning Terrace	Townhouse-Interior	3	3.1	2	$625,000
Denville Twp.	2 Jade Circle	Townhouse-End Unit	3	2.1	2	$718,195
Dover Town	65B FOX HILL DRIVE	One Floor Unit	1	1	0	$110,725
Florham Park Boro	38 PARK ST #7C	Townhouse-Interior	3	2.1	2	$405,000
Hanover Twp.	401 Viera Drive	Townhouse-End Unit	3	2.1	2	$706,802
Jefferson Twp.*	14 STONE HOUSE CT*	Townhouse-Interior	2	2	1	$243,500
Jefferson Twp.*	14 RIDGE VIEW TER*	Townhouse-Interior	2	2	1	$257,000
Jefferson Twp.	48 Red Oak Terrace	Townhouse-Interior	2	2.1	1	$255,000
Jefferson Twp.	3 Stone Row Lane	Townhouse-Interior	2	2.1	1	$361,500
Lincoln Park Boro	85 Stonyridge Drive	One Floor Unit, See Remarks	3	1.1	0	$307,000
Long Hill Twp.*	357 VALLEY ROAD	Multi Floor Unit, Townhouse-Interior	3	2.1	0	$390,000
Madison Boro	116 Hempstead Court	Townhouse-End Unit	3	2.2	1	$550,000
Montville Twp.*	33 WATERFORD DR*	Townhouse-Interior	3	2.1	1	$545,000
Montville Twp.	47 Cobblestone Terrace	Townhouse-End Unit	3	2.1	2	$635,000
Morris Twp.	100 Village Drive	First Floor Unit, One Floor Unit	2	2	0	$350,000
Morris Twp.	23 wildflower	Townhouse-End Unit	2	2.1	1	$400,000
Morris Twp.	2 CAROLINE FOSTER COURT	Townhouse-End Unit	2	2.1	1	$415,000
Morristown Town	320 South Street 8C	Townhouse-Interior	2	1.1	0	$317,500
Morristown Town	7 Prospect Street	One Floor Unit	1	1	0	$340,000
Morristown Town	7 Prospect Street	One Floor Unit	1	1	0	$375,000
Morristown Town	46 Taft Lane	Townhouse-End Unit	2	2.1	1	$450,000
Morristown Town*	64 TAFT LN*	Townhouse-End Unit	2	2.1	1	$439,725
Morristown Town	13 Franklin Place #8E	Multi Floor Unit, Townhouse-Interior	3	2.1	1	$525,000
Mount Arlington Boro*	2 BIRCH TERRACE	Multi Floor Unit, Townhouse-End Unit	2	2.2	1	$340,000
Mount Olive Twp.*	215 Winding Hill Drive	Colonial	4	2.1	2	$410,000
Parsippany-Troy Hills Twp.	199 B-5 North Beverwyck Road	One Floor Unit	1	1	0	$180,000
Parsippany-Troy Hills Twp.	2467 Route 10 East 8-3B	One Floor Unit	1	1	0	$185,000
Parsippany-Troy Hills Twp.	2350-A32 Route 10W	Townhouse-End Unit	2	1	0	$250,000
Parsippany-Troy Hills Twp.*	156 PATRIOTS RD*	Townhouse-Interior	2	1.1	1	$390,000
Parsippany-Troy Hills Twp.*	77 SPRINGHILL DR*	Townhouse-Interior	3	2.1	1	$419,000
Parsippany-Troy Hills Twp.	28 PINFOLD COURT	Townhouse-Interior	3	2.1	1	$457,000
Parsippany-Troy Hills Twp.	156 Gladstone Dr.	Townhouse-End Unit	3	2.1	1	$520,000
Pequannock Twp.	105 Newark Pompton Tpk	First Floor Unit, One Floor Unit	1	1	1	$220,000
Pequannock Twp.*	1901 WENDOVER DR*	Townhouse-End Unit	3	2.1	1	$387,000
Rockaway Twp.	322 S3 RICHARD MINE RD S3	Townhouse-End Unit	1	1	0	$190,000
Rockaway Twp.*	19 BROTHERTON AVE*	Townhouse-Interior	2	2.1	2	$328,500

Data Source: GSMLS, 2/1/08-2/29/08
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-252-8245 (Res.) or online at: http://www.Morris-homes.com/, http://www.thetownhouseexpert.com/ http://www.MorrisCountyHomeFinder.com/, http://www.thetownhomeexpert.com/, http://www.morriscountytownhomes.com/ , http://www.Morris-Townhomes.com/, http://www.BerkshireHillsTownhomes.com & http://www.libertygreens.com/.