Sometimes the data regarding the Moorestown real estate is revised depending on how quickly agents follow up with TREND MLS and post their sales to the real estate database. With this in mind here are some revised Moorestown real estate numbers for 2007.
I reported earlier that the average sale price for a Moorestown home during 2007 dropped about 1% versus 2006. This was revised down further to about 3.5%. This is a lower average sale price for Moorestown homes, but it still remains historically high from a total dollar point of view.
An additional revision was the number of transactions or homes sold in Moorestown for 2007 versus 2006. I reported earlier that the total number of homes sold in Moorestown rose by 14 units. This was also revised, but revised up to about 17 transactions.
Therefore, my point still remains true from my earlier Moorestown real estate blog entry that demand for Moorestown homes is up; however, the returns are flat to slightly down versus 2006. From my perspective, this is a supply story - buyers have more to select from so it is putting pressure on sellers regarding the pricing of their home.
Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. If you want a FREE consultation regarding your property and the impact the trends in your town will have on selling it please contact me. Or if you are preparing to buy a home and want a FREE workbook - “Preparing to Buy a Home” - please e-mail me your name and mailing address.
Happy house hunting and I look forwad to assisting you with your real estate questions.
Based on information from TREND MLS for December 1, 2006 to December 31, 2007
Friday, January 18, 2008
Wednesday, January 16, 2008
Moorestown Real Estate Revaluation
It has been some time since Moorestown has gone through a complete revaluation – I believe back in the 1980s was the last time when the entire town's home assessments were recalculated.
So why a revaluation? Since it has been so long since our last revaluation the current assessments in the municipality are no longer uniform and representative of 100% of their true market value. Therefore, a revaluation fairly redistributes the necessary tax burden among all property owners based upon the true value of their property. Of course this was written into law as well so their is no way around it.
If you haven't heard... the Moorestown revaluation is completed. It appears Moorestown residents are now receiving them and are a hot topic around our office and the local coffee shops. One of my friends say their taxes actually stayed the same; however, another one of my Moorestown friends had their taxes go up by about $400. I have not received mine yet, but I look forward to reviewing it and appealing it if it wasn't valued properly.
By the way, rumor has it that Moorestown Township was inundated with calls from the first batch of reassessments mailed out so start your appeal process early.
If you have questions regarding your new assessed value and are considering an appeal, regardless if you are residential or commercial real estate owner, feel free to contact me. If for reason I cannot help you I will make sure I introduce you to someone who can. I look forward to answering your questions.
Here is the link to the company that Moorestown hired to do the revaluation and the posted values and sales values for your home - Appraisal Systems, Inc.
Best of luck!
So why a revaluation? Since it has been so long since our last revaluation the current assessments in the municipality are no longer uniform and representative of 100% of their true market value. Therefore, a revaluation fairly redistributes the necessary tax burden among all property owners based upon the true value of their property. Of course this was written into law as well so their is no way around it.
If you haven't heard... the Moorestown revaluation is completed. It appears Moorestown residents are now receiving them and are a hot topic around our office and the local coffee shops. One of my friends say their taxes actually stayed the same; however, another one of my Moorestown friends had their taxes go up by about $400. I have not received mine yet, but I look forward to reviewing it and appealing it if it wasn't valued properly.
By the way, rumor has it that Moorestown Township was inundated with calls from the first batch of reassessments mailed out so start your appeal process early.
If you have questions regarding your new assessed value and are considering an appeal, regardless if you are residential or commercial real estate owner, feel free to contact me. If for reason I cannot help you I will make sure I introduce you to someone who can. I look forward to answering your questions.
Here is the link to the company that Moorestown hired to do the revaluation and the posted values and sales values for your home - Appraisal Systems, Inc.
Best of luck!
Sunday, January 13, 2008
First Time Homebuyers Misconception of Moorestown
Many first time homebuyers I work with typically want to stay in the $250,000.00 range and below. They provide me a list of towns they would like to buy in, but rarely consider Moorestown. This perception that there are no opportunities to buy in Moorestown below $250,000.00 is false.
In 2007 close to 40 homes sold in Moorestown from $250,000.00 and below. These homes were a mix of twins, townhouses, condos and single-family detached homes. Even as I write this there is a great 2 bedroom, 1 full bath home with a garage on Collins Avenue.
Yes, there are usually fewer options (less supply) in this price range and it will take you longer to find a home in Moorestown in this price range. However, you should consider the town a smart investment given the blue ribbon schools and steady appreciation of property values since 1999.
With all this in mind Moorestown doesn’t work for all my clients because they may need more bedrooms, new construction or closer proximity to work or family. When this is the case we are usually looking at neighborhoods in Merchantville, Pine Hill, Audubon, Collingswood, Haddon Heights, Haddon Township, Berlin and the surrounding towns.
Regardless of where you are looking you should begin to review how you are managing your money and using your credit. For all my clients I provide them a FREE workbook - “Preparing to Buy a Home”. Just e-mail me your name and mailing address.
Happy house hunting! Please check back for other helpful tips on buying your first home.
In 2007 close to 40 homes sold in Moorestown from $250,000.00 and below. These homes were a mix of twins, townhouses, condos and single-family detached homes. Even as I write this there is a great 2 bedroom, 1 full bath home with a garage on Collins Avenue.
Yes, there are usually fewer options (less supply) in this price range and it will take you longer to find a home in Moorestown in this price range. However, you should consider the town a smart investment given the blue ribbon schools and steady appreciation of property values since 1999.
With all this in mind Moorestown doesn’t work for all my clients because they may need more bedrooms, new construction or closer proximity to work or family. When this is the case we are usually looking at neighborhoods in Merchantville, Pine Hill, Audubon, Collingswood, Haddon Heights, Haddon Township, Berlin and the surrounding towns.
Regardless of where you are looking you should begin to review how you are managing your money and using your credit. For all my clients I provide them a FREE workbook - “Preparing to Buy a Home”. Just e-mail me your name and mailing address.
Happy house hunting! Please check back for other helpful tips on buying your first home.
Wednesday, January 9, 2008
Spectacular Home - Merchantville, New Jersey
If you want to purchase a large home and want something that is more contemporary you should take a look at 201 W. Maple Ave in Merchantville, NJ.
Yes, this is my listing, but it truly is a statement home that offers 4200 interior square feet plus additional space in the full basement. As you enter the home from the front door you pass through an inner chamber into an atrium that towers 30 feet high capped by a large skylight. This unique feature provides an open floor plan and a lot of natural light.
In addition to these unique features this home offers several storage areas and space to run a business.
Feel free to call me at (856) 235-0101 and ask for ext. 201 or click here to write me an e-mail.
Wednesday, January 2, 2008
Just The Facts for Moorestown Real Estate - Demand for Homes on the Rise
December Real Estate Numbers for Moorestown
Moorestown Real Estate Data - December 2006 vs December 2007
Homes listed for sale: 23 vs 14
Homes sold: 12 vs 22
Days on market: 60 vs 74
Average sale price: $559,825 vs $444,149
Average list price: $625,452 vs $753,371
These real estate numbers for Moorestown are not typos. Yes we almost doubled the number of units sold in Moorestown this December versus last December. And just as important is the number of homes listed for sale -- it is down versus December 2006.
Yet for the doom and gloom people out there you will point out the average sale price and say that it is down almost $100,000 when you compare 12/2006 to 12/2007. Yes, it is down a lot, but remember as I have mentioned in the past you must also look at your local annual trends and not rely solely on the specific monthly trends. When we do that type of review you will see that the prices for Moorestown in 2007 were relatively flat versus 2006 as a whole. For those interested in a specific stat you can tell your friends that the average sold price was down about 1% while the number of transactions were up by 14 units for 2007. As a percentage these 14 units translate into a 6% rise in the total number of units sold in Moorestown.
This indicates to me that the demand remains strong for Moorestown homes when they are priced correctly. For those that bought three to five years ago that means you can ring in the New Year with your gains still intact.
For those that are on my mail list I will be following up this blog entry with my year in review letter. I will send this letter shortly to your home or place of business and then follow that letter with my Quarterly letter updating you on "Just the Facts" in Moorestown real estate. If you do not receive this letter and you would like to please contact me and provide me with your name and mailing address.
Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.
Based on information from TREND MLS for December 1, 2006 to December 31, 2007
Moorestown Real Estate Data - December 2006 vs December 2007
Homes listed for sale: 23 vs 14
Homes sold: 12 vs 22
Days on market: 60 vs 74
Average sale price: $559,825 vs $444,149
Average list price: $625,452 vs $753,371
These real estate numbers for Moorestown are not typos. Yes we almost doubled the number of units sold in Moorestown this December versus last December. And just as important is the number of homes listed for sale -- it is down versus December 2006.
Yet for the doom and gloom people out there you will point out the average sale price and say that it is down almost $100,000 when you compare 12/2006 to 12/2007. Yes, it is down a lot, but remember as I have mentioned in the past you must also look at your local annual trends and not rely solely on the specific monthly trends. When we do that type of review you will see that the prices for Moorestown in 2007 were relatively flat versus 2006 as a whole. For those interested in a specific stat you can tell your friends that the average sold price was down about 1% while the number of transactions were up by 14 units for 2007. As a percentage these 14 units translate into a 6% rise in the total number of units sold in Moorestown.
This indicates to me that the demand remains strong for Moorestown homes when they are priced correctly. For those that bought three to five years ago that means you can ring in the New Year with your gains still intact.
For those that are on my mail list I will be following up this blog entry with my year in review letter. I will send this letter shortly to your home or place of business and then follow that letter with my Quarterly letter updating you on "Just the Facts" in Moorestown real estate. If you do not receive this letter and you would like to please contact me and provide me with your name and mailing address.
Keep coming back to this blog to learn more about the Moorestown real estate market and local real estate trends. Or if you want a FREE consultation regarding your property and the impact the trends will have on selling it please contact me.
Based on information from TREND MLS for December 1, 2006 to December 31, 2007
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