To get the latest Moorestown, NJ market data - Just the Facts
Showing posts with label First time home buyer. Show all posts
Showing posts with label First time home buyer. Show all posts
Sunday, February 24, 2013
Monday, June 29, 2009
Moorestown Real Estate Sales Volume Cut in Half
During the month of May we saw a sharp decline in the Sold Volume for homes in Moorestown, NJ. During May 2008 the dollar amount of homes sold in Moorestown was $11,852,200. In May 2009 the dollar amount of homes sold in Moorestown, NJ was cut by almost 50% to $6,548,499. Obviously this is a significant drop, but thankfully we also saw a smaller drop on a percentage basis (approximately 20% or $8,000,000) in the dollar amount of homes listed for sale in Moorestown, NJ. All-in-all it has been a down year for real estate across the country, but it appears to be stabilizing in Moorestown. (Statistics are from Trend MLS)
The people that want to sell to move up into a larger home see this as an opportunity to take advantage of historically low interest rates and reduced sale prices especially at the higher end of the market. This is creating an incentive for them to adjust their prices down to sell their homes. Once a few of the homes sell it will create a domino effect in Moorestown, NJ and for a few lucky Sellers who have adjusted their prices down it will create a situation where they will have multiple offers to consider. A significant switch from January of 2009.
For the first time homebuyers they want to take advantage of the historically low interest rates and the $8000 tax credit prior to December. There is plenty of supply in Moorestown, NJ for the first time homebuyer and with a great school system it should always be on the list of towns to consider.
If you want more information regarding the type of buyers for homes in Moorestown or the surrounding areas please contact me.
The people that want to sell to move up into a larger home see this as an opportunity to take advantage of historically low interest rates and reduced sale prices especially at the higher end of the market. This is creating an incentive for them to adjust their prices down to sell their homes. Once a few of the homes sell it will create a domino effect in Moorestown, NJ and for a few lucky Sellers who have adjusted their prices down it will create a situation where they will have multiple offers to consider. A significant switch from January of 2009.
For the first time homebuyers they want to take advantage of the historically low interest rates and the $8000 tax credit prior to December. There is plenty of supply in Moorestown, NJ for the first time homebuyer and with a great school system it should always be on the list of towns to consider.
If you want more information regarding the type of buyers for homes in Moorestown or the surrounding areas please contact me.
Friday, January 18, 2008
Just The Facts for Moorestown Real Estate - Revised 2007 Data Just In
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
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
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.
Tuesday, December 18, 2007
Are you a new home buyer?
Recently I went out with a couple in their early to mid twenties looking to purchase their first home. They currently rent, but realize that an important aspect of financial freedom is owning your own home. They are great clients. Great clients because by the 2nd house they posed several wonderful questions that all first time home buyers should know. I'll share a few here in my blog.
(1) As a first time home buyer when should we start evaluating mortgage companies?
(2) How do we find that comfort area between what we can afford and what we qualify for?
(3) Once we find a house what are the next steps with making an offer?
These questions put their financial health in the forefront and keep potential surprises to a minimum as we move forward with finding them a home. If you are a home buyer that would like help answering these questions for your individual circumstance please contact me.
Happy house hunting!
(1) As a first time home buyer when should we start evaluating mortgage companies?
(2) How do we find that comfort area between what we can afford and what we qualify for?
(3) Once we find a house what are the next steps with making an offer?
These questions put their financial health in the forefront and keep potential surprises to a minimum as we move forward with finding them a home. If you are a home buyer that would like help answering these questions for your individual circumstance please contact me.
Happy house hunting!
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