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.

Moorestown Homes are Affordable

Did You Know?

70% to almost 90% of all homes sold in Moorestown since 2003 were $699,999 or less. Buying a home in Moorestown is possible in all price ranges.*

$0 to $699,999

2003 = 88.50%
2004 = 79.80%
2005 = 75.41%
2006 = 70.27%
2007 = 74.68%
2008 = 76.19%
2009 = 80.56%

*Statistics are from Trend MLS.

If you want more information regarding the demand for homes in Moorestown by price range please contact me.

Just The Facts for Moorestown Real Estate - Slower sales and rising supply

January Real Estate Numbers for Moorestown
Moorestown Real Estate Data - January 2007 vs January 2008

Homes listed for sale: 46 vs 47
Homes sold: 16 vs 08
Days on market: 112 vs 86
Average sale price: $647,343 vs $482,112
Average list price: $590,410 vs $853,740

The January numbers for the Moorestown real estate market are in and illustrate a lower demand for homes in Moorestown when you compare January 2007 to January 2008.

Since only 8 homes in Moorestown sold this January I thought I'd share which price ranges had activity.
2 Moorestown homes sold between $200,000 to $249,999. 1 of the houses had 3 bedrooms and the other Moorestown home had 4 bedrooms.
1 Moorestown home with 3 bedrooms sold between $250,000 to $299,999.
1 Moorestown townhouse with 3 bedrooms sold between $350,000 to $399,999.
1 Moorestown home with 4 bedrooms sold between $400,000 to $449,999.
1 Moorestown home with 4 bedrooms sold between $450,000 to $499,999.
1 Moorestown home with 4 bedrooms sold between $650,000 to $699,999.
1 Moorestown home with 4 plus bedrooms sold between $1,000,000 to $1,999,999.

Of course all these homes in Moorestown had varying features, sizes and conditions which play a part in determining the sale price.

Overall, the January numbers for the Moorestown real estate market show a slowing trend and with only 9 pended sales in January a slower February 2008 could be in store. With more homes coming on the market for the spring time buyers will be in a strong position once again, yet, if you are a buyer keep in mind if a home is priced right it will sell and may even get multiple offers.

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 January 1, 2007 to January 31, 2008

BUYER ALERT - Moorestown, NJ 08057

This is a new feature I am testing on my Blog to connect buyers and sellers in Moorestown and the surrounding towns.  The purpose of the Buyer Alert is to notify potential sellers about a qualified buyer and assist buyers find their dream home.  This notification of a buyer is done at their direction and has been undertaken because we have visited multiple homes in their search area, but still have not found what they are looking for in a home.

It should also be noted that if your property is currently listed with another real estate broker this is not a solicitation of that listing.

BUYER ALERT for Moorestown, NJ homeowners.

My buyer is looking for a home in Moorestown that has:

>Minimum of 3 bedrooms

>Minimum of 1.5 baths, but preferable 2 full baths

>Close enough to Main Street to walk or bike

>Area (basement/ garage/ attic) large enough that can be finished 

Qualifications of Moorestown home buyer:

>Ideal purchase price range is $350,000 to $450,000 

>Maximum price they could pay would be $500,000

>Does the buyer need to sell a property? No

>When can the buyer settle on the home? April/ May

>Will they be financing 80% or less? Yes

Please contact me if you are interested in exploring if your home would work for these buyers. We can discuss next steps and complete a comparative market analysis.

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

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!

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.

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!