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!
Tuesday, December 18, 2007
Monday, December 17, 2007
Just the Facts for Moorestown Real Estate - Pointing Down?
November Real Estate Numbers for Moorestown
Moorestown Real Estate Data - November 2006 vs November 2007
Homes listed for sale: 28 vs 26
Homes sold: 16 vs 13
Days on market: 100 vs 114
Average sale price: $573,156 vs $508,769
Average list price: $659,183 vs $475,527
All signs point down when comparing Moorestown's real estate market for the month of November 2007 against November 2006. Yet, we are still over the $500,000 mark for the average sold price, we have historically low interest rates for current buyers and one month doesn't make a year. For the year we will be about flat when we compare the 2006 real estate statistics to the 2007 real estate statistics. When considering to sell your home in this market remember that it will take longer to sell and pricing is key.
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 November 1, 2006 to November 30, 2007
Moorestown Real Estate Data - November 2006 vs November 2007
Homes listed for sale: 28 vs 26
Homes sold: 16 vs 13
Days on market: 100 vs 114
Average sale price: $573,156 vs $508,769
Average list price: $659,183 vs $475,527
All signs point down when comparing Moorestown's real estate market for the month of November 2007 against November 2006. Yet, we are still over the $500,000 mark for the average sold price, we have historically low interest rates for current buyers and one month doesn't make a year. For the year we will be about flat when we compare the 2006 real estate statistics to the 2007 real estate statistics. When considering to sell your home in this market remember that it will take longer to sell and pricing is key.
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 November 1, 2006 to November 30, 2007
Monday, December 3, 2007
Just the Facts for Moorestown Real Estate - All Things are Relative
October Real Estate Numbers for Moorestown
Moorestown Real Estate Data - October 2006 vs October 2007
Homes listed for sale: 52 vs 38
Homes sold: 15 vs 12
Days on market: 61 vs 59
Average sale price: $544,926 vs $538,728
Average list price: $549,251 vs $703,223
Monthly trends can be deceiving; however, it is a good snapshot of what is happening in the market. Is supply increasing, staying the same or decreasing? Are prices for homes increasing, staying the same or going lower? As you can see for Moorestown there is a slight price decline in the average sale price homeowners captured from a year ago. Yet, when you compare it to 2005 and further back it is up. All things are relative and as the year progresses we will be on track to do the same number of transactions as we did in 2006.
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 October 1, 2006 to October 31, 2007
Moorestown Real Estate Data - October 2006 vs October 2007
Homes listed for sale: 52 vs 38
Homes sold: 15 vs 12
Days on market: 61 vs 59
Average sale price: $544,926 vs $538,728
Average list price: $549,251 vs $703,223
Monthly trends can be deceiving; however, it is a good snapshot of what is happening in the market. Is supply increasing, staying the same or decreasing? Are prices for homes increasing, staying the same or going lower? As you can see for Moorestown there is a slight price decline in the average sale price homeowners captured from a year ago. Yet, when you compare it to 2005 and further back it is up. All things are relative and as the year progresses we will be on track to do the same number of transactions as we did in 2006.
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 October 1, 2006 to October 31, 2007
Sunday, October 7, 2007
Just the Facts for Moorestown Real Estate - The Changing Market
September Real Estate Numbers for Moorestown
Moorestown Real Estate Data - September 2006 vs September 2007
Homes listed for sale: 34 vs 56
Homes sold: 11 vs 8
Days on market: 75 vs 86
Average sale price: $680,250 vs $350,187
Average list price: $688,479 vs $577,420
All trends are showing a slowing market for Moorestown real estate. Supply is increasing while the average sale price is declining. However, one month does not make a trend. During the first six months of 2007 Moorestown had a few more houses sold than we did in 2006 during the same period.
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 September 1, 2006 to September 30, 2007
Moorestown Real Estate Data - September 2006 vs September 2007
Homes listed for sale: 34 vs 56
Homes sold: 11 vs 8
Days on market: 75 vs 86
Average sale price: $680,250 vs $350,187
Average list price: $688,479 vs $577,420
All trends are showing a slowing market for Moorestown real estate. Supply is increasing while the average sale price is declining. However, one month does not make a trend. During the first six months of 2007 Moorestown had a few more houses sold than we did in 2006 during the same period.
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 September 1, 2006 to September 30, 2007
Saturday, October 6, 2007
MiPro Stands -- History Made in Mount Laurel, N.J.
As Matthew Stoloff indicated to me via e-mail it appears the decision will stand regarding Mount Laurel vs MiPro case. For further information take a look at Petition Denied. Thank you Matthew for providing the link and let Matthew and I know what you think. Should this decision stand?
Friday, October 5, 2007
Just the Facts for Moorestown Real Estate - Should you sell now?
August Real Estate Numbers for Moorestown
Moorestown Real Estate Data - August 2006 vs August 2007
Homes listed for sale: 39 vs 41
Homes sold: 28 vs 16
Days on market: 49 vs 80
Average sale price: $591,954 vs $698,937
Average list price: $572,451 vs $881,736
As you will see there are wide fluctuations from month-to-month. It is important to remember real estate is local and although one month will be up the next month in the same year could be down significantly because of seasonality market forces. For a complete understanding of the annual trend contact me
Based on information from TREND MLS for August 1, 2006 to August 31, 2007
Moorestown Real Estate Data - August 2006 vs August 2007
Homes listed for sale: 39 vs 41
Homes sold: 28 vs 16
Days on market: 49 vs 80
Average sale price: $591,954 vs $698,937
Average list price: $572,451 vs $881,736
As you will see there are wide fluctuations from month-to-month. It is important to remember real estate is local and although one month will be up the next month in the same year could be down significantly because of seasonality market forces. For a complete understanding of the annual trend contact me
Based on information from TREND MLS for August 1, 2006 to August 31, 2007
Thursday, October 4, 2007
Use of Eminent Domain - Mt. Laurel vs MiPro
As a resident of Moorestown this article regarding the use of Eminent Domain by Mt. Laurel Township caught my eye. To read about it visit the article in the Burlington County Times
At first I was shocked and concerned how in the United States that the right of an individual (or in this case a business) to own property could be stripped away. Yes, open space is very important and useful to every community, but something about this ruling concerns me. What is next? Will the economics of purchasing a property really slow townships from acquiring land? Will land owners truly get fair market value or the potential value the land would be worth fully developed?
This ruling's impact is still unknown, but in my mind it just became a little tougher for land owners. What do you think?
For more intellectual analysis and some historical perspective regarding Mount Laurel Township v. Mipro Homes, LLC visit the following sources and then let me know what you think about this ruling.
(1) A Taste of Things to Come?: Eminent Domain in the Name of Population Control by Matthew Stoloff
(2) Fresh Twist on Eminent Domain as seen in The New York Times
(3) Use of Eminent Domain to Halt Development by Vincent J. Mangini
(4) N.J. Supreme Court Affirms Eminent Domain Decision in Mt. Laurel v MiPro Homes by Bill Ward
(5) N.J. Justices say towns can seize developers' land - Ruling expands eminent domain by Kate Coscarelli from The Star Ledger as seen on New Jersey Conservation Foundation News Coverage
At first I was shocked and concerned how in the United States that the right of an individual (or in this case a business) to own property could be stripped away. Yes, open space is very important and useful to every community, but something about this ruling concerns me. What is next? Will the economics of purchasing a property really slow townships from acquiring land? Will land owners truly get fair market value or the potential value the land would be worth fully developed?
This ruling's impact is still unknown, but in my mind it just became a little tougher for land owners. What do you think?
For more intellectual analysis and some historical perspective regarding Mount Laurel Township v. Mipro Homes, LLC visit the following sources and then let me know what you think about this ruling.
(1) A Taste of Things to Come?: Eminent Domain in the Name of Population Control by Matthew Stoloff
(2) Fresh Twist on Eminent Domain as seen in The New York Times
(3) Use of Eminent Domain to Halt Development by Vincent J. Mangini
(4) N.J. Supreme Court Affirms Eminent Domain Decision in Mt. Laurel v MiPro Homes by Bill Ward
(5) N.J. Justices say towns can seize developers' land - Ruling expands eminent domain by Kate Coscarelli from The Star Ledger as seen on New Jersey Conservation Foundation News Coverage
Subscribe to:
Posts (Atom)