Attention New Jersey Home Buyers

 

The perfect storm continues. Buyers are scared; Sub prime mortgage fallout is still a huge problem. It looks like we are starting to see housing inventory starting to pile up again. All not good signs for home sellers hoping to get high prices for their real estate.

 

This is the perfect time for a home buyer with good credit to step in and get a great deal on New Jersey real estate.

 

Here are the numbers for the New Jersey towns along the Midtown Direct train line.

Active Listings	Town	DOM	Av - Price
146	Morristown NJ	94.5	$   504,897.00
155	Morris Township	81.2	$   820,822.00
74	Madison NJ	69.1	$   797,800.00
111	Chatham NJ	73.3	$1,098,971.00
49	Florham Park	93.7	$   705,466.00
274	Parsippany NJ	78.7	$   403,743.00
111	Short Hills / Millburn	95	$1,684,606.00
139	Maplewood NJ	71.5	$   512,695.00
112	South Orange NJ	79.4	$   705,104.00
146	Livingston NJ	94.5	$   875,687.00
133	Summit NJ	70.3	$1,131,536.00
55	New Providence NJ	72	$   647,062.00

  

If you look at some of the past reports you can see the numbers for your preferred towns and make comparisons to this weeks numbers.

 

At least this week the Federal Reserve has finally acted to try to loosen up the credit markets. This is much needed action is late in coming. On Monday I read a report in Investors Business Daily that 1 out of 6 major lenders had made it harder for consumers with great credit to get new home mortgages, and that most mortgage lenders were putting pressure on home appraisers to be very conservative with their appraisals on home sales.

Thank you for reading.