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I was doing another appraisal calculating the usual "expected" market drop for the past year, similar to the one I did a few weeks ago in Bernards Twp. where I found a surprise increase. I have now found a similar increase in Sparta. The median home sale price in Sparta for the last 6 months is $425,000. Up from the same period last year, when it was $395,000. This is based on 94 sales this year as opposed to 111 sales last year.
Sale to list price ratio is down of course, somewhere around 90%, and days-on-market is running 110 days. Bad but not awful bad. There is 14 months of inventory, but it doesn't look like that inventory is being dumped. I think the market has gotten used to higher inventory levels.
Yes I know the armageddonists will be disappointed and can probably cite volumes of bad statistics about Sussex County real estate. Nonetheless recoveries have to start somewhere!
The financial pundits keep promising us 4.5% mortgages. If it happens, I'm sure that will help work off some of this excess inventory.
I got an email from my lender yesterday - 4.625% 30 year 0 point 80% LTV. If you have 60% LTV or lower, the rate is lower as well. 4.5% is here!
Hummm...may be time to reconsider refinancing! we are..or at least were at that 60% LTV.
I'm feeling a little bit of a recovery in our industry as well - could it be? Did we hit bottom??? Are things getting better????
Hummm...may be time to reconsider refinancing! we are..or at least were at that 60% LTV.
I'm feeling a little bit of a recovery in our industry as well - could it be? Did we hit bottom??? Are things getting better????
That's just an illusion. Like a traveller walking the Sahara desert in desperate search/need of water hallucinating*sp for an oasis.
That's just an illusion. Like a traveller walking the Sahara desert in desperate search/need of water hallucinating*sp for an oasis.
... Ok, maybe you're right. I'm heading down to the car dealership to trade in two gas guzzlers for two American tin cans today . From Merc to Buick to now having to settle for a "Pontiac" station wagon as my ins. agent termed it... boo hoo hooo.
... Ok, maybe you're right. I'm heading down to the car dealership to trade in two gas guzzlers for two American tin cans today . From Merc to Buick to now having to settle for a "Pontiac" station wagon as my ins. agent termed it... boo hoo hooo.
Oh Don't be such a cry baby LOL....didn't you hear? our parents used to walk a thousand miles a day to get around back in the day...A Pontiac ...I didn't know that car was still been made LOL
Oh Don't be such a cry baby LOL....didn't you hear? our parents used to walk a thousand miles a day to get around back in the day...A Pontiac ...I didn't know that car was still been made LOL
You forgot the "uphill both ways"
Pontiac - LOL..neither did I but they gave me the best deal so I gotta do what I gotta do. I'll be sporting the Pontiac Vibe whereas B&C will now be driving a Pontiac G5 . Not sure how she ended up with the sportier of the two ....
You forgot the "uphill both ways"
Pontiac - LOL..neither did I but they gave me the best deal so I gotta do what I gotta do. I'll be sporting the Pontiac Vibe whereas B&C will now be driving a Pontiac G5 . Not sure how she ended up with the sportier of the two ....
in the snow!
I love the Vibe (probably the only American car I'd buy) ~ any reason you're getting that instead of the Toyota Matrix? The Matrix holds its value better.............(better deal I assume?)
I love the Vibe (probably the only American car I'd buy) ~ any reason you're getting that instead of the Toyota Matrix? The Matrix holds its value better.............(better deal I assume?)
I'm trying to do the right thing - "Buy American" even though the Vibe has alot of toyota parts. The Vibe has a nicer interior as well and I did get a great deal plus 0% for 60 months... plus I was trading in a GM vehicle that I still owed 27K on . I came away unscathed which is what I wanted. I must say, the Vibe is quite nice.. the ride home was great - it has alot of pep for a 4 cyl.!!
I know the armageddonists will be disappointed and can probably cite volumes of bad statistics about Sussex County real estate.
no, they'll blather on about the upcoming wave of foreclosures that will hit the market, or some other theoretical outcome
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. From Merc to Buick to now having to settle for a "Pontiac" station wagon as my ins. agent termed it... boo hoo hooo.
....
. I came away unscathed which is what I wanted. I must say, the Vibe is quite nice.. the ride home was great - it has alot of pep for a 4 cyl.!!
