Business & Tech
Open Houses From Morristown Road to The Hills
Almost three dozen open houses already scheduled for this Sunday around the township.
Low interest rates and low home prices generally make a good market for buyers.
But this week, Jim Weichert, president and founder of said that several years of favorable housing condition and affordability has brought "affordability" levels to a new high. The National Association of Realtors (NAR) recently reported that its Housing Affordability Index reached a record high of 206.1 in January. This was the first month since the index began in 1970 that it has hit or surpassed 200.
“This means that houses are more affordable now than at any point in the last 42 years,” said Weichert. “To put it in perspective, let’s look at NAR’s methodology. A Housing Affordability Index of 100 represents a median-income-earning family’s ability to exactly afford a median-priced, existing single-family home. With the index at 200, that means a family earning the median family income has 200 percent – or twice – the income necessary to qualify for a conventional loan covering 80 percent of a median-priced existing single-family home.”
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
When it comes to determining housing affordability, no two factors play a bigger role than home prices and interest rates, both now at a level highly favorable to buyers, he said.
Rates for 30-year fixed-rate mortgages have been historically low for the last four years, even remaining in the 4 percent range for the better part of the last year. That means today’s buyers are able to borrow money on more affordable terms than virtually any other time in the past, he said.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
At the same time, home prices have retreated as a result of the market correction that has taken place over the past few years, Weichert said. But he added that for those thinking about purchasing a home in the near future, home prices appear to be stabilizing or even rising. According to CoreLogic, a leading provider of real estate data, non-distressed home sale prices, which represent two-thirds of all sales, have appreciated by just over 1 percent since the beginning of the year, Weichert said.
This list was taken from the Garden State Multiple Listing Service website and the AOL Real estate website.
$189,000 1 1 1-4 pm 87 Alexandria Way
$209,900 1 1 1-4 pm 90 Alexandria Way
$213,900 1 1 1-4 pm 21 Baldwin Court
$259,000 2 2 1-4 pm 32 Woodward Lane
$309,900 2 3 1-4 pm 3 Village Drive
$325,000 2 2.1 1-4 pm 95 Sycamore Court
$359,000 2 3 1-4 pm 95 Sycamore Court
$359,000 2 3 1-5 pm 119 W. Oak St.
$425,000 2 2 1-4 pm 17 Vail Terrace
$425,000 4 2 1-4 pm 96 W. Oak St.
$434,500 3 1 1-4 pm 20 Constitution Way
$437,500 2 2.1 1-4 pm 34 Beechwood Road
$498,500 4 2.1 1-4 pm 20 Gold Blvd.
$569,000 3 2.1 1-4 pm 424 S. Maple Ave.
$575,000 5 3.1 1-4 pm 38 Dexter Drive N.
$583,900 3 3.1 1-4 pm 57 Peachtree Road
$599,000 4
2
1-4 pm 165 Patriot Hill Dr.
$600,000 4 2.1 1-4 pm 108 Morristown Road
$635,000 4
2.1
1-4 pm 19 Quincy Road
$649,900 5
2.1
1-4 pm 130 Huntington Road
$650,000 3
3
1-4 pm 84 Culberson Road
$699,900 5
4
1-5 pm 85 Berkeley Circle
$749,000 4 3
1-4 pm 21 Berkeley Circle
$789,000 5
2.1
1-4 pm 34 Berta Place
$799,000 4
3
1-4 pm 1 Springfield Lane
$869,000 3
4
1-5 pm 51 Dyckman Place
$899,000 5
4
1-4 pm 9 Tartan Drive
$949,900 4 3.1 1-4 pm 3 Barton Way
$950,000 4 3.1 1-4 pm 14 Brittany Court
$1,150,000 4
4 1-4 pm 28 Keystone Court
$1,259,000 4 3.1 1-4 pm 0 Chelsea Court
$1,339,000 5 4.1 1-4 pm 30 Butternut Lane
$1,875,000 6 5.2 1-4 pm 72 Wisteria Way
$2,700,000 6 6.2 1-4 pm
Source: GSMLS and AOL Real Estate.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
