The Mendhams and Morris County have had tremendous foresight in setting aside preserved land over the last several decades. One of the most rewarding benefits is a system of hiking trails that might be the best in New Jersey. All are open to foot and horse traffic. Trails owned or maintained by Morris County almost always allow mountain bikes as well. None are open to motorized traffic.
Winter trails can be especially rewarding, with long views of vistas and wildlife with the leaves off the trees. After our ample recent snowfalls, snowshoes and cross-country skis add to the fun. There are many parking spots at trail access points, and most are quickly plowed out after storms.
Stay tuned for detailed information on individual trails in future blogs.
Since declines in home prices have resulted in increased appeals for property assessments, both Mendham Borough and Mendham Township have done a reassessment of all properties.
The result should be greater fairness for all residents. However, lower assessments do not mean lower taxes. A new tax rate will be established by the middle of the year, and the expectation is that the average tax bill will be no lower, and will probably be modestly higher. The total cost of running government and schools tends to increase each year, and that cost has to be apportioned.
The deadline has passed for appeals of the new assessments directly to the firm that did the work. However, appeals to the county, which normally must be filed by April 1st, can be filed up to May 1st.
There’s a good argument that the next several months might result in the best sales price you’re likely to see for a few years.
Although the price trend for homes has been down for some time, it’s likely to continue for at least the rest of 2010. There is heavy supply now plus a “shadow supply” of homes temporarily taken off the market out of frustration, and then a backup of foreclosures that has resulted from a failed government program to prevent foreclosures.
Also, mortgage rates are being kept artificially low by a Federal Reserve program due to expire next month. Even if it’s extended, it won’t be for long, and then mortgage rates will climb, making it harder for buyers to afford the payments.
Some respected housing experts believe that prices could fall another 10 percent this year, and then recover only at the rate of inflation. If that turns out to be true, it would take a MINIMUM of three or four years before prices get back only to where they are today.
So if you’re thinking about selling your home in the next few years, it’s at least worth exploring the possibilities now.
There are a couple of reasons why the best answer might be the first quarter of 2010.
Mortgage rates, at about 5%, are artificially low because of a Federal Reserve program to buy $1.25 trillion of mortgage securities. That program is due to expire at the end of March. Some experts believe mortgage rates may increase one percent fairly quickly and as much as two percent by the end of the year. To have the same monthly mortgage payment with a one percent higher rate you would need a purchase price about TEN PERCENT LOWER. So waiting for lower prices may be a fool’s errand.
The first-time homebuyer/move-up homebuyer tax credit is due to expire with homes under contract by April 30th, and that close before June 30th. Detailed information on who qualifies can be found here, and you can learn more information from the video below.
So if you’re thinking about a home purchase in the next few years, it’s at least worth having a look now.
The Mendhams and Morris County have had tremendous foresight in setting aside preserved land over the last several decades. One of the most rewarding benefits is a system of hiking trails that might be the best in New Jersey. All are open to foot and horse traffic. Trails owned or maintained by Morris County almost always allow mountain bikes as well. None are open to motorized traffic.
Brian Hays
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There’s a good argument that the next several months might result in the best sales price you’re likely to see for a few years.
