From the NY Times today:
AS clusters of open-house balloons bob across the suburbs of the metropolitan area, from the New Englandy enclaves of Fairfield County, Conn., to the salt-sprayed boroughs of the Jersey Shore, the question remains: whither the housing market?
New Jersey’s inventory swelled, too, up 46 percent in January over the previous year. Westchester had the least growth in the number of houses on the market, 13 percent more at the end of 2005. If you add in co-ops and condominiums, the rise in inventory was 21 percent.
Bill Hanley, president-elect of the New Jersey Association of Realtors and manager of Weichert Realtors in Metuchen, N.J., agreed. “Before we had one home for 10 buyers,” he said. “Now the one buyer can look at 10 homes.”
For sellers, the new market dynamic can lead to frustration. Gary Harman watched in recent years as his neighbors sold Cape Cod-style homes for more than a half-million dollars. At the end of December, he put his house, in East Hanover, N.J., on the market for $539,000. None of the more than 25 people who came to see it made an offer. He has since dropped the price twice, to $519,900. He believes his house stands out because of the abundant custom wood molding he installed himself. “The discouraging part is that when the people go through the house, they don’t even take that into consideration,” he said. “You could have holes in the house and it wouldn’t matter.”
Self-installed custom wood moulding? Surely that doubles the ‘value’ of the home. I guess not since Gary lowered the price to $499,900. The MLS# is 2229112. Bonus points to any reader that can actually find any custom wood moulding in the listing photos.