Shore Inventory is Up to 3773
Last week there were 3698 houses for sale on the MLS for eastern Monmouth County. The week-over-week increase is 2% and seems generally consistent with the rest of the state as well as many other parts of the county.
Part of the reason the there is so much inventory is because sellers do not seem to be budging on asking prices. One house that I am sort of interested in has been priced at the same level since October. You would think that if a house has not been sold in six months than it would be time to lower the asking price. I would not even consider stepping foot in that house, although I sort of like it from the outside, until I see the asking price dropped at least 10%
Part of the reason the there is so much inventory is because sellers do not seem to be budging on asking prices. One house that I am sort of interested in has been priced at the same level since October. You would think that if a house has not been sold in six months than it would be time to lower the asking price. I would not even consider stepping foot in that house, although I sort of like it from the outside, until I see the asking price dropped at least 10%
posted by Little_Silvered at 6:26 PM
7 Comments:
I'm seeing the same thing in Essex County (Verona, Cedar Grove area). Houses are sitting because the sellers won't lower their asking price. But some houses coming on the market
recently do seem to be priced a bit (but not a lot) lower.
Now is definitely not the time to buy, even at a "lower" price.
I have called on a few homes but declined to see them, when I feel they are overpriced. I'll also tell the realtors and sellers that the asking price is too high. This gives them the feedback that the market has shifted and if they want a buyer, they need to price right.
I live in Little Silver there seems to be no shortage of buyers,people who have listed there homes to high seem quite willing to "sit " with there price and wait for the market to catch up to them...a bit of wishful thinking I guess,I don't really see any softening of price yet but a bit more invetory and longer listing times ....BUT the main thing I see IS people are willing to hold firm on asking price,I guess they figure they ARE still living in there house ...so what's to lose ,once you sell ,that's it ..
And speaking of houses that are just sitting there, it's almost time for the Rumson House One Year retrospective.
I went back to look at the archives. The earliest I mentioned it was in reference to the price being $940,000 on May 5th, 2005. In another two weeks we can mark the anniversary of the listing with beers at Vals maybe.
Her is the link. It's still for sale.
http://www.realtor.com/FindHome/HomeListing.asp?snum=3&mlsttl=Monmouth&frm=bycomm&pgnum=1&mls=monmouth&js=on&poe=realtor&st=nj&areaid=1012792&typ=1&mnprice=700000&mxprice=99999999&mnbed=0&mnbath=0&mnsqft=0&ss_mitm=n%2Fa&sid=067CD3D7C27BC&snumxlid=1055900112&lnksrc=00001
LS -
If you take a look at the MC foreclosure sale list, you'll find a big fat $1 million plus house in Red Bank on the block.
If you google the mortgagor's name you'll find some intersting info - including his 2003 compensation based on certain SEC (I think) filings. Don't know it that was ALL of his income but it clearly wasn't enough to justify that kind of house.
In any event, the owner is not really important. What is interesting is such a high profile RB property with a foreclosure sale pending.
Every builder is waiting to see which one will lower prices first. Expect some adjustments after the trade show this week in AC. There is little doubt that'll happen, new & pre-build construction is absolutely getting killed right now.
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