The New York herald., 1922-05-07
AIT FOR PRICE BREAK
ntLaws in City Cut Down
frantic Rush to Get Any
a House Offered.
fMAND IS UNDER $4,000
bees at This Figure May Sell
lat Close to $4,000 Later,
Say Experts.

OF
ia
You can lead them to the ink, but
hard to make them sign"
his epigram fell from the lips of a
ewd young real estate broker in a
entT discussion of conditions in the
urban field. 1t fits the situation
ciseIy. Never before within the
mory of realty men In the metro
tanoarea- have so many converts to
own your own home doctrine
eloped a sudden and marked repug-
bce for contracts.
he dotted line and the extended
ntain pen have driven back into the
urity Of their rented apartments
ny who were willing to consider the
chase Of a country home but who
ed at the fateful words, Sign here,
hse."
must not be inferred that buyers
re fed from the out of town market
bgether. Trading has become more
SIX in the last week or two and
ditions are rapidly approaching
rmalcy, but the buying Is not nearly
at 1t should be considering the
mendous interest in the available
mes.
Fail to Agree on Prices.
rhe. inquiries are many but the pur-
lses are comparatively few. The
yer and the seller are deadlocked over
ces. Speaking generally. Mr.. Home
nter has heard a lot about falling
ces in other lines, and without know
much about the economic conditions
the housing field takes it for granted
It he can pick UP good bargain there
So he goes ashopping, and when
fails to find what he wants at the
ce he sits back with a sly wink and
its for the cost cascade
On the diverse side of the picture Is
Home Seller. who for the most part
s his own idea of values, based on the
rial acrobatics of 1919 and 1920, when
zee was a minor consideration and the
ef thing was to be able to get In out
economics as is Mr.. Home Buyer.
waves the old law of SUPPLY and
Imand loftily aside and closes his eyes
the fact that the passage of the rent
ltutes and the subsequent alienation
the housing famine took the edge Of
gency from the demand for homes and
huced their marketability a trihe.
ome Reductions OF 20 Per Cent.
Sensible brokers are doing their best
persuade such owners that 1t is better
+ them to shave a little bit off their
ice now rather than hack a big chunk
few years later on. Here and
ere the reduction of Is or 90 per cent.
pm the peak prices of 1920 testifies
at the brokers are not altogether un-
ccessful in their missionary work
1T even the best that they can do will
i square itself with the average home
eker's idea Of values.
This deadlock of buyer and seller can
Il go on forever. In the increased ac-
ity. of the last few weeks realty ex-
rts profess to see signs OF a rap
ochement. Mr.. Home Hunters base
ss dream of great bargain era in the
3using field, they declare, cannot stand
|e natural pressure much longer.
There Is a strong demand for houses
| at will not be denied. The hysteria of
.e 1920 home rush is absent, of course,
St In its place Is developing n much
7pre satisfactory state of affairs-a ma
bnwide call for country properties
hich will find its outlet in sane, eau
BUS buying.
Ruyer and seller are bound to strike
| middle ground on the price situation
ION. say realty savants, and then watch
|r n prolonged period of healthy trad
IL in the suburbs. In the meantime the
hying may be spotty. but--to borrow a
hrase frequently used in Wall Street
console customers whose margin Is
bout to be wiped out-the technical po-
|tion OF the market is good.
Further Cuts Far on.
Each succeeding week brings its evil
bnce that few more homeseekers have
bandoned their frutless search for pre-
lar prices and have signed up for a
toperty on the realization that 1t will
} many moons before there Is any sub
|antiai cut in housing. and in the mean
me they may as we'll invest profitably
be money they now sink into high rents.
There are few things that may serve
affect the price of suburban homes n
Il In the future. One Is the downward
lrve of the rental scale in New York
ty Already there are signs of slight
10 in the rent scale In certain overbuilt
sctions of the city and this, say experts,
IN become more decided as the building
pom scontinues to throw its seasonal
-op OF houses on the market
Every dollar taken off the monthly
'ibute paid to the landlord adds to the
,nanys feeling OF security. 1t does not
eprlve him of his lifelong dream of
wning a home, but 1t makes him feel
nat lie can afford to wait until he
trilSeF just the thing he wants. But
1is factor cannot hope to work any
iaterihl or immediate reduction In the
,arket value of suburban property The
My thing that can do that is a pre-
Ipitous drop in the cost of building,
nd that Is not at all likely as long
, labpr can dictate its wage terms.
Material Market Boomed.
Moreover. AN intensive building move
ent often checks itself by its own
npetiis A. w. Lockyear of Prince &
ipley. dealers in suburban property Is
utho35ty for that statement. For ex-
mple.' he says, the building boom il
NV riinning along at high speed but
,is III itself is developing a big demand
,r materials and is likely to send prices
D. klready lumber and brick have re-
ponddd to this tendency. He con-
nuede
THE effect of this movement on la
or y even more noticeable. When
,ipgs were dull and work was scarce
lborets were glad enough to get jobs
low the situation Is tightening up again
nd labor is able to make it's terms. We
ro rnx paeeiup throlIph a period of 40