Thursday, July 20, 2006

'Let's Make a Smoking Deal'

The Wall Street Journal has been reading Sacramento Craigslist.

One effect of the softening in many markets is that more sellers are willing to dicker. "Let's make a smoking deal," John Nichols wrote in a Craigslist.org ad for his three-bedroom ranch house in Sacramento, Calif., this week. He is seeking $315,000 but adds, "Make an offer. You won't necessarily insult me." Although the backyard is "currently a dump," Mr. Nichols says, the kitchen countertops are granite and the dual-pane windows are new.

2 comments:

Max said...

Flippers in Trouble Gallery is live:

sacrealstats.blogspot.com

100 flippers losing money.

Anonymous said...

This is just the beginning of what could be a nightmare over the next 2 to 3 years. The way the inventory is growing and buyers that are smart enough to hold off their purchase, the inventory glut should give the astute buyer a great future opportunity. No market goes straight up for 4 or 5 years without correcting to the mean. If this was a stock equity a 50% correction from a high would not be out of the oridinary. Unfortunately, RE is an illiquid asset and one can't just get out by making a phone call. It could get crazy to the downside before this one bottoms. Watch the new home sales activity in the area, as those homes currently under construction will be an excellent barometer to the depth of any correction in the making.