Wednesday, October 18, 2006

Misery Loves Company

From News 10:

The seller's market is no longer. Buyers now have the upperhand, demanding upgrades, free landscaping and lower prices from new home builders. But what still stops some deals from closing is when the buyer can't sell his present home.

"There have been cancellations for that reason and that reason alone," says Judy Bennett of Roseville's Westpark development. "People are very nervous about that. They don't want to be left with two mortgages."

So Westpark's builders are getting creative. Lennar, Pulte and Centex are joining forces to offer a "We Stage Sacramento" exposition this coming Saturday. The point is to help would-be home buyers become home sellers...

"The days on market have increased greatly. We're seeing now anywhere from 120 to 160 days average for houses priced from 500 to maybe 800 thousand," Norris says. "That's huge."

By joining forces, Lennar, Pulte and Centex home builders hope the exposition will create business. "It's wonderful. We're all going to succeed together," believes Bennett.

9 comments:

Anonymous said...

Hope those Land Raping Developers all go broke and starve...

Anonymous said...

It's not the developers fault, come on dude get real. So it's their fault people want nice homes to live in? Should we all start living in tents and caves?

Karl Marx Brothers said...

so the bulders are getting together to " stage " houses.
wowweee !! THAT will sure turn the market back to high heat by god.
These marketers are just grasping at straws to give the appearance of doing something ... anything .. to save their cushy RE related jobs.
Like pinstriping or chrome wheels on a car, staging a house is meant to compliment the appearance.
Funny ( and sad ) to watch the industry putting lipstick & tutus on pigs out of desperation.

Drop - The - Price - ALREADY !

Patient Renter said...

So is this a new sense of desparation we're seeing, when builders have to resort to "teaming up" to try and move houses?

It's kinda sad. Kinda.

Anonymous said...

This has been an awesome week for bubble watchers. Thanks Lander.

Simon said...

Lander,

Great website! The more I read your blog the more I'm wanting to hold off in buying in the Sac area. I own a condo here in the south bay which has almost tripled in value since I bought it in 1999. I was hoping to sell it and get a nice house in the Sac area.. but reading through your blog i may keep my home in the south-bay to rent when the time is right to move to sac.

thanks

Anonymous said...

They're going to teach all the sellers to paint their front doors red.

Anonymous said...

I think you will be taxed for the value of the "free" car or whatever those developers are giving to sucker you in.

Also, your property taxes will be higher because you paid an inflated price to help cover the free car.

Karl Marx Brothers said...

When Google buys this blog for a Billion I want a t-shirt saying
" Lander went on perm vacation & all I got was this lousy shirt ".