Friday, March 9, 2012

Irrational Estate Sale Prices

I was on the way to the flea market this morning and happened to see an estate sale sign for a house about a half mile away. Of course I headed that way immediately. It turned out to be a "foreclosure sale" being run by the parents of the homeowners. It was the last day before the home went back to the bank. Although the family had moved out, some items remained.

There was a German-made drum set the grandparents had purchased for the grandchildren for $400. I thought that maybe Odel at the flea market [he sells mostly music related items] might be interested. I texted a photo to him and asked about the price. They steadfastly insisted it was worth $250, despite the magic marker writing on one of the drum heads and signs of obvious wear. I explained that the dealer had to store them and make some money on selling them but no deal.

Yet they willingly sold me a gourmet pot rack with chains, grid & hooks for $10 without an afterthought. I should have tried to do better but after going nowhere on the drum set I let it go and was content to get a $150 pot rack for less than 10% of its value.

It's amazing how irrational we can be if we pay for something… The ironic thing is that I had to send Mr Vintage to pick up the porch swing I also bought… for a steal. They gave him their phone number and dropped the price. Too late and no deal.

9 comments:

  1. I hate when they say estate sale and it isn't! I went to a "Mega Sale" or so the ad said last week. At 9am he had just gotten up and was bring stuff out of the house....and it was junk ...Geez, glad you got the pot rack! Pass on the drum!

    Carol

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    1. I did. I also got a porch swing [7' wide] and had to have Mr Vintage pick it up because my SUV was full. They lowered their price to $75 and gave him their phone number in case I changed my mind. I didn't. I know what you mean about the so-called mega sale. I hate that too.

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  2. The pot rack and porch swing sound great!!!! I've come across that, as well. "Everything Must Go" sales with prices that are sky high. Blah!

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    1. I wonder how the people feel when it's 5 pm and they still have all of their stuff in the yard???

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  3. can't wait til the yard/home sales start in earnest around here. :)

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  4. I always hesitate to stop at "estate sales" for fear they'll just be madly overpriced. I guess sometimes you can find a good deal but I feel more comfortable scouring the flea markets!

    Kathleen
    Charm Bracelet Diva {at Home}
    http://charmbraceletdiva.blogspot.com

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    1. One thing I always check out is the safety factor. I don't feel automatically comfortable wandering around a stranger's house all alone. So I keep my guard up especially if there are few buyers. Your comment brought that to mind. It's just something I automatically do.

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  5. I usually do well with estate sales.

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