Real estate appraisal - Blog

Standing in front of their house, if most sellers were to look left and then right, they will more than likely see a long row of “for sale” signs. During these turbulent times, sellers have to do more than just offer light Hors D'Oeuvres at their open house to attract potential buyers. With the market being so saturated with houses, sellers are not only competing against other sellers, but with new developers as well. They are being forced to come up with offers that will not only make them stand out from each other, but compete against the new developers who are offering home buyers thousands in builder incentives. The solution: offering cars and vacation packages to attract potential buyers.

In the toughest markets, such as Florida cities, Detroit, Stockton, Sacramento and San Diego, incentives are becoming more and more prevalent. One Florida agent offered a Mercedes Benz with the purchase of the home. A home owner in California raffled off tickets to a football game. A Detroit seller even offered a two year lease of a BMW X3 SUV to the agent who finds a buyer for their home.

Although these incentives are becoming a new trend in the market, they are not a guarantee. Even after offering these cars and tickets, the above mentioned sellers and agents still have not found buyers for their homes. This just proves that even freebees aren’t guaranteed money makers.

(Source: MSN Money "When Homeowners Are Desperate To Sell")