Feb 25, 2009 7:10 pm US/Eastern
Buyer-Sleepovers A New Tactic In Home Sales
NEW YORK (CBS) ―
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The new numbers are out Wednesday: home sales fell five percent in the month of January. Now sellers are being forced to get creative in order to dump their digs. (File)
CBS
The new numbers are out Wednesday: home sales fell five percent in the month of January. Now sellers are being forced to get creative in order to dump their digs.
Rod Malone and his wife always thought they'd move to the suburbs until a city condo caught their eyes.
"Once we saw the view, once we saw kind of the ideal of what the lifestyle would be, we were just smitten," he tells CBS 2.
But would it be a long term love?
The condo owners found a way to help them make up their mind.
"They offered to us to spend a weekend," Malone says.
And they did – in a model unit set up with some extras to sweeten the deal, like wine, cheese, and gift certificates to local restaurants.
"It really gave you a better sense of what it might be like," Malone says.
Real estate experts say more sellers are opening their doors for the night to try and attract serious buyers.
"It's an added element to help them reach a decision by giving them something more tangible to experience beyond just tours and visits within the building," says Todd Prendergast of Realty Trust.
But realtors warn: sellers also need to sleep on the idea before handing over the keys.
"What if someone is injured? What if something is broken or stolen? If you have material that could be considered dangerous in your home, what do you do with that?" says Elizabeth Blakeslee, a former National Association of Realtors Regional Vice President.
To protect yourself, ask for a security deposit before a sleepover. And Blakeslee says it would be a good idea to come up with some paperwork.
"Have any potential buyer sign a release relieving them of any responsibility," she says.
Sellers are also getting creative with the way they stage or set up their home while it's on the market. Some are hiring people to live in their empty home so it gives it more of that real, lived-in feeling while it's on the market.
Another trend in the real estate market: sellers are hosting their own open houses, even preparing brochures and specs through free templates off the Internet.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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