Agents Get Picky, While Sellers
Offer Cash Back When They Die
by Lauren Baier Kim
October 31, 2007
Here's a look at what's new in real-estate markets across the U.S. from around the Web. (Some links may require registration or subscriptions.)
Home sellers offer money back -- after they die
Bob and Ricki Husick have taken their desire to sell their four-bedroom, three-and-one-half bath house to morbid heights. Whoever buys their Pittsburgh home would get their money back -- after the Husicks die, says the Pittsburgh Post-Gazette. Plus, according to the Post-Gazette, if the buyer promises to support the couple during their retirement, then he or she will also inherit the seller’s retirement home in Arizona (valued at about $500,000). The couple, whose home has been on the market for 11 months, will allow the buyer to write the sellers’ wills to ensure that their assets will go to the buyer after they pass on. (The couple has no heirs.)
But what if no buyer is willing to make such a deal? The house is also available to purchase for $399,900, no strings attached, the Post-Gazette says.Agents target niche markets
Today's housing market can be a tough one for real-estate agents as the housing market continues its downward spiral. To gain a competitive edge, some agents are focusing on niche markets, earning certificates known in the real-estate industry as "designations," according to the Seattle Times.
Homeowners looking to buy a "green" home can work with an "EcoBroker," those looking to buy a place for their retirement can look to a Seniors Real Estate Specialist and those interested in purchasing a vacation home can seek the assistance of a Resort and Second-Home Property Specialist .
The number of designations offered to agents has risen from 13 to 21 since 1996, according to the National Association of Realtors. In the Seattle area, one of the most popular designations sought by agents is that of an Accredited Staging Professional -- 28% hold that title, the Seattle Times says.
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Homeowners gear up for Super Bowl
Residents of Glendale, Ariz., the Phoenix suburb that will host the XLII Super Bowl at the University of Phoenix Stadium in February, are looking to rent out their homes to event attendees, according to the Arizona Republic.
Local homeowners have already posted 100 rental listings on Craigslist, the newspaper says.
One Glendale resident and daughter are hoping to rent out several area homes -- including their own -- that week, with the daughter looking to get $25,000 to allow out-of-town visitors to stay in her "custom home," located close to the stadium, the Republic says.
One penthouse owner in Phoenix is throwing in extras like reservations at fine restaurants and a limo, all for the cost of $100,000 for the week.
But will private property owners snag Super Bowl goers? Possibly not -- local hoteliers have 55,000 rooms on the ready and expect no room shortages that week, while the Arizona Super Bowl Host Committee has already reserved 19,000 hotel rooms for players, corporate sponsors and the like, the Arizona Republic says.
Don't waste agents' time
Some real-estate agents don't want to wait around any more for sellers who aren't realistic about their asking prices or buyers who aren't motivated to buy, says a Los Angeles Times story.
In a slow market, it takes more time and resources to sell a home, so some agents are dropping buyers who don't make a purchase after a few home showings and are refusing to work with sellers who won't reduce their price to meet current market conditions, the Times says. One agent recommends working only with sellers because "buyers take longer to make decisions" and will "eradicate your net profit," the Times says.
Another agent regulates buyers who don't make a purchase after seeing a few options to an automatic email program (which updates clients with news of new homes on the market), so she doesn't have to spend any more time with them.
While some agents see this kind of approach as a cost-saving measure, one agent interviewed by the newspaper looks down on such practices. "It's actually more than lazy; it's insulting," he says. "Buying a home is the largest investment of someone's life, and an agent doesn't have the patience or the time to show them homes anymore? That's not right."
Ms. Kim is a senior editor at RealEstateJournal.com.
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