Feb 18, 2008 10:00 pm US/Eastern
Creativity Needed In Struggling Housing Market
Tour Bus Brings Buyers To Market
By Jim Smith
STOUGHTON (WBZ) ―
With thousands of homes sitting empty in Massachusetts, sellers are forced to get creative.
Last year, there were almost 8,000 foreclosures in the state. That's more than double the number of foreclosures in 2006 and six times what we saw in 2005.
The big question is how to get customers to at least take a look at vacant properties. One real estate firm in Stoughton is saying, "Leave the driving to us."
The foreclosure tour bus is the brainchild of the Century 21 office in Stoughton. Today it brought potential buyers to a half-dozen properties already in foreclosure or close to it.
The rolling open house is targeting buyers looking for a bargain, and there are bargains to be had.
On the tour was one house listed at $321,000, and already owned by the bank.
Kathy and Dinny McLaughlin were very interested.
"We're looking for a great deal," Dinny said. "If a great deal is out there, maybe we'll hop on it. We'll have to see what's available."
In Stoughton, foreclosures jumped from six in 2006 to 28 in 2007. In neighboring Randolph, they spiked from 14 to 62.
"It's definitely a learning experience for everybody," real estate agent Coleen Polillo of Century 21 said of the bus tour. "We're trying to get people in the houses – definitely trying to get them sold."
More bus tours are planned, hunting for buyers like Sharif and Dawn Davis, who are tired of renting.
"It's just like a big 50 percent off sale,' Dawn said.
There was a lot of interest in some of the homes on today's tour, but no deals.
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