Giveaways offered to potential home buyers

Faced with a nagging sales slump, local real estate agents and property owners are offering gift certificates, artwork, and even new cars to speed up sales.

The giveaways are the latest ways to try to jump-start the real-estate slowdown, which has gripped the nation. In Nevada County, the median price of all single-family residences was $465,000 in July, down 3.5 percent from the June median of $482,000, according to figures released by DataQuick Information Systems Inc. in San Diego. The reduction in the price of housing began in Southern California and has spread north.

"I was in San Diego, and I saw advertising where people were offering free housekeeping for one year, free landscaping for one year, or they would pay homeowners' association dues or even pay your mortgage," said Cheryl Rellstab, an owner of Keller Williams Realty in Grass Valley.

One of Rellstab's clients has offered a Ford Mustang to anyone who buys his five-acre property in Penn Valley. In most cases, though, incentives are offered as hefty bonuses to real estate agents.

"We have seen anything between $1,000 to $10,000 bonuses," said Barbara White, whose client also has offered a $2,000 gift certificate to "Exposure Gallery" in Nevada City to expedite the sale of his Penn Valley home. "In order to be more competitive, sellers are more motivated to come up with different ideas to get their homes sold."

Sunny Benham, realtor with ERA Cornerstone Realty Group in Grass Valley, is offering a $500 painting to anyone who either lists with her or buys property from her.

"There are a lot of agents, and it is very competitive," Benham said. "I am just looking to get my niche in the market."

But ups and downs in real estate prices are not uncommon, as Rellstab pointed out. "Real estate has always been cyclical," she said. "We have been on a nine-year, price-going-up, and now it is adjusting."

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To contact Staff Writer Soumitro Sen, e-mail soumitros@theunion.com or call 477-4229.