Raffles, weekend stays used to attract home buyers

— -- Homeowners and real estate agents are turning to increasingly creative tactics to sell homes in a weak market.

They include raffles, one-day-only sales, even free weekend stays at the house to entice buyers at a time when consumer credit is tight and the supply of available homes is rising.

"With inventory and supply the way it is, (homes) have to stand out," says Walter Maloney, a spokesman for the National Association of Realtors.

What some sellers are doing:

•Home raffles. Tom and Dianne Walters are selling $50 tickets to the public in hopes of raising enough to pay off the loan on their log cabin in Edgewater, Md. They need to sell 27,000 tickets for the Jan. 26 drawing; more than 22,700 have been sold.

An Annapolis non-profit, We Care and Friends, is overseeing the raffle and will share in any profits.

"This is becoming more and more popular. I've been called by more than 200 people who want to raffle their own homes," says Tom Walters, 42, a mortgage broker and owner of a construction company. "We get to sell in a tough market, and someone gets a new house for $50. It's also good for buyers, because they don't (have to) get financing for a home."

•Aggressive incentives. Luxury cars, recreational vehicles, flat-panel HDTVs and gift certificates have been around for a while as come-ons to get buyers to sign on the dotted line.

"One couple even offered the buyer a complete refund of their purchase price later, when the sellers die," says Marni Yang, a real estate broker and mortgage loan officer in the Chicago area.

Giveaways "sometimes work," says Tina Merritt, a real estate agent in Virginia Beach. One client, a town-house owner, offered a 42-inch flat-screen TV and had a contract in two weeks.

•Tryouts. Some sellers, especially in resort or tourist areas, are allowing potential buyers to stay free of charge at the home for a day or a week before they decide to buy.

At the Atwater Place in South Waterfront in Portland, Ore., home buyers can sample a property by staying one or two nights in a fully furnished $1 million condo with sweeping views of Mount Hood. They also get gift certificates to restaurants, a fridge stocked with wine and food, and a pass to the local gym.