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Racing to the top
By Thomas Caywood, Globe Correspondent | July 16, 2006
House hunters who see the standard real estate listing for Michael Katz's Hopkinton home may be tempted by the 3,110 square feet of living space or the 1.44-acre lot. Maybe the $624,900 asking price is right.
But Katz isn't taking any chances in the weakest real estate market in years, one that has sellers resorting to gimmicks like raffles and hors d'oeuvres to lure potential buyers to open houses.
Katz recently spent a day creating a 3,400-word website that lays out every amenity of his West Elm Street Colonial, from the floor-to-ceiling brick fireplace in the family room to the treehouse and tire swing in the yard.
``My frustration has been that the way the real estate industry has been set up sort of boils everything down to how many rooms and bathrooms you have, so it doesn't really differentiate my house from all the others," Katz said.
Rising mortgage rates and a glut of unsold houses have pushed single-family home sales in Massachusetts to their lowest level in five years, according to the Waltham-based Massachusetts Association of Realtors. April home sales dropped nearly 10 percent to 3,268 this year from 3,628 last year, the association reported.
That has some sellers trying everything from hiring musicians to play soothing music during an open house to engaging caterers to draw in potential buyers with the offer of a free lunch.
``Maybe we'll see an organ grinder and a monkey. I don't know," quipped Gregory Vasil, chief executive of the Greater Boston Real Estate Board. ``The best thing people can do is get their house in the best possible condition so it shows well. Do the repairs that need to be done because that just removes one more possible issue."
Katz's real estate agent, Mary Korbey of RE/MAX Executive Realty in Hopkinton, also doubts gimmicks alone can move a house in a lukewarm market.
``I've heard of people even doing raffles to get buyers in. Some people think food works. I personally think the people that are serious buyers are already out there looking," Korbey said.
Katz said he never considered any of those other stunts, but a friend's suggestion to create a website struck him as sound marketing advice.
``My objective was not just to get attention, but to highlight the unique features of my house," he said. ``I'm not interested in getting thousands of people through the house. I just want to get the handful of people who would be right for this house."
Korbey said she's seen plenty of websites intended to help sell a property, but most are boilerplate pages set up by listing agents.
``It's a nice touch to have the hands-on perspective of the seller. The things we as agents find important aren't always what buyers will find important," Korbey said. ``We couldn't possibly have the living experience the homeowners have."
Katz's folksy cyber-brochure is illustrated with snapshots, including his daughter frolicking on the tire swing and his family posing with a local police officer at the starting line of the Boston Marathon. He describes his family room this way: ``It's as cozy a spot as you could ever want on a cold winter day, and from October through March we keep that fireplace busy."
In describing his walkup attic, Katz said, ``In terms of size, I like to describe it as `noticeably gigantic.' "
For those from out of town, he describes the town's annual Little League parade on Main Street: ``Attend one of these and you'll think you've been magically transported back to 1955. It's just one example of a Hopkinton tradition that gives us a small-town feel."
Katz, who is moving his family across town, wasn't fazed by the writing. He operates a home-based business that publishes electronic newsletters for lawyers and financial planners. The website showcasing the house has been up about two weeks and generates about 40 hits a day, he said.
One potential buyer who toured the house last week told Katz his interest was piqued by the expansive front yard and the tree house pictured on the website.
``That would never make it into a listing," Katz said. ``There's stuff that, even if you walked into the house, you might not appreciate unless you had read about it. I wanted to give people a guidebook to the house."
After a pause, he added, ``I'll be disappointed if the person who buys the house hasn't been to the website."
