Publisher: Forbes Magazine
Author: Tom Van Riper
Publish Date: October 22, 2008
Article Excerpt:
…”There’s a marked increase in those looking to sell,” says Ward, who estimates that about 10% of the 28 million burial plot owners around the country are part of the secondary market that’s looking to unload. The only factor he sees preventing even more selling? Some of those eager to dump their grave sites for cash are balking at the $100 listing fee. Those going ahead, meanwhile, are finding a tough buying market that won’t meet their initial asking prices. But most go ahead anyway, settling for less.
“People have become desperate to sell, and dropping the price is one way to do that,” Ward says.
Traditionally, unrelenting demand helped cemeteries avoid the kind of huge market swings afflicting the real estate market right now. About 2.4 million people in the U.S. die each year, with most buying property beforehand. Also keeping prices high: Family purchases of burial plots and funeral services aren’t done rationally, given the stress levels involved.
But more and more families are skipping full burials in favor of cremations, a much less expensive formula for laying a loved one to rest. Cremations account for over 30% of all funeral services in the U.S., according to the Neptune Society, a Florida-based company that specializes in the service…