Selling a home can be an incredibly stressful process no matter
what the market looks like. If the market is slow, sellers have to do
everything they can to make their property appeal to buyers. If the market is
hot, sellers need to make their home competitive with other homes on the
market. If the house itself may be difficult to sell, sellers might have to
throw in a little something extra in order to make the property look even more
appealing to buyers.
No matter what your situation as a seller is, here are
some potential incentives to attract buyers to your property:
Cover Closing Costs
Closing costs are expensive and much of the burden lies on the
buyer of the home. By offering to cover some, or all, of the closing costs you can sweeten
You may choose to cover escrow fees, title insurance fees, or
some of the property taxes for the buyer.
Pay for the Inspection
Since an inspection and appraisal are usually required by
mortgage companies, offering to pay for these can help a potential buyer out
significantly. It can also keep the ball rolling while the contract is in
Offer Buyer Credits or
Does your home have some issues that might deter buyers? Or
perhaps something has come up during the home inspection that the buyer wants
to be fixed and you don’t have the time or money to do so? Offering the buyer an allowance
for repairs can be a great incentive.
For instance, say the flooring is in bad shape. To make the deal
a little better, offer a flooring allowance at closing so that they can put
down the flooring of their choice, rather than you spending time and wasting
money replacing it with something buyers may not like.
Or maybe the inspection turned up issues? You repair yourself,
but this can delay closing. It’s also expensive and many sellers don’t have the
cash on hand to do this. Instead, you could offer buyers a credit so that they
can have repairs made after closing.
You can also offer buyers a credit if they close by a certain
date. This can be a great option if you need to close the deal quickly.
Throw in the
Furniture, Window Coverings or Appliances
This works well if you have furniture or window coverings that
really only work with your home’s particular space. Window coverings can be a
huge moving expense that is often overlooked. By keeping window coverings and
unique furnishings in the home, you’re making the buyer’s life a little easier,
while giving you less items to move.
As a seller, you can also offer brand new appliances. This is a
great way to attract first-time buyers who probably don’t own big-ticket items.
It can also be a great option if the current appliances that a seller plans on
leaving behind are older and will need replacing sooner rather than later.
Buy Down Interest
Rates or Lender Points
Many buyers are unaware that you can pay a certain amount of
money to receive a lower interest rate. Of course, this can be a large
chunk of cash, so sellers can choose to cover that cost for their buyers. This
can help you to solidify the deal, while helping the buyers out by saving them
money in the long run.
Another option is pay the fees associated with financing the
buyer’s loan. If the buyer has to pay for private mortgage insurance
(PMI), you can offer to pay the first year.
Offer a Larger
Is your property lingering on the marketplace? One way to get it
moving again is to offer a larger percentage of the commission to the buyer’s agent.
By offering this incentive to buyer’s agents, you can revive interest in your
It Home Can Help You Sell Your Home
Our experienced realtors at Call It Home can help you figure out
what incentives can best help you sell your home. We are proud to serve the Salt Lake City area. If you’re in
Utah and looking to buy, sell or rent a home, Call it Home can help. Feel free
to call us for any questions you may have. Contact Call It Home today!