Home Buyer Incentives

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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 the deal.

You may choose to cover escrow fees, title insurance fees, or some of the property taxes for the buyer.

Pay for the Inspection or Appraisal

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 escrow.

Offer Buyer Credits or Allowances

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 Commission

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 property.

Call 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!

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