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Homebuyer Incentive Tips
Dated: November 13 2020
Sellers who are looking for ways to attract more buyer attention, or keep interested parties attracted, have the option of adding some “extras” in the form of homebuyer incentives. As your Realtor, we will work together to discuss if homebuyer incentives, and which ones, may work for you. As a seller, you want to be sure you are sending the right message to potential buyers. I would love to share my knowledge and expertise with you and offer the enclosed neighborhood update I’ve created specifically for your community.
Here are some general rules to follow when offering homebuyer incentives:
- Use homebuyer incentives to make your home stand out against the competition. For example, if your home has a patio that’s the same at each house in your neighborhood, offer a nice set of furniture for it. If your home has a pool, offer a year’s worth of upkeep. If a corner of your home was built for a grand piano, consider leaving the piano behind as an incentive.
- Another way to use homebuyer incentives is to make up for flaws that exist in your home. If your bathroom wallpaper is outdated, consider a $2,000 decorating incentive. If the furnace is getting older, offer a home warranty.
- Perhaps the most obvious home buyer incentive is a price reduction. If a potential buyer is set on paying
- $250,000 and the seller won’t move from $275,000, $5,000 in closing costs or a plasma TV won’t make a difference.
- Sellers have the option to offer to pay mortgage points for a buyer - which is desirable in a market where interest rates are rising. When a buyer sees a lower interest rate or monthly payment it’s something they can relate to.
- Sellers can offer down payment aid, as well. First-time buyers are usually very interested in this. Items like closing costs, legal fees and title insurance all add up and having the seller pay some or all of the down payment can be very attractive.
• Don’t use a homebuyer incentive to cover a price that is too high. Expensive TVs, cars and vacations to Hawaii are generally seen by potential buyers as a way to avoid lowering your sale price.
• Don’t assume buyers don’t know what your motivation is behind homebuyer incentives. Potential buyers will likely start to question what flaws you may be hiding by offering luxury items.
I specialize in the representation of homeowners from your community and believe you deserve access to the most current, objective and comprehensive information affecting the value of your home. If you require the services of a real estate professional now or in the future, please don’t hesitate to contact me.
Award-winning agent including America's Top 100 Real Estate Agents from 2018 and 2019. A full-time Real Estate Agent for 17 yrs. and a certified negotiation expert. I can help you achieve your pref....