There are many hot markets out there across the country but not every market is seeing properties fly off the shelf. In these tough markets how can sellers offer an incentive to potential buyers?
Incentives are always out there to get us to buy anything; a refrigerator, new carpet, or a car. But what about a house? Can sellers offer great incentives in order to get their home sold quickly? Yes, and many are in order to sell faster than their closest competition. Here are 4 incentives that sellers can use in order to get the deal closed with a buyer.
Financing is always a good incentive for buyers and brokers and agents could compete on price by refunding a percentage of their commission back to the buyer. This could save the buyer a few hundred or thousand dollars depending on the price of the home but agents and sellers should be aware that there are 10 states that ban broker rebates. Ohio is not one of them.
2. Unique Financing
If a buyer is having problems with affordability, the owner could carry the contract or help provide the buyers with a downpayment assistance program. Sellers can also cover the closing costs and temporarily buying down the buyers interest rates or even carrying a second mortgage to help the borrower purchase the property. The best way to go about this type of incentive is to ask the buyers agent what the buyer needs or offer seller incentives in the listing itself.
3. Home Warranty
A home warrenty and other goods or services could be another way to get buyers through the door. Other examples could be a discount on a home inspection, gift card to a home improvement store or certificates to moving companies.
4. Incentices to Buyers Agent
Other incentives include the buyer's agent. Sellers could offer more commission to the buyer's agent than the closest competition. Often times, listing agents will split the commission unevenly so that the buyer's agent recevies more than the listing agent. Or the seller can simply offer the buyer's agent 4% of the commission and the standard 3% to the listing agent, increasing the total commission to 7% instead of the typical 6%.
All of these may help sell a home faster. If you are in a tough market, the house has been on the market a while or you need to see quickly, these incentives may help move the property. For more tips and ways to make your home stand out among the crowd, give me a call today.
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.