While some real estate markets have shifted to a sellers’ market, buyers in some parts of the country still have the upper hand. If you’re selling in a market like that or have an unusual home to sell, you may want to consider offering some incentives to buyers to nudge them to make an offer on your property.
Which Incentives Work?
Most Realtors say that the very best incentive to sell your house in any market is to price it fairly and make sure it’s in excellent condition. If for some reason you need to sell your home quickly and don’t have the time or money to make home improvements, you can try to sell it “as is” — but you’ll definitely need to lower your price below the market rate for comparable properties.
Other than pricing, you can also offer financial incentives in the form of closing cost assistance, but how much you can offer depends on the rules of the particular loan program that your buyer is using to finance the purchase.
Some sellers try to attract attention and a contract by offering unusual incentives to buyers. Whether these work isn’t always clear because sometimes the buyers might have opted to purchase the home even without a perk or two.
Creative Seller Incentives
If you’d like to try enticing buyers with incentives, you need to think about your potential buyers. Identify the types of buyers who might be interested in your home: Are you selling a luxury home or a starter home? Are your prospective buyers young professionals, empty nesters or a young family? The incentives you offer should be tied to the interests of your buyers and to the specifics of your home.
Here are few ideas to consider:
- If you live on or near water, consider including a kayak or jet ski along with the purchase price of your home.
- Similarly, if your home is located near a prime fishing spot—whether it’s a river, lake or ocean—think about offering fishing equipment to buyers.
- When you’re selling a vacation home, you might want to offer a gift card for new furniture or buy (and leave with the purchasers) new linens or kitchen supplies.
- If you’re selling a condominium or a property located within a homeowners association, consider offering to pay a year’s worth of fees. This would be particularly appealing to first-time buyers who are often concerned about affordability.
- If you live in a community with a country club, you can also offer to pay for a year’s membership in the club or perhaps the initial fees for your buyers.
- While you’re not likely to leave behind a beloved family pet, if you’re moving from a home with a lot of land to a smaller property, you could consider offering to leave a dog or even a horse at the home.
- When the real estate market was particularly slow, some homeowners offered to include their high-end car, such as a Mercedes or BMW or a sports car, in the sale price of the home.
When you’re working with your listing agent on a marketing plan for your home, be sure to discuss the pros and cons of seller incentives. Think about what you might be able to offer that would boost, rather than reduce, your profits when your home sells.
This article was originally published by Michele Lerner on realtor.com. See the original article here.