When there are a lot of homes for sale in your area and not a lot of buyers, you might experience a more difficult time finding a buyer for your home. In this type of market, you may have a better chance of selling your house if you sweeten the deal. In other words, you might need to offer some incentives to encourage buyers to pick your house instead of another one, and here are some incentives you could consider offering.
Pay Some of Their Closing Costs
While you, the seller, will have to pay for the commission to the agent, the buyer will have a lot of costs to pay when buying your house, and these are referred to as closing costs. Offering to pay some of these costs can be a huge benefit for the person buying your house, simply because your offer to pay these costs will reduce the amount he or she needs to come up at closing.
When it comes to offering to pay closing costs, you should offer a certain dollar amount, which could be any amount you want. A good offer would be at least $2,000 to $3,000 towards closing costs, but you could offer even more than that if you want to.
Buy Down Their Interest Rate
You could always offer to buy down the buyer's interest rate as an incentive too if you want, and this is a great type of incentive to offer. To do this, you would basically be offering to pay a certain number of points for the buyer. A point is something lenders sell to borrowers as a way of reducing the interest rate on the loan. A lower interest rate means a lower monthly payment and a lower amount paid in all for the house.
Offer Repairs You Weren't Initially Considering
Another option you could consider offering is paying for repairs or upgrades that you were not initially going to make. In a buyer's market, people are primarily looking for the best deals on houses, and most buyers do not want to purchase homes that need repairs or modernizations of any kind. If your house lacks something or needs any type of improvement, you could offer to make it for the buyer.
These are three great ideas you could offer as incentives to the person who buys your house. Buyers love incentives, and offering one or more of these could help you find a buyer. To learn more, talk to an agent today, such as at North Captiva Realty Inc.