Crafty home sellers know that incentives are like the prize at the bottom of the cereal box. By offering buyers some unique perks, they can improve their chances of selling their homes quickly for the price they want. Here are just a few ways home sellers can sweeten the deal with creative buyer incentives.
Cover the buyer’s closing costs
Many buyers, preoccupied with saving enough cash for their down payment, overlook the need to pay for closing costs. These will run between 3 and 6 percent of the sale price of the home and can amount to several thousand dollars above and beyond the deposit. Offering to pay these closing costs on behalf of potential buyers may be just the push they need to close the deal.
Help the buyer get a better interest rate
Another potential for sweetening the deal is to offer to pay for discount points on the buyer’s mortgage. Discount points are purchased up front in order to secure a lower interest rate on the loan. How much the rate drops depends on how many discount points are purchased. In most cases, one point is equivalent to one percent of the loan amount and will reduce the interest rate by .25 percent. NOTE: This will of course have to be acceptable to the buyer’s lender.
Offering to pay some discount points may make your home more attractive to buyers because of the lower monthly payments over the life of the loan. In addition, you can advertise your home with the offer of “below market financing.”
With Keller Mortgage, you can also offer your qualified buyer the ZeroPlus Loan and save them thousands with NO lender fees and a $1000 closing credit. Exclusive to you as a Keller Williams client! Check it out by downloading my mobile app and clicking the Keller Mortgage icon on the home screen.
Include all appliances, window treatments, and even some furniture
Leave all window treatments since these may not fit your new home anyway, and include all appliances with the sale of your home. This will be particularly helpful to first-time homebuyers who may not have these things. Plus, including some furniture may appeal to your buyers, and might even help reduce the overall cost of your own move.
Include a Home Warranty
If you don’t want to leave any of your furniture, another low-cost incentive is to include a home warranty. Basic plans will run you just under $500 and will cover the cost of replacing or repairing major appliances that break during the first year after the sale of the home. Plumbing, electrical and heating systems may also be included under the home warranty. AND, most home warranty plans will also cover you during the term of your listing should something break down while your house is up for sale.
Overcome objections or concerns
A less glamorous but equally effective tactic to entice a buyer is to offer to rectify any objections or concerns they may have about your property. Something as simple as offering to repaint the front steps, re-sod the lawn or adjust the move-in date might encourage a potential buyer to get off the fence and to the closing table!
Want more information about ways YOU can get YOUR home sold quickly and for Top Dollar? Contact me to schedule a time to get together! You can also call or text me at (302) 598-6896.