How to stand out from the other 40 homes comparable to yours and snag a buyer? Consider offering a buying incentive – it could be just the ticket to make a buyer choose your home over the competition.
Closing Cost Assistance Closing cost assistance is the most appealing, practical incentive to buyers and will make your home stand out. With this incentive, your home will receive more showings and will ultimately sell faster. Closing costs on the buyer’s side are costly and offering assistance, say $2,500 or $5,000 at closing will catch the eye of every buyer.
Buy Down Interest Rate Buying down the interest rate on a buyer’s mortgage is an enormous incentive and provides long-term value and benefits to a buyer. Your buyer will enjoy significant savings per month in their monthly housing payment. One percentage point on a $200,000 loan is a one-time cost of $2,000 to the seller paid at closing and a monthly savings of $120 to the buyer for the life of their loan.
Pay HOA Paying HOA dues for the buyer for a fixed period of time, say six months or 12 months is a great value to buyers. This helps your buyer cover a new monthly expense for a period of time and allows them a little breathing room after closing to get back on their feet financially.
Bonus To Buyer’s Agent Another way to stand out in a market swamped with inventory is to incent the buyer’s agent. A $1,000 or $1,500 bonus to the buyer’s agent at closing will generate increased showings of your home, which will ultimately sell your home faster. If there are ten comparable homes available, but only time to view five of them, offering a bonus to the buyer’s agent is sure to get your home selected for viewing.
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