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While some markets in the US are incredibly hot with homes selling in only hours, in many other cities it’s not uncommon for houses to be on the market for 60-90 days. In softer markets sellers will try to “sweeten the pot” with various incentives in hopes that it’ll tip those buyers who were on the fence. Commonly, the incentives are for flooring replacement or even to offer buyer-agents a cash bonus. In a recent article Zillow explored some creative incentives that sellers are offering.
- Buying down the interest rate– Often referred to as discount points. This was more common when rates were north of 7%, but can still be utilized if the buyer is just outside their target monthly payment.
- Selling everything including the kitchen sink– This is a great incentive if your home is being marketed to first-time buyers. Furnishing a home can be a huge additional expense if the buyer is coming from a small apartment.
- Closing cost credits– While this isn’t all that unique, it does provide as a great incentive especially as a late in the negotiation tactic.
- Offering buyers’ broker higher commission– This is a great tactic if you’re home is a stale listing without a steady flow of showings.
- Credit for “Close By’ date– This is quite common when the close date is around the new year and the seller needs to close due to tax liabilities. Not uncommon is the situation where credit is given for closing early and the seller doing a “rent back” until the buyer is ready to move in.
While none of these incentives are new, they’re a nice reminder that, as a seller, thinking outside the box when in comes to marketing your property is a good thing and can often lead to a faster close and a higher offer price.