These things tend to swing back and forth, but right now it is a seller’s market in many parts of the country. Inventory is low, prices are higher, and the hottest homes often incite bidding wars among interested buyers. This is also true about Northern Virginia right now. Sometimes, however, the inherent advantages of a seller’s market aren’t enough. If you need to unload your home quickly or are having trouble drumming up enough interest, you might consider seller incentives. Seller incentives can work if your home is slightly unusual or if you have a lot of competition in your neighborhood.
Naturally, the best incentives to buy your home are an up-to-date appearance and a competitive price. Sometimes, however, you just don’t have the money to make additional improvements. This can lead to you selling your home “as-is” at a lower price. Or, alternately, you can offer one or more seller incentives to sweeten the deal for prospective buyers. There is always help with closing costs, but some financial institutions have rules in place regarding how much the seller can help with those. This can lead you to get creative.
To think about creative seller incentives, first try to identify your home’s prospective buyer. Is your home the perfect nest for a small family, or is it a luxury manse? Are you marketing to young professionals, first-time homebuyers, or empty nesters? What your home is like and who your likely buyers are will determine what incentives you should offer.
Located on the water, whether it’s a lake, river, or the ocean? Maybe a suite of fancy fishing equipment would appeal to a buyer. Alternately, you could include a kayak or jet ski in with the purchase price of your home.
Are you unloading a vacation home? Your buyers might appreciate a generous gift card for new furniture, or for you to leave the existing furniture if it’s nice. You could also throw in linens and/or other kitchen supplies.
If your home is part of a condo association or HOA, you might consider footing a year of membership for your buyers. This can be a big deal especially if your buyer is just starting out and is worried about affordability. Likewise, if you are within a country club, offer to pay for twelve months of membership or maybe the initial fees. If you are living on a house with a lot of land, maybe a literal gift horse - the living, four-legged, neighing kind - might seal the deal. Luxury sellers might up the ante by throwing one of their sports cars (say a Mercedes or BMW) in the contract.
No matter what you decide on, seller incentives can make your home stand out to buyers and increase your chances of selling quickly.
