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When there are multiple properties on the market similar to yours, other than an attractive list price, how can you make a difference for buyers to choose your home over them? Knowing these options may encourage more offers and may make the difference in receiving an acceptable offer sooner rather than later. Read on to learn more!
- Include a home warranty on the buyer’s behalf in your listing to cover the repair or replacement of major home systems and appliances. Buyers who need to bring a lot of cash to the closing table will appreciate not having to worry about the possible replacement of HVAC systems, major appliances, electrical, and plumbing after moving in. According to Forbes, the national average cost of repairing or replacing heating and air conditioning systems is $8,000. Give buyers peace of mind for the first year by providing this service contract.
An additional benefit to you is that buyers often reduce the offer price in anticipation of possible early repair issues. The assurance of a home warranty may increase their offer price. Additionally, most home warranty companies cover your property during the listing period, so if you have a problem before closing, especially with the HVAC system, you also have peace of mind in not spending more money to repair or replace something just before you move. You can learn more about Home Warranties in the following articles:
3 Reasons To Consider Offering a Home Warranty
Avoid Surprise Costly Repairs with a Home Warranty
- Offer a concession to buyers as a financial incentive to them by sharing some of your proceeds from the sale at closing. Here are some examples:
- Pay for a portion of the buyer’s closing costs that could be applied to their loan points or other closing costs.
- Provide a specific dollar amount toward repairs or upgrades, especially if you have a significant flaw like worn carpets or needed repairs. It will help the buyer save money and remove obstacles to buyers making an offer. Even better, if you have the money upfront, make those changes and repairs before you put your home on the market. You might receive up to 5% higher offers with a move-in ready and well-staged property.
- Provide a faster or slower possession time for buyers looking to get into a property sooner or later than most buyers. Some people in that situation may overlook other issues because of their urgent need. Some buyers may need extra time and would appreciate a longer closing period. If you are able to do so, that may be as equal an enticement as a quick close. Ask your agent to incorporate language such as “flexible closing” in the agent (not public) remarks of the MLS listing.
- If such a situation will work for you, offering seller financing or lease-to-own options could open the door to new buyers who may make an offer even if your property isn’t exactly what they wish for. If you have a mortgage with an outstanding balance, this will most likely not be an option, but if you own the property outright, offering seller financing will certainly get buyers’ attention.
- Offer some personal property to make the overall property more attractive to buyers and help set it apart from others. Examples include a recreational vehicle, lawn/garden equipment and supplies, a pool table, or any other unattached item of value. It could increase the perceived value of a property, especially if the items are in good condition and complement the style of the home. However, you should be aware that some states will not allow personal items to be considered part of a real estate contract, so it is best to check with your agent on the specifics.
Offering additional incentives can help set your property apart from others on the market and attract more buyers, leading to a faster sale and potentially a higher selling price. I will discuss them with you to see if any of these apply to your situation in order to move the sale along more quickly. If you do decide to offer buyers any incentives, I will make sure that they are clearly noted in the MLS comments.