Seller Tool Kit for a Slow Market
Sellers sometimes have to get creative in order to sell their homes in a slow market. If you can’t afford to budge on price, but you’re still looking to attract buyers, consider offering concessions, closing credits or even furniture or attractive center pieces in your home sale. What can you do to make your home sale stand out in a slow market without dropping your price?
Concessions are Key
Concessions feel like a dirty word to many home sellers, but the reality is that they can be the difference between selling a home and missing out during a slow market. Traditionally, concessions are when a seller offers to pay some portion of the closing costs, or offers cash credits at closing. Seller concessions may enable a buyer to buy a home without a sizable down payment, or make allowance for repairs after the new buyer takes possession of a home.
For example, if the buyer wants certain repairs performed, and the seller doesn’t want to perform them – the seller may offer the buyer a reasonable concession at closing to do the repairs himself after closing. If the buyer’s inspector determines that the roof needs work, in one scenario, and the work will cost $2,500, the seller may make a concession in that amount. Concessions sweeten the deal for a buyer without breaking the bank for sellers.
Include Personal Property in the Transaction
In some cases, a seller may want to include some personal property in the real estate transaction to sweeten the deal. For example, consider a seller whose home has a large music room, and the room currently contains a valuable grand piano that he inherited from a family member. The seller, however, is moving to a smaller home that doesn’t have room for such a large piano. Instead of selling it separately, the seller might include it as a selling point for the home, and may even be able to raise the home price accordingly. Common personal property that may be included in real estate transactions include striking room pieces, such as bars, chandeliers or other room centerpieces.
These tools can help your sale seem more attractive in a down market, and help you make your sale a reality without dropping your home price.
