Are you struggling with ways to capture the attention of that elusive buyer?
Has your home been lingering on the market and not selling?
Extra little ‘perks’ or seller concessions may grab notice from a Westchester home buyer struggling with the ‘bottom line’ and the overall cost of the home and the monthly payments to be managed.
Here are some possible buyer incentives for Westchester Home Sellers to consider . . ..
- Offsetting closing costs
- Paying points on their mortgage
- Buying down an interest rate
- Offering inclusions
- Closing date flexibility
- Home warranties
Buyer Incentives can be considered when the home is first listed as a way to distinguish it from the start, or they might be added when the home hasn’t sold in two or three months, or incentives could arise in negotiations, when a buyer needs that extra little nudge to commit.
Most seller concessions as discussed above need to be disclosed. In addition, buyers and sellers need to make sure that they don’t exceed the lender’s allowable seller-paid assistance, and most importantly that the seller’s concession does not negatively impact the appraisal potential of the property.
There’s Only One Reason Why Your Home Didn’t Sell…and It Isn’t Price!
Are you looking for a solution to bring the sale offering of your Westchester home to a ‘close’, OR, to cause the sale of your Westchester home to happen sooner?
Pat Neville is proud to be a member of The Top5 in Real Estate Network and is pleased to provide Westchester Home Sellers this complimentary informative pamphlet. Contact Pat for your confidential analysis and a ‘solutions proposal’ to the factors weighing into your home selling decision.
Valuable and honest comments to The Westchester NY Home Blog are encouraged. Don’t be shy. Post your comment below!
We can’t control the market, but we can control the pricing and the condition of the property. If the house is priced right and is properly merchandised, houses sell – yes, even in this market. I have had the opportunity to work with builders who offer buyer’s incentives and are very happy with the results. Great incentives are now available for homesellers and can help differentiate a listing from the competition. How about a one-two-three punch: Priced Right, Staged To Sell, and Great Incentives
What a great time to buy a house!!
Thanks Pat for this information. I am wondering how to determine the $ amount that should be offered? Also, at what point do you move from seller concessions to a price drop?
Craig, Home sellers in our Westchester marketplace require the most effective, and case- specific, home marketing and home merchandising information that can catapult their individual property to the desired result, while achieving the highest ‘most reasonable’ price the market can bear under the stringent appraisal and lender guidelines of our local market. Dollar amounts and creative incentives vary case by case, but if you do the math, as the buyers are doing, and see the result, for example, of a 1/8 or 1/4 %, mortgage buydown incentive offering over a specific number of years, the result is likely to be attractive to buyers when they sit down with pencil and paper and look at the heart of the numbers impacting their buying decision.
As we are reminded in the Top5 in Real Estate publication referenced in the above blog post, “There’s Only One Reason Your House Didn’t Sell . . . and It Isn’t Price” . . .
“The laws of Supply and Demand essentially govern all pricing. A lower asking price can in many cases, stimulate greater demand. Greater demand frequently leads to higher prices”.
That one-two-three punch: Priced Right, Staged To Sell, and Great Incentives nails it Kitty. In a market place where supply still exceeds demand, it is that savvy seller who recognizes the ‘punch’, and wins the ‘knockdown’all the way to closing.