Lisa Mailhot | September 27, 2024
Buyers
As we enter the fall season, high interest rates continue to challenge both buyers and sellers. Buyers are often sidelined, waiting for rates to drop to qualify for their dream home, while sellers hesitate to list, holding onto their sub-four-point mortgages. This creates a bottleneck in the market. But the good news is that sellers still have opportunities to incentivize buyers and move their homes this season.
In a slower market, strategic seller incentives can make all the difference. Let’s dive into 16 ways you can help buyers and, in turn, sell your home before the holidays.
1. Prepaid Inspections
Traditionally, buyers cover the costs of inspections, but as a seller, you can offer to handle these upfront. Pre-inspections for pests, mold, radon, and more can save buyers significant costs and offer peace of mind, making your property stand out.
2. Cover Closing Costs
In a competitive market, covering a portion of the buyer’s closing costs can make your home more attractive, especially to buyers with limited funds.
3. Mortgage Rate Buydowns
Help buyers secure a lower monthly payment by offering a mortgage rate buydown. With rates still high, this incentive could be the tipping point for potential buyers struggling to qualify.
4. Lending Incentives
Offering to cover private mortgage insurance (PMI) or the first few months of mortgage payments can give buyers some breathing room, making your home more appealing.
5. Home Warranties
Providing a one-year home warranty shows buyers that you're offering them peace of mind, protecting them from potential repair costs.
6. Handle Repairs
Inspections can uncover issues that might deter buyers. Offering to fix these problems pre-sale ensures a smoother transaction and saves the buyer from post-purchase surprises.
7. Lease Buyouts
If your property includes leased items like solar panels, pay off these leases at closing to ease buyers' concerns about additional monthly payments.
8. Include Appliances
Help buyers ease into their new home by leaving behind key appliances like refrigerators or washers and dryers. This cuts down their upfront costs, making your property even more desirable.
9. Prepay HOA Fees
In high-cost HOA areas, offering to prepay HOA fees or assessments can significantly reduce a buyer's financial stress.
10. Offer Upgrades
Instead of offering credits that buyers may not fully benefit from, consider upgrading the home with new flooring, fixtures, or appliances to entice higher offers.
11. Rideshare or Car-Share Credits
In urban areas, offering prepaid rideshare services like Uber or Lyft can be an unexpected but useful perk, especially for buyers who don’t rely on cars.
12. Offer Furnishings
If you're selling a luxury or vacation home, consider including high-end furnishings in the deal. This can save buyers significant costs on décor and furniture.
13. Moving Assistance
Offer to cover the cost of professional movers. For buyers, especially long-distance ones, this can be a huge financial and logistical relief.
14. Expedited Closing Bonuses
If buyers are motivated to close quickly, offer a financial bonus for fast closings. This works particularly well for cash deals or well-qualified buyers.
15. Unique Concessions
Get creative—offer something memorable like a vacation package or tickets to a local sports event. It’s an added personal touch that doesn’t interfere with escrow.
16. Help Cover the Buyer’s Agent Commission
With buyers now responsible for paying their agent’s fees, offering to cover part of the commission could make your home stand out and increase the chances of a deal.
As fall rolls in and the market faces higher rates, utilizing seller incentives can be the key to moving your property before the holidays. If you're looking to sell in Orange County and beyond, let's connect and explore the best strategy for your situation.
Homebuyer and seller commission negotiations are heating up after new rules took effect in August. Discover how these changes are impacting average commission rates, n… Read more
In the aftermath of devastating LA wildfires, State Farm has requested a 22% insurance rate hike in California. Discover how this could impact homeowners, why wildfire… Read more
With rental market growth set to hit $5.35 trillion globally by 2025, investors can boost returns by diversifying portfolios, leveraging tech, and adopting proactive m… Read more
Baby boomers are holding tight to their real estate and assets, delaying the long-anticipated "Great Wealth Transfer." Learn how this affects millennials, Gen Xers, an… Read more
New-home sales defied expectations in December, rising 3.6% despite mortgage rates hovering around 7%. With builders offering incentives and inventory rising, now migh… Read more
As cities struggle with rising rents, micro-units are emerging as a practical solution for affordability and quality living. These compact, well-designed apartments of… Read more
Extreme weather is driving up home insurance premiums, with costs soaring 33% in recent years. Discover how climate risks are reshaping real estate markets, from risin… Read more
Michael Jordan's iconic Highland Park mansion, Champions Point, is now available for co-ownership starting at $1M. This unique opportunity offers luxury amenities, com… Read more
L.A. wildfires in January 2025 have put over $40 billion in real estate at risk, highlighting housing shortages and displacement concerns. Discover how these events im… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most