Which Seller Incentives Tempt Buyers?
December 20, 2011
Sellers trying to get buyers attention are offering up plenty of incentives, everything from closing-cost assistance to remodeling credits — even hot tubs, home theatre systems, flat-screen TVs, and cars, reports The Washington Times.
But these incentives “don’t actually make the deal,” says Michael Labout, regional vice president for the National Association of REALTORS®, who recalls one seller who offered up his 1970s Cadillac El Dorado in a real estate deal. “They’re as much to get buyers and agents to look at a house as anything.”
But sellers may be convinced that the extra buyers these incentives may bring in to view their home may be worth it. Some popular seller incentives catching on:
- Offering a gift card to a home improvement store or a local flooring company if the property you’re trying to sell is in need of some remodeling work;
- Covering some or all of the closing costs;
- Offering home warranties, which will cover HVAC systems and other major appliances., usually for a year — although more home sellers are offering warranties that last longer, possibly even up to 4 or 5 years;
- Paying the homeowners association dues for a year or more or covering the first year’s property taxes or condo fees;
- Offering a selling agent bonus, such as $2,000 or $3,000 bonus to the buyer’s agent may help get the property shown to more potential buyers.
Source: “Incentives Upgraded in Down Market,” The Washington Times (Dec. 15, 2011)
Updated: July 18, 2018