One question on every home sellers mind is ... How can I attract buyers to my home? ... That is a great question especially in today's real estate market. In some areas of the Inland Empire the competition is great - so what can you do to set your self apart and make your home a little more attractive to that home buyer? Below are 6 incentives home sellers may consider.
1. Reduce the price. "The price is something that is a common currency — it appeals to everybody," says Gene Rivers, who owns four Keller Williams offices in Florida.
2. Pay points. One point is 1 percent of the loan amount, charged as prepaid interest. Sellers can pay these points on behalf of the buyer, so for the first year or two, the buyer has a lower mortgage payment.
3. Assist with the down payment. First-time buyers without enough money for a down payment appreciate this kind of assistance.
4. Pay closing costs. Closing costs generally add up to somewhere between 2 percent and 7 percent of the loan value, according to Freddie Mac. Buyers who are stretching to make a down payment will be attracted to this type of help.
5. Add a home warranty. A residential service contract is some insurance that the buyer won’t encounter high repair costs in the first year or two of home ownership.
6. Pay home owner association fees or pool maintenance. Paying these kinds of predictable maintenance costs at the beginning can be a nice welcome to the buyer when money undoubtedly will be tight for them.
Brought to you by Randy Charlton of Century 21 Home Realtors.