Do's & Don'ts for Homebuyer Incentives
Dated: September 25 2019
When you’re selling your home, adding some extra perks can help you find a buyer quickly. An incentive is essentially a marketing spend for your home sale. You want to make sure your marketing dollars are being used effectively, so consider these do’s and don’ts:
DO recognize your home’s flaws, and offer an incentive that compensates. Buyers will look at extremely dated decor or appliances as a big looming expense, so you can alleviate their anxiety with a warranty or repair/renovation allowance. For example, if you have older carpet you might consider offering a carpet allowance.
DON’T use an incentive to try to get buyers to bite on an inflated sale price. If your home isn’t priced properly, it’s unlikely that an incentive—even one with significantly monetary value—will hide that fact. You’re better off reevaluating your pricing, rather than spending big on an incentive. Talk to your realtor about home prices in the area. Your realtor can give you a comparative market analysis to see if your house is in the typical home price range for your location.
DO consider homebuyer incentives when there’s close competition. If there are other listed homes in the area with similar features and pricing, an incentive can be a winning factor.
DON’T forget to check on the legality of your incentive offers. The laws on incentives can vary greatly between states, so work with a knowledgeable, trustworthy real estate professional to ensure that your homebuyer incentives are above board.
A real estate professional is there to make sure you are priced competitively and will work to get the most for your home. If you are unsure if offering an incentive is a good option for your home, your realtor will be able to help you decide. I would love to speak with you about your home and how I can help you sell it for the best possible price. To get started visit my sell page for a free home evaluation.
As a fourth generation native New Mexican and lifelong Albuquerque resident, Jeff Rose has a unique vision for the Albuquerque Real Estate market. He earned a BBA in Human Resources and Marketing fro....
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