Times are tough for home sellers. Recent reports show that the market hasn’t been this flooded since the early 90’s. The situation has forced realtors to get creative—many have had to come up with new ideas that benefit both buyers and sellers.
Location, location, location… sure that’s still the number one consideration of people looking to relocate, but what is now helping to close a deal even faster are the added incentives being offered to potential home buyers. For example, while you may love the location of a home and its huge closets, how much quicker would you put in an offer if you were promised a whole year’s mortgage free, closing costs and other perks?
Perks, packages and promotions; they’re the hottest trend in home sales, and insiders say the list of incentives is as broad as the imagination. According to the National Association of Realtors they range from free airline mileage points and closing costs to free trips, cars and even groceries. In fact, a recent survey found that in a market that has a lot more inventory, many brokers and sellers have looked to incentives to draw attention to their property. Incentives like free landscaping or free snow removal for a year.
Some homeowners whose houses were on the market for some time say, by adding incentives they were able to attract a number of potential buyers. It makes sense–with so many homes on the market and home loan applications down 20% from last year, there is simply too much supply and not enough demand. However, while incentives are a great way to get a buyer’s attention, the price of a house remains critical. So critical, many people are trading the incentives for cash back.
And, realtors say don’t expect this trend to end anytime soon. That means good news for all you potential home buyers. Basically when it comes down to it you have more say, and can even ask for the incentives you want, before you close. There are even growing incentives for those of you looking to build. Many homebuilders are currently offering free appliances, decorating help, or extra landscaping to get you to sign on the dotted line.