The real estate market appears to be rebounding after imploding during the financial crisis. While it is true that more homes are coming on the market and prices are generally rising across the country, there are still markets in which it is harder to sell. These include vacation homes, condominiums and other homes that are targeted to specific buyers. Offering incentives can be a great way to make your home more attractive to potential buyers and move it off the market more quickly.
Buyer incentives are essentially anything you as the seller agree to do to make it easier for your buyer to complete the sale. For instance, you might agree to carry the financing, especially if you are selling a second home or vacation home and won't need the equity in the home right away. In this way, you can decide to be less strict than a bank may be in it's lending guidelines while creating a definite income stream for yourself for the next several years.
If you aren't interested in actually carrying the mortgage, another option you might consider is to help your buyer assume the existing mortgage. In this case, you won't get much, if any, cash out of the deal, but this can be an attractive option if ridding yourself of the mortgage on your vacation home is your primary goal and the buyer does not have a great deal of cash. Under this arrangement, your lender agrees to refinance the mortgage into your buyer's name, relieving you of your obligation and allowing your buyer to assume the existing equity in your home.
Other things you might consider could include offering to pay some or all of the buyer's closing costs, arrange for improvements the buyer would like before moving in or make concessions in the price to allow the buyer to make his or her own improvements. You can even get creative, offering buyers memberships at local golf clubs or other vacation pacakges. There really is no limit to what you can do to attract buyers, so long as it is legal. It's a good idea to consult with a real estate agent in order to find out what type of buyer incentives might work well in your situation.
Jennifer Mackay is a qualified real estate professional with years of experience in helping sellers find the best way to list and sell their vacation homes and condos. You can contact her on her website to get started. She knows the best ways to market your Panama City area home and will help you develop a marketing plan that will quickly draw buyers to your property.
Incentives - What Incentives?
It is usually best not to be too specific about the incentives you are willing to offer until you have a buyer who is truly interested in your home. Your listing can indicate that buyer incentives may be available, so that other area agents can make their clients aware that you are willing to work with an interested party to reach a deal and close the sale. Once you have a buyer interested in making an offer, you can discuss what incentives it might take to reach an agreement.
Offering additional incentives can also be a way to save a deal from falling apart. You may not initially offer to carry the financing, but if your buyer fails to qualify for a conventional mortgage, you might consider extending that offer in order to keep the buyer from walking away. You could also agree to increase the amount of closing costs you are willing to cover if your buyer is having difficulty meeting his lender's cash requirements.
Buyer incentives can be a great way to make your property stand out and sell quickly. Contact Jennifer Mackay today at PanamaCityRealtyGroup.com to get started developing a smart, effective marketing plan for your Panama City property. Her years of experience are a great asset to you as you find the right combination of pricing and incentives to sell your home or condo in a market that is still working toward recovery.
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