Making your home stand out
A federal tax credit of up to $8,000.00 is getting many Americans into buying a home for the first time, good news for those trying to sell one.
Still, selling a home isn't easy in most markets today. To get the typical first-time buyer to bite and submit an offer, a house has to stand apart from the competition – and there's a lot of it, including foreclosure homes that are selling at hefty discounts.
Never fear, there are still ways to outshine other homes on the market. Assuming you've priced the home correctly, here are ways to lure a first-time buyer.
Maintain and stage
A home that has been taken care of throughout the years will offer a stark contrast to a vacant empty foreclosure. If someone is living there, the landscaping is not dead, there is warmth in the home, and that can go a long way in selling a property. It is all about the emotion, of having the ability to see what they can have.
As with any home, a fresh coat of paint, decluttering and the removal of unpleasant odors can go a long way to making a good first impression. But be careful not to over-improve the home, because the investment might not be wroth the cost.
Whether it's in the marketing materials or in the listing, this could be an extra motivator to reel a buyer in. Generally there's a good chance they'll ask for closing cost help anyway, but it might pay off to be proactive and offer it at the beginning.
If rising mortgage rates have your buyers concerned, consider paying mortgage points to bring the rate down. You need to consider a buyer's timeline for staying in the home before deciding if this is the most effective way to help; paying points generally makes sense for those staying in a home for more than a few years.
Offer a home warranty
First-time buyers are often from a rental, and they are used to calling a landlord when there is a problem. To help them easily transition into a homeownership, provide them a warranty that covers all of the major systems if a problem should arise.
Don't snub low offers
Buyers know prices have fallen, so they're being aggressive in their offers, sometimes extremely aggressive but even if they come in with a shocking lowball offer, don't scoff at it. Understand where they're coming from and try to compromise. As a rule of thumb every offer deserves a counteroffer.
If they like the home enough to make an offer it's possible you can arrive at a mutually acceptable price. For all of your real estate needs, call Karen Scopetski 508- 380-0112.
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