There is a common body of knowledge among real estate professionals that indicates that the longer a home is on the market, the lower the price will be. Many sellers discount this belief in the beginning because they feel confident their home will sell quickly.
Lowering the price is the most obvious thing that can be done to encourage buyers but it might be good to look at what builders do. Builders offer a variety of incentives such as upgrades, seller-paid closing costs, interest rate buy downs, washers, dryers, refrigerators or big screen TVs.
Interestingly, much of the resale market doesn’t employ these techniques. According to the latest NAR Home Buyers and Sellers Profile, 64% of sellers did not offer any incentives at all.
21% of sellers offer a home warranty. 16% of sellers offered assistance with closing costs and 6% offered credit toward remodeling or repairs.
The attached chart indicates that while 80% of sellers were not willing to offer incentives in the beginning of their marketing period, as weeks passes and their home hasn’t sold, closer to half did add incentives.
The ideal outcome is to maximize proceeds in the shortest time possible with the fewest unexpected issues. This involves having a firm understanding of current, local market conditions and crafting a marketing plan that will insure results.
There is so much at stake, the value of a trusted real estate professional is essential.
Author:Duane Caraballo Phone: 720-371-8629 Dated: January 27th 2017 Views: 204 About Duane: ...
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""House hunting on your own is never a good idea. In the Louisville/ Lafayette area it is not an option! We looked for months on our own only to find all the homes we were interested in were already under contract, sold or in over market bidding wars. Luckily Duane Caraballo reached out to us, and stood out from the rest. His casual, calm approach was just what we needed. Duane was understanding and patient with us and our small children through many, many walkthroughs and open houses. The convenience of his office being right in Louisville and his knowledge of the area was a bonus. It took about 4 months to find our home but once we did Duane quickly submitted our offer and stayed in constant communication with us through closing. We are very pleased with our house, the neighborhood and our final closing cost. The process of searching for and purchasing a home is stressful in itself and I can honestly say our realtor never added to this. He was great from the beginning to the end! We highly recommend Duane and would call him if needed. Although, I really hope we don't have to move anytime soon." 3/9/2015"