Sellers – How to attract a First Time Buyer
One thing homes sellers know today is that we are in a buyer’s market, meaning that buyers are outnumbered by sellers. Of the buyers looking on the market today, many are first time home buyers, who have the advantage of qualifying for the $8000 federal government tax credit. A smart seller, can then attract this particular slice of the home buying pie with special enticements to appeal to the particular needs of the first time buyer.
1- Maintain your home in clean, updated condition! First time buyers are not experienced in home remodeling and maintenance, so sellers must present their homes in “move in” condition, a home not needing renovations or repairs.
2- Offer to pay closing costs! First time buyers are struggling to save for the larger down payments now required for mortgage approval. An offer to pay a portion or all of the buyer’s closing cost will increase the affordability of your house.
3- Offer a home warranty! First time buyers may have reservations as to the condition of used appliances in the house. Offering a home warranty to repair appliances in the first year of ownership is an inexpensive way to sooth these fears.
4- Treat all offers with respect! - Buyers are looking for bargains, and the proliferation of cheaper priced foreclosures is also helping to drive down buyer’s offers. If an offer comes in much lower than expected, sellers should not scoff at the offer, but try to understand the reasoning behind the buyer’s offer, and formulate an appropriate counter offer. Any offer is an opening of a dialogue, and in this buyer’s market, sellers cannot afford to categorically turn away any buyer interested in their property.
So sellers….the best way to attract a buyer, and in particular the first time buyer, is to do everything possible to help them overcome their obstacles in their purchasing process, and to give your home as much “move in” appeal as possible. You are in competition with an oversupply of other sellers, so make your house more attractive to the first time buyer by taking special care to alleviate their fears and ease their process!
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