The price of homes has been significantly impacted from recent economic conditions during 2008. Home prices have dropped considerably across most of the country. However, depending on location, this does not mean some sellers won't get a decent price for their home. The sale may take longer than usual, but a little creativity can help them move a home without having to drop the price too much.
The professionals at Coldwell Banker Real Estate Corporation offer the following suggestions for sellers who want to speed up the process.
Nip and tuck. If a repair is required, it is a good idea to go ahead and fix the problem. Potential buyers will cast an extremely critical eye over your home and in a situation when more houses are available on the market to choose from, they may take a pass on a home which requires too many repairs.
Offer a "seller's contribution." A seller can sweeten the deal by including assistance to the buyer in ways that do not require lowering the asking price. There are many traditional contributions a seller can offer. Examples include:
- Offer to pay a portion of the closing costs.
- Cover the buyer's mortgage payments for up to the first six months. Depending upon the size of the mortgage the buyer can save several thousand dollars and the seller still gets the original asking price for the home. Again, depending on the mortgage, the seller will get more for the home than if he or she dropped the asking price by $10-, $20- or $30,000.
- Many condos and houses across the country belong to home owners' associations that require annual dues. Paying the first year's fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
- Offer to pay off a buyer's bills. According to Realty Times, some loan programs allow sellers to pay off the credit card debt or auto loans of the buyer which will help him or her qualify for a better mortgage and prevent the need to buy a smaller, less expensive house.
Don't worry. Remember, everyone needs a home and with level-headed negotiations and the help of a professional real estate sales associate, you will be able to sell your home for a decent price. Even with tougher economic conditions, it truly is a smart time to buy.
