Knowing all about Home Buyer’s Incentives: A FEW DO’S AND DON’TS

When you’re selling your home, adding some extra perks can quickly help you find a buyer. An incentive is essentially marketing spend for your home sale. But you want to make sure your marketing dollars are being used effectively, so consider these do’s and don’ts:

DO’s:

• Recognize your home’s flaws and offer an incentive that compensates. Buyers will look at highly dated decor or appliances like a considerable looming expense so that you can alleviate their anxiety with a warranty or repair/renovation allowance.
• Consider homebuyer incentives when there’s close competition. If other listed homes in the area have similar features and pricing, an incentive can be a winning factor.

DON’Ts

• Never use an incentive to get buyers to bite on an inflated sale price. If your home isn’t priced correctly, it’s unlikely that an incentive—even one with significant monetary value—will hide that fact. You’re better off evaluating your pricing rather than spending big on an incentive.
• Never forget to check on the legality of your incentive offers. The laws on incentives can vary significantly between states, so work with a knowledgeable, trustworthy real estate professional to ensure that your homebuyer incentives are above board.