With the rise of price drops in our local real estate market, home seller concessions are also on the rise.
Everyday I see well over a dozen “price adjustment” or “price improvement” notifications coming through my MLS feed. A big reason for this is due to a poor pricing strategy from the beginning. I wrote about that in last weeks’ essay.
So, for sellers who find themselves chasing to find a buyer, seller concessions are now a thing. But before you think about selling your home, it’s important to be one step ahead of the market rather than being a part of it. You don’t want to become a statistic on the news or in monthly reports on how long it’s taking to sell homes.
Creative Seller Concessions To Consider
With that, here are a handful of seller concessions you want to think about to position your property to sell over the competition. These are more creative than the boring “I’ll pay your closing costs” you may offer to pay for a buyer:
* Throw in one year worth of landscaping services. I had a customer do this one and not only did it make the property more appealing to buyers, it also showcased the seller’s commitment to maintaining the home’s curb appeal.
* Offer credits for upgrades or renovations, allowing buyers to customize the home to their liking. This could be an exterior paint job if one’s needed.
* Include subscriptions for home maintenance services or even popular streaming platforms.
* Provide moving services or cover moving expenses to ease the transition for buyers.
* Pay for the inspection and appraisal fees – these won’t break your bank.
There are some limitations as to what you can do. You can read more about those here.
Offering Seller Concessions is a Sign of Strength
Remember, everything in a real estate transaction is negotiable. So position yourself to win. Don’t wait for buyers to begin chipping away at your price and asking for too much. That gives them negotiating strength as sellers are then caught off-guard.
Think about: the list of seller concessions above are not major financial burdens. To the contrary, they’re instant offering that all your listing to stand out. And, you, the seller, show from the beginning that you want to sell and not hold your line.
So if you’re a seller, get more competitive in helping a buyer buy your property. Get creative and think outside the box. Get these seller concession out in the open in your listing description. Or, ensure your agent makes this visible to buyer agents right away.
For buyers who may be burdened with higher interest rates, homeowners insurance or flood insurance premiums… you may want to ask for a seller concessions as you never know when a sellers might say yes.
And as housing supply in South Florida continues to soar in 2024, this new seller concessions market is a new way for sellers and buyers to enter negotiations. This is a win-win.
[photo above: long winter shadows on south beach in Delray]
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*** The monthly Delray Beach Art & Jazz on the Ave is tonight from 6-9pm. Here are the full details
*** This month, the most read essay on my website is about Seagate Country Club. I wrote that essay back in 2021. But if you haven’t heard, their golf club just got a $14.5 million renovation.
*** Indoor air quality is a hot topic here in Florida with our hot, muggy, moldy summers. To learn how to keep your home interior air clean read this.
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*** Surging Supply – UP 60% Since August 1, ’23 ***
* Last week there were 43,389 available…
* This morning’s Inventory is 43,509 *
… supply is UP 120 units in the last week ***
