No one really expected the housing market to take off the way it did a few months into the pandemic. Prices skyrocketed thanks to high demand and low supply. That’s been changing, thanks in no small part to the Fed hiking interest rates. While there are still buyers out there, they may be a little less eager to close on homes than they were before. So what can you do to encourage them to close on your home?
Create Some Urgency
The housing market may have cooled a bit, but the fear of missing out is still very real. You can tap into that and use it to encourage buyers to close on your home by creating a sense of urgency. Doing this without being pushy means walking a fine line, but it can be done. Highlight the home’s unique, desirable features that other homes don’t have and point out that other buyers are interested in those features as well. You can also price your home to sell quickly. Few things will create urgency to close on a home like a great price.
Make Sure No Work Needs to Be Done
It’s normal for houses to experience wear and tear over time. Sometimes that may extend to more severe damage. If work needs to be done on the home, have it done before you try to sell if possible. Most traditional buyers want a home that’s move-in ready. They don’t want to spend more time and money fixing it themselves. If you can’t get it fixed, be prepared to lower your asking price or watch prospective buyers walk away.
Offer to Pay Closing Costs
Homes are the most expensive purchases most people will ever make in their lives. As such, as the seller, you could offer to sweeten the deal for the buyer by offering to pay a portion of the buyer’s closing costs. If you choose to make this offer, make sure you put a cap on how much you’re willing to cover. Include it in the sales contract. That will protect you from paying more than you want to while still incentivizing the buyer to close on your home.
Getting an offer on your home can be exciting, especially if it’s a good one. That doesn’t guarantee that the transaction will go through though. Financing contingencies, inspection contingencies, and appraisal contingencies can all prompt buyers to back out of the deal instead of closing on your home. If you need to sell, take steps to encourage buyers to close to make your chances as good as possible.
Did you enjoy this article? Here’s more to read: Why No One Is Making An Offer On Your Home