There are still plenty of options for you consider if your home has languished on the market for longer than you would like. First, it's time to review your pricing and marketing strategies, and if all looks appropriate on those fronts, you might also want to consider offering incentives.
First, review your home's pricing. Is it in line with what it should be? If your agent has not given you an up to date market analysis in the last month, it should be done now, whether or not you decide to implement any kind of incentive. You may be able to roll the cost of your incentive into the price, and no one would be the wiser. It is important that if you decide on an incentive rather than a price reduction that your home's pricing is still in "the reasonable range".
So before you implement any incentive strategies, make sure you are not "giving your home away".
Next, review your marketing from day one. Is your home everywhere it is supposed to be, and can be on the internet, and is it presented accurately and properly? Do you have quality marketing handouts? It's time to fix anything that needs it, before you offer any type of incentive.
The reason that these two things are so important is that if they are not what the market dictates that you need, the outcome for an incentive is wasted, and so is the time and energy that was put into it. That being said, here are a few ideas:
1. Offer to pay closing costs ( or a portion of them) If your buyer is obtaining an FHA loan, the limit for a seller concession for closing costs is four percent.
2. Offer to buy down the buyer's interest rate.
3. Offer to pay the home taxes for one year, or even 6 months.
4. Offer a One year Home Warrantee
5. Offer to pay one year's worth of Homeowner Association fees.
6. Offer to have a room (or rooms) painted, the carpeting replaced, or some other cosmetic of their choice completed prior to closing.
7. Offer to pay the first month's mortgage payment.
8. Offer a higher commission to the Buyer's Broker
There are many incentives to choose from, and each home is different. Not so long ago, I had a listing at that backed up to the thruway. It was noisy, as I can assume you could imagine. It was a nice home, but the buyers could just not get over the noise. We offered a parking pass to the train station with the sale of the home as an incentive. ( Parking Pass permits had a two year waiting list at the time, and believe it or not, that helped to sell the home! You just never know.
So don't be afraid to try an incentive, and don't be afraid to try a unique incentive. They do work!
