Offering Incentives in a Buyer's Market

Over the last couple of years the Tampa real estate market seems to favor buyers over sellers. In short, many people in this day and age are referring to the market as being a “buyers market.”

A seller does not have to pull his or her hair out in what might be described as being a buyers market. One of the steps that you can take as a seller to work your way successfully through a buyers market is to offer incentives when it comes to the sale of your home.

One incentive that you might want to keep in mind when it comes to dealing in a buyers market is to allow a buyer to make a smaller down payment on a property. Because of the problems associated with mortgages and foreclosures in recent months, many sellers (and lenders) are requiring more significant down payments on residential real estate. With that in mind, if you have the ability to do so (if the lender does not object and so forth) you can work out a sales contract in which you seek and obtain a smaller down payment than might other wise be considered.

Another incentive that might be helpful in assisting you in obtaining a more rapid sale of your real estate is to agree to pay a larger share of the closing costs associated with a particular real estate sale. A seller might be better enticed to do business, to purchase a home from you, if that seller knows that he or she is going to be able to save money on some of the costs associated with closing.

Of course, when you do offer financial incentives such as those that have been described thus far in this article, you must make absolutely certain that you are dealing with a buyer who really is qualified. When it comes to Tampa real estate and the Tampa real estate market, you may want to keep your eyes open for a buyer who has been pre-approved for financing before you start offering various incentives to that individual.

Another incentive than many people are using in this day and age is making the sale of their own homes contingent upon the buyer being able to sell his or her current residence as well. In this day and age, this represents a very generous incentive considering the state of the real estate market.

If you are going to offer this type of incentive, you need to make certain that there is a cutoff date, an absolute date certain, in which the contract must close or terminate even if the buyer has not sold his or her home. You obviously cannot let the contract drag on forever.

By considering these incentives, or perhaps even some others, you will be in the best possible position to sell your home in a more timely manner even when you are dealing with what experts and analysts are calling a buyers market.

Lance Mohr is a full time licensed broker associate with Keller Williams Realty. He has over 10 years of experience helping families buy and sell real estate, as well is being a real estate investor. If you have any questions about the Tampa Real Estate or New Tampa real estate market please visit my website at http://www.tampa2enjoy.com.