Here’s the good news: Homes are selling faster today, with the National Association of Realtors® reporting that the sale of existing homes in July rose more than 17% from 2012. That, in sales results terminology, qualifies as a ‘spike!’
Better yet, homes are selling more quickly – nationally TOM (Time on Market) shrank from 69 days to 42. And prices were rising: the national median sales price in July stood at $213,500, up 13.7% from 2012.
But don’t let that fool you too much. Homebuyers in the greater Kalamazoo area are plenty savvy. They won’t overpay for a home, and if they don’t like your asking price or terms, they are ready to move on to the next one. But you might be able to increase your odds of attracting solid offers by front-loading a concession that’s important to today’s Kalamazoo homebuyers: paying their closing costs.
What homebuyers seem to be more keenly aware of is the incremental cost of closing a mortgage loan. According to a trustworthy survey of closing costs (from Bankrate.com), today the average buyer pays close to $2,400 in closing fees on a $200,000 loan.
As a home seller, you have a natural resistance to cutting down your profit margin when closing a real estate deal. Yet this inventive kind of offer can bring more Kalamazoo homebuyers to your property. It could allow you to sell your home faster — possibly for a better price. The reason? Many homebuyers can afford to pay the slightly higher monthly mortgage payments that come with paying full listing price for a house. What might break the camel’s back is a pile of upfront cash. By offering to pay closing costs, you may supply the extra incentive that can, in the long run, work to your financial advantage.
Especially if you need a quick home sale because of a professional move or a financial incentive, the closing cost concession could dramatically reduce the number of days your home spends on market. The Veenstra Team is also able to highlight that offer in ways that will attract more attention on some of the most popular websites too. If you’re thinking of selling your greater Kalamazoo, Portage, Oshtemo or Mattawan home this fall let’s have a more complete discussion about closing cost concessions.
Call the Veenstra Team today and we can start marketing your home to get it SOLD! (269-350-5514)
Talk to you soon,