Selling a home isn't easy in most markets today; especially for first-time buyers as a house has to stand apart from the competition -- and there's a lot of it, including foreclosure homes that are selling at hefty discounts. First-time buyers are skeptical of buying homes that need improvement.So if you are dealing with first time buyers make sure to educate them repairs and maintenance included. Sellers certainly don't need to remodel the kitchen, but they want to make sure that their home showcases very well. When dealing with first time buyers make sure you've priced the home correctly, and covered these five important aspects.
A home that prospective buyers can visualize themselves is an eye candy to first time home buyers. Well looked after home has a "warmth in the home" and that can go a long way in selling a property. It's all about the emotion, of having the ability to see what they can have. It does not have to be fancy simply painted, well organised home is perfect to make the splendid first impression.
2. closing costs:
Whether it's in the marketing material or any other fees not all first time buyers are aware of closing costs. So make sure to educate them if rising mortgage rates have your buyer spooked, consider paying mortgage points to bring the rate down. Also consider a buyer's timeline for staying in the home before deciding if this is the most effective way to help; paying points generally makes sense for those staying in a home for more than a few years.
3. home warranty:
First-time buyers are often coming from a rental, and they are used to calling a landlord when there's a problem. To help them more easily transition into home ownership, provide them a warranty that covers major systems.
4. buyer mortgage protection:
In some cases, it might make sense to address buyers' fears by purchasing insurance so they can keep up with their mortgage. Basically, the plan will make several months of mortgage payments in the event that the buyer becomes unemployed.
5. Don't snub low offers:
Buyers know prices have fallen, so they're being aggressive in their offers -- sometimes extremely aggressive. But even if they come in with a shocking low ball offer, don't scoff at it.