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Looking for a New Idea to Sell Your Home?

November 23, 2014 By Doug Francis

Sometimes ideas are so old that they are new again.

During the first Bush administration (with VP Dan Quayle), my real estate sales manager bought everyone tickets to see real estate guru Jeff Elias discuss real estate financing, and, how to make deals come together. Elias was a smooth talking Texan who had solutions to why people weren’t buying homes during that recession.

Jeff Elias real estate finance trainer

The solution: agents need to understanding creative financing.

Jeff’s approach addressed a key issue that most buyers were having at the time, which also is a key problem that home buyers  face today. To summarize,  real estate is expensive to buy and mortgage payments need to be manageable to get buyers to buy.

Understand the home buyer’s point of view

I still have Jeff’s book for some reason, and his examples include amortization schedules that would make a novice laugh. The interest rates used are never lower than 7%.

There is a chapter on 2-1 buydowns. The concept is to have the seller pay an additional point or two for the purchaser to reduce the interest rate over a two year period. A “point” is equal to 1% of the loan amount. It was a solid strategy that helped get many homes sold.

Today’s home buyers are having similar issues when deciding to buy a home. For example, down payments are up and additional loan and typical closing costs are high too.

Many home sellers today are facing soft markets where inventories have increased.

Provide the home buyer with some cash

So, here is the new idea…

If you are a home seller, offer an incentive to prospective buyers.

Address the number one issue for 80% of home buyers: lack of cash.

Now, two weeks ago an agent friend gave me a call and the discussion migrated to his two unsold listings. Both were well priced and in good condition. Should he suggest dropping the price… again? The big problem was that there were now many more competitive homes on the market and showings were becoming less frequent. Days on Market were adding up!

He was feeling ineffective and was searching for a way to sell his client’s house. So, I recommended adding “Seller will pay a $5,000 closing cost credit with lender approval” to the Internet or public remarks.

Fast forward a week… my phone rings and it is the agent. “Doug, you are a genius! We’ve got a contract!”

Here is the thing home sellers who have had your home on the market for a few months, start to explore ways to set yourself apart. New home builders have always enticed home buyers with special financing and closing cost credits.

If your home has been on the market for a few months, then it is time to try this strategy.

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Filed Under: Blog, Home Seller Tips Tagged With: Home Seller Tips, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In-depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" global ad campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna (#3!). He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

I’m so excited that you found me! Yes, this site covers real estate, but also a lot about lifestyle and  living in Vienna, Virginia outside Washington, D.C.

There is a lot of info here, and you can also contact me with any specific real estate questions. And, at home consultations are available too.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let me help you: Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for 2023 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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