One of the main benefits of selling a home to a first-time buyer is that many of these purchasers are highly motivated to buy. This motivation may be partially caused by the first-time homebuyer credit that is available to those buying their first house. According to The Wall Street Journal, by claiming this credit on their taxes, homebuyers may be eligible to receive a federal credit of up to $8,000.
What first-time homeowners look for
Another benefit of selling to first-time buyers working with a real estate attorney in Illinois is that this group of purchasers often looks for well-maintained houses that have been lived in. These homes attract those interested in buying their first house because they are easier for buyers to imagine themselves living in than a vacant foreclosure.
Additionally, these types of homes often appeal to first-time homebuyers working with a real estate attorney in Illinois for financial reasons. For many buyers purchasing their first home, saving up for a down payment has depleted the funds they have available to perform repairs, making them hesitant to incur extensive out-of-pocket expenses after taking ownership of the property.
Attracting first-time buyers
Sellers who desire to attract those looking for their first home to buy can do several things to entice this group of buyers. These include the following:
- While getting ready to put their home on the market, sellers should properly maintain and stage their house. This may include putting a fresh coat of paint on the walls, eliminating clutter and taking other steps to make a good first impression.
- While consulting with an interested buyer, sellers may want to offer to pay a portion of the closing costs. Doing this may help the buyer feel even more motivated to purchase the home.
- Many first-time homebuyers are coming from living in a rental property. To help the buyer more easily transition into homeownership, sellers may want to offer a basic warranty on the home.
- In a buyer’s market, first-time homebuyers may be extremely aggressive with their offers. Those who desire to sell their home to a buyer making their first property purchase should avoid snubbing offers that are well below their asking price. Sellers who receive an extremely low offer should consider submitting a counter-offer before rejecting the buyer.
Although selling a home to a first-time buyer can often be beneficial, sellers may be hesitant to accept an offer because they desire to find the right buyer. In this situation, those in the midst of selling their home may benefit from working with a real estate attorney in Illinois who can assist them with this process.
