Competing with builders is challenging, but not impossible
Selling your existing home in an area where there’s still a lot of new construction can be a challenge. Builders can offer home buyers not just a brand new home with the latest features and contemporary finishes, they can also offer financial incentives that can be hard to match.
We see this all the time here in Nocatee. Home buyers have their choice of new homes in not just the newest Nocatee communities, but new developments nearby such as Shearwater, Bannon Lakes, Twin Creeks, Markland, Trailmark, Beachwalk and many more.
If you live here, or in a similar market, here are a few tips to help better position your home against new construction:
Price your home as aggressively as possible to help compete with the incentives often offered by homebuilders. Even if your price is on par with the list price of new builds in the area, remember that builders often offer help with closing costs, design center upgrades and more to lure buyers to their properties.
Not everybody can wait 4 months, 6 months, or longer, to move into a home. If buyers have children that need to be in school or a job that’s waiting for them, they may have extra motivation to get into a home ASAP. The key is to be patient and wait for that type of buyer to come around.
Working with a potential buyer’s timeline, even if it doesn’t perfectly align with your own, can also be a big advantage. Maybe the buyer needs to move in quickly, or they’d prefer to wait 90 days or so to close. Whatever the case, if you can accommodate their requests, it could give you the edge over new construction.
You may not be able to match builder incentives dollar for dollar. But you can provide some assistance in those areas where buyers often need it most. Consider offering financial incentives to help with closing costs or decorating expenses (painting, flooring, etc.). Or offer to pay off CDD fees or pick up the tab for a club or spa membership.
Before you put your home on the market, take a walk through some of the builder’s models in your area. Take note of how they’re staged, and how the home is decorated. You’ll see that most are modern, uncluttered and open…designed to encourage visitors to envision themselves living in the home. Now, try to mimic that same look and feel in your own home. Declutter. Depersonalize. Try to see your home through the eyes of a buyer.
In an area with lots of new construction going on, home buyers are always going to shop the builders. But with a little patience and creativity, sellers of existing homes can lure buyers away from new construction.