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Selling to first-time home buyers

Selling to first-time home buyers

Homeowners in Illinois who desire to sell their home while working with a Chicago real estate attorney are often not just focused on finding a buyer, but finding the right buyer. Although homeowners may receive several offers, those selling their home should consider accepting an offer from a first-time buyer.

Why selling to first-time buyers is beneficial

One of the main reasons why selling to a first-time buyer is beneficial is because this group of buyers often look for lived-in homes that have been maintained well. Even though vacant foreclosures may provide first-time buyers with significant savings, many of those in this class of buyers are not motivated to buy one of these properties because they have a difficult time picturing themselves living there.

According to a survey conducted by Coldwell Banker, 81 percent of buyers looking for their first home said that move-in conditions were extremely important to them. Comparatively, only 7 percent said that they wanted to buy a fixer-upper and renovate it. Additionally, first-time buyers are often not attracted to homes that need significant work because they are worried about out-of-pocket-expenses after saving up for a down payment.

Attracting new buyers

Those working with a Chicago real estate attorney during the selling process who desire to sell to a first-time buyer can do several things to attract this group of buyers. These include the following:

  • Current homeowners should properly maintain and stage their home to make a good impression on first-time homebuyers during open houses. This can be done by giving the home a fresh coat of paint, eliminating displeasing odors and removing clutter throughout the property’s interior.
  • Those who desire to sell their home should offer to help the buyer with closing costs. Although many first-time buyers typically request this, making this offer early on in the selling process can help motivate buyers.
  • Sellers may want to consider offering a home warranty on some of the property’s major systems. This may help the buyer transition more easily from living in a rental to owning a home.
  • During the selling process, homeowners should not turn away low offers immediately after receiving them. Although first-time buyers may be aggressive while bidding on homes, those selling their house should try and put in a counteroffer before writing a buyer off completely.

Homeowners who decide to sell to a first-time buyer may be anxious about making sure that the selling process goes smoothly from start to finish. In this situation, home sellers may benefit from turning to a Chicago real estate attorney who can provide them with legal guidance.

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