Interest rates have been on the rise due to efforts from the Federal Reserve to try to slow down inflation. In 2022, they raised interest rates by 2% and with these higher rates, inventory across the Valley is going up. But there are concessions that home sellers can offer when selling a home to make it more attractive to potential buyers.

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Buyers are looking for small ways to save in real estate transactions to feel better about buying with such high interest. Sellers can sweeten the deal for buyers by offering a plethora of concessions. 

Below are three easy concessions that home sellers can offer when selling a home in this competitive market.  

Offer to pay for small repairs around the house

Ideally, before putting your home on the market, you will hire someone to make any small repairs around your house to make sure it is in optimal condition before your first home showing. However, some of these repairs can be missed. If the buyer is nit picking about small repairs and easy fixes, offer to take care of these on your end. These simple remedies will go a long way, and the buyer will be appreciative of your willingness to make these changes. 

Offer a home inspection so buyers are confident that everything is up-to-par before moving in

Providing an inspection can give you and the buyer a full overview of the condition of the property. Home inspections protect the buyer from paying for hidden issues and expensive problems. Therefore, if you offer to include this in the contract, buyers may be more inclined to make an offer because they know the result of the inspection will factor into the negotiation. It is recommended to do an inspection prior to putting your home on the market to catch these costly renovations before a buyer finds out about them.  

Offer to pay for a home warranty

In a competitive market, if a seller pays for a home warranty, buyers might feel more confident with their purchase. Buyers appreciate it when you offer a home warranty because they know they will be protected for a period after they purchase the home. Once the home is sold, if an item covered by the warranty needs to be repaired, the buyers can work with the warranty company to solve the dispute rather than going back to the seller. 

Prospective buyers can maintain peace of mind if you offer to provide things they care about—which could aid in your return on investment. Buyers will feel much more confident purchasing a home from you if you are helping them out along the way with simple concessions. 

Author: Rich La Rue is the Designated Broker for HomeSmart Phoenix, the flagship brokerage operation in the HomeSmart system. For more information, visit www.richlarue.com.