Now that the seller’s market is officially history and competition is keen, how will you attract a buyer for customer’s home? The trend today is incentives. Builders, who have new homes sitting vacant on which they dare not lower the price for fear of setting off a domino effect, are already raising the bar with real-dollar incentives to attract buyers without reducing prices.

According to the National Association of Home Builders, 56 percent of builders surveyed in June said they were stepping up their amenities, 45 percent were offering to pay closing costs and 26 percent were buying down mortgage points. Overall, 71 percent of builders said they were offering at least one of those incentives.

Consumers today are very savvy. They have lots of points of comparison for neighborhood home value, some by the MLS and some free data. They are not impressed by all the extras. A lot of the people who are leading the charge for incentives have not been in real estate long enough to know you cannot do a lot of incentives anymore.

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