Thursday, September 14, 2006
More Bang for Your Buck: Selling Incentives
It wasn't too long ago that it seemed like there was no ceiling for real estate prices in South Florida. But what was once a seller's market is now a buyer's market. In tonight's More Bang For Your Buck, we even found some sellers are so desperate for a deal, they'e offering more than just a home.
WSVN -- From a free trip to Hawaii to a free plasma television, today buying a home can come with a bonus.
Georgee Kluck: "There's probably four or five times the inventory there was before, and there's not near as many buyers."
That's why many sellers are relying on a creative sales pitch. They feel if the home isn't drawing enough interest, maybe an added incentive will open doors.
Mark McDevitt: "The big thing is we are not getting any traffic."
You could say Mark McDevitt wants to drive more traffic to his home.
Even with a house like this, he's offering up a brand new Jaguar -- or he'll let somebody use the cost of the car to lower the cost of the house.
Mark McDevitt: "It's the sort of gimmick that gets people interetsed to see it."
And with the market so mundane, these gimmicks are becoming more and more popular.
The owner of this South Beach condo is even giving away cash.
He's promising $25,000 to whoever purchases the pad.
Mark McDevitt: "Its another thing that will hopefully grab them, hold their attention and get them in."
Pre-construction condos are also getting in on the act.
At Casa Majorca in Coral Gables, developers could be offering the best deal of all.
They're promising electricity during a hurricane by building a generator that will power every unit.
"Wilma stirred us to come with a generator to really make the buyers lives tolerable during a bad situation."
It convinced Mike Flynn.
As a brand new homeowner, the power plan wasn't just a perk, it was a selling point.
Mike Flynn: "That was a slice of heaven, just knowing it. It was definitely a strong point."
One last note: real estate agents warn buyers that while incetives are nice, it does not mean you lose the power to negotiate.
FOR MORE INFORMATION:
9700 NE 2nd Ave.
Miami Shores, FL
3905 Alton Rd.
Miami Beach, FL