Sellers turn to incentives to seal the deal

Area homeowners and real estate agents are coming up with incentives to sell houses -- and sometimes they work.

Realtor Sharron Kelley says her clients' willingness to pay $2,000 a month for a year helped sell their Vernon Hills townhouse.

The home in Gregg's Landing, which was listed at $489,800, is under contract, with the sale scheduled to close in February.

The sellers have a business opportunity in Atlanta, but were afraid to accept it without selling their house.

The incentive was really an offer to give $24,000 in any form the buyer wanted, said Kelley, who sells homes with RE/MAX Showcase in Long Grove.

For example, the eventual buyer decided to lower the price by $24,000.

"It caused a lot of visibility when we put the incentive on it," Kelley said. "Buyers knew they would get a pretty deep discount."

A buyer with a home to sell or an apartment with six months remaining on the lease might be motivated by monthly payments rather than a price cut.

After the incentive went on the listing and in ads, Kelley got six showings, which she said was amazing in this market.

Not only are sales slow, but competition is strong, including other townhouses in the same community.

Kelley said she plans to try this approach again with other properties.

"If you're creative, you can get it sold" is her mantra.

Another agent, Richard Pan with RE/MAX of Naperville, said lowering the price can be as helpful as offering an incentive.

He has listed a home with an incentive in Naperville. It has attracted four offers, including one he considered viable.

The seller of the $469,800 home is being transferred, and the employer is offering 2 percent or about $9,000 either in money for the closing costs or to lower the price.

"Buyers prefer you drop the price because then it doesn't raise their property taxes," Pan said.