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Closing Deals Using Craft Beer, Pilates, Free Refis

Buyers see rising mortgage rates and get skittish, but agents are finding creative ways to keep them moving forward with a deal.

NEW YORK – Rising mortgage rates scare buyers away, but real estate agents are using creative strategies to draw them back in and close deals.

For one, buydown incentives are gaining popularity among sellers because they allow them to hold firm on their list price, at the same time the Mortgage Bankers Association says adjustable rate mortgages (ARMs) have hit a 14-year peak. More buyers are willing to accept the future risk of a higher rate under an ARM deal because they expect mortgage rates to decrease as a global economic slowdown approaches.

“In the interim, it’s our job to get people in, where people can afford monthly payments and make that initial investment,” says Nashville-based agent Hagan Stone.

He says purchase-offer packages are now bundling in other incentives, such as free refinancing within three years, and closing costs.

“I tell people all the time that the rate you’re buying is flexible and that you can refi that … but for the investment, now’s a great time to get a better shot and a better deal on a property,” Stone says. 

Meanwhile, some sellers are getting even more creative. Stillwater, Minnesota-based agent Lauren Janoski says a recent buyer client offered to include a craft beer pass for the seller after seeing they had a keg draft in their home.

Source: NBC News (10/20/22) Wile, Rob

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