Home Seller Concessions Grow!

Home Seller Concessions Grow!

Redfin: Almost Half of Home Sellers Now Making Concessions to Buyers A record 13% of home sales include a price cut and a final sale price below the list price in addition to concessions, which often include money toward repairs and mortgage-rate buydowns. Home sellers gave concessions to buyers in 45.5% of home sales recorded by Redfin agents during the three months. Refin says concessions are becoming more common because rising mortgage rates and stubbornly high home prices have caused many buyers to put their plans on hold. Redfin agents report that sellers are offering to fund repairs, cover closing costs and pay for bidders to buy down their mortgage rates. "Buyers today are way more demanding and selective. Redfin data also showed that in addition to offering more concessions, sellers have become increasingly likely to sell their home for less money than they originally hoped for.

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