As the housing market continues to evolve, we are seeing more and more sellers offering concessions to buyers. In the fourth quarter of 2022, the trend was especially prevalent, with 42% of homes sold including a seller concession, according to a new report from Redfin. This is a significant increase from the 30% of homes that included a seller concession in 2021.
For sellers, this may mean being open to repair requests from buyers or offering a credit to go towards buying down their interest rate. However, it’s important to note that this doesn’t necessarily mean a significant reduction in the sales price. Instead, it may be a way for sellers to make their home more attractive to buyers in a market where competition is becoming increasingly fierce.
For buyers, the increase in seller concessions can be great news, as it may provide an opportunity for some financial help with the purchase of a home. However, it’s important to remember that not all sellers may be willing or able to offer concessions, so it’s important to be realistic when making an offer.
When it comes to buying or selling a home, market conditions are always a major consideration. That’s why it’s important to work with a real estate professional who can provide you with up-to-date market insights and help you make informed decisions. If you have any questions or are thinking about buying or selling a home in Texas, don’t hesitate to reach out.