That's right, a new report from Redfin says that more than 2 in 5 home sellers are making concessions to buyers now!
That may not seem like a lot, but it's way better than zero, which has been true for a while now, here in Orange County.
Note: What Redfin's report doesn't mention is that the agent you choose, makes a huge difference. I have NEVER done a deal without concessions for my buyer clients. Just sayin.
An increasing number of home sellers are making concessions to lure buyers into purchasing their properties.
According to new data from Redfin, 42.9% of home sales during the three months ending April 30 involved seller concessions, up from 25.5% one year ago. The three-month share is slightly lower than the 45.6% peak recorded for the month of February.
The concessions run the gamut from covering closing costs and mortgage-rate buydowns to offering money for home repairs. Redfin noted that February’s peak for concessions could be attributed to “typical seasonality,” and concessions are less common in the early spring when more buyers enter the market.
Redfin also reported that just over one in seven (15.7%) home sellers dropped their asking price in addition to providing a concession to the eventual buyer during the three months ending April 30 – one year earlier, that share was only 4.2%. And roughly one in five (20.5%) of homes that sold during the period had a final sale price below the asking price in addition to a concession, up from about 7% a year earlier, while about one in 10 (9.4%) had a concession, a price drop and a final sale price below the original list price, up from 2.2% one year earlier.
So if you're on the fence, this may be your time! Also, if the debt deal stands, we may see a dip in rates soon. 🤙
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