08/18/2022
Real Estate market taking a turn??!! It's happening in some cities.
Many sellers coming back to earth?? More realistic and flexible? Some agreeing to concessions!
Seller concessions are incentives provided by a seller—e.g., when a seller pays part of a buyer's closing costs. Concessions toward lender fees, discount points to buy down a rate, appraisals, and any other expenses, except for a down payment. Seller-paid closing costs have the potential to save a homebuyer thousands of dollars on a typically-priced house.
When can you use seller concessions?
Seeing price reductions in your area is a tip-off that seller concessions may be available to you. Sellers in many cities have already started to drop their prices. When price drops happen, a seller becomes more willing to negotiate to ensure they sell their house.
Concessions can help both the buyer and the seller.
A seller might offer concessions to make their home more appealing, if they need to quickly sell their house especially for the not so perfect house. Buyer may use concessions to cover some or all of their closing costs.
For many homebuyers, this may make it easier to purchase. Reach out to me and ask questions!
