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Why are home sellers giving concessions?
In today's housing market with low inventory and high demand, why are home sellers advised to give concessions to buyers? With so many sellers that have low interest rates and are already unmotivated to move, don't they have the upper hand in negotiating?
Asked By Harper | Phoenix, AZ | 315 views | Selling | 1 year ago
Answer(2)
Julianne Clark / Your Lowcountry Compass
Charter One Realty
The main reason (in my area) is because home sales have slowed in comparison to the past few years. Price reductions and agent/buyer incentives are now part of the marketing. Sellers have reasons to move or sell (building a new house, moving to another area, relocation closer to family, divorce, death, etc) and in order to expedite a purchase contract (average days on market is in the months now) -- concessions/incentives are the first step towards enticing a Buyer to make an offer on their home.
- 1 year ago
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Renee Hollingsworth
West USA Realty
Concessions are becoming more common due to several factors. First, rising interest rates have made homes less affordable for buyers, which can reduce the buyer pool. Offering concessions, such as help with closing costs or interest rate buy-downs, can make the deal more attractive and affordable for buyers. Additionally, homes may still sit on the market longer if they’re overpriced or in need of updates, so concessions can help sellers stand out and close the deal more quickly.
- 6 months ago
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