Many For the past two years, we've been in a strong seller's market. But today, the market is moderating in many areas. Now, home sellers are more willing to be flexible.
Many sellers are 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 can also be used 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, whereas a buyer may use concessions to cover some or all of their closing costs. A seller might also offer concessions so that a buyer will agree to purchase a less-than-perfect property. Or a seller may agree to concessions if they need to quickly sell their house.
Could seller concessions help cover your closing costs?
It's possible that concessions could reduce some or most of your upfront cost of buying a house, depending on your local market.
For many homebuyers, this may make it easier to purchase. Get in touch to find out. 301-653-5070