Have we officially seen a shift from a seller’s market to one that favors buyers? Analyzing the number of seller concessions given to buyers is one way to find the answer. Check out the numbers:
- Homebuyers received concessions from sellers in 42% of sales in Q4 2022—up from 31% a year earlier and the highest share of any three-month period since Redfin started tracking this data in July 2020.
- Seller concessions have grown every month since June 2022.
- Common seller concessions included assistance with closing costs, rate buydowns, and giving money toward necessary repairs.
- While a price reduction does not count as a concession, price drops are becoming more frequent and are another sign that the market has shifted toward buyers. A record 22% of home sales in the fourth quarter included both a concession and a sale price below the original listing price.
Whether you are considering buying or selling and how home prices could affect your plans contact me for an in-depth analysis …
Tom Slupske | Realtor | Broker Associate | RE/MAX Results |
Call or text: 612-720-2997 | email: tom.slupske@results.net | website: tomslupske.com
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