Market News

Did You Know That Seller Concessions Help Both The Buyer and The Seller

Boy, is that ❄️snow coming down. I hope you are enjoying it from the inside of your home. I have had a few questions from clients on how Seller Concessions work, so I wanted to share some details on how it can benefit both the Seller and the Buyer, esp in times like this.

What Are Seller Concessions

Seller concessions are closing costs that the Seller has agreed to pay

Benefits for the Buyer

  • Help make buying the home more affordable
  • Reduce closing costs /cash needed

 Benefits for the Seller

  • Help make your home more accessible to buyers with varying budgets
  • Expedite the home sale process

Want to hear more? Drop me a line (or text) at (317) 625-0655, and I will connect you with one of our trusted financing partners. Or head to our website. Knowledge is key!

“Crazy has left the building!”

That’s right. A seller can no longer expect to have 20 showings the first weekend and get eight offers above list price with no appraisal or inspections. That was so 2021. It just hasn’t been happening for months now.

Many buyers, staring at a mortgage sporting a 6+% interest rate, have taken their ball, and are sitting at home. True, some push on regardless- think those with a new baby, moving mom home, or moving to take a new job. But for the majority, they are waiting for something to come down- either rates or home prices, or some combination of the two.

November numbers are out, and there were fewer sales (down 29% from a year ago)— yet lower inventory (down 78%). And prices are sticky, being up 10% from a year ago but possibly having peaked (around $277,000 on average). It’s taking longer for homes to be sold, and Buyers are now securing deals at a 2% discount from ask. We are far from a balanced market, but it is getting healthier.

Sellers will need to put their house in good order (think about what was done to sell a home in 2019). And then be prepared to negotiate. On the other hand, Buyers can find Sellers offering interest-rate buydowns and other discounts to make their home more affordable.

This is a NEW market. You do not want to get caught fighting the last war. Call or text today to put together a winning strategy in this fast-changing market!!!

Click HERE for Full PDF Market Report