$\"Seller$ \n

For the past few years, it\u2019s been mostly a seller\u2019s market. But dynamics are shifting as the number of homes for sale grows. And that means that the market is balancing out a bit. As a result, some sellers are finding they need to be more flexible to close a deal. One strategy that can help? Offering concessions.<\/p>\n

As the National Association of Realtors<\/em> (NAR) explains<\/a>:<\/p>\n

\u201cAs home inventory begins to grow and buyers regain some advantage in the market, sellers may consider offering more in negotiations to make the deal more attractive and get to the closing table.\u201d<\/em><\/p><\/blockquote>\n
What Are Seller Concessions?\u00a0<\/strong><\/h4>\nConcessions are homebuying costs that a seller agrees to cover as a way to get their house sold. And based on data from the National Association of Realtors<\/em> (NAR), nearly 1 out of every 4 sellers (24%<\/a>) offered a concession in 2024. Here are a few of the most common types of concessions:<\/p>\n
\n
Covering Closing Costs:<\/strong> The seller pays for part (or all) of the buyer\u2019s closing costs, like appraisal fees, title insurance, or loan fees.\u00a0<\/li>\n
Price Adjustments:<\/strong> Instead of making repairs, a seller might lower the purchase price to make up for updates the buyer will need to tackle.\u00a0<\/li>\n
Adding a Home Warranty:<\/strong> A seller may throw in a home warranty, giving the buyer peace of mind key repairs will be covered in the first year.\u00a0<\/li>\n<\/ul>\n
And don\u2019t worry. This doesn\u2019t mean you have to come up with more cash to make it happen. These are things that get subtracted from your profits at closing \u2013 not more funds you have to bring to the table.\u00a0 <\/strong>And not all concessions are about money.<\/p>\n
There are other extras you could throw in. Like, if your buyer is coming from an apartment and has never had a yard before, they may ask if you\u2019d be willing to leave your lawn mower behind. That\u2019s another lever you could pull to keep them happy.<\/p>\n
How Concessions Help Sellers\u00a0<\/strong><\/h4>\nOffering concessions can be a smart strategy for sellers<\/a> to get a deal done. <\/em>As Dennis Shirshikov, Professor of Finance and Economics, City University of New York\/Queens College told The Mortgage Reports<\/em>:<\/p>\n
\u201cPricing homes realistically and being willing to offer concessions, such as covering a portion of closing costs or including upgrades, will be key to closing deals . . . in a less frenzied market.\u201d<\/em><\/p><\/blockquote>\n
For example, let\u2019s say you accepted an offer from a buyer, but after their inspection, you found out there are some repairs they want you to tackle before you hand over the keys.<\/p>\n
Rather than starting at square one and searching for a new buyer, you could offer a concession. One option is you can take on the repairs and cover the costs yourself. But, if you really don\u2019t want the hassle of dealing with contractors, you could reduce your price by however much repairs would cost. Alternatively, you could offer to pay a portion of your buyer\u2019s closing expenses with the idea they\u2019d use the money they saved at closing toward doing the repairs themselves.<\/p>\n
Either way, a concession can be a great way to meet in the middle. However, it\u2019s important to have an agent on your side to help with these negotiations. <\/strong><\/p>\n
A good real estate agent can help you decide when and how to offer concessions, so you don\u2019t give away too much while still ensuring your house gets sold. It\u2019s all about finding the right balance.\u00a0<\/p>\n
Bottom Line<\/h3>\n
With the market becoming more balanced, seller concessions are coming back into play in some areas. The key is having an agent to help guide you through the process, so things work out in your favor.<\/p>\n
What\u2019s a concession you\u2019d consider to move things along?<\/strong><\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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