Seller Concession Trend
Just listened to the latest On the Market podcast episode and there was a couple stats that stood out:
47% of deals are including seller concessions.
Additionally, another 15% are seeing price reductions on top of the concessions.
That's a good reminder to keep today's market in mind when you're writing offers. Often times, it can be psychologically better for the seller to receive a full price or slightly lower offer and ask for concessions for rate buy down or closing costs.
The podcast also breaks it down further by market. For example, Nashville is seeing seller concessions on around 75% of deals, while NYC is on the lowest end. Knowing what's happening in your specific market can help you put together a much stronger offer.
In my local Tampa/St. Pete market, I'm seeing most of my buyers getting seller concessions and using them for closing costs covered, a rate buydown, or both. Those concessions can make a huge difference in your monthly payment and cash needed at closing.
It pays to work with an agent who actually watches the data instead of relying on what worked a year or two ago. Every market is different, and your offer strategy should reflect what's happening today, not what happened during the peak of the market.
What're your thoughts? And what are you seeing work in your market?