As the housing market experiences a shift with increasing listings, sellers are increasingly resorting to concessions to meet the financial needs of cautious buyers. These concessions, which include assistance with mortgage-rate buydowns and covering HOA fees, have become a strategy for sellers aiming to maintain their desired sale price without significant reductions. This trend is especially pronounced in the Pacific Northwest, where Seattle leads in concessions offered by sellers. Buyers are now encouraged to negotiate concessions instead of lower prices, creating a potentially beneficial scenario for both parties amidst a fluctuating market.
In recent months, we're seeing an increasing trend of sellers offering concessions rather than lowering their prices, a strategic move that benefits both buyers and sellers.
With interest rates on the rise, buyers are negotiating more concessions than before, with sellers responding by offering financial help to close deals and maintain sale prices.
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