Housing Market SHOCKER: Sellers are GIVING AWAY Repairs to Close the Deal!
Hold onto your hard hats, folks! The housing market is flipping a script that’ll make your jaw drop! As buyers become pickier, sellers are rolling out the red carpet with jaw-dropping concessions—think FREE home repairs!
WEST COAST WONDERS: Sellers Need to Sweeten the Pot!
In a wild twist that’s taking the Pacific Northwest by storm, sellers in major cities are tossing in everything but the kitchen sink! A jaw-dropping 44.4% of home sellers made concessions this quarter, barely shy of all-time highs. Yep, you heard that right!
Seattle and Portland are leading the charge, with a staggering 71.3% and 63.9% of sellers ready to play ball. Why? Economic uncertainty and sky-high housing costs are putting buyers on edge, forcing sellers to pull out all the stops to close the deal!
What the HECK are Seller Concessions?
And just what does “seller concessions” mean? Think covering buyers’ closing costs, offering brand new appliances, or even paying to lower mortgage rates. Forget the old-school price cuts; these sellers want to give buyers every reason to say, "YES!"
The Condos’ Crisis: Why Sellers are Panicking!
But there’s more! Condo builders are especially desperate, as buyers are turning their noses up at sky-high HOA fees. Sellers are throwing deals like confetti to entice buyers, especially in the condo and new-townhome markets. Even single-family homes are feeling the pinch, but ONLY if they’ve been collecting dust on the market!
The Top 10 Cities Where Sellers are Handing Out Deals
Here’s the rundown of the cities where sellers are practically begging buyers to take the plunge:
- Seattle: 71.3%
- Portland, Oregon: 63.9%
- Atlanta: 61.5%
- San Diego: 60.7%
- Denver: 59.2%
- Los Angeles: 56.1%
- Sacramento, California: 52.5%
- Las Vegas: 51.9%
- Phoenix: 51.2%
- Riverside, California: 51.2%
But Don’t Get Too Cozy: The Cities with NO Concessions
Some cities are holding steadfast against the tide of desperation. In these major hubs, sellers are keeping concessions to a minimum—so when can you say "get lost" to the giveaways? Check these numbers and watch your dreams crumble!
- New York: 5.5%
- San Francisco: 14.9%
- San Jose, California: 16.7%
- Boston: 18.7%
- Chicago: 26.4%
- Philadelphia: 27.6%
- Miami: 33.8%
- Tampa, Florida: 33.9%
- Washington: 39.2%
- Baltimore: 41.4%
FINAL THOUGHTS: Cash in on the Chaos!
As the market flips upside down, now’s the time for buyers to grab those hot deals! Will you dive into a home with jaw-dropping concessions, or will you risk waiting and watching the drama unfold? The choices are yours—but don’t sleep on those concessions—they might just be the ticket to your dream home!
photo credit: money.com
