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SHOCKING TURN IN REAL ESTATE: HOME SELLERS BRACE FOR IMPACT WITH EPIC CONCESSIONS!
The housing market is flipping upside down, and you won’t believe what’s happening! Sellers are throwing cash and repairs at buyers like confetti as the tides turn in favor of home shoppers! Yes, you heard that right—home repairs and sweet perks are the new trends, especially in the wildly competitive Pacific Northwest and across the Western U.S.
DIVE INTO THE DOLLAR DETAILS: 44.4% OF SELLERS OFFERING OUTRAGEOUS DEALS!
A staggering 44.4% of sellers are now presenting jaw-dropping concessions in the first quarter of the year! This number is just inches away from smashing the previous record of 45.1% that took place earlier this year. Why, you ask? Inflation, rising housing costs, and a nervous economy are sending sellers into a panic, as housing supply skyrockets to a five-year high, leaving many scrambling to snag a deal!
WHAT ARE SELLER CONCESSIONS? HERE’S THE 411!
So, what’s the deal with these concessions? We’re talking about everything—from fixing up the house, covering buyers’ closing costs, slashing those daunting mortgage rates, or even tossing in shiny new washer-and-dryer units. That’s right, sellers are making it rain with extras to lure those hesitant buyers!
Seattle and Portland are leading the pack when it comes to seller generosity! A whopping 71.3% of sellers in Seattle and 63.9% in Portland are playing the concession game. But what’s driving this giveaway frenzy? Blistering mortgage rates and paranoia around the economy are freezing buyer interest, sending sellers into overdrive to “sweeten the deal.”
TOP CITIES WHERE SELLERS ARE ROLLING OUT THE RED CARPET:
In the battle of the best concessions, here are the top 10 cities where sellers are bending over backward to make sales:
- Seattle: 71.3%
- Portland: 63.9%
- Atlanta: 61.5%
- San Diego: 60.7%
- Denver: 59.2%
- Los Angeles: 56.1%
- Sacramento: 52.5%
- Las Vegas: 51.9%
- Phoenix: 51.2%
- Riverside: 51.2%
NO DEALS HERE! CITIES GALLINGLY ON THE OPPOSITE END!
But wait! It’s not all sunshine and roses. In the big leagues, some cities refuse to budge on giving concessions. Check out the shocking stats from these 10 major metros where sellers are sticking to their guns:
- New York: 5.5%
- San Francisco: 14.9%
- San Jose: 16.7%
- Boston: 18.7%
- Chicago: 26.4%
- Philadelphia: 27.6%
- Miami: 33.8%
- Tampa: 33.9%
- Washington, D.C.: 39.2%
- Baltimore: 41.4%
THE FINAL WORD: THE MARKET IS SHAKING!
The real estate landscape is in turmoil, and buyers who thought homeownership was off the table might just find a golden opportunity! As sellers offer more to close deals, potential homebuyers better buckle up—because the market is changing, and the concessions are enormous!
photo credit: money.com
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