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Home sellers are offering more concessions to buyers, as market stalls - Axios
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Home sellers are offering more concessions to buyers, as market stalls - Axios

Home sellers are offering more concessions to buyers, as market stalls - Axios
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During the pandemic housing boom, sellers held all the cards. Now, homebuyers must be wooed. With $$
AxiosLog In17 hours ago - Economy & BusinessHome sellers are basically throwing money at buyers right nowEmily PeckAxios on facebookAxios on twitterAxios on linkedinAxios on email
Data: Redfin; Chart: Axios VisualsData: Redfin; Chart: Axios Visuals
Data: Redfin; Chart: Axios Visuals

Home sellers are doing way more to entice homebuyers these days, according to data from Redfin published Thursday morning.

Why it matters: Oh, how the tables have turned. During the pandemic real estate frenzy, sellers held all the cards and desperate buyers did whatever they could to close a deal — waiving the inspection, paying way over asking, etc.

Details: 42% of sellers offered at least one concession to buyers, often in the form of cash credit for things like repairs, closing costs, or mortgage rate buydowns.

State of play: Concessions were smaller and much less frequent last year, Van Welborn, a Redfin agent in Phoenix, tells Axios.

Plus: Homebuilders are offering concessions to real estate agents who bring in buyers, too. One builder in Houston is giving agents a $10,000 bonus on top of their typical 3% commission and a chance to win a Mercedes, per a flyer, shared with Axios.

Zoom out: The rising popularity of concessions could help explain why home prices haven't fallen faster, said Angela Cherry, communications director at Redfin.

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