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More Raleigh Sellers Reduce Prices and Offer Buyers Concessions
Dated: March 16 2023
Views: 185
More Sellers Reduce Prices and Offer Buyers Concessions
According to a recent Redfin report, during the three months ending February 28th, 2023, home sellers gave concessions to buyers in 45.5% of home sales compared to 31.1% a year ago1. This marks the highest share of any three-month period since June 20202
Seattle saw the largest year over year gain of 32% with 52% of sellers paying concessions to the buyer, a 31.6% increase over 2022. The real whopper is Las Vegas with 77% of all sellers paying buyer concessions and 30% YOY increase.
Meanwhile, according to a March 15 analysis by Redfin in Raleigh NC, 55.7% of all sellers paid buyer concessions to make the deal, a YOY increase of 12.4% and 8% since January alone3!
With the recent improvement of mortgage rates, we are beginning to see competing offers once again. If you were sidelined due to rising rates, now might be your best chance before prices take off again and sellers have less interest in offers that have seller paid concessions.
Ricardo Cobos - Broker 919-822-9800
#RealEstate #GarnerNC #8thDayRealtyGroup #HomeBuying #SellerConcessions #MortgageRates
Ricardo Cobos
About RicardoRicardo Cobos - Real Estate Agent & Mortgage Lender in Garner, NCAs a dedicated mortgage lender and real estate agent, I’m passionate about helping buyers and sellers in Garne....
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