{"id":75646,"date":"2023-01-05T04:00:41","date_gmt":"2023-01-05T12:00:41","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75646"},"modified":"2023-01-05T09:24:15","modified_gmt":"2023-01-05T17:24:15","slug":"home-seller-concessions-january-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-seller-concessions-january-2023\/","title":{"rendered":"A Record Share of Home Sellers Are Giving Concessions to Buyers"},"content":{"rendered":"

Buyers received concessions\u2014such as money for repairs and mortgage-rate buydowns\u2014in a record 42% of home sales in the fourth quarter, up from 31% a year earlier. Pandemic boomtowns including Phoenix and Las Vegas saw among the biggest increases in concessions.<\/span><\/i><\/h2>\n

Home sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter\u2014the highest share of any three-month period in Redfin\u2019s records, which date back to July 2020. That\u2019s up from just over 30% in both the previous quarter and the fourth quarter of 2021, and outpaces the prior 40.8% high from the three months ending July 2020, when the housing market nearly ground to a halt due to the onset of the coronavirus pandemic.<\/span><\/p>\n

\"\"<\/span><\/p>\n

This is according to data submitted by Redfin buyers\u2019 agents across the U.S. <\/span>A concession is recorded when an agent reports a seller provided something that helped reduce the buyers’ total cost of purchasing the home. That could include money toward repairs, <\/span>closing costs and\/or mortgage-rate <\/span>buy-downs<\/span><\/a>. It does not include situations in which sellers lowered the listing price of their home.<\/span><\/p>\n

Concessions have made a comeback as rising mortgage rates, inflation and economic uncertainty have <\/span>dampened<\/span><\/a> homebuying demand, giving the buyers who remain in the market increased negotiating power.\u00a0<\/span><\/p>\n

That\u2019s a stark shift from the pandemic homebuying frenzy of late 2020 and 2021, when record-low mortgage rates fueled fierce competition, forcing most buyers to bid over the asking price and waive every contingency just to have their offers taken seriously.<\/span><\/p>\n

\u201cBuyers are asking sellers for things that were unheard of during the past few years,\u201d said <\/span>Van Welborn<\/span><\/a>, a Redfin real estate agent in Phoenix. \u201cThey\u2019re feeling empowered, partly because their offer is often the only one, and partly because they know sellers have built up so much equity during the pandemic that they can afford to dole out sizable concessions.\u201d<\/span><\/p>\n

Welborn continued: \u201cI recently helped one of my buyers negotiate a $10,000 credit for a new roof and a handful of other repairs. We originally asked for $15,000, but were happy with $10,000 because the homeowner also agreed to sell for less than their asking price.”<\/span><\/p>\n

Homeowners are increasingly selling for below their desired price as the housing market slows. A record 22% of home sales recorded by Redfin buyers\u2019 agents in the fourth quarter included both a concession and a final sale price below the listing price, while a record 19% included both a concession and a listing-price cut that occurred while the home was on the market. A record 11% included all three.<\/span><\/p>\n

\"\"<\/span><\/p>\n

Phoenix Saw the Biggest Jump in Concessions<\/span><\/h3>\n

In <\/span>Phoenix<\/span><\/a>, sellers gave concessions to buyers in 62.9% of home sales in the fourth quarter, up from 33.2% a year earlier. That 29.7-percentage-point increase is the largest among the 25 U.S. metropolitan areas for which data was available. Next came <\/span>Seattle<\/span><\/a> (25.6 ppts), <\/span>Las Vegas<\/span><\/a> (22.2 ppts), <\/span>San Diego<\/span><\/a> (20.7 ppts) and <\/span>Detroit<\/span><\/a> (20.4 ppts).<\/span><\/p>\n

Phoenix and Las Vegas are among the <\/span>fastest cooling<\/span><\/a> markets after they soared in popularity during the pandemic as scores of remote workers moved in, searching for relative affordability and warm weather.<\/span><\/p>\n

\u201cIt took a while, but seller expectations are coming back down to earth. Concessions were common before the pandemic, and we may be returning to that norm,\u201d Welborn said. \u201cSellers realize they\u2019re not going to get $80,000 over the asking price like their neighbor did last year.\u201d<\/span><\/p>\n

Welborn said he has recently seen sellers offer credits of as much as $25,000 to cover repairs and closing costs, and that they\u2019re also offering to pay for <\/span>2-1 mortgage-rate buydowns<\/span><\/a> and warranties on household appliances.\u00a0<\/span><\/p>\n

There were four metros in which concessions were less common compared with a year ago. In <\/span>Austin, TX<\/span><\/a>, sellers gave concessions to buyers in 33.3% of home sales, down from 38.1% a year earlier (-4.8 ppts). Next came <\/span>Philadelphia<\/span><\/a> (-2.7 ppts), <\/span>New York<\/span><\/a> (-2.4 ppts) and <\/span>Chicago<\/span><\/a> (-1.6 ppts).<\/span><\/p>\n

Concessions Are Most Common in San Diego<\/span><\/h3>\n

In San Diego, sellers gave concessions to buyers in 73% of home sales in the fourth quarter\u2014the highest share among the metros Redfin analyzed (San Diego also had the highest share a year ago). Next came Phoenix (62.9%), <\/span>Portland, OR<\/span><\/a> (61.6%), Las Vegas (61.3%) and <\/span>Denver<\/span><\/a> (58.4%).<\/span><\/p>\n

In New York, sellers gave concessions to buyers in 13.4% of home sales\u2014the lowest share among the metros Redfin analyzed. It was followed by <\/span>San Jose, CA<\/span><\/a> (14.4%), <\/span>Boston<\/span><\/a> (17.5%), Philadelphia (22%) and Austin (33.3%).<\/span><\/p>\n

Metro-Level Summary<\/span><\/h3>\n

The table below includes 25 metros for which Redfin buyers\u2019 agents recorded at least <\/span><\/i>50 closed deals in the fourth quarter of both 2021 and 2022. The national statistics in the first section of the report are representative of the entire country.<\/span><\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
U.S. metro area<\/b><\/td>\nQ4 2022: Share of home sales with concession<\/b><\/td>\nQ4 2021: Share of home sales with concession<\/b><\/td>\nYear-over-year change (percentage points)<\/b><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/td>\n51.0%<\/span><\/td>\n36.4%<\/span><\/td>\n14.7 ppts<\/span><\/td>\n<\/tr>\n
Austin, TX<\/span><\/td>\n33.3%<\/span><\/td>\n38.1%<\/span><\/td>\n-4.8 ppts<\/span><\/td>\n<\/tr>\n
Boston, MA<\/span><\/td>\n17.5%<\/span><\/td>\n14.0%<\/span><\/td>\n3.5 ppts<\/span><\/td>\n<\/tr>\n
Charlotte, NC<\/span><\/td>\n41.7%<\/span><\/td>\n30.5%<\/span><\/td>\n11.2 ppts<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n44.7%<\/span><\/td>\n46.3%<\/span><\/td>\n-1.6 ppts<\/span><\/td>\n<\/tr>\n
Dallas, TX<\/span><\/td>\n49.4%<\/span><\/td>\n35.6%<\/span><\/td>\n13.8 ppts<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/td>\n58.4%<\/span><\/td>\n42.7%<\/span><\/td>\n15.7 ppts<\/span><\/td>\n<\/tr>\n
Detroit, MI<\/span><\/td>\n42.0%<\/span><\/td>\n21.6%<\/span><\/td>\n20.4 ppts<\/span><\/td>\n<\/tr>\n
Houston, TX<\/span><\/td>\n41.4%<\/span><\/td>\n35.7%<\/span><\/td>\n5.7 ppts<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/td>\n61.3%<\/span><\/td>\n39.2%<\/span><\/td>\n22.2 ppts<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/td>\n53.2%<\/span><\/td>\n46.0%<\/span><\/td>\n7.2 ppts<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/td>\n34.8%<\/span><\/td>\n28.7%<\/span><\/td>\n6.1 ppts<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/td>\n13.4%<\/span><\/td>\n15.8%<\/span><\/td>\n-2.4 ppts<\/span><\/td>\n<\/tr>\n
Orlando, FL<\/span><\/td>\n47.8%<\/span><\/td>\n30.0%<\/span><\/td>\n17.8 ppts<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n22.0%<\/span><\/td>\n24.7%<\/span><\/td>\n-2.7 ppts<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/td>\n62.9%<\/span><\/td>\n33.2%<\/span><\/td>\n29.7 ppts<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n61.6%<\/span><\/td>\n45.8%<\/span><\/td>\n15.8 ppts<\/span><\/td>\n<\/tr>\n
Raleigh, NC<\/span><\/td>\n47.1%<\/span><\/td>\n38.3%<\/span><\/td>\n8.8 ppts<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/td>\n55.2%<\/span><\/td>\n44.1%<\/span><\/td>\n11.2 ppts<\/span><\/td>\n<\/tr>\n
San Antonio, TX<\/span><\/td>\n44.2%<\/span><\/td>\n29.8%<\/span><\/td>\n14.5 ppts<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n73.0%<\/span><\/td>\n52.3%<\/span><\/td>\n20.7 ppts<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/td>\n14.4%<\/span><\/td>\n9.0%<\/span><\/td>\n5.4 ppts<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n46.0%<\/span><\/td>\n20.4%<\/span><\/td>\n25.6 ppts<\/span><\/td>\n<\/tr>\n
Tampa, FL<\/span><\/td>\n37.3%<\/span><\/td>\n24.1%<\/span><\/td>\n13.2 ppts<\/span><\/td>\n<\/tr>\n
Washington, D.C.<\/span><\/td>\n45.3%<\/span><\/td>\n30.3%<\/span><\/td>\n15.0 ppts<\/span><\/td>\n<\/tr>\n
National\u2014U.S.A.<\/b><\/td>\n41.9%<\/b><\/td>\n30.9%<\/b><\/td>\n11.0 ppts<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Buyers received concessions\u2014such as money for repairs and mortgage-rate buydowns\u2014in a record 42% of home sales in the fourth quarter, up from 31% a year earlier. Pandemic boomtowns including Phoenix and Las Vegas saw among the biggest increases in concessions. Home sellers gave concessions to buyers in 41.9% of home sales in the fourth quarter\u2014the […]<\/p>\n","protected":false},"author":13346,"featured_media":75649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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