{"id":75967,"date":"2023-03-15T05:30:36","date_gmt":"2023-03-15T12:30:36","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75967"},"modified":"2023-03-14T14:44:07","modified_gmt":"2023-03-14T21:44:07","slug":"home-seller-concessions-february-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/home-seller-concessions-february-2023\/","title":{"rendered":"Nearly Half of Home Sellers Are Making Concessions to Woo Buyers"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Pandemic boomtowns and pricey coastal markets, including Phoenix and Seattle, have seen the biggest increases in concessions.<\/i><\/strong><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>A record 13% of home sales include a price cut and a final sale price below the list price in addition to a concession.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Home sellers gave concessions to buyers in 45.5% of home sales recorded by Redfin agents during the three months ending February 28, up from 31.1% one year earlier. That\u2019s the highest share of any three-month period in Redfin\u2019s records, which date back to June 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> <img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-75968\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/seller-concessions-chart-1-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/seller-concessions-chart-1-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/seller-concessions-chart-1-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/seller-concessions-chart-1-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/seller-concessions-chart-1.png 1302w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to data submitted by Redfin buyers\u2019 agents across the U.S. <\/span><span style=\"font-weight: 400;\">A concession is recorded when an agent reports a seller provided something that helped reduce the buyers&#8217; total cost of purchasing the home. <\/span><span style=\"font-weight: 400;\">For the purposes of this report, a seller lowering the list price of their home does not count as a concession.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Concessions have become increasingly common because rising mortgage rates and stubbornly high home prices have caused many buyers to put their plans on hold, which has motivated sellers to throw in freebies to attract the buyers who remain. Redfin agents report that sellers are offering to fund repairs, cover <\/span><a href=\"https:\/\/www.redfin.com\/guides\/faq\/how-much-are-closing-costs\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\"> and pay for bidders to <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-is-a-mortgage-buydown\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buy down<\/span><\/a><span style=\"font-weight: 400;\"> their mortgage rates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The housing market has done a 180 since 2021, when a surge in homebuyer competition fueled by rock-bottom mortgage rates forced <\/span><i><span style=\"font-weight: 400;\">buyers<\/span><\/i><span style=\"font-weight: 400;\"> to offer everything but the kitchen sink to win. The average 30-year-fixed mortgage rate is now <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.73%<\/span><\/a><span style=\"font-weight: 400;\">, up from 3.85% a year ago, which has increased the typical homebuyer\u2019s monthly mortgage payment by nearly <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-mortgage-payment-record-high\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$600<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers today are way more demanding and selective. They\u2019re willing to wait to find the perfect house, which wasn\u2019t the case during the pandemic homebuying boom,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/elena-fleck\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elena Fleck<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/13989\/FL\/Palm-Beach\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Palm Beach, FL<\/span><\/a><span style=\"font-weight: 400;\">. \u201cDuring the peak of Covid, it took two to three days to sell anything regardless of the condition, location, or square footage. Now, a home that&#8217;s not perfect may stay on the market for three to four months if the seller doesn\u2019t throw in something to sweeten the deal.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fleck continued: \u201cAny home with a roof that\u2019s over eight years old is just sitting\u2014 buyers don\u2019t want to put any additional funds into repairs. I had a few sellers offer credits for new roofs to close the deal. We\u2019re also seeing more buyers ask for credits toward their closing costs.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Home Sellers Are Also Slashing Their Prices to Lure Buyers<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In addition to offering more concessions, sellers have become increasingly likely to sell their home for less money than they originally hoped for. That can happen when a seller cuts their asking price, accepts an offer below the asking price or both.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A record 25.2% of home sales recorded by Redfin buyers\u2019 agents included both a concession and a final sale price below the list price during the three months ending February 28. A record 20.6% included both a concession and a listing-price cut that occurred while the home was on the market. A record 13% included all three.<img decoding=\"async\" class=\"alignnone wp-image-75969\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits-1024x796.png\" alt=\"\" width=\"800\" height=\"622\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits-1024x796.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits-300x233.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits-768x597.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits-1536x1195.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/03\/credit_share_with_other_buyer_benefits.png 1543w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Seattle Sees the Biggest Increase in Seller Concessions<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\">, sellers gave concessions to buyers in 51.6% of home sales during the three months ending February 28, up from 20.1% a year earlier. That\u2019s the largest percentage-point increase among the 22 U.S. metropolitan areas for which there was sufficient data. Next came <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\"> (30.6 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/5155\/CO\/Denver\"><span style=\"font-weight: 400;\">Denver<\/span><\/a><span style=\"font-weight: 400;\"> (26.2 ppts), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16904\/CA\/San-Diego\"><span style=\"font-weight: 400;\">San Diego<\/span><\/a><span style=\"font-weight: 400;\"> (23.3 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/14240\/AZ\/Phoenix\"><span style=\"font-weight: 400;\">Phoenix<\/span><\/a><span style=\"font-weight: 400;\"> (22.4 ppts).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pandemic boomtowns and expensive coastal markets have seen homebuyer demand cool <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-markets-cooling-fastest-seattle-august-2022\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">relatively quickly<\/span><\/a><span style=\"font-weight: 400;\"> because rising interest rates have added fuel to the fire of high home prices. Remote work allowed scores of homebuyers to relocate to warm, relatively affordable locales in recent years, causing prices to surge in Sun Belt markets including Las Vegas and Phoenix. But now, dwindling demand in these areas has left sellers scrambling to find buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There were only two metros in which concessions were less common than they were a year earlier: <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> (-3 ppts) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/29470\/IL\/Chicago\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\"> (-2.1 ppts).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Concessions Are Most Common in Las Vegas<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In Las Vegas, sellers gave concessions to buyers in 77.4% of home sales during the three months ending February 28\u2014the highest share among the metros Redfin analyzed. Next came San Diego (74.8%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/a><span style=\"font-weight: 400;\"> (70.9%), Phoenix (63.7%) and Denver (60.9%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In <\/span><a href=\"https:\/\/www.redfin.com\/city\/30749\/NY\/New-York\"><span style=\"font-weight: 400;\">New York<\/span><\/a><span style=\"font-weight: 400;\">, sellers gave concessions to buyers in 16.7% of home sales\u2014the lowest share among the metros Redfin analyzed. It was followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/a><span style=\"font-weight: 400;\"> (21%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/1826\/MA\/Boston\"><span style=\"font-weight: 400;\">Boston<\/span><\/a><span style=\"font-weight: 400;\"> (23.1%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/15502\/PA\/Philadelphia\"><span style=\"font-weight: 400;\">Philadelphia<\/span><\/a><span style=\"font-weight: 400;\"> (30%) and Austin (33.9%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Three Months Ending Feb. 28<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes 22 metros for which Redfin buyers\u2019 agents recorded at least <\/span><\/i><i><span style=\"font-weight: 400;\">50 closed deals during the three months ending Feb. 28 in both 2023 and 2022. The national statistics in the first section of the report are representative of the entire country.<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>2023: Share of home sales with concession<\/b><\/td>\n<td><b>2022: Share of home sales with concession<\/b><\/td>\n<td><b>Year-over-year change (percentage points)<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.8 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">50.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.7 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">46.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.9 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">60.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.2 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Raleigh, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">55.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">43.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.4 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">70.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.9 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">74.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">23.3 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.0 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">51.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">31.6 ppts<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, D.C.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.7 ppts<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey coastal markets, including Phoenix and Seattle, have seen the biggest increases in concessions. A record 13% of home sales include a price cut and a final sale price below the [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":75970,"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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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20],"dashboard":[],"coauthors":[125,93],"class_list":["post-75967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nearly Half of Home Sellers Are Making Concessions to Woo Buyers<\/title>\n<meta name=\"description\" content=\"Sellers gave concessions to buyers in a record 46% of home sales during the three months ending February 28, up from 31.1% one year earlier.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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