{"id":77085,"date":"2023-11-14T05:00:40","date_gmt":"2023-11-14T13:00:40","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77085"},"modified":"2023-11-13T16:26:39","modified_gmt":"2023-11-14T00:26:39","slug":"seller-concessions-october-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/seller-concessions-october-2023\/","title":{"rendered":"More Than One-Third of Home Sellers Are Giving Concessions to Buyers"},"content":{"rendered":"

Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed.<\/span><\/i><\/h2>\n

Home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, little changed from 35.9% one year earlier but up from 27.6% two years earlier.<\/span><\/p>\n

\"\"<\/p>\n

This is according to data submitted by Redfin buyers\u2019 agents across the country, going back through 2020. A concession is recorded when an agent reports a seller provided something that helped reduce the buyers\u2019 total cost of purchasing the home. That could include money toward repairs, closing costs and\/or mortgage-rate <\/span>buydowns<\/span><\/a>. It does not include situations in which the seller lowered the list price of their home or lowered the price due to a negotiation with a buyer.\u00a0<\/span><\/p>\n

Mortgage rates hit the <\/span>highest<\/span><\/a> level in 23 years in October, which cooled homebuyer demand, driving some sellers to throw in freebies to attract bidders. That marks a reversal from the pandemic homebuying frenzy, when fierce buyer competition made concessions more rare.<\/span><\/p>\n

\u201cSellers have become more open to the idea of giving out concessions like cash for repairs and mortgage-rate buydowns, in part because many of them want to get their homes sold quickly due to major life events like divorces and new jobs. Homeowners who don\u2019t have to move are staying put and holding onto their low mortgage rates,\u201d said Seattle <\/span>Redfin Premier<\/span><\/a> real estate agent <\/span>David Palmer<\/span><\/a>. \u201cThe good news for buyers, aside from more concessions, is that <\/span>contingent<\/span><\/a> offers are also more feasible in a market like this, meaning house hunters don\u2019t have to waive inspections and other important safeguards.\u201d<\/span><\/p>\n

Palmer continued: <\/span>\u201cHouse hunters are pickier than ever before. It\u2019s really expensive to buy a home today, so they want to make sure they find the right one. Buyers have become increasingly likely to terminate a deal if they don\u2019t get the concessions they want.\u201d<\/span><\/p>\n

Roughly 53,000 U.S. home-purchase agreements were <\/span>canceled<\/span><\/a> in September, equal to 16.3% of homes that went under contract that month\u2014the highest percentage since October 2022, when mortgage rates surpassed 7% for the<\/span> first<\/span><\/a> time in two decades. September is the most recent month for which purchase cancellation data is available.<\/span><\/p>\n

Another reason the share of sellers offering concessions has climbed from pandemic lows is that homebuilders, who are offering deals so they can offload inventory, are taking up a growing portion of the market.<\/span> Nationwide, <\/span>30.6%<\/span><\/a> of U.S. single-family homes for sale in the third quarter were new construction. That\u2019s the highest share of any third quarter on record, in large part because there has been a <\/span>decrease<\/span><\/a> in the number of individual homeowners putting their houses up for sale.<\/span><\/p>\n

Concessions would likely be even more common today if it weren\u2019t for historically low housing inventory, which is fueling competition in some areas. Inventory is tight because many homeowners are reluctant to put their homes on the market since selling and buying another house would mean giving up their ultra low mortgage rate.<\/span><\/p>\n

Some Sellers Are Lowering Their Prices in Addition to Offering Concessions<\/h3>\n

Some sellers are giving out concessions <\/span>and<\/span><\/i> getting less money than they hoped for their homes, which <\/span>can occur when a seller cuts their asking price, accepts an offer below their asking price or both.\u00a0<\/span><\/p>\n

One in seven (14.4%) homes that sold during the three months ending Oct. 31 had a final sale price below the asking price in addition to a concession. Just over one in 10 (11.5%) homes that sold during the period had a price cut and a concession. And 6.4% had all three\u2014a concession, a price drop and<\/span> a final sale price below the original list price.<\/span><\/p>\n

\"\"<\/p>\n

Concessions Are Most Common in Salt Lake City, Least Common in Boston<\/h3>\n

Sellers in <\/span>Salt Lake City<\/span><\/a> gave concessions to buyers in 63.3% of home sales in the three months ending Oct. 31, the highest share among the metros Redfin analyzed. Rounding out the top five are <\/span>San Diego<\/span><\/a> (60.9%), <\/span>Denver<\/span><\/a> (56.6%), <\/span>Las Vegas<\/span><\/a> (54.3%) and <\/span>Raleigh, NC<\/span><\/a> (51.4%).<\/span><\/p>\n

Many of the metros above saw homebuyer demand soar during the pandemic as remote workers sought out relatively affordable parts of the country. That caused home prices to skyrocket, leaving many people priced out. Cooling demand has prompted more sellers to pull out the stops to attract buyers.\u00a0<\/span><\/p>\n

Boston<\/span><\/a> sellers only provided concessions in 11.1% of home sales, the lowest share of the metros in this analysis. Next come <\/span>San Jose, CA<\/span><\/a> (14.4%), <\/span>New York<\/span><\/a> (14.5%), <\/span>Philadelphia<\/span><\/a> (15.7%) and <\/span>Chicago<\/span><\/a> (19%).<\/span><\/p>\n

Concessions Rose Most in Salt Lake City, Fell Most in Chicago<\/h3>\n

Salt Lake City saw a bigger year-over-year jump in seller concessions than any other metro Redfin analyzed. Sellers there gave concessions to buyers in 63.3% of home sales during the three months ending Oct. 31, up 25.2 percentage points from a year earlier. The next-biggest increases were in <\/span>Tampa, FL<\/span><\/a> (+23.5 ppts to 43.1%), <\/span>Charlotte, NC<\/span><\/a> (+11.6 ppts to 50.8%), <\/span>Minneapolis<\/span><\/a> (+11.4 ppts to 35.3%) and <\/span>Dallas<\/span><\/a> (+10.6 ppts to 49.3%).<\/span><\/p>\n

The share of sellers giving out concessions fell most in Chicago (-21.6 ppts to 19%), followed by <\/span>Phoenix<\/span><\/a> (-7.8 ppts to 51%), Philadelphia (-6.8 ppts to 15.7%), San Diego (-6.1 ppts to 60.9%) and <\/span>Washington, D.C. <\/span><\/a>(-5.8 ppts to 32.2%).<\/span><\/p>\n

Metro-Level Summary<\/h3>\n

The table below includes 27 metros for which Redfin buyers\u2019 agents recorded at least 50 closed deals during the three months ending Oct. 31, in both 2023 and 2022. The national data in the first section of the report are representative of the entire U.S.<\/span><\/i><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
U.S. metro area<\/strong><\/th>Share of home sales with concession, 3 months ending Oct. 31, 2023<\/strong><\/span><\/th>Share of home sales with concession, 3 months ending Oct. 31, 2022<\/strong><\/th>Year-over-year change in share<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Atlanta, GA<\/td>49.5%<\/td>42.6%<\/td>7.0 ppts<\/td>\n<\/tr>\n
Austin, TX<\/td>43.2%<\/td>44.8%<\/td>-1.6 ppts<\/td>\n<\/tr>\n
Boston, MA<\/td>11.1%<\/td>12.6%<\/td>-1.5 ppts<\/td>\n<\/tr>\n
Charlotte, NC<\/td>50.8%<\/td>39.2%<\/td>11.6 ppts<\/td>\n<\/tr>\n
Chicago, IL<\/td>19.0%<\/td>40.6%<\/td>-21.6 ppts<\/td>\n<\/tr>\n
Dallas, TX<\/td>49.3%<\/td>38.7%<\/td>10.6 ppts<\/td>\n<\/tr>\n
Denver, CO<\/td>56.6%<\/td>46.1%<\/td>10.5 ppts<\/td>\n<\/tr>\n
Houston, TX<\/td>47.5%<\/td>38.7%<\/td>8.8 ppts<\/td>\n<\/tr>\n
Las Vegas, NV<\/td>54.3%<\/td>48.1%<\/td>6.2 ppts<\/td>\n<\/tr>\n
Los Angeles, CA<\/td>49.6%<\/td>51.3%<\/td>-1.8 ppts<\/td>\n<\/tr>\n
Miami, FL<\/td>35.4%<\/td>40.0%<\/td>-4.6 ppts<\/td>\n<\/tr>\n
Minneapolis, MN<\/td>35.3%<\/td>23.9%<\/td>11.4 ppts<\/td>\n<\/tr>\n
National<\/td>35.0%<\/td>35.9%<\/td>-0.9 ppts<\/td>\n<\/tr>\n
New York, NY<\/td>14.5%<\/td>11.1%<\/td>3.5 ppts<\/td>\n<\/tr>\n
Orlando, FL<\/td>34.3%<\/td>35.7%<\/td>-1.4 ppts<\/td>\n<\/tr>\n
Philadelphia, PA<\/td>15.7%<\/td>22.5%<\/td>-6.8 ppts<\/td>\n<\/tr>\n
Phoenix, AZ<\/td>51.0%<\/td>58.8%<\/td>-7.8 ppts<\/td>\n<\/tr>\n
Portland, OR<\/td>50.0%<\/td>50.4%<\/td>-0.4 ppts<\/td>\n<\/tr>\n
Raleigh, NC<\/td>51.4%<\/td>47.3%<\/td>4.1 ppts<\/td>\n<\/tr>\n
Sacramento, CA<\/td>45.3%<\/td>51.0%<\/td>-5.7 ppts<\/td>\n<\/tr>\n
Salt Lake City, UT<\/td>63.3%<\/td>38.2%<\/td>25.2 ppts<\/td>\n<\/tr>\n
San Antonio, TX<\/td>43.1%<\/td>39.5%<\/td>3.6 ppts<\/td>\n<\/tr>\n
San Diego, CA<\/td>60.9%<\/td>67.0%<\/td>-6.1 ppts<\/td>\n<\/tr>\n
San Jose, CA<\/td>14.4%<\/td>14.0%<\/td>0.4 ppts<\/td>\n<\/tr>\n
Seattle, WA<\/td>35.3%<\/td>36.9%<\/td>-1.7 ppts<\/td>\n<\/tr>\n
St. Louis, MO<\/td>28.8%<\/td>26.8%<\/td>2.0 ppts<\/td>\n<\/tr>\n
Tampa, FL<\/td>43.1%<\/td>19.7%<\/td>23.5 ppts<\/td>\n<\/tr>\n
Washington, D.C.<\/td>32.2%<\/td>37.9%<\/td>-5.8 ppts<\/td>\n<\/tr>\n
National\u2014U.S.A.<\/strong><\/td>35.0%<\/strong><\/td>35.9%<\/strong><\/td>-0.9 ppts<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Sellers are handing out freebies to woo buyers, who have become increasingly likely to back out of deals as mortgage rates have climbed. Home sellers gave concessions to buyers in 35% of U.S. home sales during the three months ending Oct. 31, little changed from 35.9% one year earlier but up from 27.6% two years […]<\/p>\n","protected":false},"author":13346,"featured_media":77088,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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