Whether you're just getting started or have been in the business for a while, there are always learning curves and adjustments to be made when the market shifts. In these current market conditions with high-interest rates and high-priced homes, you have to get creative and leverage strategies that work best for your clients. One strategy that can be a win-win, whether you're representing the buyer or seller, is utilizing seller concessions. In this article, we'll cover seller concessions and how they can benefit both the buyer and seller in the current market conditions.
Seller concessions are costs associated with the home purchasing process that the seller agrees to cover on behalf of the buyer. Typically, these costs are related to home repairs and closing costs, and may include the following expenses:
Benefits for your Sellers
As the listing agent, this can be appealing for your seller if the pool of buyers is limited and your seller is looking to close quickly. Given the current market, this can be a great tactic to incentivize a buyer who may be on the fence by offering to cover some of the expenses.
Benefits for your Buyers
As a buyer agent, this can help take some of the financial weight off of your buyers. Many buyers are still leery of entering this market or tapped out and waiting for prices to drop. Therefore, buyers who are looking to purchase a home now have more 'purchasing power' and can request a seller’s concession to help cover some of the costs.
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