‘Deals to be had:’ Homebuyers should ask for these incentives while they have the upper hand
Around 42% of homes sold in the final three months of 2022 included some kind of concession from the seller, Redfin data found, up from just 30% the previous quarter
Incentives included mortgage rate-buy downs, cash for closing costs and repairs, and warranties on household appliances
A separate study found that 13.6% of sellers also slashed their listing price to attract buyers
Under some circumstances, a seller may even offer to pay points to offer a temporary rate buydown – only applicable for the first few months of your loan
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location
Homebuyers who may want to capitalize on their chances to negotiate, should act quickly before the spring selling season kicks off