Homeseller concessions reach pre-pandemic levels
A new Redfin report found a record 41.9% of home sellers gave concessions to homebuyers in Q4 of 2022, through money for repairs and mortgage-rate buydowns.
The report also found that homeowners are selling homes for below the asking price
Concessions are the most popular in the San Diego housing market, with sellers giving concessions to buyers in 73% of home sales. Phoenix (62.9%), Portland (61.6%), Las Vegas (61.3%) and Denver (58.4%) followed
The lowest concession rate of 13.4% was recorded in New York, followed by San Jose (14.4%), Boston (17.5%), Philadelphia (22%) and Austin (33.3%)