According to Redfin’s national report, home sellers are increasingly offering concessions, such as covering repair costs or helping buyers with mortgage rate buy-downs, to close deals in today’s market. 44% of sellers are making concessions, up from 39% a year ago. Even in traditionally hot markets like Denver and Portland, sellers are more willing to negotiate due to economic uncertainty and fluctuating interest rates. In places like Las Vegas, the market is becoming more balanced, with buyers often successfully negotiating for repairs or financial credits. Overall, buyers currently have more leverage than during the pandemic boom.
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