As buyers shy away from a pricey market, more sellers are hoping concessions will help them move their house.
A new report from Redfin found that home sellers gave concessions to buyers in 42.9% of U.S. home sales during the three months ending April 30.
This is up from 25.5% at the same time last year but below February’s all-time high of 45.6%.
Concessions can include money toward repairs, closing costs, and mortgage-rate buydowns.
About one in five homes sold for less than the asking price along with a concession.
Redfin analysts say seasonality is the reason concessions dropped off, as more buyers typically enter the market in spring, giving sellers an edge.
But the high-rate, high-home price environment kept…
December 2021 saw a record annual surge in US home value, the largest gain seen in any December since at least 2001, according to a new analysis of Redfin’s Housing Value Index. U.S. home value rose 18.6% year-over-year (YOY) to $38.6 trillion. Austin, TX, saw home values double that, jumping 39.2% YOY. That shakes out to $365.9 billion, roughly the 2020 GDP of Ecuador and the biggest gain of any metro tracked by Redfin. December marked the 17th consecutive month of double-digit price gains as inventory shrank to a record low. Cape Coral, FL, saw the second-highest gains (36.9%), followed by Grand Rapids, MI (33.1%), Phoenix (32.8%), and Boise, ID (32.8%). Cape Coral and Phoenix have consistently made the list…
By KIMBERLEY HAAS As people throughout the country wish for a white Christmas this upcoming weekend, it is expected that home sales will stay warm in many parts of the nation throughout the winter. Continued bidding wars, the Great Resignation, and Millennials on the market will all likely contribute to keeping home prices high during a season where sales typically cool off until spring. And above-average temperatures expected in many parts of the United States may also keep buyers on the market at a time when they would typically try to avoid moving due to snow and ice. Bidding Wars Redfin reported on Friday that in November, 59.5% of home offers written by their agents faced competition, which is the…
By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are looking for and taking new jobs, often choosing to live in a different location if they have the option of working remotely. Since 87% of employees say they would like to work remotely at least one day a week, and one in three workers would not want to work for an employer that required them to be onsite full time, potential homebuyers are taking these…
