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More Than One-Third Of Homebuyers Received Concessions From Sellers

WRE News November 17, 2023

Buyer

More than one-third of homebuyers (35%) received concessions from sellers during the three-month period ending Oct. 31, according to a new data report from Redfin (NASDAQ: RDFN). While that is roughly equal to the 35.9% share recorded one year ago, it is also up from a 27.6% share received two years ago.

Redfin noted that one in seven (14.4%) homes that sold during the three months ending Oct. 31 had a final sale price below the asking price in addition to a concession, while just over one in 10 (11.5%) homes that sold during the period had a price cut and a concession – and 6.4% had a concession, a price drop and a final sale price below the original list price.

Among the major metro areas, the most concessions were recorded in Utah’s capital city – sellers in Salt Lake City gave concessions to buyers in 63.3% of home sales in the three months ending Oct. 31. On the flip side, Boston sellers were less generous, only providing concessions in 11.1% of home sales.

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