In the month of October, 57.9% of closed transactions included an average seller concession of $9,390. As more sellers compete for fewer buyers in the market due to the cost of money, we can expect to see more deals with seller concessions negotiated into offers. Sellers, if you haven’t yet, it’s time to clear your short-term memory of the pandemic selling season. Understand that this was a Goldilocks zone fueled with extreme demand for more space, remote work, and low interest rates.
Our current inventory and buyer consumption matches almost exactly what we were experiencing in 2019. Buyers are unwilling to overpay and expect some relief from the current rates. That all said, your home is still worth 4.16 percent on average, more than it was this time last year. Buyers. With each incremental decrease in mortgage rates, you can expect more buyers to enter the game. I predict that when we get below 7 percent, the buyer pool will swell and these opportunities for seller concessions will erode rapidly.
Don’t wait until game day to begin training. Put yourself in a position of understanding and confidence. If you’re considering a move in the first half of 2024, your training has already begun. Interested in learning more about how to leverage the current market? Let’s connect. Stay smart out there.
