Stern Market Minute: What are Concessions?
Channel: The Stern Team | KW Salt Lake City Real Estate
Date: 2022-12-19

In the last few months, purchasing and selling homes has undergone multiple changes, and this especially holds true for seller concessions. These concessions refer to costs linked to home buying that the seller decides to pay. As professionals in real estate, we believe that staying informed is imperative in a constantly evolving industry. So, we want to offer you a detailed insight into the top three seller concessions that we are currently witnessing!

Seller concessions can help shift the responsibility of paying certain expenses from the buyer to the seller in a real estate transaction. These include appraisal fees, property taxes, and even the closing costs that buyers need to pay. A seller concession is an efficient way to build goodwill with the buyer, and it allows them to close on their purchase smoothly.

Now you may be wondering, what are the three most common seller concessions that we're seeing in real estate transactions recently? We've got you covered. First, the most prevalent concession we've seen is the buyer's financing costs. These are costs related to a homebuyer's mortgage, and as per the concession, the seller pays them. Second, some sellers are helping with the down payments for buyers, providing them with significant financial relief. Finally, the third concession we've seen quite often lately is the seller taking care of repairs. These are any necessary repairs that need to be fixed before the closing date; the seller will handle them so that the buyer can close without any delays.

In conclusion, these are the most common concessions that we have been observing when it comes to selling homes, and we hope that our professional insight has served to educate you on this topic. We encourage you to keep yourself well-informed when it comes to seller concessions, and as always, feel free to reach out to us with any further questions.

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