When visiting open houses these days, homebuyers may be greeted by something they haven't seen in a very long time: a variety of concessions from the sellers.
Residential real estate has shifted in many areas across the nation from sellers' markets to buyers' markets, so people with "For Sale" signs in front of their homes have had to change their tactics to attract buyers. Rather than simply waiting behind the sign for buyers to knock on the door, many sellers are now offering buyers something besides just the opportunity to purchase their home.
With increased inventory, new-home developers and builders are especially determined to attract buyers any way they can. Many are offering upgrades on finishes, flooring and appliances. One Florida builder even sweetened the deal with an in-ground swimming pool.
Concessions to buyers, however, aren't limited to bonuses on the home itself. Some sellers are offering unrelated extras, such as travel and merchandise. Concessions are also being worked into the settlement, with prepaid utilities, closing costs, even mortgage payments being laid out on the bargaining table. Some concessions are the deal itself, with builders and developers offering to sell the buyer's existing home or even trade for it.
Finally, sellers are more willing to talk about a good old-fashioned price reduction.
Regardless of the concession itself, the greater lesson for buyers is that they can now ask sellers for things they would have turned a deaf ear to before the market shifted. First-time buyers are at a special advantage, unencumbered by the contingency of selling an existing property to take advantage of today's concession-driven market.
To get the most out of their home purchase-whether negotiating concessions in a buyers' market or negotiating the road hazards through a tough sellers' market-homebuyers can always benefit from working with a real estate professional who will keep their best interests the top priority. Realtors who have earned the Accredited Buyer's Representative (ABR) designation have taken special training from the Real Estate Buyer's Agent Council (REBAC) to help them guide buyers through a successful home purchase-in any market.
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