Rates are near 7% going into summer months, and while we’re getting a reprieve from the rate spike as the debt ceiling circus winds down, home sales are still challenged. Redfin offers some decent news against this backdrop.
Last year for the 3 months ended April 30, 25.5% of sellers offered some kind of concession to buyers, and that number almost doubled to 42.9% this April.
These seller perks can include money toward repairs, or seller credits to buy down rates or lower closing costs.
In addition to 42.9% of sellers offering these perks, 21% gave perks plus sold below asking price, and 16% gave perks plus dropped their price.
You can see that in the chart below.
Here are 2 other key notes about this data.
First, this data Redfin agent activity only, so it’s a useful market proxy, but definitely not the whole market.
In 2022, Redfin reported having 0.80% of U.S. home sales market share by units.
Second, every market is different locally.
Some markets are much tighter, and others have even higher seller concession rates.
You can hit the link below for Redfin’s breakdown by cities.