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The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You
The “Take It or Leave It” Attitude Is Fading from the Market – What That Means for You
Negotiations are back. More buyers are asking for better deals, and more sellers are giving them. Builders are throwing in extras, too.
That’s why whether you’re buying or selling today, there are two terms you’ll hear a lot: concession and incentive.
A concession is something a seller agrees to during negotiations to get a deal done. An incentive is a perk a builder (or a seller) advertises upfront to attract buyers.
Let’s run through what you need to know about both and how they could play a role in your move.
More Sellers Are Agreeing to Concessions
Almost half of recent sellers gave the buyer a concession, and many also cut their asking price. That’s the highest share for this time of year.
So, what kind of concessions are we talking about?
A seller might cover part of your closing costs, take care of a repair, or offer a credit that trims your upfront costs. It’s how they keep a deal on track when buyers have more options to choose from.
That chart belongs here if you are showing the recent seller-concession data.
Builders Are Cutting Prices, Too
Newly built homes are seeing the same push and pull. Many builders are offering incentives right now, and a good share are cutting prices outright.
Those incentives often look like:
- Price adjustments.
- Mortgage rate buydowns.
- Free upgrades, like nicer finishes or appliances.
Builders are responding to today’s affordability pressures and higher levels of existing-home inventory. Even builders, who many people think rarely negotiate, are competing on price and perks.
What This Means for Your Move
If you’re buying, this is a good time to ask. Whether you have your eye on an existing house or a newly built home, there’s a chance the seller or builder will meet you partway on price, terms, or both.
If you’re selling, expect buyers to ask. Even builders of brand-new homes are making concessions more often than not right now. Holding firm on every term could mean more time on the market, or a lost sale altogether.
Bottom Line
Sellers and builders are both giving buyers more to work with this year. Want to know what’s realistic to expect in concessions and incentives in our market? Let’s connect.
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