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44% of home sellers are giving concessions to buyers: Redfin

According to a recent report by Redfin, 44% of home sellers are offering concessions to buyers to help close deals amidst a cooling housing market. These concessions, which include covering repairs, closing costs, or even lowering mortgage rates, have become more common as the market shifts from favoring sellers to a more balanced state. The report indicates that the share of home sellers providing such incentives has risen from 30% a year ago, reflecting a significant change in market dynamics. This trend is particularly pronounced in cities like Las Vegas, Phoenix, and Austin, where the market has cooled more rapidly. The increase in concessions is seen as a response to higher mortgage rates and economic uncertainty, which are causing potential buyers to be more cautious and selective.

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[ https://www.yahoo.com/news/44-home-sellers-giving-concessions-182901705.html ]