Buying a home is a big deal. Selling a home is a big deal. There are a lot of moving parts and factors to consider on both sides, including the cost. But costs can quickly go beyond a list price. Let’s look at an overview of seller concessions as an example.
What are seller concessions?
The best way to begin an overview of seller concessions is to explain what seller concessions are exactly. To simplify, seller concessions can sweeten the deal and could help expedite the selling process.
More specifically, seller concessions cover specific costs associated with buying a house that the seller agrees to pay. Seller concessions could include certain home improvements or repairs as well as some of the closing costs.
For instance, seller concessions may include several different fees such as the inspection fees, appraisal fees and the attorney fees.
Even though seller concessions can help lower the upfront costs and attract buyers, there are pros and cons for both buyers and sellers.
Seller concessions for buyers and sellers
For buyers, the upside to seller concessions is it can save you a significant amount at the closing table, making a home more affordable. This can also allow potential buyers the chance to make a higher offer, which may have a better chance of standing out in a competitive market.
From the seller’s perspective, seller concessions may speed up the sale of your property by making it more attractive to buyers in a crowded market.
Now that you’ve read an overview of seller concessions and what they could mean for you as a buyer or seller, reach out to your local Realtor to discuss your next move within our market. You can also learn more about our local market, real estate trends and other industry news by reading our blogs!