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Home > Arts & Entertainment > Celebrities > Concessions Greet Homebuyers
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Concessions Greet Homebuyers
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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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