--- title: Nearly Half of Home Sellers Are Now Giving Concessions to Buyers to Close the Sale description: Nearly half of home sellers are making concessions to buyers before closing the sale, a big increase from last year, according to Redfin. authors: - name: Sarah Hansen role: Senior Writer url: https://money.com/author/sarah-hansen/ bio: Sarah Hansen is a senior writer at Money covering all things personal finance. Previously, she covered economic policy and capital markets on the breaking news desk at Forbes. education: Northwestern University, New York University at_money_since: 2021 articles: 347 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Retirement - Shopping - Taxes social: - https://www.linkedin.com/in/sarah-m-hansen/ former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-03-15T17:59:02.000Z' modified: '2024-01-10T17:51:43.000Z' section: Housing tags: - News word_count: 368 canonical: https://money.com/home-sellers-giving-concessions-to-buyers/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![For Sale sign in front of house](https://img.money.com/2023/03/News-Half-Home-Sellers-Offer-Concessions.jpg) It’s a very different housing market than it was two years ago. While it was common during the pandemic for desperate homebuyers to bid well above asking price and bend over backwards to meet [demands from sellers](https://money.com/extreme-home-seller-demands-2021/) to land a house, the tables have now turned. [New data](https://www.redfin.com/news/home-seller-concessions-february-2023/) from real estate brokerage Redfin shows that sellers gave *buyers* concessions in more than 45% of home sales recorded by the company in December, January and February — the highest portion of sales with concessions since June 2020. For the sake of comparison, only 31% of sellers gave concessions to buyers in the December-February period a year ago. Redfin defines a “concession” as something that reduces the total cost of purchasing a home for a buyer — not including a price cut. Sellers who want to sweeten the deal for buyers can offer concessions like paying a buyer’s closing costs or paying for certain repairs. Redfin’s experts attribute the uptick in concessions partially to rising [mortgage rates](https://money.com/current-mortgage-rates/) and rising home prices, the combination of which has pushed many buyers out of the market until things become more affordable again. The result is that the remaining buyers have more bargaining power. “Buyers today are way more demanding and selective. They’re willing to wait to find the perfect house, which wasn’t the case during the pandemic homebuying boom,” Florida Redfin agent Elena Fleck said in a news release. ## Keep in mind Redfin’s experts found that seller concessions were more common in certain cities — a reminder that the real estate market where you live might not look the same as the market in another city or state. Here are the top five cities where concessions were the most common this winter: - Las Vegas, Nevada: concessions in 77.4% of sales - San Diego, California: concessions in 74.8% of sales - Sacramento, California: concessions in 70.9% of sales - Phoenix, Arizona: concessions in 63.7% of sales - Denver, Colorado: concessions in 60.9% of sales [The Typical Mortgage Payment Just Hit a Record High of $2,563](https://money.com/typical-mortgage-payment-record-high/) [Homes for Sale Are Staying on the Market Longer Now, Giving Buyers More Bargaining Power](https://money.com/homes-for-sale-on-market-longer/) [Housing Affordability Is Now at 'the Lowest Level in History'](https://money.com/housing-affordability-lowest-level-in-history/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/home-sellers-giving-concessions-to-buyers/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Housing", "item": "https://money.com/housing/" }, { "@type": "ListItem", "position": 3, "name": "Home Buying", "item": "https://money.com/home-buying/" }, { "@type": "ListItem", "position": 4, "name": "Nearly Half of Home Sellers Are Now Giving Concessions to Buyers to Close the Sale" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/home-sellers-giving-concessions-to-buyers/#webpage", "url": "https://money.com/home-sellers-giving-concessions-to-buyers/", "name": "Nearly Half of Home Sellers Are Now Giving Concessions to Buyers to Close the Sale", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-03-15T17:59:02.000Z", "mainEntity": { "@id": "https://money.com/home-sellers-giving-concessions-to-buyers/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/home-sellers-giving-concessions-to-buyers/#breadcrumb" }, "dateModified": "2024-01-10T17:51:43.000Z" }, { "@type": "NewsArticle", "headline": "Nearly Half of Home Sellers Are Now Giving Concessions to Buyers to Close the Sale", "articleSection": "Housing", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/03/News-Half-Home-Sellers-Offer-Concessions.jpg", "width": 2880, "height": 1920, "caption": "News-Half-Home-Sellers-Offer-Concessions" } ], "author": [ { "@type": "Person", "name": "Sarah Hansen", "url": "https://money.com/author/sarah-hansen/", "@id": "https://money.com/author/sarah-hansen/#author", "description": "Sarah Hansen is a senior writer at Money covering all things personal finance. 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