Boston Condo For Sale Concessions Are Coming Back Boston Condos For Sale Ford Realty

Boston condo sellers are increasingly handing out concessions because the housing market is begining to tilt in favor of home buyers, but its still a Boston condo sellers market. With that said, Boston home sellers are facing more competition from each other, with listings now. When buyers have more options to choose from, it typically means they have more negotiating power. Plus, Redfin agents report that many homes are overpriced, which often means they linger on the market, forcing sellers to offer concessions to find a buyer.

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Boston condo for sale concessions are coming back

Coming off years of bidding wars where potential Boston condo buyers would waive all sorts of contingencies, today’s buyers are actually getting concessions from sellers.

A new Redfin report found Boston condo sellers are starting to give back to buyers concessions including money for repairs and mortgage-rate buydowns. In the fourth quarter of 2022,

The return of concessions comes as homebuyer demand has dampened due to rising mortgage rates, inflation and economic uncertainty, giving buyers in today’s market increased negotiating power. The pandemic had buyers waiving contingencies to win bidding wars when mortgage rates were at a record low from late 2020 through 2021.

Not only were buyers getting contingencies in the last quarter of 2022, but the homes they were buying some are coming at a discount.

The market with the biggest concessions was Phoenix where buyers in 62.9% of home sales received concessions. That’s up 33.2% from last year and is, according to the report, the largest increase of the 25 metros where data was available.

Unfortunately, Boston was at one of the lowest at 17.5%, followed by Philadelphia at 22% and Austin, Texas, at 33.3%.