New Jersey Home Buyers Are Asking for More Seller Concessions — Here’s What That Means
New Jersey Home Buyers Are Asking for More Seller Concessions — Here’s What That Means The housing market is changing, and one trend is becoming increasingly important for both New Jersey home buyers and sellers: seller concessions. According to a recent Redfin report, sellers provided concessions in 44.7% of U.S. home sales in August , up from 42.6% one year earlier. That was the highest percentage recorded for the month of August since at least 2020. For buyers and sellers here in New Jersey, the bigger message is simple: The asking price is only one part of the negotiation. Today’s real estate transaction can include closing-cost assistance, mortgage-rate buydowns, repair credits and other incentives that may help bring buyers and sellers together. What Is a Seller Concession? A seller concession is something of value that the seller agrees to provide to the buyer as part of the transaction. Instead of simply lowering the sales price, a seller may agree to contribute money tow...
