NCJAR News
As a home seller, offering concessions can be an effective strategy to attract potential buyers and close deals faster. But is it the right approach for your property? Here’s a guide for NCJAR members to help you navigate seller concessions and advise your clients with confidence.
What Are Seller Concessions?
Seller concessions are when a seller agrees to pay certain costs associated with purchasing a home on behalf of the buyer. These concessions can make your property more appealing by reducing upfront expenses for buyers, particularly those with limited cash reserves. In many cases, offering concessions can lead to faster or better offers, as they allow buyers to stretch their budget further.
Examples of Seller Concessions
U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
- Single Family Closed Sales were up 4.4 percent to 2,019.
- Townhouse-Condo Closed Sales were up 4.6 percent to 479.
- Adult Communities Closed Sales were down 20.6 percent to 50.
NJ Realtors Circle of Excellence Sales AwardCONTRIBUTE TO RPAC HERE
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Even better: Invest $100 or more by the close of business in person, or online by midnight, on Monday, October 7th and you'll earn one unit toward your 2024 New Jersey REALTORS® Circle of Excellence Application.
This is a fun way to boost your investment, support your profession, and score some awesome auction items. Don't miss out! Let's protect homeownership and the real estate industry together!
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Learn More about RPAC and how it protects private property rights and our industry.
