Finger Lakes Home Sellers Are Offering Concessions This Summer

By Vicki Schamel

Has been a dedicated Realtor for over 30 years. She first entered real estate to balance work and raising her two young daughters, but it soon grew into a lifelong passion.

As we move from spring into summer, we start to see more buyers returning to the market. Something is popping up again that we haven’t talked about in a long time: concessions and incentives.

What’s happening in the market? Right now, interest rates are hovering above 6% but below 7%. It looks like they’ll stay in this range for a bit. A big change is happening with homebuyers. More people are getting pre-approved for mortgages, up about 11% across the country. While seasonal trends do have an impact, there’s something more going on that’s especially important for buyers.

In the past few years, buyers had to compete fiercely for homes, often leading to a lack of concessions. Now, with more buyers stepping back into the market, sellers are starting to offer concessions again. This is great news for both buyers and sellers.

What are concessions? Simply put, they are benefits that sellers provide to help buyers. These can cover closing costs or even help buy down the mortgage rate, making the overall purchase more affordable for buyers.

If you’re writing an offer on a home, it’s important to have a conversation with your agent about whether it makes sense to add a concession to your offer in the current market.

Can you ask for some kind of incentive from the seller? The answer is yes, and you should consider asking. Right now, about 44% of sellers across the country are allowing buyers to have concessions or incentives when they purchase a home. This shift provides opportunities for buyers to negotiate better deals while helping sellers make their homes more attractive in a competitive market.

If you want more information about how to work a concession into your offer, don’t hesitate to reach out. Please contact me at (607) 795-2904 or vickischamel@kw.com. I’m here to help! Let’s make the most of it together.