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Home sellers are giving buyers more concessions, but not in Austin

AUSTIN (KXAN) — A record share of home sellers nationwide is giving buyers concessions, but Austin bucks the national trend, according to a new report.

according to Data from RedfinAccording to the company, 41.9% of home sales in the fourth quarter of 2022 included concessions such as repair costs, closing costs and mortgage rate buydowns. This is up from his 30.9% in Q4 2021.

The previous record of 40.8% was set in the three months to July 2020, when the COVID-19 pandemic plunged the housing market into uncertainty.

Redfin agent Van Welborn said: “Because their offers are often unique, partly because they know that sellers have built up so much stock during the pandemic that they can afford to make significant concessions. , I feel the power.”

Home sellers are also driving down listing prices at record rates, according to Redfin.

In the last three months of 2022, about one-fifth of homes sold were below asking price in addition to concessions. Another 19% made concessions and reduced listing prices while their homes were on the market. About 11% had all three of his.

All four measurements are record highs, according to Redfin.

However, Austin is bucking the national trend, and so are other Texas cities.

Reflecting national trends, the Dallas, Houston, and San Antonio metropolitan areas saw a year-over-year increase in the percentage of home sellers offering concessions.

In Austin, the opposite happened. In his final three months of 2021, about 38% of home sales included concessions. By the same time in 2022, that number has dropped to 33%.

In fact, Austin saw the largest decline in concession rates among the 25 metros included in Redfin’s report. His 4.8 point drop in Austin was bigger than Philadelphia (2.7 points), New York City (2.4 points) and Chicago (1.6 points).

All other metropolitan areas saw sales growth with concessions, most notably Phoenix. The share of home sales with concessions jumped 33.2 percentage points.

Concessions, on the other hand, are most common in San Diego. Nearly three-quarters (73%) of home sales there included concessions. By comparison, New York City has the lowest share of any metropolitan area included in the report, at just 13.4%.

https://www.kxan.com/news/local/austin/home-sellers-are-giving-more-concessions-to-buyers-but-not-in-austin/ Home sellers are giving buyers more concessions, but not in Austin

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