Let's be real—selling a home in the past few years has been like shooting fish in a barrel. Homes flew off the market, often with multiple offers and bidding wars. But things are shifting, and the Kansas City area housing market is balancing out. That means sellers might need to get more creative to stand out and seal the deal. One powerful tool? Offering concessions.
What Exactly Are Seller Concessions?
Seller concessions are homebuying costs that a seller agrees to cover as a way to get their home sold. Think of them as incentives that can help your home stand out in a competitive market.
As the National Association of Realtors (NAR) explains:
“As home inventory begins to grow and buyers regain some advantage in the market, sellers may consider offering more in negotiations to make the deal more attractive and get to the closing table.”
According to the National Association of Realtors (NAR), about 24% of sellers in 2024 offered some type of concession. Here are the most common ones:
- Covering Closing Costs: You contribute to some (or all) of the buyer's closing costs, such as appraisal fees, title insurance, or loan fees.
- Price Adjustments: Instead of fixing every little thing, you drop the price so the buyer can handle those updates.
- Adding a Home Warranty: Offering a home warranty can give buyers peace of mind that major systems and appliances are covered for the first year.
And hey, it's not always about money. Sometimes, a buyer might ask for your lawn mower if they've never owned a yard before—or maybe your patio furniture. Little things like that can tip the scales in your favor.
Quick Tip: Concessions aren't extra cash you fork over at closing. They're deducted from your sale proceeds, so you do not need to worry about pulling out your wallet at the last minute.
Why Should Sellers Consider Offering Concessions?
Sellers are finding that offering concessions can be a golden ticket to getting across the finish line, especially when buyers have more choices. Dennis Shirshikov, a finance expert, puts it best:
"Pricing homes realistically and being open to concessions, such as covering part of the closing costs or including upgrades, will be key to closing deals... in a less frenzied market."
Here's a real-life scenario:
Let's say you accept an offer, but the buyer requests some repairs after the inspection. You have a few options:
- Handle the repairs yourself: But let's be honest - dealing with contractors isn't everyone's idea of fun.
- Reduce the purchase price: Let the buyer use that saved cash to handle repairs.
- Cover part of the buyer's closing costs: This frees up money for the buyer to fix things after closing, saving you the hassle.
Any of these moves can keep your home sale from falling apart while saving you time and stress.
Why Having a Great Agent Matters
Navigating concessions is part art, part strategy. That's where a local expert (like yours truly) comes in. We'll help you figure out when to offer concessions and how much, ensuring you don't give away more than you need to. It's all about striking the perfect balance—getting your house sold without leaving money on the table.
Bottom Line
The market's shifting, and seller concessions are making a comeback. Knowing how to use them can be the difference between a quick sale and weeks of waiting. With the right strategy—and a savvy agent by your side—you can close the deal without compromising your bottom line.
Do you have a winning strategy to sell your Kansas City, Lee's Summit, Raymore area home? Let's chat about your options and get your home sold! Reach out today—I've got your back.
Need advice on selling your home in Kansas City, Lee's Summit, or Raymore? Call or text 816-328-2887 or fill out the quick contact form below - let's get you moving!
Hi! I'm Merla Turner, owner of Great Missouri Homes and a local Kansas City area Realtor. Thank you for reading this article. If you have any questions, suggestions, or ideas, call me at 816-328-2887 or fill out the contact form below, I am here for you. And remember - when it's your turn to buy or sell real estate, turn to Merla Turner!
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