Homebuyers enjoy newfound ‘bargaining power’ as sellers agree to repairs, accept lower down payments, and make other concessions

Homebuyers enjoy newfound ‘bargaining power’ as sellers agree to repairs, accept lower down payments, and make other concessions
·3 min read

Prospective buyers are increasingly backing out of deals, with 63,000 agreements being called off in July, according to a new report from Redfin. Redfin started tracking this data in 2017. “About 80% of the seller contracts I have right now, they’re paying for at least $5,000 to $10,000 in closing costs for the buyers, because the buyers requested that to lower their interest rates,” Andrew Vallejo, an Austin, Texas-based Redfin agent, told MarketWatch.