While rising interest rates and decreasing home values caused a recent shift in the real estate industry, most experts agree that the current market still favors home sellers. However, as conditions continue to stabilize after the post-Covid real estate whirlwind, a record number of seller’s concessions indicates that the scales may once again be tipping in the favor of homebuyers—at least in most metropolitan areas.
In February 2023, over 45% of home sale transactions included seller concessions. This is great news for real estate agents who want to protect their clients’ budgets and mitigate their risk with a home warranty. These trends indicate that more sellers may be willing to foot the bill for the homebuyer’s warranty coverage, providing the buyer with additional peace of mind in their investment.
Encourage your homebuyers to request a home warranty when they submit an offer. It’s a relatively inexpensive concession that can save thousands of dollars in unexpected repair and replacement costs for covered systems and appliances.