Over the past few years, you’ve probably seen a whole lot of headlines about how home prices keep going up. But have you ever stopped to think about what that actually means for your home?Home
Are Seller's Paying Buyer's Closing Costs In Metro OKC?
Dated: July 13 2023
Views: 137
Dated: July 13 2023
If you are looking to buy or sell over the coming months, you are going to want to know multiple things about your market, but one of the most valuable might be what kind of seller concessions currently exist. Seller concessions are usually paid in the form of seller-paid buyer’s closing costs, but they can also be all types of allowances like carpet, paint, and others. These will vary by area and price range so let’s take a look at what we are seeing around the OKC metro.
Plenty of Opportunities
During the crazy markets of the past three years, you would have seen these numbers close to zero. In our market prior to the pandemic, you would have seen most of these numbers around 50% or higher. This shows that our market is still moving away from the frenzy-inducing seller’s market to a more balanced market.
How much are people getting and giving?
If you consider the average sales price in our area is about $300,000, then you can see that concessions are anywhere from about 1.5% to 2% of sales price on average. This means if you are a seller, you could estimate that you will have another couple of percentage points come off of your net, and, as a buyer, you could ask for some help with your closing costs in an offer.
What it Means for You!
These numbers will absolutely vary across price range and area so make sure your Realtor® is getting this number for you before you begin your home search or at your listing presentation. $4,000 to $6,000 can be a make-or-break amount in any deal, so make sure you know what you are getting into up front. We can help gather these numbers for your market anytime!
Tony Graham
Tony Graham has been a licensed REALTOR in Oklahoma since 1989 and has successfully closed more than 800 homes across Norman, Edmond, Moore, and the Oklahoma CityMetro. Averaging 23 closings per....
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