Mortgage rates impact home sellers' concessions.

Homebuyers are facing increased competition and fewer concessions from sellers as mortgage rates dip, bringing more buyers into the market. The median asking price of newly listed homes is up 1% YoY, and 46% of homes under contract received an accepted offer within the first two weeks of hitting the market. However, buyers may still be able to negotiate a lower price or ask for concessions such as cash on closing or interest rate buy-downs. The power dynamic may shift again if inflation remains a problem and the Federal Reserve continues to hike its benchmark rate, prompting mortgage rates to rise and forcing sellers to offer incentives again.