St. Cloud Homes for Sale: are Concessions Coming?

Dated: January 20 2023

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 Last week’s yahoo!news.com provided some market reporting that could signal a warming reception for those in the hunt for St. Cloud homes for sale. Writer Gabriella Cruz-Martinez provided an indication that the days of purely sellers’ market conditions are gradually giving way to a more typical environment. Her findings were based on data culled from Redfin’s results registered in 2020’s final quarter.

The turnaround came in the form of buyer incentives. Previous quarters had registered owner concessions in barely more than 30% of closings—but this latest period showed a marked uptick to 42%. ‘Concessions’ can consist of anything “from mortgage rate buy-downs, cash for repairs or closing costs, [or] warranties on household appliances.” They may or may not amount to significant amounts, but for house-hunters on the lookout for the St. Cloud homes for sale that meet their requirements, news that a significant minority of sellers have been willing to budge on any conditions is an indication that the odds of striking a deal have improved. It’s been a while since that flag has flown!

  The report pointed to a plausible cause for the shift: “mortgage rate hikes, inflation, and economic uncertainty.” Taken together, they’ve added to buyers’ negotiation power. One Phoenix agent is quoted as believing that sellers have built up so much equity during the pandemic that they feel they can afford to offer a few concessions—especially when buyers are growing more hesitant because of economic uncertainties.

For sellers who are now preparing to offer their own St. Cloud homes for sale, the possibility that the usual stampede of springtime homebuyers may be thinner this year could also explain some willingness to ‘give a little’ here and there. Of course, the most important decision will be where to peg their asking price—a fine point that depends largely on accurate and timely data from the marketplace. That’s where I come in—call anytime!

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Premier Real Estate specializes in MANY areas around Central MN including Saint Cloud, Waite Park, Rice, Royalton, Sartell, Royalton, Little Falls, Cold Spring, Saint Joseph, Elk River, Monticello, Ramsey, Saint Michael, Andover, Ham Lake, Anoka, Champlin, Buffalo, Glencoe, Brownton, Silver Lake, Kandiyohi, Dassel, Minneapolis, Maple Grove, Saint Louis Park, Saint Paul, Robbinsdale, Crystal, New Hope, Brooklyn Center, Brainerd, Nisswa, Aitkin, Albany, Coon Rapids, Sauk Rapids and more!

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Noel Johnson

Passion for investing in real estate brought me to create Premier Real Estate Services in 2002. Years of purchasing, developing, and managing several rental properties, while assisting friends & cli....

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