House hunters in the market are 'enjoying newfound bargaining power,' Redfin report says

Prospective buyers are increasingly backing out of deals, with 63,000 agreements being called off in July, according to a new report from Redfin. The canceled agreements represent 16.1% of all the homes that went under contract in July.

“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. Jacksonville was followed by Las Vegas, Nev., Lakeland, Fla., New Orleans, La., and San Antonio, Texas.

Given the increasing options buyers are seeing on the market, sellers’ reluctance to cover repainting costs, or roof repairs, are becoming non-negotiables, Alexis Malin, another Jacksonville-based Redfin agent, told the site. Reffkin said the company is prepared for the real-estate market to be 25% below where industry experts believed it would be six months ago.

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