Price Cuts Are the Best Concession To Motivate First-Time Buyers, Survey Finds

First-time homebuyers are gaining confidence in their ability to make the correct decisions in a challenging market. However, one major factor still needs to change before many prospective buyers will take the leap: Sellers need to bring home prices down.In a survey of people who are searching for their first home or purchased one within the past year, Neighbors Bank found that first-time buyers are making informed decisions, negotiating and walking away from deals when necessary, and making concessions to find a home they can afford.When it comes to strategies to woo these buyers, 40% of survey respondents said a price reduction is the seller concession that would most boost their confidence to move forward with a purchase.In September, the national median list price for the United States was $419,250, according to Realtor.com® data. This price was down 1.4% from last September, marking an 11th consecutive month of year-over-year declines.While listing prices are slowly coming down, buyers are still looking to sellers to sweeten the pot.Neighbors Bank found that 86% of first-time buyers feel comfortable making an offer below a home’s asking price, and 57% have walked away from a h...