By DON FENLEY

Tri-Cities home sellers are pricing closer to the market this summer, but buyers still hold the upper hand at the closing table. Price cuts appeared in 37.4% of July sales, well off the winter pace, while 64.5% of buyers gained a concession at closing.

The list price is where sellers have given the most ground this year. In January, more than half of all sales were reduced before closing. That share has trended down as sellers learn what buyers will pay. By midsummer, most homes sold at or near their first asking price. Sellers are starting the sale closer to the market instead of testing a high number and cutting later.

Tri-Cities sales under $1 million by month. Averages cover only homes with a cut or a concession.

Concessions stay the constant

While price reductions have seen a slight softening, concessions have not. Buyers have negotiated a lower final price in roughly two of every three sales in every month this year.

Volume backs the shift

The shift is not a sign of a weak market. Sales volume rose from last year, and more homes changed hands this July than last. A busier summer gives buyers more to choose from. That choice keeps steady pressure on price, even when the supply of listings stays tight. Sellers who price well are still finding buyers, and many are selling without a later markdown.

What it means this summer

For buyers, the lesson is where to push. Asking prices are more realistic than they were in winter. The room to negotiate now sits in the final offer. For sellers, the market rewards a good price at launch. It draws buyers and avoids the markdown that a high price invites later. The summer market is balanced on that trade.

Categories: REAL ESTATE