Once-hot housing markets are cooling, requiring people to get creative to sell their homes.
thanks to an influx of remote workers — are seeing their housing markets cool. That's leading sellers to get creative and giving buyers a bit of leverage in finding a home.
Taylor Marr, deputy chief economist at Redfin, explained how this works on CBS News Mornings. In a"2-to-1" buydown, a common arrangement, a buyer can secure a lower rate for the first two years of the loan by putting down additional funds. "It can be a great way to afford a home if your income is rising rapidly. But you do have to put more money upfront," Marr added.Buydowns are becoming more popular in some areas where home sales are slowing, but they're just one of several concessions sellers can make to nudge a deal over the line. Other sweeteners could include kicking in some money toward repairs or offering to pay the buyer's closing costs, Marr said.
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