In New Jersey, as the housing market tumbles further, landlords are increasingly giving concessions in addition to lowering asking prices, the New York Times reported.
Such concessions often include things like covering closing costs or taxes or paying in advance for renovations. And when the concessions are in the contract they can often be used in mortgage calculations in the state of New Jersey, the Times said.
For example, a four-bedroom house in the town of Wall Township that has been for sale for 16 months is now offering a $5,000 credit, redeemable as a gift card, even, that a buyer could claim after closing, the paper reported.
“It can really make a difference, especially if a house has been on the market for a while,” said Ken Baris, the president of Jordan Baris Realtors in West Orange, N.J. “In a tough market, more agents are trying this.” [NYT]