Rate Buydowns and Seller Concessions: How Eastside Buyers Can Ask for Help on Resale Homes
In my last post I wrote about how builders on the Eastside are leaning on rate buydowns and other incentives to move new-construction homes. The question I've heard most since then is a fair one: "Can I ask for the same thing on a resale home?" Often, yes. You just have to know what you're asking for, and how the different kinds of buydowns actually work.
Where Rates and the Local Market Stand Today
Freddie Mac's Primary Mortgage Market Survey put the average 30-year fixed rate at 7.40% on October 15, 2026, unchanged from the prior week and up from 6.27% a year ago. That's a meaningful jump in monthly payment for the same loan amount, and it's why buyers are asking about anything that can soften it.
Locally, Beyond WA's October 14 update showed King County with a median sold price of $835,500, down 2.8% from a year earlier, with 8,239 active listings, 4.3 months of supply, a median of 29 days on market, and homes selling at about 98.1% of list price. That is a more balanced picture than the last few years. It doesn't mean every home is negotiable, since well-priced, well-presented homes in good Eastside locations can still draw strong interest, but it does mean the conversation is on the table more often than it was.
Nationally, Redfin reported that 44.7% of U.S. home sales in August 2026 included a seller concession, up from 42.6% a year earlier. I don't have an Eastside-specific number for you, and I won't make one up, but it tells you that asking is no longer unusual.
What a Seller Concession Actually Is
A seller concession (sometimes called a seller credit) is an agreement that the seller will pay for part of your costs at closing instead of, or in addition to, lowering the price. The money doesn't go in your pocket. It's applied at closing toward things like your lender's fees, prepaid items, title and escrow charges, or a rate buydown. Your offer, with the credit written in, goes through the same appraisal and lender review as any other.
Why would a seller prefer that over a price cut? Sometimes because the price on paper stays where they want it for comparable sales, and sometimes because a credit toward your payment can help you qualify and close. Whether it's the right move for you depends on your situation, which is where we'd talk it through.
Temporary Buydowns: 2-1 and 3-2-1
A temporary buydown lowers your interest rate for the first few years of the loan, then the rate returns to the full note rate. The numbers stand for how many percentage points the rate is reduced each year:
2-1 buydown: the rate is 2 points below your note rate in year one, 1 point below in year two, and the full rate from year three on.
3-2-1 buydown: 3 points below in year one, 2 below in year two, 1 below in year three, and the full rate from year four.
Here's an illustration, not a quote. Say you borrow $700,000 on a 30-year fixed loan at a 7.40% note rate. Principal and interest comes to roughly $4,847 a month (taxes, insurance, and HOA are extra). With a 2-1 buydown, year one is calculated at 5.40%, about $3,931 a month, and year two at 6.40%, about $4,379. The total payment savings over those two years is roughly $16,600. A 3-2-1 would start at 4.40%, about $3,505, and save roughly $32,700 over three years. Actual costs and savings depend on your loan, your lender's pricing, and the program.
The seller (or builder) typically pays the cost of a temporary buydown up front into an account that makes up the difference to the lender each month. The important thing to understand: your note rate doesn't change. After the buydown period, you pay the full rate. These can be a good fit if you expect your income to grow, or if you plan to refinance down the road if rates fall. But a refinance is never guaranteed, so you should be comfortable with the full payment from day one. Most lenders qualify you at the full note rate, not the reduced one.
Permanent Buydowns: Paying Points
A permanent buydown, often called buying discount points, lowers your rate for the life of the loan. You pay a fee at closing, usually quoted as a percentage of the loan amount, in exchange for a lower rate every month for as long as you keep the loan. On that same $700,000 example, dropping the rate by a quarter point to 7.15% would lower principal and interest by about $119 a month. What it costs depends on your lender's pricing that day.
The question to ask is the break-even: how many months of savings does it take to earn back what you paid? If you might sell or refinance before that point, a permanent buydown can end up costing more than it saves. If you plan to stay for many years, it deserves a hard look. Sellers can often contribute toward points as part of a concession, so you may not have to fund all of it yourself.
Temporary vs. Permanent: A Quick Comparison
A temporary buydown gives you bigger savings early, when the payment hurts most, and nothing after the buydown period ends. A permanent buydown gives you smaller savings, but they last as long as the loan. Neither is better in the abstract. It comes down to how long you'll keep the loan, how much cash you have, and whether you plan to refinance. Your lender can run both side by side with your actual numbers.
How to Ask for Concessions on a Resale Home
This is where Eastside buyers can borrow a page from the new-construction playbook. A few practical approaches:
Look at the listing's story first. A home that has been on the market longer than the neighborhood average, has had a price change, or is vacant is usually in a different position than one with a multiple-offer weekend. Your agent can pull days on market and price history in minutes.
Ask for dollars, not a lower price. A request such as "seller credit of $X toward closing costs and rate buydown" can be easier for a seller to say yes to than a price reduction, and it can do more for your monthly payment. Ask your lender to show you what the credit buys.
Know your limits. Lenders cap how much a seller can contribute, and the cap varies by loan type, down payment, and whether the home will be your primary residence. Confirm the limit with your lender before writing the offer so you don't build around a number that can't be used.
Trade, don't just ask. Concessions are one lever among several: price, inspection terms, closing date, and possession timing. If you're asking for a credit, a flexible closing date or a clean offer can help balance it. After your inspection, repair credits may also be an option, though how that works depends on the contract terms.
Match the strategy to the home. In a competitive situation, asking for a large credit can weaken your offer. In a home that has been sitting, it may be exactly the right play. That judgment is a big part of what I do for buyers.
Questions to Ask Before You Commit
Before you rely on any buydown or credit, I'd get clear answers to these: Is the buydown temporary or permanent? What is the full note rate and the full monthly payment once the buydown ends? Who pays for it, and is it written into the contract? Is there a lender requirement or a cap on seller contributions for my loan? Would I be better off with a lower price and a permanent buydown that I pay for myself? And what would the numbers look like if I bring my own lender?
The Bottom Line
With rates at 7.40% and the King County market more balanced than it was a year ago, concessions are worth asking about on resale homes, not just new construction. The best structure depends on your budget, how long you plan to stay, and how the specific home is positioned. None of this is legal, tax, or financial advice, so please run your numbers past your lender and your tax professional, and nothing here is a guarantee that any seller will agree.
If you're thinking about buying on the Eastside this fall, I'm happy to look at a specific home with you and map out what to ask for. Reach out anytime to set up a quick call.
Sources: Freddie Mac Primary Mortgage Market Survey (Oct. 15, 2026); Beyond WA Washington Real Estate Market Update (Oct. 14, 2026); Redfin via Inman (Sept. 18, 2026). Payment examples are illustrations only and exclude taxes, insurance, and HOA dues.