You probably sold at a good time. Had you waited any longer your “losses” may well have mounted. You would definitely have faced more competition. If you were selling now I can almost guarantee your agent would be mentioning concessions, if only in casual conversation.
Concessions are indeed showing up now among resales. I’m seeing more houses being sold with furnishings, more flooring and painting allowances, and more offers to pay closing costs. Some of the realty agents are so desperate to hold the line that they’re even including these offers in their MLS listings. Up until now they were kind of keeping it hush-hush.
Their incentive has nothing to do with their share of the commissions. The realtors’ problem is that if they can’t sell the “real estate only goes up in value” illuision to their buyers they won’t be able to keep the volume of sales going. Nobody wants to buy in a declining market unless its at a steep discount. I’m sure most of the smarter agents would be happy to give up a lot more than a measly $400 if it means they don’t have to acknowledge a declining price structure.