Did you know that 2 out of 3 sellers (69%) made price concessions and paid a portion of the closing costs? The standard amount for each was 3% of the final sales price (see chart below.)

What does this mean for you?

Most first-time home buyers received a reduction in both price and closing costs. However, that won't always be the case.

For cash-strapped individuals, closing costs can be a huge incentive.