Homebuyers Are Back in the Game.
If you haven’t heard, the housing market is shifting, and buyers are regaining some negotiating power. While it’s not a full-blown buyer’s market yet, it does mean buyers have more room to make requests. This means sellers need to be prepared to negotiate potentially.
Whether you’re buying or selling, understanding potential negotiation points can be helpful. Here’s a breakdown of common negotiation topics, according to Kiplinger and LendingTree:
What’s Up for Negotiation?
Most aspects of a home purchase are open to negotiation. Here are some common points:
- Sale Price: This is the most obvious negotiation point. With affordability being a challenge, buyers are less willing to overpay. Sellers may need to adjust their asking price to attract offers.
- Home Repairs: Buyers can request the seller to make necessary repairs based on the home inspection. If the seller declines, they might offer a price reduction or contribute to closing costs.
- Fixtures: Appliances or furniture can be included in the sale. Sellers might offer to leave behind their washer and dryer to entice buyers.
- Closing Costs: Buyers can ask sellers to cover some or all closing costs. This can help offset the buyer’s upfront expenses.
- Home Warranties: A home warranty can provide peace of mind for buyers. Sellers might agree to cover the cost as a selling point.
- Closing Date: Both buyers and sellers can negotiate the closing date based on their timelines.
The Importance of a Real Estate Agent
Regardless of whether you’re buying or selling, a real estate agent is invaluable. They have expert negotiating skills and can advocate for your best interests. As Bankrate says, “Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”
Bottom Line
The housing market is changing, and buyers have more leverage. Understanding potential negotiation points can benefit both buyers and sellers. If you want to learn more about your options, connect with me, and I will help you navigate the market.
