Helpful Negotiation Tactics for Today’s Housing Market

Hey there, savvy homebuyers and sellers! The winds of change are blowing through the housing market, and guess what? Buyers are getting some of their negotiating mojo back. While it’s not exactly a buyer’s market, it does mean you have a bit more room to ask for what you want. Sellers, take note—it's time to be flexible and know where you can compromise.

Whether you're buying or selling, it's crucial to understand the negotiation points that might come up. Here’s a rundown to keep you ahead of the game.

What Can You Negotiate?

Almost everything in a home purchase can be up for negotiation. Here are some key areas where you can flex those negotiation muscles:

Sale Price

The big one, the sale price, is the most obvious negotiation point. Buyers today are cautious about overpaying, especially with affordability being tight. Sellers, if your price isn't realistic, you might have to adjust.

Home Repairs

After an inspection, buyers have every right to ask for repairs. If the seller isn’t keen on making those fixes, they might offer a price reduction or cover some closing costs instead, giving buyers the funds to handle repairs themselves.

Fixtures

Got your eye on that sleek refrigerator or washer and dryer set? Buyers can request that appliances or even some furniture be included in the sale. Sellers, this could be a sweetener to close the deal and get yourself new stuff for your next home.

Closing Costs

Closing costs can add up, typically ranging from 2-5% of the home’s price. Buyers can ask sellers to cover some or all of these costs to ease the financial burden.

Home Warranties

Worried about unexpected repairs after moving in? Buyers can request that sellers pay for a home warranty. This isn't usually a huge expense for sellers but offers peace of mind to buyers.

Closing Date

Timing is everything. Buyers might need a quicker or delayed closing date to fit their schedules. Sellers can also negotiate this to align with their own moving plans.

No matter which side you’re on, your real estate agent is your best ally. They’re the pros at handling negotiations and advocating for your interests. As Bankrate says:

“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”

Agents can also gather valuable insights from conversations with the other party’s agent, giving you an edge at the negotiation table.

Bottom Line

In today’s market, buyers have a bit more negotiating power. Knowing your options will help you feel confident and ready to make your move. Sellers, understanding what buyers might request prepares you to respond strategically.

Want to dive deeper into what to expect and how to navigate these negotiations? Let’s connect and chat about your options.