Homebuyers are starting to regain some negotiating power in the current market. While it’s not quite a buyer’s market yet, it does open the door for buyers to ask for a bit more. Because of this, sellers should prepare themselves for the possibility

If you’re planning to buy or sell a house, it’s important to be aware of the possible negotiations that can come up during the process.

What Can You Negotiate?

Most aspects of buying a home are open to negotiation. Here are some options you might consider, based on insights from Kiplinger and LendingTree:

• Sale Price: One of the main factors is the home's price. Buyers are pulling back more frequently these days because they don't want to pay too much, especially when affordability is already a challenge. Sellers who set unrealistic prices might need to think about lowering their expectations.

• Home Repairs: A buyer can ask the seller to make reasonable repairs based on the inspection results. If the seller prefers not to do the repairs, they might consider lowering the home price or helping with some closing costs, giving the buyer the funds to handle the repairs themselves.

• Fixtures: Buyers have the option to request that appliances or furniture be included in the sale when the house is transferred. For instance, if the seller includes the washer and dryer, it can help reduce the buyer's expenses upon moving in. As the seller, consider leaving your current appliances behind to make your home more appealing, while also giving yourself the chance to buy new ones for your next residence.

• Closing Costs: Closing costs generally range from 2-5% of the home's purchase price. Buyers can request that the seller cover some or all of these costs to help reduce the amount of cash they need to bring.

• Home Warranties: Buyers have the option to request that the seller cover the cost of a home warranty. This is especially beneficial for those concerned about potential maintenance expenses that might arise after they move in. Plus, because this concession typically isn't very costly for the seller, it can work out well for both sides.

• Closing Date: Buyers have the option to request a quicker or longer closing period that fits their schedule. At the same time, sellers can express their needs due to their moving plans to find a solution that works for both parties.

Regardless of whether you're buying or selling, one thing is certain: your agent plays a crucial role in your journey. They’re your primary contact for all communications and will represent your interests throughout the process. As Bankrate points out:

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

They might also find out what the buyer or seller wants during their talks with the other agent. This understanding can be quite useful during negotiations.

Bottom Line

Buyers are starting to regain some negotiation power in the current market. Understanding the options available to you can boost your confidence as you prepare for a purchase. For sellers, being aware of potential buyer requests allows you to consider what you’re willing to offer in response.

Interested in discussing what to expect and the options available to you? Let's connect.