You might have noticed that there are more homes available for sale at the moment. While this can change based on the specific market, it generally indicates a shift towards a more balanced environment. As this occurs, some sellers are becoming more willing to negotiate. Here’s how this can benefit you.

You might be getting some negotiating power back. This could lead to savings, added perks, or even more favorable terms on your purchase – as long as you understand which tactics to use during the negotiation process.

The Importance of Having an Agent in the Negotiation Process

The tricky part is figuring out what options you have. That’s where your agent steps in. The National Association of Realtors (NAR) states that, aside from locating the right home, one of the main things buyers want from their agent is assistance with negotiating the sale terms, closely followed by negotiating the price.

Agents are skilled negotiators who train for situations just like this. Because your agent knows the local market inside and out, they'll be aware of what

What are the negotiation points?

Here are some of the most typical concessions that an agent can assist you in negotiating:

• Sale Price: One clear concession is the home's price, and it's being adjusted more frequently these days. Buyers are wary of overpaying, especially when affordability is already a challenge. Sellers who might be unrealistic about their listing price may need to rethink it.

• Closing costs: typically range from 2-5% of the home's purchase price. These costs cover various fees, such as the appraisal, title insurance, and loan underwriting. To help with the cash you need at closing, you can request that the seller covers some or all of these costs. In 2024, this was the most frequently offered concession by sellers, according to NAR.

• Home Warranties: If you're concerned about potential maintenance expenses after you've received the keys, you can request that the seller covers a home warranty. This type of concession is generally not very costly for the seller, making it a useful bargaining chip for buyers. While it's a small expense for them, it can provide significant benefits for you.

• Home Repairs: You can definitely ask the seller to handle any issues that come up in the inspection. If they're not willing to go that route, they might propose reducing the asking price or covering some closing costs. This way, you'll have a bit more flexibility in your budget to take care of the repairs on your own.

• Fixtures: If you want the washer and dryer to stay, or perhaps the stainless-steel fridge, you should definitely consider asking for those items to be part of the deal. In many instances, you can negotiate to include appliances or even furniture, which can help you save some money when you move in.

• Closing Date: can be flexible. You can ask for a quicker or longer closing timeframe depending on your schedule. This could also work out well for the seller, depending on their circumstances.

Negotiating can be quite complicated, and not every seller will be open to making concessions. It's important to rely on your agent for guidance on what's reasonable to request and what might deter sellers.

Once you discover a home you really love, you definitely don’t want to lose it. At the same time, you’ll want to secure the best terms for your purchase. That’s where having an agent can really help.

Bottom Line

As the inventory increases, buyers are discovering they have more negotiating power. It's crucial to have the right agent with you who can guide you through negotiations effectively.

What concerns you most about negotiating with a seller? Share your thoughts, and we'll develop a solid plan to make the process smoother for you.