Negotiate the best deal as a buyer now that the market is moving from a seller’s market to a stable market. With this shift, you may be regaining some negotiating power. That can translate into savings, perks, or even better terms on your purchase – if you know what levers to pull during negotiation.
How to Negotiate the Best Deal?
After looking for a new home for months, and making one compromise after another on your wish list, you may finally be able to find your dream home in a neighborhood that you love.
Here are some of the most common concessions you can negotiate:
- Sale Price: The most obvious concession is the price of the home. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.
- Closing Costs: Closing costs are usually about 2-5% of a home’s purchase price and include fees for things like the appraisal, title insurance, and underwriting of your loan. To offset the cash you have to bring to the table, you can ask the seller to pay for some or all of these expenses. This was the most common concession sellers made in 2024, according to NAR. This is a concession that is appealing to some sellers because it allows them to give you, the buyer, a concession but they still can say that they sold their home for list price.
- Home Warranties: If you’re worried about the maintenance costs that may pop up after you get the keys, you can ask the seller to pay for a home warranty. Since this concession usually isn’t terribly expensive for the seller, it can be a good negotiation tool for a buyer. It’s not a big cost for them, but it can be a big perk for you.
- Home Repairs: Depending upon whether the contract allows you to negotiate repairs based on the home inspection, you can ask the seller to make repairs or you can void the contract. The seller can then agree to make the repairs, offer you a credit of closing help or change the sale price so you have more room in your budget to take care of the repairs yourself. Be careful to ensure that your contract has a contingency for the home inspection and the right to negotiate repairs.
- Closing Date: The closing date is also negotiable. Based on your timeline, you may also request a faster or extended closing window. Depending on the seller’s needs, this could be great for their situation, too.
Don’t Be Afraid to Bargain!
Because once you’ve found a home you love, you don’t want to risk losing it. But you also want to get the best terms possible on your purchase – and that’s where an agent can make all the difference. If you would like more strategy tips, just give us a call at 240-401-5577 or email us at lise@lisehowe.com.