Helpful Negotiation Tactics for Today’s Housing Market

<article class="post-1147698 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1147698"><span class="entry-date">August 6, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Helpful Negotiation Tactics for Today’s Housing Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Helpful+Negotiation+Tactics+for+Today%E2%80%99s+Housing+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhelpful-negotiation-tactics-for-todays-housing-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Helpful Negotiation Tactics for Today’s Housing Market Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240806-Helpful-Negotiation-Tactics-for-Today-s-Housing-Market-original.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>If you haven’t already heard, <a href="https://www.simplifyingthemarket.com/2024/07/16/how-to-determine-if-youre-ready-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">homebuyers</a> are regaining some negotiating power in <a href="https://www.simplifyingthemarket.com/2024/07/18/unlocking-homebuyer-opportunities-in-2024/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">today’s market</a>. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.</p>
<p>Whether you’re looking <a href="https://www.simplifyingthemarket.com/2024/05/30/the-biggest-mistakes-buyers-are-making-today/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">to buy</a> or <a href="https://www.simplifyingthemarket.com/2024/7/30/the-biggest-mistakes-sellers-are-making-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sell</a> a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.</p>
<h4><strong>What Can You Negotiate?</strong></h4>
<p>Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to <em>Kiplinger</em> and <em>LendingTree</em>:</p>
<p><strong><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240730/20240806-Things-You-Can-Negotiate-During-a-Home-Sale-original.png"/></strong></p>
<ul>
<li><strong>Sale Price</strong>: The most obvious is the <a href="https://www.simplifyingthemarket.com/2024/07/29/are-home-prices-going-to-come-down/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">price</a> of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And <a href="https://www.simplifyingthemarket.com/2024/07/09/why-your-asking-price-matters-even-more-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sellers</a> who aren’t realistic about their asking price may have to consider <a href="https://www.simplifyingthemarket.com/2024/06/12/home-prices-arent-declining-but-headlines-might-make-you-think-they-are/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">adjusting</a> their price.</li>
<li><strong>Home Repairs</strong>: Based on the <a href="https://www.simplifyingthemarket.com/2024/06/27/the-difference-between-an-inspection-and-an-appraisal/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">inspection</a>, a buyer is within their rights to ask the seller to make reasonable repairs. If the <a href="https://www.simplifyingthemarket.com/2024/07/17/why-fixing-up-your-house-can-help-it-sell-faster/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">seller</a> doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.</li>
<li><strong>Fixtures</strong>: Buyers can also ask for <a href="https://www.simplifyingthemarket.com/2024/07/05/things-to-avoid-after-applying-for-a-mortgage-infographic-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">appliances</a> or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.</li>
<li><strong>Closing Costs: </strong><a href="https://www.simplifyingthemarket.com/2024/03/25/what-every-homebuyer-should-know-about-closing-costs/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">Closing costs</a> typically run about <a href="https://myhome.freddiemac.com/buying/understanding-costs" rel="noopener noreferrer" target="_blank">2-5%</a> of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table.<strong> </strong></li>
<li><strong>Home Warranties</strong>: Buyers can also ask the seller to pay for a <a href="https://www.simplifyingthemarket.com/2024/05/21/worried-about-home-maintenance-costs-consider-this/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">home warranty</a>. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.</li>
<li><strong>Closing Date</strong>: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.</li>
</ul>
<p>One thing is true whether you’re a buyer or a seller, and that’s how much <a href="https://www.simplifyingthemarket.com/2024/07/15/why-working-with-a-real-estate-professional-is-crucial-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your agent</a> can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As <em>Bankrate</em> says:</p>
<blockquote><p><em>“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”</em></p></blockquote>
<p>They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. </p>
<h3>Bottom Line</h3>
<p>Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.</p>
<p>Want to chat more about what to expect and the options you have? Connect with a local real estate agent.</p>
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