Negotiation in Today’s Housing Market

While it is still a seller’s market, buyers are beginning to regain some negotiation power today. Buyers get ready to ask for a little more, and seller’s, know what to expect and what you are willing to negotiate. 

What Can You Negotiate?

You may be surprised to find that most things in a home sale are negotiable, and here i a breakdown of a few of the main options:

Sale Price

The most obvious and most common would be the price of the home. Buyers are definitely not looking to overpay for a home given inflation and affordability being so tight already, so seller’s that are unrealistic in their pricing could have a quick reality check in today’s market. The best case scenario is always multiple offers, and pricing your home at a competitive price is your best opportunity in today’s market to receive that. 

Home Repairs 

Inspection periods allow for a lot of negotiation. As a buyer you are able to ask the seller for reasonable repairs, and the seller can respond by agreeing to the repairs, declining the repairs, or negotiating other aspects of the sale like the price or covering closing costs.

Fixtures/Personal Property 

Buyers are allowed to ask for different appliances or furniture to keep with the home. Both the buyer and seller can use negotiation of personal property to benefit themselves for the sale. However you have to be careful with lenders when you negotiate a larger amount of fixtures/personal property, many times these are negotiated separately from the purchase agreement itself.

Closing Costs

Closing costs range from about 2-5% of the home’s purchase price. Buyers are able to ask the seller to help pay their closing costs to help decrease the amount of cash needed at the closing table. 

Home Warranties

Often during an inspection period, buyers can negotiate the sellers paying for a home warranty that can provide a safety net for maintenance costs that could pop up shortly after closing. Typically, these are not terribly expensive for the seller and are a great element to negotiate in the deal. 

Closing Date

Closing date is another common and important negotiation factor for both sides of the transaction. If timeline is your top priority, you may have to negotiate the closing date and sacrifice another component of the contract to make it a fair deal.

Bottom Line

With every negotiation piece of the sale, it is important to realize that having an agent like Jim to do this negotiation on your behalf, and to advise you on what and when to negotiate different things is extremely important.

Jim Slater is a Certified Negotiation Expert (CNE) and has been negotiating real estate transactions for both buyer and sellers for 30 years. He is here to scratch and claw for you to get the best possible deal, and having this skill and insight on your side can make a large difference on the outcome of the sale. Connect with Jim today at 612-590-1802.

Source

Coldwell Banker Realty