If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market . 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. Whether you’re looking to buy or sell 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.
What Can You Negotiate?
Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:
- Sale Price: The most obvious is the price of the home. Buyers don’t want to overpay when affordability is already tight. Sellers who aren’t realistic about their asking price may have to consider adjusting it.
- Home Repairs: Based on the inspection, buyers can ask sellers to make reasonable repairs or offer concessions instead.
- Fixtures: Buyers may ask for appliances or furniture to convey with the home.
- Closing Costs: Closing costs typically run about 2–5% of the purchase price, and buyers may ask sellers to cover some or all of them.
- Home Warranties: Buyers may request a home warranty to help offset maintenance costs after moving in.
- Closing Date: Buyers and sellers can negotiate for a faster or extended closing timeline that works for both parties.
One thing is true whether you’re a buyer or a seller: your agent can help you navigate every step of the negotiation process.
“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”
Bottom Line
Buyers are regaining a bit of negotiation power in today’s market. Knowing what’s negotiable helps buyers feel confident and sellers stay prepared. Want to chat more about what to expect and the options you have? Connect with a local real estate agent.
