Depending on the market, some areas are seeing the seller’s market weaken a bit. This means buyers may have more room to make demands. Therefore, buyers should be prepared for this possibility and know what they are willing to negotiate.
If you are planning to buy or sell a house, quickly review potential negotiation points that might arise during the transaction. This way, you’ll be prepared whether you are on the buying or selling side.
Here are some considerations for negotiations:
1. Sale Price
The most obvious factor is the price of the house. It is the most important and influential aspect. Buyers do not want to overpay, especially in tight purchasing conditions. If the seller’s asking price is unrealistic, a price adjustment may need to be considered.
2. Home Repairs
Depending on the inspection results, buyers have the right to request reasonable repairs from the seller. If the seller is unwilling, they may lower the home price or cover some closing costs so the buyer can handle the repairs themselves.
3. Fixtures
Buyers can request that appliances or furniture be included with the house. Providing items like a washer and dryer can reduce moving costs for the buyer. For sellers, leaving existing items and buying new ones for their next home can be a good condition to offer.
4. Closing Costs
Closing costs generally range from 2-5% of the home purchase price. Buyers can ask the seller to cover some or all of these costs.
5. Home Warranty
Buyers can request the seller to cover the cost of a home warranty. This is beneficial for buyers worried about maintenance costs after purchasing the home. This concession may not be a significant burden for the seller, making it a good option for both parties.
6. Closing Date
Buyers can request either a quicker or extended closing period based on their schedule. Sellers can also advocate for their needs to find a compromise that suits their moving schedule.
Conclusion
Buyers are regaining some negotiating power in today’s market. Knowing what conditions, you can negotiate beforehand can help lead more favorable negotiations. Sellers who are aware of potential buyer demands can preemptively consider what to offer.
For more specific information, consulting with a local real estate agent is recommended.
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