If you haven’t already heard, homebuyers in the Dallas Fort Worth area are regaining some negotiating power in today’s market. While it may not be a full-blown buyer’s market, buyers may be able to ask for a little more flexibility. Sellers, therefore, need to be prepared for potential negotiations and know what they’re willing to negotiate.
Whether you’re looking to buy or sell a home, here’s a quick rundown of potential negotiations that may arise during your transaction. This way, you’re prepared, whether you’re on the buying or selling side.
What Can You Negotiate?
Most aspects of a real estate transaction are open for negotiation. Here are a few options to consider, according to Kiplinger and LendingTree:
Sale Price: The most apparent negotiation point is the price of the home. With affordability being a concern, buyers are more inclined to negotiate the price. Sellers who aren’t realistic about their asking price might need to consider adjusting it.
Home Repairs: Based on the home inspection, buyers can request reasonable repairs from the seller. If the seller is unwilling, they might offer a price reduction or cover some closing costs so the buyer can manage the repairs themselves.
Fixtures: Buyers can ask for appliances or furniture to be included in the sale. Having the seller leave behind items like the washer and dryer can reduce moving expenses for the buyer. Sellers might consider this as a sweetener, leaving their existing appliances and investing in new ones for their next home.
Closing Costs: Typically, closing costs range from 2-5% of the home’s purchase price. Buyers can ask sellers to cover part or all of these costs, helping offset the cash required at closing.
Home Warranties: Buyers might request that sellers cover the cost of a home warranty. This is especially beneficial for buyers concerned about potential maintenance costs after the sale. Since this concession is usually modest for sellers, it can be a win-win for both parties.
Closing Date: Buyers can request a faster or extended closing period based on their needs. Sellers can also negotiate based on their own schedule to find a suitable compromise.
One constant, whether you’re buying or selling, is the value of having a skilled real estate agent. Your agent is crucial for handling negotiations and advocating for your best interests. As Bankrate emphasizes:
“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”
Agents can also provide valuable insights by uncovering what the other party is seeking, which can be crucial at the negotiation table.
Bottom Line
Buyers are gaining some negotiation power in today’s market. Buyers, understanding what levers you can pull will help you feel confident and empowered in your purchase. Sellers, knowing what buyers might ask for gives you a chance to consider what you’re willing to offer.
Want to discuss what to expect and explore your options? Let’s connect and elevate your home buying experience!
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