Two negotiation tactics buyers can use to gain an edge in this market.
Our market is changing, and negotiations are changing along with it. Sellers no longer have a huge advantage over buyers, so old strategies that have been dormant for a while are starting to come back. Today I’ll share two negotiating tactics that are becoming more common as our market shifts:
1. Asking for closing cost concessions. It has been years since buyers could realistically ask sellers to help with closing costs. Now, we’re seeing more requests for sellers to pay 1%, 2%, or the max 3% of the buyer’s closing costs. Usually, buyers use these funds to buy down their interest rates and lock in a more affordable one, which allows them to pay full price for the property.
2. Taking time to make a good decision. When the market was hot, buyers had almost no time to negotiate. If they waited too long, another offer would come within a matter of hours. Now, buyers can take a step back from the negotiating table for a few days or even a week. If no new offers come in, sellers are usually more open to making concessions when the buyer comes back to the table.
If you have questions about either of these strategies or anything else related to real estate, please call or email me. I am always willing to help!