Homebuyers are regaining some negotiating power in today’s market. While this doesn’t make it a buyer’s market, it does mean buyers may be able to ask for a little more. 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. This way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most aspects of a home purchase are on the negotiation table. Here are a few options:

Sale Price: The most obvious point of negotiation is the price of the home. With affordability already tight, buyers don’t want to overpay. Sellers who aren’t realistic about their asking price may need to consider adjusting it.

Home Repairs: Based on the inspection, a buyer can ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, giving the buyer the funds to handle the repairs themselves.

Fixtures: Buyers can ask for appliances or furniture to be included with the house. This can cut down on expenses for the buyer and sweeten the deal for them. Sellers can leave behind existing appliances and get new ones for their next place.

Closing Costs: These typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer needs to bring to the table.

Home Warranties: Buyers can ask the seller to pay for a home warranty. This helps buyers worried about maintenance costs after taking possession of the home and is usually not too expensive for the seller.

Closing Date: Buyers can request a faster or extended closing window based on their own timetable. Sellers can also advocate for what they need to find the right compromise.

Role of Your Agent

One thing is true whether you’re a buyer or a seller: your agent can help you throughout the process. They’ll handle conversations and advocate for your best interests. 

Agents can also uncover what the other party is looking for in discussions with the other agent, which can be very valuable at the negotiation table.

Bottom Line

Buyers are regaining a bit of negotiation power in today’s market. Knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads-up on what buyers may ask for gives you the chance to think through what you’ll be willing to offer.