Superbowl weekend kicks off the spring homebuying season!
Get ready now
Do you want content like this delivered to your inbox?
Share

You May Have More Negotiation Power When You Buy a Home Today

Share

You May Have More Negotiation Power When You Buy a Home Today

Andy Rose

Andy brings to the table over 10 years of real estate experience including becoming a licensed Georgia broker in 2018 and a licensed Broker in Fl...

Andy brings to the table over 10 years of real estate experience including becoming a licensed Georgia broker in 2018 and a licensed Broker in Fl...

Dec 14 4 minutes read

Did the frequency and intensity of bidding wars over the past two years make you put your home search on hold? If so, you should know the hyper competitive market has cooled this year as buyer demand has moderated and housing supply has grown. Those two factors combined mean you may see less competition from other buyers.

And with less competition comes more opportunity. Here are two trends that may be the news you need to reenter the market.


1. The Return of Contingencies

Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or the inspection, in hopes of gaining an advantage in a bidding war.  But now, things are different.

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection or appraisal is down. And a recent article from realtor.com points out more sellers are accepting contingencies:

“A year ago, sellers were calling all the shots and buyers were launching legendary bidding wars, waiving contingencies, and paying for homes in cash. But now, the shoe is on the other foot, and 92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), . . .”


This doesn’t mean we’re in a buyers’ market now, but it does mean you have a bit more leverage when it comes time to negotiate with a seller. The days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.


2. Sellers Are More Willing To Help with Closing Costs

Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.

Today, data suggests this is making a comeback. A realtor.com survey shows 32% of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.

Despite the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back to the table. To find out how the market is shifting in our area, let’s connect today.

Whether you are Buying or Selling, we are here to help along the way.

Selling Your Home? 

Get your home's value - our custom reports include accurate and up to date information.

Search for Your Next Home!

Browse our site for homes.

Did you know that not all veterans qualify for the VA home loan benefit. 

In this quick video I share the 3 ways a Veteran or Service Member qualifies for the VA Home Loan Benefit.

Sold 473 Alec Crest
473 Alec Crest

Powder Springs, GA

Get More Info
Sold 17 Lexington
17 Lexington Ct

Dallas, GA

Get More Info
4030 Kristanna Dr
4030 Kristanna Dr

Panama City, FL


Get More Info

Now partnered with Corcoran

Andy Rose is now partnered with Corcoran Reverie in Florida. 

Corcoran Reverie is known for their knowledge and experience with luxury beach properties along Florida's panhandle. Your beach home search starts here: www.YourEmeraldCoast.com

We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info