Negotiating Power is on the Rise for Home Buyers

As the housing market continues to rebound post-COVID, buyers are discovering that their negotiating power has increased. In today’s market, there are several advantages that buyers can leverage to their benefit when shopping for a home. Here are two of the most common and advantageous strategies buyers can use when looking for a new home.

The Return of Contingencies

Contingencies in real estate transactions offer protection to both buyers and sellers. For example, an appraisal contingency protects buyers from paying more than a property is worth and a financing contingency protects them from having to come up with additional funds if they cannot get approved for the loan they need. Many contingencies were removed during the height of the pandemic but as the market recovers, sellers are willing to include more contingencies in sales contracts, giving buyers more flexibility and peace of mind during negotiations.

Sellers Are More Willing To Help with Closing Costs

In today’s market, many sellers are willing to offer help with closing costs in order to sweeten the deal and make it easier for potential buyers to purchase their homes. Depending on what kind of help you ask for, some or all of your closing costs could be covered by the seller at no cost to you – which can add up to considerable savings over time! Be sure to ask about this option when you start negotiations so that you know exactly what help you’ll have when it comes time to close on your home.

With interest rates still near record lows, now is an excellent time for prospective homebuyers to take advantage of their newfound negotiation power. By taking full advantage of contingencies and asking sellers for help with closing costs, savvy shoppers can get a great deal on their dream homes without breaking their budgets. So if you’re looking to buy a new home soon, remember these two strategies – they just might save you thousands in the long run!