With more homes hitting the market, some sellers are starting to warm up to the idea of making concessions. This means that instead of simply lowering the price, they might be more willing to help with other aspects of the deal. Whether it’s adjusting the sale price, offering to cover closing costs, or even including home warranties or appliances, there are various ways sellers might be flexible.
However, the key to benefiting from these concessions is knowing how to ask and what to ask for. Having the right agent by your side is crucial in navigating these negotiations and making sure you get the best possible deal.
What Are Seller Concessions?
Seller concessions can come in many forms. Here are a few common ones:
- Price Adjustments: Some sellers may be willing to lower the price to make the deal more appealing, especially if the home has been sitting on the market for a while.
- Closing Costs Help: Closing costs can add up quickly. A seller may be willing to cover part or all of these costs, which can save you a lot of money upfront.
- Home Warranty or Appliances: A seller may offer a home warranty to cover potential repairs for a year or include appliances like refrigerators or washers/dryers that weren’t part of the original sale.
- Repair Credit: If the home needs a few repairs, the seller may give you a credit to cover the costs of fixing those issues after the sale is complete.
How to Ask for Concessions
Negotiating concessions requires a delicate balance. Here’s how you can approach it:
- Do Your Research: Understand the market and the condition of the home you’re interested in. If there are repairs that need to be done, you can ask for a repair credit or a reduction in the price to help offset those costs.
- Be Specific: When asking for a concession, be clear about what you need. Whether it’s help with closing costs or a new appliance, being specific about your request makes it easier for both parties to come to an agreement.
- Work With Your Agent: Your real estate agent can help you craft the right request and present it in a way that is appealing to the seller. They can also advise on which concessions are reasonable based on the home’s condition and market trends.
What Concession Would Make the Biggest Difference for You?
Whether it’s saving on closing costs, getting appliances thrown in, or having the seller cover repairs, think about which concession would be most valuable for you. Once you have a clear idea, your agent can help you factor that into your home search and negotiation strategy.
The right concessions can make a big difference in your home-buying experience. So, what’s your top priority when it comes to negotiating? Let me know, and we’ll make sure to find a home that ticks all the boxes for you!
