{"id":3313,"date":"2022-09-15T10:00:24","date_gmt":"2022-09-15T10:00:24","guid":{"rendered":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/09\/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market\/"},"modified":"2022-09-15T10:00:24","modified_gmt":"2022-09-15T10:00:24","slug":"buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market","status":"publish","type":"post","link":"https:\/\/sandpointrealtyidaho.com\/blog\/2022\/09\/15\/buyers-are-regaining-some-of-their-negotiation-power-in-todays-housing-market\/","title":{"rendered":"Buyers Are Regaining Some of Their Negotiation Power in Today\u2019s Housing Market"},"content":{"rendered":"

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$\"Buyers$ <\/p>\n

If you\u2019re thinking about buying a home today, there\u2019s welcome news. Even though it\u2019s still a sellers\u2019 market<\/a>, it\u2019s a more moderate sellers\u2019 market than last year. And 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.<\/span><\/p>\n

Today, you should have less competition and more negotiating power as a buyer. That\u2019s because the intensity of buyer demand and bidding wars<\/a> is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.<\/p>\n

1. The Return of Contingencies<\/strong><\/h4>\nOver the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection<\/a> and appraisal.<\/p>\n
The latest data<\/a> from the National Association of Realtors<\/em> (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey<\/a> from realtor.com<\/em> confirms more sellers are accepting offers that include these conditions today. According to their August study:<\/strong><\/p>\n
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95% <\/strong>of sellers reported buyers requested a home inspection<\/li>\n
67% <\/strong>of sellers negotiated with buyers on repairs as a result of the inspection findings<\/li>\n<\/ul>\n
This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.<\/p>\n
2. Sellers Are More Willing To Help with Closing Costs<\/strong><\/h4>\nGenerally, closing costs range between 2% and 5%<\/a> of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer\u2019s closing costs to sweeten the deal. This didn\u2019t happen as much during the peak buyer frenzy over the past two years.<\/p>\n
Today, as the market shifts and demand slows, data from realtor.com <\/em>suggests this is making a comeback. A recent article<\/a> shows 32% of sellers paid some or all of their buyer\u2019s closing costs<\/strong>. This may be a negotiation tool you\u2019ll 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.<\/p>\n
Bottom Line<\/strong><\/h3>\n
Regardless of the extremely competitive housing market of the past several years, today\u2019s data suggests negotiations are starting to come back on the table. This is good news if you\u2019re planning to enter the housing market. To find out how the market is shifting in our area, let\u2019s connect.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
If you\u2019re thinking about buying a home today, there\u2019s welcome news. Even though it\u2019s still a sellers\u2019 market, it\u2019s a more moderate sellers\u2019 market than last year. And 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 […]<\/p>\n","protected":false},"author":1,"featured_media":3314,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12],"tags":[29,27,20,18,28],"class_list":["post-3313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-insight","tag-idaho-real-estate","tag-north-idaho-homes","tag-rain-silverhawk","tag-real-estate","tag-sandpoint-idaho"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t