Couple that with declining sales figures over previous months and homebuyers find themselves in an enviable position to negotiate. Buyers’ market offers are composed differently from offers in a seller’s market. Ask your agent to register your e-mail address so you can receive daily MLS changes of reduced prices and new listings and avoid wasting your time. This is one way to gain access to the same data agents receive. Instead, tour homes that have had recent price reductions or have been on the market for at least 30 days. These sellers are more likely to be receptive to low-ball offers. Now compare this data with online home value sites such as Zillow and RealEstateABC. You’ll see right away why the data your agent gives you will be more accurate. Ask for a reasonable period to conduct inspections and to approve title, geological, and pest reports. Buyers can ordinarily back out during contingency periods without risking their good faith deposits. Ask the seller to give you a carpeting allowance if you find the perfect home but you don’t like the color or condition of the carpet. Check with your lender before you write the offer to find out how to word a credit clause that’s acceptable to the lender. You can ask for more than it will cost to repair or replace items to cover your “hassle” factor. Many lenders will let borrowers receive up to 6% of the sales price as a cash credit against closing costs. Another option is to simply offer less for the property, highlighting the issue as the reason. Maybe the hot water heater is on its last legs, or the garage is in serious need of repair. This can be a particularly valuable negotiating tool if you happen to know that the water heater in a nearly identical home you’ve looked at is in hale and healthy condition. You can ask the seller to pay these closing costs in a buyer’s market. Ask your agent if these fees are negotiable; then ask the seller to pay them. You might want to renegotiate the sales price or ask for a credit against your closing costs if the repairs are minor, however. But don’t ask for a price reduction if the repairs were evident when you first saw the home. The seller might not be willing to negotiate with you in this case. Ask for the washer and dryer if the listing stated they weren’t included in the sales price. Tell your agent to say, “OK, are you ready to sign an offer if we leave the washer and dryer?” if the seller balks. Don’t give the seller multiple days to talk to Uncle Harry, their neighbor down the street, or the coworker who knows everything and absolutely nothing about real estate. There are a lot more homes available in this type of market and you deserve a fast answer.
