In case you didn't know already, the good news is that homebuyers are starting to gain some bargaining strength in the current market. While it's not yet a buyer's market, it's an encouraging sign that buyers might be able to make a few more demands. As a result, sellers should gear up for potential negotiations and understand their limits.

Whether you're planning to buy or sell a property, we've compiled a brief overview of possible negotiation points that might arise during your transaction. This will keep you well-equipped regardless of where you stand in the deal.

Wondering what the negotiable aspects are?

A wide range of elements in a home purchase are open to negotiation. Here's a brief list of options, as suggested by Kiplinger and LendingTree:

Sale Price: The first and foremost is the property's cost, a factor that's being negotiated more frequently these days. Buyers strive to strike a fair deal, especially when affordability is already a challenge. Sellers with unrealistic price expectations might need to reconsider their asking price.

Home Repairs: Depending on the inspection report, buyers may request that sellers undertake necessary repairs. If the seller is reluctant, they might offer to lower the property price or shoulder some closing costs, enabling the buyer to handle the repairs.

Fixtures: Buyers may request for appliances or furniture to be included in the deal. Sellers offering to include items like a washer and dryer can reduce the buyer's moving in expenses and make the deal more appealing

Closing Costs: These typically account for 2-5% of the home's purchase price. Buyers can ask sellers to bear some or all of these costs to lessen their financial burden.

Home Warranties: Buyers may ask the seller to pay for a home warranty, which is beneficial for buyers concerned about potential maintenance costs. Since this concession isn't usually too costly for the seller, it can be a win-win situation.

Closing Date: Depending on their schedule, buyers can request a quicker or extended closing date. The seller can also negotiate based on their moving requirements to reach a mutually agreeable compromise. One thing remains certain whether you're a buyer or a seller - your agent will be a valuable ally throughout the process. As Bankrate puts it, "Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own." Your agent can also provide insights into what the buyer or seller is seeking through their interaction with the opposing agent. This insight can be crucial at the negotiation table.

Bottom Line

The current market is seeing homebuyers regain some negotiating power. Buyers, understanding your negotiation options will boost your confidence and empower you during your purchase. Sellers, being aware of potential requests allows you to strategize your offers accordingly.

Interested in learning more about what to anticipate and the choices you have? Feel free to reach out to a local real estate agent.