In a Seller’s Market, demand and competition for properties is high. This gives Seller’s a clear advantage—and because of that advantage, they are typically not willing to budge on the price of their home. And if you ask them to come down on price they will often go with another Buyer.
But just because it is not advantageous to ask Sellers to bring down their home price doesn’t mean you can’t ask them for anything. A recent video from realtor.com outlined concessions Sellers may be more agreeable to during the home purchase process—even when the market is on their side—including:
Home repairs. If, during the home inspection process, you discover the property needs some repairs, it is typically appropriate to ask the Sellers to either tackle the repairs themselves before closing or, if they would rather you manage repairs, to offer a discount to cover the costs.
Closing costs. Sellers may not be willing to come down on price. But they are sometimes willing to help cover closing costs, which can range between 2 percent and 7 percent of the home’s purchase price.
Home decor and furnishings. Are you in love with the stainless steel refrigerator in the kitchen? The sofa in the living room? The painting in the upstairs hallway? If so, you can ask the Seller if they would be willing to leave those items behind—and include them in the home purchase. (Just make sure to talk to your lender, as including furnishings and decor in the home sale may change the terms of your loan.)
The Takeaway:
So, what does this mean for you? If you want to successfully buy a home in today’s Seller’s Market, it is probably not in your best interest to ask the Seller to bring down the price (unless it is overpriced). But that doesn’t mean you can’t ask them to work with you on anything—and even if they won’t budge on price, understanding which concessions Sellers may be agreeable to (and asking for them!) can ultimately help you save money on your home purchase.
