A few years ago, a home seller could get away with saying “no” to almost anything. No negotiation, no repairs, no concessions. If buyers wanted the house, they pretty much had to accept the seller’s terms. But now that inventory’s grown, negotiations are becoming a normal part of the process again.
Sometimes, it’s worth meeting buyers where they are to close a deal. One example? Helping with a buyer’s closing costs. Closing costs are the extra expenses buyers pay on top of their down payment when purchasing a home, such as loan origination, appraisal, title and escrow fees, etc.
Typically, buyer closing costs range from about 3% to 5% of the home’s purchase price. So, on the typical $450,000 home, that could mean anywhere from $13,500 to $22,500 out of pocket.
And in today’s affordability-challenged market, that upfront cash can be a major hurdle for some buyers – even if they can comfortably afford the monthly mortgage payment itself. That’s why more people are asking sellers for help.
Being flexible doesn’t mean saying “yes” to every request. It means understanding which compromises actually help you accomplish your goals. Alternatives to closing costs include offering a home warranty, giving repair credits, or being flexible on other terms such as the closing date. The sellers succeeding most today are those who understand the market has changed and are adapting to meet it where it is.
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License NumbersB.0026537LLCPM.0164922.BKR
