Buyers finally have leverage in the housing market. Here are 3 smart ways to use it.
Buyers in the US housing market are gaining leverage due to a balance of power shift, allowing them to negotiate concessions from sellers. With rising mortgage rates and home prices, buyers can use this leverage to secure concessions such as covering closing costs or reducing auxiliary home-buying costs.
The US housing market has seen a shift in power, with buyers gaining leverage. Real-estate agent Tyler Williams has seen sellers offer incentives to attract buyers. One seller is offering to cover $5,000 in closing costs for a $355,000 home. Buyers can use this leverage to negotiate concessions. They can look for homes that have been on the market for 30 days or more, when sellers may be more willing to negotiate. Buyers can also ask sellers to cover closing costs, which can add up to 2-5% of the home's purchase price.
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