Buyers finally have leverage in the housing market. Here are 3 smart ways to use it.
The balance of power in the housing market has shifted in favor of buyers, with sellers now offering incentives to attract buyers. Buyers can take advantage of this shift by negotiating concessions such as covering closing costs or offering other incentives to lower upfront costs or monthly payments.
The housing market has balanced out in recent months, giving buyers more power. Sellers are offering incentives to attract buyers, such as covering closing costs. Buyers can negotiate concessions on homes that have been on the market for 30 days or more. The most common incentive is assistance with closing costs, which can add up to 2% to 5% of the home's purchase price. Buyers can also ask sellers to offer other incentives to lower upfront costs or monthly payments. With roughly 44% more sellers than buyers active in the marketplace, buyers have a better chance of securing concessions.
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