august 2024 Newsletter

Helpful Negotiation Tactics for Today’s Housing Market

If you haven’t already heard, homebuyers are regaining some negotiating power in today’s market. And while that doesn’t make this a buyer’s market, it does mean buyers may be able to ask for a little more. So, sellers need to be ready for that possibility and know what they’re willing to negotiate.

Whether you’re looking to buy or sell a house, here’s a quick rundown of potential negotiations that may pop up during your transaction. That way, you’re prepared no matter which side of the deal you’re on.

What Can You Negotiate?

Most things in a home purchase are on the negotiation table. Here’s a list of just a few of those options, according to Kiplinger and LendingTree:

  • Sale Price: The most obvious is the price of the home. And that lever is being pulled more often today. Buyers don’t want to overpay when affordability is already so tight. And sellers who aren’t realistic about their asking price may have to consider adjusting their price.

  • Home Repairs: Based on the inspection, a buyer is within their rights to ask the seller to make reasonable repairs. If the seller doesn’t want to do that, they could offer to reduce the home price or cover some closing costs, so the buyer has the money to take them on themselves.

  • Fixtures: Buyers can also ask for appliances or furniture to convey when the house changes hands. Having the seller throw in the washer and dryer cuts down on expenses the buyer would have when moving in. As the seller, you could leave your existing ones behind to sweeten the deal for your buyer, and get yourself new ones for your next place.

  • Closing Costs: Closing costs typically run about 2-5% of the home’s purchase price. Buyers can ask the seller to pay for some or all of these expenses to offset the cash the buyer has to bring to the table. 

  • Home Warranties: Buyers can also ask the seller to pay for a home warranty. This is great for buyers worried about the maintenance costs that may pop up after taking possession of the home. And since this concession usually isn’t terribly expensive for the seller, it can be a good option for both parties.

  • Closing Date: Buyers can ask for a faster or extended closing window based on their own timetable. The seller can also advocate for what they need based on their move to find the right compromise.

One thing is true whether you’re a buyer or a seller, and that’s how much your agent can help you throughout the process. Your agent is your go-to for any back-and-forth. They’ll handle the conversations and advocate for your best interests along the way. As Bankrate says:

“Agents have expert negotiating skills. Without one, you must negotiate the terms of the contract on your own.”

They may also be able to uncover what the buyer or seller is looking for in their discussions with the other agent. And that insight can be really valuable at the negotiation table. 

Bottom Line

Buyers are regaining a bit of negotiation power in today’s market. Buyers, knowing what levers you can pull will help you feel confident and empowered going into your purchase. Sellers, having a heads up of what they may ask for gives you the chance to think through what you’ll be willing to offer.

Want to chat more about what to expect and the options you have? Let’s connect. 

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Local Data. National Insights.

…at Keller Williams Success Realty last month.

In our area this month…

Our market sits established in a strong sellers’ market, especially in the Schaumburg area, which has shifted over McHenry.

Across the NW Suburbs of Chicago, inventory remains low and competition remains high. But in many areas buyers are getting more and more options as we transition to the end of summer.

If you are considering selling your home, now might be your chance to snag all the benefits this market has to offer. Connect with us to learn more about your unique situation.

Creamy Sweet Corn & Brown Butter Ricotta Pasta

Ingredients

  • For the brown butter:

    • 1/4 cup salted butter

  • For the corn:

    • 1 tablespoon butter or olive oil

    • 3 cups fresh sweet corn, cut off the cob (3-4 ears of corn should yield roughly 3 cups)

    • Freshly ground salt and pepper, to taste

  • For the ricotta:

    • 1/2 cup ricotta

    • ½ teaspoon salt

  • For the pasta:

    • 10 oz tagliatelle pasta (or sub fettuccine or linguine or any type of pasta you want!)

    • 3/4 cup reserved pasta water

  • To garnish:

    • 1/4 cup basil, cut into ribbons

    • 1/4 cup sliced green onions

Directions

  1. First, brown your butter: add butter to a medium saucepan or skillet and place over medium heat. The butter will begin to melt, crackle, and then eventually foam. Make sure you whisk constantly during this process. After a couple of minutes, the butter will begin to brown and turn a nice golden amber color on the bottom of the saucepan, this usually happens once it foams. Continue to whisk and remove from heat as soon as the butter begins to brown and give off a nutty aroma. Immediately transfer the butter to a medium bowl to prevent burning, making sure you scrape all the yummy brown bits from the pan with a rubber spatula; this is where the flavor is! Set aside to cool.

  2. Bring a large pot of water to a boil for your pasta, then start cooking your corn.

  3. Place a skillet over medium high heat and add in 1 tablespoon olive oil or butter. Once oil is hot or butter is melted, add in the corn, season with salt and pepper, and saute for approximately 10 minutes; stirring every so often until corn begins to caramelize and turn slightly golden in places. Add half of the sauteed corn to a blender with the ½ cup of ricotta and ½ teaspoon salt and set aside; do not blend yet. Reserve the remaining half of corn for stirring into the pasta.

  4. While the corn is cooking, you can cook your pasta according to the directions on the package. Before draining pasta and adding back to the pan, reserve ½ cup of pasta water and add to the corn/ricotta mixture, then blend the mixture until mostly smooth.

  5. Finally, add brown butter to the cooked pasta and stir to coat, then toss in the blended corn/ricotta mixture, extra corn, basil and green onion. Add freshly ground salt and pepper to taste. If you like a little heat, i think red pepper flakes would be fabulous. Serves 4-6.