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You are here: Home / Blog / Market Trends

Buyers are regaining some of their negotiation power

September 15, 2022

Buyers are regaining some of their negotiation power

If you’re thinking about buying a home today, there’s welcome news. Even though it’s still a sellers’ market, it’s a more moderate sellers’ market than last year. And the days of feeling like you may need to waive contingencies or pay drastically over asking price to get your offer considered may be coming to a close.

Today, you should have less competition and more negotiating power as a buyer. That’s because the intensity of buyer demand and bidding wars is easing this year. So, if bidding wars were the biggest factor that had you sitting on the sidelines, here are two trends that may be just what you need to re-enter the market.

1. The return of contingencies

Over the last two years, more buyers were willing to skip important steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But now, fewer people are waiving the inspection and appraisal.

The latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving their home inspection and appraisal is declining. And a recent survey from Realtor.com confirms more sellers are accepting offers that include these conditions today. According to their August study:

  • 95 percent of sellers reported buyers requested a home inspection
  • 67 percent of sellers negotiated with buyers on repairs as a result of the inspection findings

This goes to show buyers are more able to include these conditions in their offers today and negotiate as needed based on the outcome of the inspection.

2. Sellers are more willing to help with closing costs

Generally, closing costs range between 2% and 5% of the purchase price for the home. Before the pandemic, it was a common negotiation tactic for sellers to cover some of the buyer’s closing costs to sweeten the deal. This didn’t happen as much during the peak buyer frenzy over the past two years.

Today, as the market shifts and demand slows, data from Realtor.com suggests this is making a comeback. A recent article shows 32 percent of sellers paid some or all of their buyer’s closing costs. This may be a negotiation tool you’ll see as you go to purchase a home. Just keep in mind, limits on closing cost credits are set by your lender and can vary by state and loan type. Work closely with your loan advisor to understand how much a seller can contribute to closing costs in your area.

Bottom Line

Regardless of the extremely competitive housing market of the past several years, today’s data suggests negotiations are starting to come back on the table. This is good news if you’re planning to enter the housing market. To find out how the market is shifting in our area, let’s connect.

Filed Under: Market Trends Tagged With: Bidding Wars, Closing Costs, Contingencies

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"We found Russ to be very professional and informed on the details related to the market as well as the negotiating process. He was also prompt to respond to our calls and emails. We recommend him to any one considering having their home listed. "
- S.G., Green Valley AZ
"Russ was a pleasure to work with. Being we’re in Seattle and buying in Green Valley, Arizona, Russ made the process very easy and comfortable. The transaction, with the help of Russ, went smoothly and without any hitches. He was quick to respond with any concerns or questions. I would recommend him for your real estate needs without hesitation. Having first hand knowledge of Green Valley was a bonus for us."
- B.E., Green Valley, AZ
"Russ was so professional and knowledgeable. He helped us every step of the way. He’s still there for us when we have questions. I would highly recommend Russ to anyone looking to purchase a home in Green Valley."
- T.M., Green Valley AZ
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and year-round Green Valley resident. Whether you’re buying or selling a home in the Green Valley or Sahuarita area, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
Contact Russ

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