Here are the top five negotiating points when it comes to buying or selling real estate here in Houston:
1. Price. It’s the most obvious point on this list. Buyers want to reduce the price as much as they can while sellers want to increase it. In this market, sellers have most of the leverage, so it’s much more difficult to negotiate the price as a buyer.
2. Closing costs. Whether you’re a buyer or seller, there are closing costs you’ll have to pay. For buyers, most are related to the mortgage. For sellers, they’re related to real estate commission and title fees. However, all of these fees are negotiable. In this market, it’s not uncommon for buyers to offer to pay the seller’s closing costs due to that increased leverage I mentioned earlier.
“Buyers might ask for fewer repairs than normal in this market.”
3. Closing date/occupancy date. Buyers need to be flexible on these and should do everything they can to align the dates with what the seller wants.
4. Repairs. Are there any repairs that need to be done to the home? Who’s going to pay for them? A pre-inspection isn’t a bad thing to have as a seller, but in this market, buyers might ask for fewer repairs than normal.
5. Miscellaneous Items. These are items that are not normally going to stay with the property, from appliances to furniture to electronics. Those excluded items are certainly negotiable. If you want to keep something in the home, you can ask.
These are the top five things that can be negotiated in any real estate transaction, but there are so many others. If you have any questions for us or want advice for your specific situation, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
