Homebuyers are flexing their negotiation muscles again as the housing market starts to balance out, a new Realtor.com survey showed.

The research found that

  • 92% of people who sold their home within the last year accepted some buyer-friendly terms
  • 41% accepted some contingencies (appraisal, home inspection, home sale, or financing) in the contract
  • 32% of sellers dropped their price because the home didn’t meet the appraisal
  • 32% paid for some or all of the buyer’s closing costs, the survey showed
  • 30% were flexible on the ideal timeline for closing.

Inspections, which many had waived during the frenzied months of competitive buying, are back en vogue.

Of those who sold within the last month

  • 95% reported that the buyer requested a home inspection — that’s up from 82% of those who sold 6-12 months ago
  • More than twice as many buyers of homes that sold in the last month asked for repairs as a result of the home inspection (67%) compared to homes that sold 6-12 months ago (31%)
  • Sellers who refused to pay for any repairs during that time dropped from 8% to zero

Despite buyers regaining some control, there’s still good news for sellers.

Homes are still selling fast, with, 22% of people who sold within the past month reporting that their home went under contract in less than a week, up from 14% of people who sold 6-12 months ago.

And 92% of people who sold their home in the past month were satisfied with the overall outcome of their home sale, down slightly from the 98% who were satisfied 6-12 months ago.

Nearly half (46%) of sellers in the last month were satisfied with the price of their home sale, compared to 72% of those who sold 6-12 months ago, according to the report.

To gather the data, Realtor.com surveyed 449 people who sold their homes within the last 12 months.

 

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Source: https://nextmortgagenews.com/news/homebuyers-take-back-their-negotiation-power/