It’s still a seller’s market, but its strength has declined. Buyers now have a little leeway with sellers and notably more bargaining leverage with lenders.

NEW YORK – Despite being challenged by low inventory and high mortgage rates, house-hunters have some bargaining power with lenders who have money to lend yet fewer mortgage applicants. They’re competing for a shrinking pool of homebuyers, which gives applicants a bit more leverage.

Real estate agents say today’s motivated sellers are also more open to certain buyer requests that they probably wouldn’t have entertained a couple of years ago during the pandemic-driven housing boom. Now, to prevent a sale from stalling or slipping through their fingers entirely, they’re more willing to help buyers out with closing costs or to acquiesce when buyers ask for repairs to be done as a condition of sale.

A third money-saving route for homebuyers, according to agents, is to approach sellers, builders or lenders about a buy-down rate on the mortgage.

Source: Wall Street Journal (10/08/23) Dagher, Veronica

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