Homebuyers uncertain about purchasing should recognize when to negotiate by observing the time a property sits on the market. Real estate agent Jerry Hernandez highlights that homes lingering for over 30 days hint at seller flexibility in negotiations. Instead of undervaluing properties, buyers can propose the asking price and subsequently ask for seller concessions, which can effectively reduce mortgage costs. A buydown is explained as one strategic use of concessions, lowering initial interest payments, providing buyers an economic advantage over the mortgage duration.
Hernandez suggests that homebuyers can negotiate better deals by understanding market timelines; if a property has been on the market for over 30 days, sellers may be more willing to consider lower offers.
By offering the asking price but requesting seller concessions, buyers can effectively save money on their mortgage without sacrificing the listed price, creating a win-win situation.
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