If you're house hunting, here's some welcome news: the asking price isn't always the final price anymore. According to recent Redfin data, roughly 6 in 10 homes are now selling for less than their original list price. That shift gives buyers something they haven't had much of in recent years: room to negotiate.
What you can negotiate besides price
A lower price is the obvious ask, but it's not the only one. Depending on the home and the seller, buyers are often able to ask for:
- Help with closing costs, so you bring less cash to the table.
- A mortgage rate buydown, paid by the seller, to lower your monthly payment.
- Repairs or a repair credit after the inspection.
- Flexible timing, such as a closing date or rent-back that works for your move.
With budgets stretched, even a modest concession on price or terms can take real pressure off your monthly payment.
Why it depends on where you're buying
National numbers only tell part of the story. How much leverage you have depends on the specific neighborhood, price range and how long a home has been on the market. A home that has sat for several weeks or had a price cut usually leaves more room to talk than a brand-new listing in a high-demand pocket of Henderson or Summerlin.
That's where local guidance matters. Before you make an offer, it helps to look at recent sales nearby, how close they closed to asking, and how long they took to sell.
Bottom line
Buyers have more negotiating power right now than they've had in a while, but how much you have depends on the home and the neighborhood. If you're eyeing homes in Las Vegas or Henderson, let's talk about what you can realistically ask for in the areas you like.
Contact Kevin to talk through your options.