Area Real Estate News & Market Trends

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May 28, 2024

Beyond Price: 10 Creative Concessions to Negotiate with Home Sellers

Buyers and Sellers should both feel like winners during a real estate transaction

The thrill of finding your dream home can quickly turn into a daunting negotiation process. While the listing price is often the focal point of the transaction, savvy buyers know that there are many other creative concessions that can be negotiated with home sellers to sweeten the deal. From repairs and upgrades to seller financing and even personal property, there are numerous ways to structure a deal that benefits both parties. In today's competitive market, knowing how to negotiate effectively can make all the difference in securing the home of your dreams. In this post, we'll go beyond the sticker price and explore 10 creative concessions that you can negotiate with home sellers to get the best possible deal. Whether you're a seasoned buyer or a first-time homeowner, these insider tips will give you the upper hand in the negotiation process and help you walk away with a deal that's truly a win-win. 


Introduction to creative concessions in home buying 

When it comes to negotiating the purchase of a home, most buyers immediately think of one thing: price. And while the sale price is certainly a crucial aspect of the deal, it's not the only factor to consider. In fact, savvy buyers know that there are many other creative concessions that can be negotiated to sweeten the deal and make the purchase more appealing. These concessions can be especially valuable in competitive markets, where multiple offers are common, and buyers need to find ways to stand out from the crowd. 

By thinking outside the box and exploring beyond the sale price, buyers can negotiate a range of benefits that can save them money, reduce their stress, and even provide a sense of security and peace of mind. From repairs and renovations to warranties and services, there are many creative concessions that can be negotiated with home sellers. And the best part? These concessions can often be negotiated without sacrificing the sale price, making them a win-win for both buyers and sellers. In this post, we'll explore 10 creative concessions that buyers can negotiate with home sellers and provide tips on how to make them a part of your next home purchase. 

Why sellers are willing to negotiate?

When it comes to negotiating with home sellers, it's essential to understand the motivations behind their willingness to concede. Sellers are not just motivated by the almighty dollar; they have emotional, practical, and financial reasons for wanting to sell their property quickly and efficiently. Perhaps they're facing a job transfer, divorce, or financial strain, and a swift sale is crucial to their next steps. Maybe they're tired of the hassle and expense of maintaining a large property, or they're eager to downsize and simplify their lives. Some sellers may be shouldering two mortgages, and a rapid sale would alleviate the pressure of double payments. Whatever the reason, it's crucial to tap into these motivations and identify areas where you can offer creative concessions that benefit both parties. By doing so, you'll be well-positioned to negotiate a better deal that goes beyond the sticker price. 

Concession #1: Ask for a home warranty 

When it comes to negotiating with home sellers, it's easy to get caught up in price wars. But savvy buyers know that there are other creative concessions to be had, ones that can sweeten the deal and provide long-term value. One such concession is asking for a home warranty. This often-overlooked perk can be a game-changer for buyers, providing peace of mind and protection against unexpected repair costs. 

A home warranty typically covers major systems and appliances in the home, such as the HVAC, plumbing, and electrical systems, as well as kitchen appliances and other fixtures. If something breaks or fails, the warranty kicks in, and the buyer is spared the financial burden of repairs or replacement. This can be especially beneficial for buyers who are purchasing an older home or one that's been previously owned. 

By asking for a home warranty as a concession, buyers can shift the risk from themselves to the seller and gain a sense of security and confidence in their purchase. It's a win-win for both parties, as the seller can attract more buyers with this added incentive, and the buyer can enjoy the benefits of a worry-free homeownership experience. 

Concession #2: Request a credit towards closing costs 

One of the most significant hurdles in the home buying process is the daunting task of gathering enough funds to cover the myriad of closing costs that come with finalizing a sale. From appraisal fees to title insurance, these expenses can add up quickly, leaving buyers feeling financially drained. By requesting a credit towards closing costs, you can alleviate some of this burden and make your offer more attractive to the seller. 

Here's how it works: instead of asking the seller to lower the sale price, you request a credit at closing to offset some or all the costs associated with finalizing the sale. This concession can be especially appealing to sellers who are motivated to close the deal quickly, as it provides a clear benefit to both parties. For example, if you're purchasing a $500,000 home, you could ask the seller for a $5,000 credit towards closing costs, which would bring the net sale price down to $495,000. This creative concession not only saves you money but also demonstrates your flexibility and willingness to work with the seller, potentially giving you an edge in competitive negotiations. 

Concession #3: Negotiate for repairs or replacements 

When it comes to negotiating with home sellers, one of the most effective concessions to request is for repairs or replacements. This can be a game-changer, especially if you've identified some issues with the property during the inspection process. By asking the seller to take care of these repairs or replacements, you can save yourself thousands of dollars in the long run. For example, if the inspection reveals that the roof is nearing the end of its lifespan, you could request that the seller replace it before closing. This not only gives you peace of mind but also increases the value of the property. 

Alternatively, you could ask the seller to credit you back at closing for the repairs or replacements, giving you the flexibility to handle them on your own timeline. This concession can be especially appealing to sellers who are motivated to close the deal quickly, as it shows that you're willing to work together to find a mutually beneficial solution. By negotiating for repairs or replacements, you can create a win-win situation that sets you up for success as a homeowner. 

Concession #4: Get a free home inspection 

When it comes to negotiating with home sellers, it's essential to think outside the box and explore creative concessions that can give you an edge in the negotiation process. One such concession that can be a game-changer is asking the seller to throw in a free home inspection. This may seem like a minor request, but it can have a significant impact on the overall transaction. 

A home inspection can be a costly and time-consuming process, typically ranging from $300 to $1,000 or more, depending on the location and type of property. By asking the seller to cover this expense, you're not only saving money but also gaining valuable insights into the property's condition. This can be especially useful if you're a first-time homebuyer or unfamiliar with the process. 

Moreover, a free home inspection can also give you leverage to negotiate further. If the inspection reveals any issues or defects, you can use this information to request repairs or credits, which can ultimately reduce the sale price. Additionally, having a thorough understanding of the property's condition can provide peace of mind and help you avoid costly surprises down the road. 

By negotiating a free home inspection, you're demonstrating to the seller that you're a savvy and informed buyer who's willing to work together to find a mutually beneficial agreement. This can help build trust and create a more collaborative atmosphere, ultimately leading to a smoother and more successful transaction. 

Concession #5: Ask for a rent-back agreement 

The art of negotiation is all about finding creative solutions that benefit both parties. In the case of concession #5, a rent-back agreement can be a win-win for both the buyer and the seller. Here's how it works: the seller agrees to allow the buyer to rent the property back to them for a certain period of time after the sale is complete. This can be a huge advantage for the seller, who may need some extra time to find a new home or plan for their next move. And for the buyer, it's a great way to build some goodwill and establish a positive relationship with the seller. In exchange for this concession, the buyer may be able to negotiate a better price or other favorable terms. It's a clever way to think outside the box and come up with a solution that works for everyone involved. Plus, it's a great way to differentiate yourself from other potential buyers and show that you're willing to work together to find a mutually beneficial agreement. 

Concession #6: Request a credit towards appliances or upgrades 

When it comes to negotiating with home sellers, it's essential to think outside the box and consider creative concessions that go beyond the standard price reduction. One such concession that can sway the deal in your favor is requesting a credit towards appliances or upgrades. This approach can be a win-win for both parties, as it allows the seller to maintain their asking price while providing you with a valuable incentive to finalize the sale. 

Imagine being able to upgrade your kitchen with new, high-end appliances or install new hardwood floors without having to dip into your own pocket. By requesting a credit towards these upgrades, you can essentially get the amenities you want without breaking the bank. This concession can be especially appealing if the seller is motivated to sell quickly, as it provides a tangible benefit that can seal the deal. 

To make this request even more compelling, consider doing your research beforehand to identify specific upgrades or appliances that would add significant value to the property. This will not only demonstrate your enthusiasm for the property but also give the seller a clear understanding of what you're looking for in terms of concessions. By thinking creatively and negotiating a credit towards appliances or upgrades, you can walk away with a fantastic deal that meets your needs and exceeds your expectations. 

Concession #7: Negotiate for a faster closing 

In today's fast-paced real estate market, time is of the essence. As a savvy buyer, you can use this to your advantage by negotiating for a faster closing. This concession can be a game-changer, especially for sellers who are motivated to move quickly. By offering to expedite the closing process, you can sweeten the deal and make your offer more attractive. This could be particularly appealing to sellers who are facing a looming deadline, such as a relocation or a pending foreclosure. By negotiating for a faster closing, you can not only save time but also potentially save money on interim financing costs and other expenses associated with a longer closing period. Additionally, a faster closing can give you a sense of security and peace of mind, knowing that the deal is done and you can start making plans for your new home. So, don't be afraid to throw this concession into the mix and see how it can work in your favor. 

Concession #8: Get a home decor or appliance package 

Imagine walking into your new home, surrounded by the perfect blend of style and functionality. The seller has thoughtfully included a home decor or appliance package, tailored to your tastes and needs. This concession is a game-changer, especially for first-time homebuyers or those who are moving into a new city. It's a thoughtful gesture that can make the entire buying experience feel more personalized and indulgent. 

The possibilities are endless: a state-of-the-art smart TV, a sleek kitchen appliance bundle, or even a professionally curated art collection. The seller could offer to include a few essential pieces of furniture, such as a plush area rug or a stylish dining set, to help you get settled in quickly. This concession not only adds value to the property but also creates a sense of warmth and welcoming, making the home feel truly yours from the moment you step inside. By negotiating a home decor or appliance package, you can turn a house into a home, and create a lasting impression that will make the seller's concession a worthwhile investment. 

Concession #9: Ask for a permanent mortgage buydown. 

Asking the seller to pay for a permanent mortgage buydown can be a savvy negotiation tactic for homebuyers, offering a multitude of benefits. For one, it can significantly reduce the buyer's monthly mortgage payments, making homeownership more affordable and increasing their purchasing power. A permanent mortgage buydown involves the seller paying a lump sum to the lender, which in turn reduces the buyer's interest rate for the life of the loan. This can result in substantial savings over the long term, freeing up more money in the buyer's budget for other expenses or investments. Additionally, a permanent mortgage buydown can also provide a competitive advantage in a crowded market, setting the buyer's offer apart from others and potentially winning over the seller. By asking the seller to foot the bill, buyers can reap the financial benefits of a lower interest rate without having to sacrifice their own cash reserves. 

Concession #10: Request a credit towards home maintenance 

When it comes to negotiating with home sellers, thinking outside the box can be a game-changer. One creative concession you can request is a credit towards home maintenance. This can be a win-win for both parties, as it addresses a common concern for buyers while also providing a unique selling point for sellers. 

Here's how it works: instead of asking for a reduction in the sale price, you can request that the seller provide a credit towards home maintenance costs, such as repairs, replacements, or upgrades. This credit can be used to offset the expenses associated with maintaining the property, giving buyers a sense of security and relief. 

For example, you could ask the seller to provide a $1,000 credit towards the replacement of the outdated HVAC system or the repair of a leaky roof. This not only benefits the buyer but also gives the seller an opportunity to showcase their commitment to the property's upkeep. By offering this concession, sellers can demonstrate their willingness to work with the buyer and provide a sense of transparency and accountability. Plus, it can be a major selling point, especially for first-time homebuyers who may be intimidated by the prospect of unexpected maintenance costs. 

Tips for effectively negotiating concessions 

When it comes to negotiating concessions with home sellers, it's essential to approach the conversation with a strategic mindset. Here are some valuable tips to keep in mind: 

First and foremost, do your homework. Research the market value of the property and identify any potential flaws or needed repairs that could be used as leverage in your negotiation. Be respectful and courteous in your approach, but also be clear and direct about what you're asking for. Remember, the seller wants to sell, and you want to buy %u2013 it's a mutually beneficial transaction. 

Timing is also crucial. If you're making an offer on a property that's been on the market for a while, the seller may be more willing to negotiate concessions. Similarly, if you're able to plan quickly, the seller may be more inclined to work with you. 

It's also important to prioritize your requests. Don't ask for everything under the sun %u2013 focus on the concessions that are most important to you and be willing to compromise on others. And finally, be prepared to explain why you're requesting certain concessions. Providing a clear, logical reason for your request can go a long way in building trust and credibility with the seller. 

By following these tips, you'll be well-equipped to negotiate creative concessions that benefit both you and the seller, and ultimately help you secure the deal you want. 

Conclusion: Think beyond the price 

In the end, it's essential to remember that negotiating a home purchase is not just about the price tag. While it's natural to focus on the bottom line, savvy buyers know that there are many other creative concessions that can be negotiated to sweeten the deal. By thinking beyond the price, you can unlock a world of possibilities that can benefit both you and the seller. 

From requesting repairs and replacements to negotiating for extras like appliances and furniture, the possibilities are endless. By being informed, flexible, and respectful, you can craft a deal that meets your needs and leaves both parties feeling satisfied. So, the next time you're in a home purchase negotiation, don't be afraid to think outside the box and explore the many creative concessions that can make all the difference. With a little creativity and perseverance, you can turn a good deal into a great one. 

As you navigate the complex and often competitive world of home buying, it's essential to think outside the box and get creative with your negotiations. By going beyond the traditional price haggling and exploring these 10 innovative concessions, you'll be well-equipped to seal the deal and land your dream home. Remember, it's not just about the bottom line - it's about finding the perfect fit for you and your family. With these clever concessions up your sleeve, you'll be able to negotiate like a pro and make your homeownership dreams a reality. So, what are you waiting for? Start negotiating your way to success! 

Posted in Buying a Home
April 19, 2024

Navigating the Dance of Mortgage Rates and Home Prices

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Understanding the Interplay Between Mortgage Rates and Home Prices
The Current Scenario 
In recent times, mortgage rates have experienced a rapid uptick, soaring from a mere 3.4 percent in January of 2022 to 7.07 percent by November. This sharp incline has drawn parallels to the 1994 mortgage rate spike, which witnessed rates soar from less than 7 percent to 9.11 percent within a year. 
The Role of the Federal Reserve 
The Federal Reserve plays a pivotal role in shaping mortgage rates. In both 1994 and today, the Fed took decisive action to curb inflation, resulting in elevated rates. However, the future course of action remains uncertain. If inflation subsides and economic growth slows, rates may retreat. Conversely, if inflation persists, rates could continue on their upward trajectory. 
The 1994 Narrative 
Back in 1994, the U.S. economy emerged from a period of adversity marked by the savings and loan crisis and the Gulf War. As the economy heated up, the Fed swiftly raised rates—from 3 percent at the start of 1994 to 6 percent by year-end. The markets were caught off guard due to limited communication channels compared to the current era of transparency. Mortgage rates bore the brunt of the central bank's battle against inflation. 
The Impact on Home Prices 
Now, let's address the crux: How do mortgage rates influence home prices? 
Buyer Behavior: When rates decrease, potential buyers emerge from the shadows. The allure of lower borrowing costs entices them to act. This influx of demand can potentially lead to a surge in home purchases. 
Price Growth: As buyers compete for limited housing inventory, bidding wars ensue. Eager to secure a home, some offer more than the listing price. This heightened demand can drive prices upward. 
Affordability: Lower rates improve affordability. Buyers can qualify for larger loans, potentially causing bidding wars and driving up prices. However, this effect is not always linear. 

 The Tug-of-War 

 However, there is a twist: the balance of supply and demand is the ultimate deciding factor. If supply remains scarce, prices will inevitably surge. On the other hand, if an influx of homes hits the market, the effect of lower rates on prices could be subdued. 
The Crystal Ball 
Attempting to predict the precise result is akin to peering into a mystical crystal ball. While past experiences offer insights, the current economic climate presents new variables. Keep a close watch on inflation, economic growth, and the Federal Reserve's actions—they hold the key to how the tango between mortgage rates and home prices will unfold. 
In conclusion, the intricate interplay between mortgage rates and home prices continues to captivate. As rates fluctuate, so too do the fortunes of both home buyers and sellers. Strap in, as it promises to be a crazy ride! 

April 7, 2024

Using a Realtor to Find a Local Lender: A Smart Move for Homebuyers

Purchasing a home is a significant milestone, and navigating the complex process can be overwhelming, especially for first-time buyers. One crucial aspect of buying a home is securing a mortgage, and that’s where a realtor can play a vital role. In this blog post, we’ll explore the advantages of relying on your realtor’s expertise to connect you with a local lender.

Pros of Using Your Realtor’s Preferred Lender 

  1. Expertise and Knowledge: Realtors are seasoned professionals who understand the ins and outs of the real estate market. They’ve likely worked with various lenders and can provide valuable insights. Listening to your realtor’s recommendation for a lender is a smart move.

  2. Efficiency: Your realtor can streamline the process by connecting you with a trusted local lender. They’ll coordinate essential tasks like appraisals, making the homebuying journey smoother.

  3. Relationships: Realtors often have established relationships with lending teams. They know how these lenders perform, their responsiveness, and their track record. Trusting your realtor’s judgment can save you time and effort.

Common Questions About Lender Referrals 

Let’s address some common queries related to realtor-recommended lenders:

  1. Can a Seller or Realtor Require You to Use a Specific Lender?

    • No, you cannot be compelled by a homeowner, builder, or your realtor to work with a specific lender. The choice remains yours.
  2. Do Sellers Prefer Local Lenders?

    • Some sellers may favor local lenders due to their reputation for efficient service. However, many sellers won’t be overly concerned about the lender you choose.
  3. Are You Obligated to Stick with a Lender After Pre-Approval?

    • If you accept a referral and get pre-approved by a lender, you’re not bound to proceed with them. However, switching to a different lender means going through the qualification process again.

Balancing Realtor Advice and Independent Research 

While trusting your realtor’s recommendation is essential, it’s equally crucial to do your own due diligence. Here’s how:

  1. Research Lender Reviews: Investigate lender reviews online. Look for feedback from other homebuyers who’ve worked with the recommended lender.

  2. Seek Personal Recommendations: Ask friends, family, and colleagues about their experiences with local lenders. Personal referrals can provide valuable insights.


In summary, using your realtor’s preferred lender can be advantageous, but it’s essential to combine their advice with independent research. Ultimately, finding the right local lender ensures a smooth mortgage process and brings you one step closer to owning your dream home.

Remember, your realtor is your ally in this journey, and their expertise can guide you toward the best lending options. Happy house hunting! 🏡🔑

Posted in Home Mortgage
March 30, 2024

How Do You Know When to Buy a Home?

Deciding when you’re ready to buy a home is a significant milestone. It’s not just about

financial readiness; it also involves considering your lifestyle and long-term goals. Let’s

delve into the key signs that indicate you might be ready for homeownership:


Financial Signs You’re Ready:

Stable Income: Having a steady source of income is crucial. Whether it’s a traditional 9-

to-5 job, self-employment, or income from your small business, lenders assess your

eligibility based on your income. A stable job history and consistent earnings

demonstrate your ability to handle mortgage payments.

Down Payment: Accumulating enough for a down payment takes time. Most lenders

require at least 3% (FHA loans typically require 3.5%). For instance, if you’re eyeing a

$350,000 home, a 3% down payment would be $10,500. Remember to factor in closing

costs (2-5% of the purchase price).

Good Credit Score: Lenders scrutinize your credit score. A higher score translates to

better mortgage rates and terms. Even a slight difference in interest rates can

significantly impact your overall loan cost. Aim for a strong credit profile.

Affordability: Owning a home involves more than just the mortgage. Consider property

taxes, insurance, maintenance, and repairs. Use affordability calculators to gauge your

comfort level. Ensure you can maintain your lifestyle while meeting homeownership


Debt-to-Income Ratio (DTI): Lenders evaluate your total debt relative to your income. A

healthy DTI indicates you can manage additional debt. Keep your existing debts in


Lifestyle Signs You’re Ready:

Settling Down: If you’re ready to put down roots (even temporarily), homeownership

might be right for you. Consider stability in your job, family, and community.

Space Needs: Evaluate your space requirements. How many bedrooms do you need?

Will it accommodate a growing family? Think about your lifestyle and future needs.

Neighborhood Preferences: Define your ideal neighborhood. Consider proximity to

work, schools, amenities, and safety. Research different areas to find the right fit.

Commute Tolerance: Assess how far you’re willing to commute. A longer commute may

impact your daily life, so strike a balance between location and convenience.

Remember, buying a home is a significant commitment. Take your time, weigh the pros

and cons, and consult with professionals. When both financial readiness and lifestyle


alignment align, you’ll know you’re ready to embark on the exciting journey of

homeownership! ??


For more detailed information, you can reach out to Moe at Westerra Real Estate Group

and his team of qualified professionals. Happy house hunting! ??

March 28, 2024

Why You Should Buy a House in Idaho Now

1. Favorable Market Conditions 

Idaho’s real estate market is currently in a unique position. While it remains one of the hottest markets in the nation, there are compelling reasons to buy sooner rather than later. Let’s delve into these factors: 

a. Growing Inventory 

Until recently, Idaho experienced a surge in housing demand, leading to overpriced homes and intense competition among buyers. However, the tide is turning. Growing inventory means more options for buyers. You’re no longer limited to a handful of properties; instead, you have a broader selection to choose from. 

b. Price Adjustments 

Over the past six months, we’ve witnessed price adjustments. Some homes have dropped significantly—up to $75,000 or more—to attract buyers. This trend benefits those looking to enter the market or upgrade their existing homes. 

2. Idaho’s Desirable Features 

a. Natural Beauty 

Idaho offers breathtaking landscapes, from majestic mountains to serene lakes. Whether you’re an outdoor enthusiast or simply appreciate scenic beauty, Idaho’s natural wonders are unparalleled. 

b. Affordability 

Compared to many other states, Idaho boasts a relatively affordable cost of living. Housing prices, while rising, remain more reasonable than in major metropolitan areas. 

c. Strong Job Market 

Idaho’s economy is anchored by science and technology fields. The state’s job market is robust, making it an attractive destination for professionals and families. 

3. Mortgage Considerations 

a. Down Payment Flexibility 

While a 20% down payment is typical, government-backed loans (such as VA and FHA) allow for lower down payments—sometimes even 0%. Conventional loans also accept down payments as low as 3-5%. Consider your financial situation and explore these options. 

b. Interest Rates 

Mortgage rates fluctuate, but locking in a property now can protect you from potential rate increases. Idaho’s average 30-year fixed mortgage rate is currently 7.06%, emphasizing the urgency to act. 

4. Expert Guidance 

Navigating the real estate market requires expertise. Engage a local realtor who understands Idaho’s nuances. They’ll help you explore financial options, negotiate deals, and find your dream home. Remember, hiring an agent doesn’t cost you extra—the seller typically covers their fees. 


In summary, Idaho’s housing market presents a unique window of opportunity. With growing inventory, adjusted prices, and favorable conditions, buying a house now is a strategic move. Whether you’re a first-time buyer or upgrading, seize the moment and make Idaho your home. 

Remember, the Gem State awaits—with its natural beauty, affordability, and thriving job market. Act now and turn your homeownership dreams into reality! 🌞🏠🏡 

Posted in Market Updates
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates